# EDGAR Filing Document

**Accession Number:** 0001903145
**File Stem:** 0001437749-26-018444
**Filing Date:** 2026-5
**Character Count:** 36197
**Document Hash:** 9c6cf17baf54d58a4bb3325d1c35f383
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-26-018444.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0001437749-26-018444

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260531

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Gorilla Technology Group Inc.
- **CENTRAL INDEX KEY:** 0001903145
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 981685516
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41448
- **FILM NUMBER:** 261022352

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** GRAND PAVILION, HIBISCUS WAY
- **STREET 2:** 802 WEST BAY ROAD
- **CITY:** GRAND CAYMAN
- **NON US STATE TERRITORY:** GRAND CAYMAN
- **PROVINCE COUNTRY:** E9
- **ZIP:** KY1-1205
- **BUSINESS PHONE:** 886-2-2627-7996

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** GRAND PAVILION, HIBISCUS WAY
- **STREET 2:** 802 WEST BAY ROAD
- **CITY:** GRAND CAYMAN
- **NON US STATE TERRITORY:** GRAND CAYMAN
- **PROVINCE COUNTRY:** E9
- **ZIP:** KY1-1205

?xml version='1.0' encoding='ASCII'? grrr20260410_6k.htm

--12-31May 31, 2026

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

For the month of **May 2026**

Commission File Number: **001-41448**

**Gorilla Technology Group Inc.**

(Translation of registrant's name into English)

**64 North Row**

**London, United Kingdom W1K 7DA**

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ &nbsp;&nbsp;&nbsp;&nbsp; Form 40-F ☐

------

**Explanatory Note**

On May 27, 2026, Gorilla Technology Group Inc., a Cayman Islands exempted company (the "Company"), issued a press release announcing earnings for the first quarter of fiscal year 2026. The press release is furnished as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K. The numbers presented in this press release and on the call are unaudited and unreviewed. Condensed interim consolidated financial statements of the Company for the three months ended March 31, 2026 and 2025 (Unaudited) are filed as Exhibit 99.2 to this Report of Foreign Private Issuer on Form 6-K.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Gorilla Technology Group Inc.** | **Gorilla Technology Group Inc.** |
| Date: May 27, 2026 | By: | /s/ Jayesh Chandan |
|  | Name:  | Jayesh Chandan |
|  | Title: | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

------

<u>**EXHIBIT INDEX**</u>

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 99.1 | [Press release dated May 27, 2026.](ex_944447.htm) |
| 99.2 | [Condensed Interim Consolidated Financial Statements for the three months ended March 31, 2026 and 2025 (Unaudited).](ex_944448.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**

## Gorilla Technology Converts Growth Into Cash: Q1

## Revenue Up 55%, Operating Cash Flow Turns Positive

## & Full Year Guidance Raised
– **Revenue grows 55% year on year, expanding to US$28.2 million** –

– **Operating cash flow turns positive at US$6.6 million, a US$17.3 million improvement from Q1 2025** –

– **Cash balance improves 373% year on year to US$98.4 million** –

– **Full year 2026 revenue guidance range increased to US$160 million to US$200 million** –

**London, United Kingdom** – (Newsfile Corp. – May 27, 2026) – Gorilla Technology Group Inc. (NASDAQ: GRRR) ("Gorilla" or the "Company"), a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence, IoT technology and data centres, today announced financial results for the three months ended, 31st March 2026.

**Key Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Revenue growth drives momentum:** Q1 2026 revenue was **US$28.2 million**, compared with **US$18.3 million** in Q1 2025, representing growth of approximately **55% year on year**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Operating cash flow generation accelerates:** Net cash from operating activities swung from **US$(10.7) million** in Q1 2025 to **US$6.6 million** in Q1 2026, a **US$17.3 million improvement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Strong cash position underpins future growth:** Gorilla ended Q1 2026 with **US$98.4 million** of cash and cash equivalents, compared with **US$20.8 million** at 31st March 2025, an increase of approximately **373% year on year**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Egypt project delivering meaningful cash flow:** During Q1, Gorilla collected significant cash from its Egypt project following the successful completion of key project milestones. Advance payment guarantees associated with completed project stages have been released, and the project is now progressing towards final implementation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Reported IFRS loss distorted by non-cash and FX items:** Reported IFRS operating loss was **US$41.1 million**, driven primarily by **US$20.9 million of non-cash stock-based compensation** and **US$18.9 million of foreign currency exchange losses**. These items do not reflect the underlying cash generation of the business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Full year guidance increased:** Gorilla has raised its guidance for full year 2026 revenue currently to be in the range of **US$160 million** to **US$200 million**, reflecting improved visibility across contracted backlog, scheduled delivery milestones and near-term executable opportunities.

