GRRR

MKT CAP:$325M

Gorilla Technology Group Inc.

Market Cap

$325M

Technology·Software - Infrastructure·🇹🇼 Taiwan·NASDAQ

Technology·Software Infra·🇹🇼·NASDAQ

Stock Price

$12.75+$0.16 (+1.27%)

Apr 23, 2026

Company Details

Gorilla Technology Group Inc. provides video intelligence, Internet of Things (IoT) security, and edge content management hardware, software, and services in the Asia Pacific region. The company operates through three segments: Video IoT, S...

CEO

Jayesh Chandan

IPO Date

May 10, 2021

Website

www.gorilla-technology.com

Key Metrics TTM

Revenue

$88M

+369.8% YoY

Net Income

$17M

EPS (Diluted)

-$2.43

Free Cash Flow

-$8M

Revenue / Share

$3.79

Gross Margin

60.3%

Operating Margin

25.7%

Net Margin

19.4%

FCF Margin

-9.2%

P/S

3.7x

P/E

19.0x

Earnings Reports

Q3 2025

Nov 17, 2025

$26MEPS -$0.00

FY 2023

May 15, 2024

$65M+188.7%EPS $1.64

Q4 2023

May 15, 2024

$27M+580.7%EPS $0.87

Q3 2023

Sep 30, 2023

$32M+573.7%EPS $2.00

Q2 2023

Jun 30, 2023

$3M-53.4%EPS -$5.30

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 19	$10M	$5M	-$125.4K
Q1 20	$7M	$3M	-$3M
Q2 20	$7M	$3M	-$3M
Q3 20	$15M	$7M	$838.1K
Q4 20	$15M	$7M	$838.1K
Q1 21	$8M	$2M	-$3M
Q2 21	$8M	$2M	-$3M
Q1 22	$7M	$2M	-$3M
Q2 22	$7M	$2M	-$3M
Q3 22	$5M	$2M	-$76M
Q4 22	$4M	$2M	-$2M
Q1 23	$3M	$2M	-$2M
Q2 23	$3M	$2M	-$2M
Q3 23	$32M	$26M	$17M
Q4 23	$27M	$16M	$8M
Q3 25	$26M	$10M	$424.8K

Valuation

Quarter	P/S	P/E
Q4 19	8.3x	—
Q1 20	8.8x	—
Q2 20	9.4x	—
Q3 20	8.1x	—
Q4 20	7.2x	—
Q1 21	7.1x	—
Q2 21	7.1x	—
Q1 22	8.7x	—
Q2 22	11.2x	—
Q3 22	12.5x	—
Q4 22	14.5x	—
Q1 23	17.3x	—
Q2 23	21.6x	—
Q3 23	7.8x	74.0x
Q4 23	5.0x	24.1x
Q3 25	3.7x	19.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 19	$3M	-$10.2K
Q1 20	-$3M	-$4M
Q2 20	-$3M	-$4M
Q3 20	$2M	$745.9K
Q4 20	$2M	$745.9K
Q1 21	-$2M	-$4M
Q2 21	-$2M	-$4M
Q1 22	-$2M	-$3M
Q2 22	-$2M	-$3M
Q3 22	-$3M	-$3M
Q4 22	-$3M	-$3M
Q1 23	-$6M	-$6M
Q2 23	-$6M	-$6M
Q3 23	$747.6K	$747.6K
Q4 23	$0	$0
Q3 25	-$3M	-$3M

