Gorilla Technology Targets $500M Revenue as Asia AI GPU Deployments Accelerate

Key Points

• Gorilla is expanding into AI infrastructure and GPU-as-a-service, with its India-based Yotta program involving more than 25,856 Nvidia GPUs and potential revenue exceeding $500 million for the initial deployment, alongside a larger B300 program valued at roughly $2.5 billion to $2.6 billion.
• The company is pursuing additional data-center and sovereign-AI projects across Asia, including a planned Indonesian deployment of about 15,000 GPUs and developments in Thailand and Malaysia. Management said its opportunity pipeline has grown to more than $10 billion, though it cautioned that pipeline opportunities may not convert immediately into revenue.
• Gorilla forecast next-year revenue of $450 million to $500 million, supported by expected margin normalization and higher-margin GPU and AI data-center operations. Management is targeting overall gross margins above 50% and EBITDA margins above 20%, while using project-level financing to limit pressure on corporate liquidity.

Gorilla Technology Group NASDAQ: GRRR executives said the company is expanding from its traditional software and cybersecurity operations into AI infrastructure, GPU-as-a-service and sovereign AI projects, with major deployments underway in India and other Asian markets.

Speaking at the WTR Insights Conference hosted by Water Tower Research, CEO Jay Chandan and CFO Bruce Bower described three principal revenue engines: the company’s established Edge AI, smart-city, cybersecurity and network-intelligence software business; AI infrastructure and GPU-as-a-service projects; and data-center and managed-infrastructure operations with software and security layers.

Chandan said Gorilla generated more than $74 million in revenue in 2024 and $101 million in 2025. For the first half of 2026, he said the company reported more than $78 million in revenue, representing nearly 100% year-over-year growth.

Yotta deployment moves into execution

The company’s largest disclosed AI infrastructure initiative is its program with Yotta in India. Chandan said the initial program includes 640 servers supporting approximately 5,110 Nvidia B200 GPUs, while a second phase is expected to include 20,736 Nvidia B300 GPUs.

According to Chandan, Gorilla had completed the first of four phases for the initial Yotta program at the time of the conference. He said the remaining phases were scheduled for delivery over the following weeks, with final delivery expected by early or mid-October. Deliveries for the larger B300 GPU deployment were expected to begin in early October in blocks of roughly 5,000 GPUs and be completed by year-end.

Chandan said the combined deployment would involve more than 25,856 advanced GPUs. He also cited an aggregate contract value of approximately $2.5 billion to $2.6 billion for the B300 program, while estimating that the smaller server deployment could represent more than $500 million in additional revenue.

Bower said Gorilla’s revenue outlook depends on equipment being delivered, configured, accepted and placed into billing. He said the company’s preliminary forecast for next year is based on those deployment schedules.

Asia-focused data-center expansion

Chandan said Gorilla is pursuing infrastructure opportunities across South Asia, Southeast Asia and East Asia, while also evaluating opportunities in the United States, South Korea and Japan.

In addition to its India activity, Chandan said the company had signed an Indonesian deployment involving 1,875 servers and roughly 15,000 GPUs, targeted for deployment by the first quarter of the following year. He also discussed the Korat AI data-center campus, where he said the government had allocated 280 megawatts across four planned data halls.

The company is also developing activities in Malaysia and has signed additional capacity in Indonesia ranging from 135 megawatts to 200 megawatts, according to Chandan. He described India as a source of sovereign and enterprise AI demand, Indonesia as a large compute market, Thailand as a strategic infrastructure hub, Singapore as important for capital management and regional structuring, and Malaysia as a growing data-center market.

Chandan said Gorilla’s pipeline had expanded to more than $10 billion, including AI infrastructure, data centers, public safety and other opportunities. He cautioned that not all pipeline opportunities become revenue immediately. He added that the company’s focus over the next three to five years is sovereign AI, as governments seek to keep national AI capabilities and related infrastructure within their own countries.

Both executives emphasized that the company does not build data centers without customer commitments. “We do not move a finger without a customer,” Bower said.

Margins, cash management and outlook

Bower said first-half 2026 gross and EBITDA margins were affected by foreign-exchange movements and several large nonrecurring expenses. He said the company expects those one-time expenses not to recur and anticipates margin normalization, followed by expansion.

According to Bower, Gorilla’s traditional security business carries gross margins above 30%, while GPU-as-a-service and AI data-center operations are expected to generate gross margins above 70%. He said it was reasonable to model gross margin above 50% for the overall business next year and that management was targeting EBITDA margins above 20%, although he noted that the company remains in an expansion and hiring phase.

For cash management, Bower said the company expects its traditional cybersecurity business to generate between $5 million and $15 million of cash flow this year, depending on collection timing. He said Gorilla’s financing strategy is to contribute equity or quasi-equity, including convertible notes, before arranging external project financing for equipment and delivery costs.

Bower also said the company had received a Fitch credit rating of B- with a positive outlook, which he said supports its financing efforts. Chandan said Gorilla is pursuing project-level financing structures designed to preserve corporate liquidity while matching financing with the assets and cash flows of long-term programs.

Gorilla’s official revenue guidance for next year is $450 million to $500 million, Bower said. Chandan described a potential $1.3 billion to $1.8 billion revenue range for the following year as an ambition rather than formal guidance.

The executives said Gorilla’s differentiation stems from its ability to provide not only GPUs and compute capacity, but also networking, security operations centers, network operations centers, building-management solutions, cybersecurity and other infrastructure services. Chandan said the company intends to remain selective in pursuing projects and focus on converting contracted revenue and cash flow into sustainable shareholder value.

About Gorilla Technology Group (NASDAQ:GRRR)

Gorilla Technology Group Inc is a technology company that provides artificial intelligence, computer vision and edge-computing solutions for government and enterprise customers. Its offerings are designed to help organizations analyze video and other data in real time, improve operational efficiency, and support security and automation initiatives.

The company develops solutions for smart cities, including intelligent transportation, public safety, surveillance, traffic management and related urban infrastructure applications.

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