------

**Statement from Jay Chandan, Chairman and CEO:**

"Gorilla's Q1 2026 performance demonstrates the momentum and tangible results our strategy is creating. Our enterprise is delivering across all of its initiatives. We are building capacity, signing contracts, collecting cash and putting infrastructure on the ground.

"Our agreement with Yotta represents a meaningful milestone as we continue to deliver the next generation of AI infrastructure in the markets that matter to us most. We are already seeing real results from that partnership, and the opportunity represents a potential annualised revenue base of more than **US$500 million**, when GPU compute and associated infrastructure services are taken together. That is why I view a US$500 million revenue target for next year as entirely achievable and the onus is on us to execute from here.

"In Thailand, we are advancing a **200MW AI data centre campus in Korat**. We have paid the first installment on strategic land, we are working through the power and capacity plan and we are building the foundation for Gorilla's owned AI infrastructure platform in Southeast Asia. This will allow us to address the key bottleneck in the region that our clients have mentioned—the lack of adequate data centre space. Korat is only the beginning, as we continue to establish leadership in this region.

"We are also pursuing additional capacity across Malaysia, Indonesia, Taiwan, Philippines and the broader region, including Rayong and secured colocation facilities in Jakarta. When I look at the opportunities in front of us, I believe Gorilla has a credible path towards approximately **500MW of AI infrastructure capacity by the end of 2028**. That is half a gigawatt of potential capacity, which is an exceptional output for any company, and when looking at our size, shows how we are punching far above our weight.

"Beyond the momentum we have around data centres, we are still building products, releasing new platforms, expanding our security and network intelligence capabilities and securing new opportunities in markets such as Taiwan. The infrastructure business gives us scale. The product business gives us differentiation. The combination gives us leverage.

This is why I am confident. We have signed demand. We have land. We have power plans. We have colocation capacity. We have GPU infrastructure. We have new products. We have new contracts. We have hired more than 100 employees & contractors to support delivery. The pieces are all in place. The ambition is obvious. The only question is execution and that is exactly what we are doing. The path is clear: execute against our backlog, deliver on customer commitments and translate our growing infrastructure platform into sustainable revenue, cash flow and long-term shareholder value."

------

**Statement from Bruce Bower, Chief Financial Officer:**

"Q1 2026 was an important quarter for Gorilla's cash conversion. Net cash from operating activities improved by US$17.3 million year on year to US$6.6 million, reflecting stronger collections, continued project execution and improved operating discipline. Revenue also increased 55% year on year to US$28.2 million, demonstrating that we are converting growth into cash.

"Gorilla ended Q1 2026 with **US$98.4 million** of cash and cash equivalents, compared with **US$20.8 million** at 31st March 2025, an increase of approximately **373% year on year**. In addition, total debt remains at just $13.2 million. This liquidity position gives us a stronger foundation as we continue investing in AI infrastructure, GPU capacity, data centre execution and regional delivery capability.

"Reported IFRS profitability was affected by two major accounting items: **US$20.9 million of non-cash stock-based compensation** and **US$18.9 million of foreign currency exchange losses**. The stock-based compensation charge reflects an equity compensation event that has been disclosed to the market for several years and was finally expensed. It is non-cash and does not affect operating liquidity.

"The FX loss was due in large part to geopolitical events, which caused a sell-off in the currencies where we held large cash balances. It also must be viewed alongside the operational progress behind it. During Q1, Gorilla collected significant cash from Egypt, completed important project milestones and saw advance payment guarantees associated with completed stages released. In practical terms, the project continues to advance, we collected cash, and our guarantee exposure has been reduced. The statutory operating loss therefore does not reflect the underlying cash trajectory of the business. Revenue grew, operating cash flow turned positive, liquidity strengthened and the business continued ahead of our anticipated revenue ramp up.

"Based on current execution visibility, Gorilla now expects full year revenue for 2026 in the range of **US$160 million to US$200 million**, supported by contracted backlog, scheduled delivery milestones and near-term executable opportunities across AI infrastructure, public safety and enterprise technology programmes."

