Gorilla Technology Q1 Revenue Up 55%, Cash Flow Positive, Raises 2026 Guidance
GRRR•Q1 2026 revenue grew 55% year to US$28.2M, turning operating cash flow positive at US$6.6M, up US$17.3M year-over-year, boosting cash balance 373% to US$98.4M. Gorilla Technology raised full-year 2026 revenue guidance to US$160M–200M on stronger backlog visibility.
1. Q1 Revenue and Profitability
Gorilla reported Q1 2026 revenue of US$28.2 million, a 55% increase from US$18.3 million in Q1 2025. IFRS operating loss was US$41.1 million, largely due to US$20.9 million of non-cash stock-based compensation and US$18.9 million of foreign currency exchange losses that do not affect cash operations.
2. Operating Cash Flow and Liquidity
Net cash from operating activities turned positive at US$6.6 million in Q1 2026, a US$17.3 million improvement over the prior year. The company ended the quarter with US$98.4 million of cash and cash equivalents, up 373% year-on-year, while total debt remained at US$13.2 million, strengthening its liquidity foundation.
3. Egypt Project and Data Center Expansion
During Q1, Gorilla collected significant cash from its Egypt project after achieving key milestones and releasing advance payment guarantees. The company is also advancing a 200MW AI data center campus in Korat, Thailand, and exploring additional capacity across Southeast Asia to build out its GPU compute infrastructure.
4. Updated 2026 Guidance and Strategic Outlook
Gorilla raised its full-year 2026 revenue guidance to US$160 million–US$200 million, citing improved visibility across contracted backlog and near-term delivery milestones. Management is targeting an annualized GPU compute revenue base of US$500 million and aims to reach approximately 500MW of AI infrastructure capacity by the end of 2028.