Capital Expenditures

Quarter	CapEx
Q4 19	$3M
Q1 20	$776.3K
Q2 20	$776.3K
Q3 20	$1M
Q4 20	$1M
Q1 21	$1M
Q2 21	$1M
Q1 22	$1M
Q2 22	$1M
Q3 22	$59.9K
Q4 22	$59.9K
Q1 23	$108.3K
Q2 23	$108.3K
Q3 23	$0
Q4 23	$0
Q3 25	$196.1K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 20	-24.8%	+2.7%
Q2 20	-24.8%	+2.7%
Q3 20	+56.2%	+45.8%
Q4 20	+56.2%	+45.8%
Q1 21	+2.3%	+1.2%
Q2 21	+2.3%	+1.2%
Q1 22	-55.0%	-30.4%
Q2 22	-55.0%	-30.4%
Q3 22	-38.0%	+682.7%
Q4 22	-48.0%	-38.4%
Q1 23	-53.4%	-46.6%
Q2 23	-53.4%	-46.6%
Q3 23	+573.7%	-81.4%
Q4 23	+580.7%	+196.3%
Q3 25	+723.6%	+383.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 19	$0	0.0%
Q1 20	$35.6K	0.5%
Q2 20	$35.6K	0.5%
Q3 20	$35.6K	0.2%
Q4 20	$35.6K	0.2%
Q1 21	$18.7K	0.2%
Q2 21	$18.7K	0.2%
Q1 22	$92.5K	1.3%
Q2 22	$92.5K	1.3%
Q3 22	-$184.9K	-4.0%
Q4 22	$346.1K	8.8%
Q1 23	$269.0K	8.4%
Q2 23	$269.0K	8.4%
Q3 23	-$538.1K	-1.7%
Q4 23	$899.4K	3.4%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 19	$3M	$2M	$1M
Q1 20	$4M	$736.3K	$1M
Q2 20	$4M	$736.3K	$1M
Q3 20	$4M	$729.8K	$1M
Q4 20	$4M	$729.8K	$1M
Q1 21	$4M	$491.4K	$1M
Q2 21	$4M	$491.4K	$1M
Q1 22	$4M	$571.8K	$990.4K
Q2 22	$4M	$571.8K	$990.4K
Q3 22	$3M	$2M	$934.7K
Q4 22	$3M	$4M	$728.9K
Q1 23	$1M	$2M	$450.7K
Q2 23	$1M	$2M	$450.7K
Q3 23	$585.9K	$4M	$323.5K
Q4 23	$343.3K	$5M	$337.9K
Q3 25	$825.2K	$5M	$380.5K

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q4 19	—	0.8%	—
Q1 20	-24.8%	-21.2%	-46.1
Q2 20	-24.8%	-21.2%	-46.1
Q3 20	56.2%	14.4%	70.5
Q4 20	56.2%	14.4%	70.5
Q1 21	2.3%	-17.4%	-15.0
Q2 21	2.3%	-17.4%	-15.0
Q1 22	-55.0%	-21.6%	-76.6
Q2 22	-55.0%	-21.6%	-76.6
Q3 22	-38.0%	-1628.2%	-1666.3
Q4 22	-48.0%	-57.1%	-105.1
Q1 23	-53.4%	-57.0%	-110.4
Q2 23	-53.4%	-57.0%	-110.4
Q3 23	573.7%	52.7%	626.4
Q4 23	580.7%	30.3%	611.0
Q3 25	723.6%	7.2%	730.9

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$6M	$7M	$12M
Q2 22	$6M	$7M	$12M
Q3 22	$23M	$7M	$30M
Q4 22	$23M	$8M	$31M
Q1 23	$10M	$1M	$11M
Q2 23	$10M	$10M	$20M
Q3 23	$19M	$1M	$20M
Q4 23	$5M	$29M	$34M
Q1 24	$11M	$2M	$13M
Q2 24	$11M	$22M	$34M
Q3 24	$22M	$0	$22M
Q4 24	$22M	$16M	$37M
Q1 25	$21M	$1.0K	$21M
Q2 25	$10M	$1.0K	$10M
Q3 25	$110M	$0	$110M
Q4 25	$100M	$5M	$105M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 19	7M	0.0%	—
Q1 20	61K	-99.2%	-99.2%
Q2 20	61K	0.0%	-99.2%
Q3 20	531K	+766.8%	-92.7%
Q4 20	531K	0.0%	-92.7%
Q1 21	297K	-44.1%	+384.6%
Q2 21	297K	0.0%	+384.6%
Q1 22	299K	+0.7%	-43.7%
Q2 22	298K	-0.3%	-43.9%
Q3 22	7M	+2296.2%	+2305.1%
Q4 22	7M	+0.0%	+2305.8%
Q1 23	687K	-90.4%	+130.1%
Q2 23	687K	0.0%	+130.9%
Q3 23	7M	+920.6%	-1.7%
Q4 23	9M	+29.1%	+26.9%
Q3 25	23M	+156.1%	+3274.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 19	—	—
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q4 20	—	—
Q1 21	—	—
Q2 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	$16.1K	244
Q1 23	$13.2K	244
Q2 23	$13.2K	244
Q3 23	$129.2K	244
Q4 23	$188.3K	142
Q3 25	$185.2K	143

Revenue / Employee