**Financial Outlook:**

For full year 2026, Gorilla now expects revenue in the range of **US$160 million to US$200 million**. This outlook reflects the Company's current view of contracted backlog, scheduled delivery milestones, expected project execution and visibility across its AI infrastructure, public safety and enterprise technology programmes.

------

<u>**Financials**</u>

<u>Gorilla Technology Group Inc. and Subsidiaries</u> 

<u>Condensed Interim Consolidated Balance Sheets</u>

(Expressed in United States dollars)

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
| **Items** | **(Unaudited and Unreviewed)** | **(Unaudited and Unreviewed)** |
| **Assets** |  |  |
| **Current assets** |  |  |
| Cash and cash equivalents | $98399450 | $99532115 |
| Restricted deposits | 4620189 | 5298442 |
| Accounts receivable, net and contract assets | 90116138 | 111994621 |
| Other current assets | 16942529 | 17221988 |
| **Total current assets** | 210078306 | 234047166 |
| **Non-current assets** |  |  |
| Property and equipment | 15305432 | 15749411 |
| Right-of-use assets | 1672104 | 1091526 |
| Intangible assets | 2343650 | 2432278 |
| Deferred tax assets, net | 17134831 | 11938173 |
| Other non-current assets | 7380908 | 6624980 |
| **Total non-current assets** | 43836925 | 37836368 |
| **Total assets** | $253915231 | $271883534 |
| **Liabilities and Equity** |  |  |
| **Liabilities** |  |  |
| **Current liabilities** |  |  |
| Borrowings | $10147496 | $10391379 |
| Accounts and other payables | 46823841 | 46042759 |
| Contract liabilities | 1705489 | 1305644 |
| Income tax liabilities | 12565942 | 11588564 |
| Other current liabilities | 1050739 | 951094 |
| **Total current liabilities** | 72293507 | 70279440 |
| **Non-current liabilities** |  |  |
| Long-term borrowings | 3095323 | 3404363 |
| Deferred tax liabilities | 1415469 | 652782 |
| Other non-current liabilities | 1705675 | 1467110 |
| **Total non-current liabilities** | 6216467 | 5524255 |
| **Total liabilities** | 78509974 | 75803695 |
| **Equity** |  |  |
| Share capital | 26455 | 26356 |
| Treasury shares at cost | (5285347) | (2105274) |
| Other equity | 180664149 | 198158757 |
| **Total equity** | 175405257 | 196079839 |
| **Total liabilities and equity** | $253915231 | $271883534 |

---

------

<u>Gorilla Technology Group Inc. and Subsidiaries</u> 

<u>Condensed Interim Consolidated Statements of Comprehensive Income (Loss)</u>

(Expressed in United States dollars)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Items** | **(Unaudited and Unreviewed)** | **(Unaudited and Unreviewed)** |
| Revenues, net | $28230022 | $18258999 |
| Cost of revenues | (22277478) | (11850617) |
| Gross profit | 5952544 | 6408382 |
| Operating expenses: |  |  |
| Foreign currency exchange losses, net | (18934405) | (4418096) |
| Stock-based compensation expenses | (20910831) | (216) |
| Other operating expenses | (7166399) | (6159155) |
| Total operating expenses | (47011635) | (10577467) |
| Operating loss | (41059091) | (4169085) |
| Net loss | (36959057) | (4558307) |
| Other comprehensive loss, net of tax | (1473778) | (1586388) |
| Total comprehensive loss | $(38432835) | $(6144695) |
| Basic and diluted loss per share | $(1.42) | $(0.23) |

---

<u>Gorilla Technology Group Inc. and Subsidiaries</u> 

<u>Condensed Interim Consolidated Statements of Cash Flows</u>

(Expressed in United States dollars)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
|  | **(Unaudited and Unreviewed)** | **(Unaudited and Unreviewed)** |
| Net cash from (used in) operating activities | $6641175 | $(10659866) |
| Net cash (used in) from investing activities | (535369) | 948239 |
| Net cash (used in) from financing activities | (3534504) | 8635923 |
| Effect of foreign exchange rate changes on cash and cash equivalents | (3703967) | 190312 |
| Net decrease in cash and cash equivalents | $(1132665) | $(885392) |
| Cash and cash equivalents at beginning of the period | 99532115 | 21699202 |
| Cash and cash equivalents at end of the period | $98399450 | $20813810 |

---

------

<u>**Reconciliation of non-IFRS Financial Measures to IFRS Measures**</u>

In addition to its reported results in accordance with International Financial Reporting Standards ("IFRS") followed by the Company, it has included in this release certain financial measures that are considered non-IFRS financial measures, including the following:

(i) Earnings before interest, taxes, depreciation, and amortization ("EBITDA");

(ii) Adjusted EBITDA; and

(iii) Adjusted net income (loss) and adjusted earnings (loss) per share.

