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GRRR, Gorilla Technology Group Inc.

Software asset-light UnprofitableDistress / turnaround

Gorilla is a global solution provider specializing in Security Intelligence, Network Intelligence, Business Intelligence, and Internet of Things.

With a strong presence in Asia Pacific, the United States, Europe, the Middle East, and Latin America, we deliver AI-driven solutions that power Smart Cities, Enterprises, Government, Manufacturing, Telecommunications, Retail, Transportation, Logistics, Healthcare, and Education.

We deliver pioneering products that integrate AI, deep learning, and edge computing to advance intelligent video surveillance, facial recognition, license plate recognition, post-event analytics, cybersecurity, and network intelligence.

Latest annual: FY2024 20-F

GRRR · Gorilla Technology Group Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2024

$93M

+44.3% YoY · 20% 4-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $93M 5-yr avg $50M

Gross margin 35% 5-yr avg 47%

Operating margin −83.3% 5-yr avg −96.2%

ROIC −59% 5-yr avg −65%

Owner-earnings margin −33% 5-yr avg −21%

Free cash flow margin −34% 5-yr avg −27%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Service revenue (80%) and Software (0%).
Situation: Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock.
What moves the needle: Operating margin has reached 26% at its best but run negative through the cycle (median −19%) on a 41% gross margin — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. The cash cycle has run negative through the cycle (a median of −129 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. Read this kind of business on retention and the cost of growth. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −11%, above 15% in 1 of 5 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 20-F →

Service revenue is 80% of revenue, so this is largely a single-line business.

Revenue by product line, FY2024

Service revenue80%$75M
Software0%$15K
Hardware0%$0

By geographyTaiwan80%United Kingdom0%Hong Kong SAR China0%India0%Thailand0%Other asian countries0%Other0%

From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2020–2024

realized figures from each filing · older years to the left

2020’20	2021’21	2022’22	2023’23	2024’24	TTMTTMJun 2025
						Income statement
$45M	$42M	$22M	$65M	$75M	$93M	RevenueRevenue
41%	37%	37%	69%	50%	35%	Gross marginGross mgn
($6M)	($8M)	($87M)	$17M	($67M)	($78M)	Operating incomeOp. inc.
−12.5%	−19.3%	−386.0%	26.4%	−89.6%	−83.3%	Operating marginOp. mgn
($6M)	($9M)	($88M)	$13M	($65M)	($75M)	Net incomeNet inc.
						Cash flow & returns
($2M)	$2M	($9M)	($9M)	($30M)	($31M)	Operating cash flowOp. cash
$5M	$34K	$40K	$16K	$574K	$16K	DepreciationDeprec.
($1M)	$10M	$79M	($23M)	$35M	$44M	Working capital & otherWC & other
$4M	$7M	$3M	$297K	$543K	$508K	CapexCapex
9.1%	17.7%	13.1%	0.5%	0.7%	0.5%	Capex / revenueCapex/rev
($6M)	$2M	($9M)	($9M)	($30M)	($31M)	Owner earningsOwner earn.
−13.4%	3.8%	−39.3%	−14.6%	−40.4%	−33.1%	Owner earnings marginOE mgn
($6M)	($6M)	($12M)	($10M)	($30M)	($31M)	Free cash flowFCF
−13.4%	−13.9%	−52.3%	−15.0%	−40.4%	−33.7%	Free cash flow marginFCF mgn
-11%	-9%	-250%	19%	-75%	-59%	ROICROIC
-11%	-19%	-307%	25%	-89%	-76%	Return on equityROE
−11%	−19%	−307%	25%	−89%	−76%	Retained to equityRetained/eq
						Balance sheet
$12M	$19M	$24M	$33M	$22M	$15M	Cash & investmentsCash+inv
—	$35M	$14M	$1M	$26M	$44M	ReceivablesReceiv.
—	$152K	$69K	$23K	$5K	$5K	InventoryInvent.
—	$8M	$7M	$11M	$26M	$30M	Accounts payablePayables
—	$27M	$7M	($10M)	($364K)	$13M	Operating working capitalOper. WC
—	$56M	$48M	$78M	$127M	$125M	Current assetsCur. assets
—	$38M	$28M	$54M	$75M	$58M	Current liabilitiesCur. liab.
—	1.5×	1.7×	1.4×	1.7×	2.2×	Current ratioCurr. ratio
—	$95M	$65M	$115M	$154M	$163M	Total assetsAssets
—	$34M	$22M	$23M	$19M	$16M	Total debtDebt
—	$15M	($2M)	($10M)	($2M)	$1M	Net debt / (cash)Net debt
-12.3×	—	-103.6×	20.9×	-91.4×	-127.6×	Interest coverageInt. cov.
$53M	$46M	$29M	$54M	$73M	$98M	Shareholders’ equityEquity
						Per share
3.1M	3.0M	4.9M	7.0M	10.6M	20.1M	Shares out (diluted)Shares
$14.76	$14.23	$4.57	$9.19	$7.07	$4.63	Revenue / shareRev/sh
$-1.92	$-2.88	$-17.83	$1.92	$-6.13	$-3.72	EPS (diluted)EPS
$-1.97	$0.54	$-1.80	$-1.34	$-2.86	$-1.54	Owner earnings / shareOE/sh
$-1.97	$-1.98	$-2.39	$-1.38	$-2.86	$-1.56	Free cash flow / shareFCF/sh
$1.34	$2.53	$0.60	$0.04	$0.05	$0.03	Cap. spending / shareCapex/sh
$17.39	$15.47	$5.81	$7.69	$6.92	$4.88	Book value / shareBVPS

