Gorilla to place another covertible to fund the equity portion of NeutraDC datacentre project – momentum intact

研报英文原文证据摘录

Gorilla to place another covertible to fund the equity portion of NeutraDC datacentre project – momentum intact

July 15, 2026

Valuation

We value Gorilla using a target-based EV/Sales and EV/EBITDA approach.

Risks

Regulatory and geopolitical exposure. Gorilla’s largest contracts are with government

ministries, national security agencies, and smart-city authorities across Southeast Asia, the

Middle East, and Latin America. Shifts in political leadership, procurement cycles, budget

reallocations, or cybersecurity and AI governance rules could delay deployments or change

project scopes. Because several deployments involve sensitive national infrastructure,

export-control restrictions or in-country certification processes could introduce timing

risk to revenue recognition. However, Gorilla is actively reducing this concentration risk

by transitioning from a revenue mix that was previously c.95% government-led to an

expected three-quarters government share, increasing its exposure to enterprise clients

and lowering long-term regulatory dependency.

Execution risk in large national programmes. Gorilla’s revenue mix is still anchored

to sizeable multi-year projects, including smart-government platforms and sovereign AI

datacentre programmes. These deployments involve engineering complexity, milestone-

linked payments, and high working-capital requirements. Delays in site readiness, power/

cooling availability, logistics or vendor component delivery (notably servers, GPUs, and

networking gear) can shift revenue between quarters, leading to volatility versus guidance.

Hardware dependency and supply-chain constraints. Gorilla’s integrated model requires

substantial hardware during early project phases, sourced from suppliers such as Dell, HPE,

Supermicro, and component vendors.