<u>**Reconciliation of Operating Loss to EBITDA and Adjusted EBITDA**</u>

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
|  | **(Unaudited and Unreviewed)** | **(Unaudited and Unreviewed)** |
| **Items** | **(Amount in USD)** | **(Amount in USD)** |
| **Operating loss (IFRS)** | $**(41059091)** | $**(4169085)** |
| Add: Depreciation expenses | 298132 | 153083 |
| Add: Amortization expenses | 95089 | 154387 |
| **EBITDA loss (non-IFRS)** | $**(40665870)** | $**(3861615)** |
| Add: Foreign currency devaluation <sup>(1)</sup> | 11443104 | 7188047 |
| Add: Fair value measurement of financial instruments, net <sup>(2)</sup> | 46476 | 1838049 |
| Add: Stock-based compensation expenses | 20910831 | 216 |
| **Adjusted EBITDA (non-IFRS)** | $**(8265459**) | $**5164697** |

---

**<u>Reconciliation of Net Loss and Loss per Share to Adjusted Net Income (Loss) and Adjusted Earnings (Loss) per Share</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
|  | **(Unaudited and Unreviewed)** | **(Unaudited and Unreviewed)** | **(Unaudited and Unreviewed)** | **(Unaudited and Unreviewed)** |
|  | **(Amount in USD)** | **(Amount in USD)** | **(Amount in USD)** | **(Amount in USD)** |
| **Items** | **Amount** | **EPS Impact per share** | **Amount** | **EPS Impact per share** |
| **Net loss (IFRS)** | $**(36959057**) | $**(1.42**) | $**(4558307**) | $**(0.23**) |
| Add: Foreign currency devaluation <sup>(1)</sup> | 11443104 | 0.44 | 7188047 | 0.37 |
| Add: Fair value measurement of financial instruments, net <sup>(2)</sup> | 46476 |  | 1838049 | 0.09 |
| Add: Stock-based compensation expenses | 20910831 | 0.80 | 216 |  |
| Less: Tax effects of stock-based compensation expenses | (112611) |  |  |  |
| Add: Amortization of acquired intangible assets <sup>(3)</sup> | 85500 |  | 85500 |  |
| **Adjusted net income (loss) (non-IFRS)** | $**(4585757**) | $**(0.18**) | $**4553505** | $**0.23** |
| **Adjusted diluted earnings (loss) per share (non-IFRS)** |  | $**(0.18**) |  | $**0.23** |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;1. *Foreign currency devaluation* – downward remeasurement of monetary assets denominated in the Egyptian pound primarily due to material depreciation of the Egyptian pound against the U.S. dollar.

&nbsp;&nbsp;&nbsp;&nbsp;2. *Fair value measurement of financial instruments* – includes effects of fair value remeasurement of stock warrants.

&nbsp;&nbsp;&nbsp;&nbsp;3. *Amortization of acquired intangible assets* – includes non-cash amortization expense related to acquired intangible assets.

------

**About Gorilla Technology Group Inc.**

Headquartered in London U.K., Gorilla is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence, IoT technology and data centres. We provide a wide range of solutions, including Smart City, Network, Video, Security Convergence and IoT, across select verticals of Government and Public Services, Manufacturing, Telecom, Retail, Transportation and Logistics, Healthcare and Education, by using AI and Deep Learning Technologies.

Our expertise lies in revolutionizing urban operations, bolstering security and enhancing resilience. We deliver pioneering products that harness the power of AI in intelligent video surveillance, facial recognition, license plate recognition, edge computing, post-event analytics and advanced cybersecurity technologies. By integrating these AI-driven technologies, we empower Smart Cities to enhance efficiency, safety and cybersecurity measures, ultimately improving the quality of life for residents.

For more information, please visit our website: Gorilla-Technology.com.

