Gorilla – contracted AI growth still underappreciated

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Gorilla – contracted AI growth still underappreciated

Technology Hardware, Storage & Peripherals

Gorilla Technology Group (GRRR US)

EQUITY RESEARCH Company Update

June 4, 2026

Gorilla – contracted AI growth still underappreciated Price: $18.29

Price Target: $40.00 (From $31.00) Following GRRR’s strong Q1 performance and upward revision to FY26

Rating: Overweight guidance last week, we update our model and materially raise our

Key Statistics: estimates. We also incorporate capex related to GPU purchases across

Symbol NASDAQ: GRRR the Yotta Phase 1, Yotta Phase 2 and NeutraDC contracts following

US recent announcements around the $2bn AI infrastructure agreement with

52-Week Range 9.04 - 27.90 Supermicro to supply GPUs for the Yotta project. Despite the recent Market Cap 505.8

ADV (3 mo) 879,463 rally, with shares up approximately 70% YTD and 20% over the past

Shares Out (M) 27.7 month, we remain bullish on GRRR as we believe the market has yet

to fully price in the significant revenue and earnings ramp expected

Research Analysts: over the coming quarters and years, underpinned by signed contracts

Bharath Nagaraj across AI datacentres and security convergence in Southeast Asia, India,

Cantor Europe Taiwan and Egypt. On the back of our upgraded estimates, we raise our +44 20 7894 7347

Bharath.Nagaraj@cantor.com price target to $40 from $31. The stock trades at c.20x EBITDA on our

FY28 estimates, which incorporate conservative revenue and earnings

Sales ($) forecasts, however include the entire capex for these projects funded

FYE Dec 2026E 2027E 2028E using new debt.

Year 174(M)E 400(M) 550(M)

Prev 160(M)E 252(M) - FY26 estimate changes. For FY26, we raise our revenue estimate by 9%

EBITDA ($) and adjusted EBITDA estimate by 2%. We now forecast revenue of $174m,