Revenue doubled.Gross profit fell 71%.

The breakdown

Comeback or leveraged gamble?

Gorilla has real contracts and one very large bet in India. The question is whether that hardware turns into recurring, high-margin GPU service revenue before the cost of the borrowing that paid for it catches up.

1. From Taipei video analytics to AI landlord.

   Founded in Taipei in 2001, Gorilla sold software that understands video. It listed on Nasdaq through a SPAC merger in July 2022, and new chief executive Jay Chandan moved the headquarters to London and pointed the company at government contracts and GPU data centers.

   Sources 5

2. Egypt was the first big proof, and the first crack.

   A Government of Egypt smart-security contract worth more than $270 million over three years was the largest win in company history, followed by a commitment of up to $100 million to expand in the region. Then the Egyptian pound slid: Gorilla reports currency devaluation losses of $25.33 million in 2024 and $25.65 million in 2025.

   Sources 894

3. A short report and a lawsuit.

   Culper Research published a short report on April 4, 2025, and the stock fell. Gorilla sued Culper and its founder for defamation, and the case ended in July 2025 with a confidential, non-monetary settlement. Shareholder class actions followed; those are allegations, not findings.

   Sources 10

4. Revenue doubled, the profit left over shrank.

   First-half 2026 revenue was $78.4 million, up 99.3%, but gross profit fell to $3.8 million from $13.4 million. Hardware for the data-center programs is booked before monthly cloud billing starts. Full-year 2025 revenue was $101.4 million, the first year above $100 million.

   Sources 124

5. The cash came from borrowing.

   Cash rose to $179.4 million, but operations used $4.3 million while financing brought in $98.5 million, led by $107 million of 7.50% convertible notes due 2031. The notes also carry a $48.2 million derivative liability that is re-measured every period.

   Sources 123

6. The bull case: India, Indonesia and the guidance.

   An expanded collaboration with Yotta in India covers 20,736 NVIDIA B300 GPU cards in a project valued at about $2.8 billion, and a five-year NeutraDC Batam contract in Indonesia represents about $2.5 billion of expected revenue. Management guides to at least $200 million of 2026 revenue and targets $450–500 million in 2027. Those are company targets, not results.

   Sources 671