Gorilla Technology Group Inc. (NASDAQ: GRRR) posted a 138% year-over-year revenue increase to $50.1 million in the second quarter of 2026, while its shares declined 13.08% in after-hours trading following the results release.
The company’s first-half revenue reached $78.4 million, up 99% from the same period a year earlier. Revenue exceeded both external consensus estimates and internal guidance. Analysts had forecast $33.25 million for Q2, while Gorilla’s upgraded internal target was $44 million. The actual figure surpassed both by $16.85 million and $6.1 million, respectively.
Operating losses narrowed to $2.2 million in Q2, a 95% reduction from the $41.1 million loss in Q1 2026, which was inflated by share-based compensation. Operating cash consumption fell 65% year-over-year to $4.3 million in the first half, representing 5.5% of revenue compared with 31.8% in the prior-year period. Cash and equivalents totaled $179.4 million at June 30, up $79.8 million during the first six months.
Gorilla raised $120 million in debt financing during the quarter, including a $107 million five-year convertible note issued in June and an additional convertible placement in July. The company also secured 70% project financing for its Indonesia initiative, with the remainder funded from its balance sheet and customer prepayments. Capital expenditures reached $14.1 million in the first half and are expected to rise materially in the second half.
Full-year 2026 revenue guidance was raised to at least $200 million, up from the prior range of $137 million to $200 million. Management now expects Q3 revenue of $48 million to $50 million and Q4 revenue to exceed $60 million to $70 million. For 2027, Gorilla targets $450 million to $500 million in revenue, driven by contributions from Yotta Phase 1, Yotta Phase 2 Batch 1, and NeutraDC deployments.
Gross margins for GPU-as-a-service projects are projected at 75% or higher, with newer chips retaining 20% to 25% of their original value after five years. The workforce is expected to expand from approximately 650 employees to around 2,000 by mid-2027 as capacity scales to meet demand.
During regular trading, Gorilla’s stock closed at $15.83, down 1.43% on the day. In after-hours activity, shares fell 13.08% to $13.76, extending a decline from the prior session’s close of $16.06.