Share counts before 2021 are restated ×1/2 for a stock split, so per-share figures sit on one basis.

The diluted share count moved ×1.65 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1.43 into 2023 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1.5 into 2024 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1.91 into TTM — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	4-yr	5-yr
Revenue / share	−16.8%/yr	−16.8%/yr (4-yr)
Capital spending / share	−55.8%/yr	−55.8%/yr (4-yr)
Book value / share	−20.6%/yr	−20.6%/yr (4-yr)

The record, charted

FY2020–2024

Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.

Share count

11Mpeak FY2024

ROIC

−75%low FY2022

Gross margin

50%low FY2022

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($30M)owner earningsvs.($65M)net incomelow FY2024

Owner-earnings bridge

FY2020–FY2024cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2024 the business turned a $65M loss into ($30M) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2024	FY2023	FY2022	FY2021	FY2020
Reported net income	($65M)	$13M	($88M)	($9M)	($6M)
Depreciation & amortizationnon-cash charge added back	+$574K	+$16K	+$40K	+$34K	+$5M
Working capital & othertiming of cash in and out, other non-cash items	+$35M	−$23M	+$79M	+$10M	−$1M
Cash from operations	($30M)	($9M)	($9M)	$2M	($2M)
Maintenance capital expenditurethe spending needed just to hold position and volume	−$543K	−$16K	−$40K	−$34K	−$4M
Owner earnings	($30M)	($9M)	($9M)	$2M	($6M)
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	−$281K	−$3M	−$7M	—
Free cash flow	($30M)	($10M)	($12M)	($6M)	($6M)
Owner-earnings marginowner earnings ÷ revenue	-40%	-15%	-39%	4%	-13%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2024 20-F · source on SEC EDGAR →

Will it survive?

Can it pay its interest? -127.6×

Does not cover its interest

Operating income ($78M) ÷ interest expense $610K

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? $1M

Net debt against an operating loss

Cash $10M + ST investments $5M − debt $16M

What this means
Netting $15M of cash and short-term investments against $16M of debt leaves $1M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? -13d

Negative, funded by others

DSO 171 + DIO 0 − DPO 185 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money.

Is it a good business?