**Forward-Looking Statements**

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Gorilla's actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "might" and "continues," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding our beliefs about future revenues and our ability to sign new contracts and execute existing contracts, along with those other risks described under the heading "Risk Factors" in the Form 20-F Gorilla filed with the Securities and Exchange Commission (the "SEC") on April 15, 2026 and those that are included in any of Gorilla's future filings with the SEC. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of Gorilla and are difficult to predict. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Gorilla undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

---

| | |
|:---|:---|
| **Public Relations Contact** | **Investor Relations Contact** |
| Samantha Dowd<br> Prosek Partners<br> <u>GRRR@prosek.com</u> | Dave Gentry<br> RedChip Companies, Inc.<br> 1-407-644-4256<br> <u>GRRR@redchip.com</u> |

---

## Exhibit 99.2

**Exhibit 99.2**

<u>Gorilla Technology Group Inc. and Subsidiaries</u>

Condensed Interim Consolidated Financial Statements for the three months ended March 31, 2026 and 2025 (Unaudited)

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  | Page | Page |
| [Condensed Interim Consolidated Balance Sheets](#bs) |  | 2 - 3 |
| [Condensed Interim Consolidated Statements of Comprehensive Income (Loss)](#cil) |  | 4 |
| [Condensed Interim Consolidated Statements of Changes in Equity](#SOCIE) |  | 5 |
| [Condensed Interim Consolidated Statements of Cash Flows](#cf) |  | 6 |

---

------

<u>Condensed Interim Consolidated Balance Sheets</u>

(Expressed in United States dollars)

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
| **Items** | **(Unaudited)** | **(Audited)** |
| **Assets** |  |  |
| **Current assets** |  |  |
| Cash and cash equivalents | $98399450 | $99532115 |
| Financial assets at fair value through profit or loss ("FVTPL") | 501000 | 501000 |
| Restricted deposits | 4620189 | 5298442 |
| Accounts receivable, net | 40471143 | 54141591 |
| Other receivables, net | 435494 | 390619 |
| Contract assets | 49644995 | 57853030 |
| Prepayments | 15031472 | 15781284 |
| Other current assets | 974563 | 549085 |
| **Total current assets** | 210078306 | 234047166 |
| **Non-current assets** |  |  |
| Property and equipment | 15305432 | 15749411 |
| Right-of-use assets | 1672104 | 1091526 |
| Intangible assets | 2343650 | 2432278 |
| Deferred tax assets, net | 17134831 | 11938173 |
| Prepayments | 178066 | 204020 |
| Financial assets at FVTPL | 4000000 | 4000000 |
| Financial assets at fair value through other comprehensive income | 481946 |  |
| Other non-current assets | 2720896 | 2420960 |
| **Total non-current assets** | 43836925 | 37836368 |
| **Total assets** | $253915231 | $271883534 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(Continued)

------

<u>Condensed Interim Consolidated Balance Sheets</u>

(Expressed in United States dollars)

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
| **Items** | **(Unaudited)** | **(Audited)** |
| **Liabilities and Equity** |  |  |
| **Liabilities** |  |  |
| **Current liabilities** |  |  |
| Short-term borrowings | $9219663 | $9427501 |
| Long-term borrowings, current portion | 927833 | 963878 |
| Accounts and other payables | 46823841 | 46042759 |
| Lease liabilities | 583305 | 451368 |
| Stock warrant liabilities | 287482 | 241006 |
| Contract liabilities | 1705489 | 1305644 |
| Provisions | 57348 | 124441 |
| Income tax liabilities | 12565942 | 11588564 |
| Other current liabilities | 122604 | 134279 |
| **Total current liabilities** | 72293507 | 70279440 |
| **Non-current liabilities** |  |  |
| Long-term borrowings | 3095323 | 3404363 |
| Lease liabilities | 1384607 | 873114 |
| Provisions | 44039 | 89006 |
| Deferred tax liabilities | 1415469 | 652782 |
| Other non-current liabilities | 277029 | 504990 |
| **Total non-current liabilities** | 6216467 | 5524255 |
| **Total liabilities** | 78509974 | 75803695 |
| **Equity** |  |  |
| Share capital | 26455 | 26356 |
| Capital surplus | 380012714 | 359074487 |
| Accumulated deficit | (196474384) | (159515327) |
| Foreign currency translation reserve | (2874181) | (1400403) |
| Treasury shares at cost | (5285347) | (2105274) |
| **Equity attributable to owners of the parent** | 175405257 | 196079839 |
| **Total equity** | 175405257 | 196079839 |
| **Total liabilities and equity** | $253915231 | $271883534 |

