Gorilla Technology Group Inc., a global solution provider in security intelligence, network intelligence, business intelligence, and IoT technology, today reported its financial results for the three months ended September 30, 2025, reiterated its fiscal 2025 guidance, and provided full-year 2026 guidance.
Revenue for the quarter ended September 30, 2025, was $26.5 million, compared with $20.1 million for the same period in 2024, an increase of approximately 32%.
The increase was due primarily to the company’s execution of AI infrastructure, public safety, and enterprise projects across Asia, the Middle East, Europe, and the Americas.
The company reported operating income of approximately $0.4 million for the third quarter of 2025, compared with an operating loss of $6.0 million in the same period in 2024.
This swing of more than $6.4 million was primarily due to disciplined operating expenses across people, professional services, and overheads, and stronger contracting and vendor alignment that improved efficiency.
This performance validates Gorilla’s focus on core operations and improved efficiency as it expands its presence in large-scale AI data centre and GPU infrastructure programmes.
EBITDA for the quarter ended September 30, 2025, was $0.8 million, compared to an EBITDA loss of $5.6 million for the quarter ended September 30, 2024, while net loss was close to breakeven at $0.03 million for the quarter ended September 30, 2025, compared to a loss of $7.8 million for the quarter ended September 30, 2024.
Adjusted EBITDA for the quarter ended September 30, 2025, was $6.8 million, up 21% from $5.6 million for the quarter ended September 30, 2024. Adjusted Net Income increased 72% year on year to $6.0 million for the quarter ended September 30, 2025, from $3.5 million for the quarter ended September 30, 2024.
As of September 30, 2025, total debt was $15.1 million, down 30% from $21.4 million at the end of 2024. As of the end of the third quarter of 2025, Gorilla’s unrestricted cash position increased to $110.2 million from $21.7 million as of December 31, 2024, an increase of ~ 408%, and $10.1 million as of June 30, 2025, an increase of ~ 990%.
Gorilla continues to manage its working capital debt, ensuring flexibility to fund existing contracts and convert its client pipeline without placing strain on its balance sheet.
Basic and diluted EPS were approximately breakeven for the quarter ended September 30, 2025, while adjusted basic EPS was $0.26 and adjusted diluted EPS was $0.24 for the same period.
Jay Chandan, Chairman and CEO of Gorilla, said, “The third quarter marks a turning point where Gorilla became a recognised leader in AI infrastructure. Our contracted projects, strong balance sheet and clear line of sight to scale differentiate us from peers that have yet to deliver beyond the promise of AI.
“We are optimistic about our revenue growth in the coming years, driven by secured mandates, including our recently announced $1.4 billion AI data centre contract in Southeast Asia, as well as ongoing deployments and a robust pipeline.
“We have built a platform that designs, builds and operates sovereign-grade AI infrastructure alongside governments, telecommunications providers, and leading institutions. From here, our priorities are clear: convert our pipeline, grow high-quality recurring revenue, maintain our cost discipline and deliver consistently strong quarters to drive a complete re-rating of Gorilla in the eyes of global investors.”
For the full year 2026, Gorilla currently expects revenue in the range of $137 million to $200 million. This estimate is underpinned by the expected completion of the initial phase of the $1.4 billion Southeast Asia AI data centre project in the first quarter of next year, which is expected to contribute $100 million of revenue per year from 2026 to 2028.
This guidance is further supported by two major Asian law enforcement contracts that Gorilla announced in September 2025. The company has already begun work on both projects and expects them to contribute meaningfully to full-year 2026 financial results.