Return on invested capital -11%

Below average through the cycle

5-yr median, range -250%–19%; -59% latest = NOPAT ($61M) ÷ invested capital $104M

Industry peers: median -40%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 5 years (it ran -59% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin -15%

Consumes cash through the cycle

5-yr median margin, range -40%–4%; latest ($31M) = operating cash ($31M) − maintenance capex $16K

Industry peers: median -34%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -33% of revenue this year, a -15% median across 5 years.
Are earnings backed by cash? ($31M)

Loss, and burning cash

Net income ($75M) · cash from operations ($31M)

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 31.89×

Expanding

Capex $508K ÷ depreciation $16K

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $93M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.16×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $16M vs $67M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (5-yr record) · 4 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-1.77/share (latest year $-2.86), the averaged base the calculator's gate runs on, and book value is $3.75/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2020–2024

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 1 of 5

What this means
Lost money in 4 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 1 of 4 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −16% → −32% (2-yr avg ends)

What this means
Through the cycle the operating margin slipped — about −16% early to −32% lately, median −19% — competition or costs are biting in.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Worst year 2022 · −386.0% op. margin

What this means
Operations went underwater in 2022, understand why before trusting the good years.
Share count +14.5%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

Does AI threaten the moat?

Elevated contestability

The product is software or information, the very thing capable AI now produces more cheaply, so the moat is more contestable than the record alone implies.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.

AI has collapsed the cost of building a capable substitute for the very thing this business sells. When a credible alternative can be assembled for a fraction of the incumbent's price, it is pricing power that erodes first, not revenue tomorrow. The live question is whether the moat survives that, not whether it held in the past. Whether that question is answerable at all is yours to decide, against your own circle of competence.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Jun 30, 2025

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$125M

Cash & short-term investments$15M
Receivables$44M
Inventory$5K
Other current assets$67M

Current liabilities$58M

Debt due within a year$12M
Accounts payable$30M
Other current liabilities$15M

Current ratio2.16×all current assets ÷ what's due · Graham looked for 2×

Quick ratio2.16×stricter: inventory excluded

Cash ratio0.26×strictest: cash alone against what's due

Working capital$67Mthe cushion left after near-term bills

Debt due this year vs. cash$12M due · $15M cash covered by cash on hand, no refinancing forced · both figures from the Jun 30, 2025 balance sheet

Cash runway0.5 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate

Deeper floors

Tangible book value$96Mequity stripped of goodwill & intangibles

Net current asset value$61MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$16M$9K of it operating leases

From the company's latest filing.

Peers, Software

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
SOUNSoundHound AI Inc	$169M	69%	-308.2%	-6%	-150%
BLZEBackblaze Inc.	$146M	52%	-32.1%	-88%	1%
BBAIBigBear.ai Inc.	$128M	25%	-62.6%	-31%	-19%
RUMRumble Inc.	$101M	—	-125.9%	-322%	-86%
GLOOGloo Holdings Inc.	$95M	—	-209.1%	-76%	-196%
GRRRGorilla Technology Group Inc.	$93M	41%	-19.3%	-11%	-15%
RDVTRed Violet Inc. Common Stock	$90M	—	-3.0%	-3%	20%
SVCOSilvaco Group Inc.	$63M	80%	-67.5%	-40%	-34%
Group median	—	52%	-65.0%	-36%	-27%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the home-market price, not the US ADR quote. Gorilla Technology Group Inc. reports in USD, and every figure here (owner earnings, book value, the share count) is on that ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share. A US ADR price in dollars bundles the ADR-to-ordinary ratio, so it will not reconcile with these figures and would throw the multiple off.

Gorilla Technology Group Inc. is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.

Today’s price $

The assumptions Required return 9% Years to get there 10 Revenue growth 0%

Revenue, delivered15%/yr’20→’24

Mature owner-earnings margin 15%

Enter a price to run it.

Owner earnings it must reach—

Margin the price demands—

Owner-earnings margin today−34%

Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.

Weigh GRRR against another business →

Cite: Owner Scorecard, "Gorilla Technology Group Inc. (GRRR), the owner's record," https://ownerscorecard.com/c/GRRR, data as of 2026-07-09.

Manual order: ← GROY its page in the Manual GRVY →

Industry order: ← GRND the Software chapter GTLB →