---

------

<u>Condensed Interim Consolidated Statements of Comprehensive Income (Loss)</u>

(Expressed in United States dollars)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Items** | **(Unaudited)** | **(Unaudited)** |
| Revenues, net | $28230022 | $18258999 |
| Cost of revenues | (22277478) | (11850617) |
| **Gross profit** | 5952544 | 6408382 |
| Operating expenses: |  |  |
| Selling and marketing expenses | (278170) | (330647) |
| General and administrative expenses | (26847496) | (3458299) |
| Research and development expenses | (1015031) | (570240) |
| Foreign currency exchange losses, net | (18934405) | (4418096) |
| Fair value measurement of financial instruments, net | (46476) | (1838049) |
| Other gains, net | 109943 | 37864 |
| Total operating expenses | (47011635) | (10577467) |
| **Operating loss** | (41059091) | (4169085) |
| Non-operating income and expenses: |  |  |
| Interest income | 822671 | 562792 |
| Finance costs | (123613) | (154992) |
| Total non-operating income | 699058 | 407800 |
| **Loss before income tax** | (40360033) | (3761285) |
| Income tax (expense) benefit | 3400976 | (797022) |
| **Loss** | (36959057) | (4558307) |
| **Other comprehensive loss** |  |  |
| **Components of other comprehensive loss that may not be reclassified to profit or loss** |  |  |
| Remeasurement of defined benefit plans |  |  |
| **Components of other comprehensive loss that may be reclassified to profit or loss** |  |  |
| Exchange differences on translation of foreign operations | (1473778) | (1586388) |
| **Other comprehensive loss, net of tax** | (1473778) | (1586388) |
| **Total comprehensive loss** | $(38432835) | $(6144695) |
| Loss per share |  |  |
| Basic | $(1.42) | $(0.23) |
| Diluted | $(1.42) | $(0.23) |
| Weighted average number of shares used in computing loss per share |  |  |
| Basic | 26032079 | 19497913 |
| Diluted | 26032079 | 19497913 |

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<u>Condensed Interim Consolidated Statements of Changes in Equity (Unaudited)</u>

(Expressed in United States dollars)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Equity attributable to owners of the parent | Equity attributable to owners of the parent | Equity attributable to owners of the parent | Equity attributable to owners of the parent | Equity attributable to owners of the parent | Equity attributable to owners of the parent | Equity attributable to owners of the parent | Equity attributable to owners of the parent |
|  |  | Capital Surplus | Capital Surplus | Capital Surplus |  |  |  |  |
|  | Ordinary Share Capital | Additional Paid-in Capital | Employee Share Options | Restricted Share Units ("RSU") | Accumulated Deficit | Foreign Currency Translation Reserve | Treasury Shares | Total |
| Balance at January 1, 2026 | $26356 | $355370757 | $189721 | $3514009 | $(159515327) | $(1400403) | $(2105274) | $196079839 |
| Loss |  |  |  |  | (36959057) |  |  | (36959057) |
| Other comprehensive loss |  |  |  |  |  | (1473778) |  | (1473778) |
| Total comprehensive loss |  |  |  |  | (36959057) | (1473778) |  | (38432835) |
| <u>Share issued against:</u> |  |  |  |  |  |  |  |  |
| Exercise of employee stock options | 2 | 38628 | (11135) |  |  |  |  | 27495 |
| Restricted share units | 97 | 1600043 |  | (1600140) |  |  |  |  |
| Share-based compensation expenses |  |  |  | 20910831 |  |  |  | 20910831 |
| Acquisition of treasury stock |  |  |  |  |  |  | (3180073) | (3180073) |
| Balance at March 31, 2026 | $26455 | $357009428 | $178586 | $22824700 | $(196474384) | $(2874181) | $(5285347) | $175405257 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Equity attributable to owners of the parent | Equity attributable to owners of the parent | Equity attributable to owners of the parent | Equity attributable to owners of the parent | Equity attributable to owners of the parent | Equity attributable to owners of the parent | Equity attributable to owners of the parent | Equity attributable to owners of the parent |
|  |  | Capital Surplus | Capital Surplus | Capital Surplus |  |  |  |  |
|  | Ordinary<br> Share Capital | Additional<br> Paid-in Capital | Employee<br> Share Options | RSU | Accumulated Deficit | Foreign Currency<br> Translation<br> Reserve | Treasury Shares | Total |
| Balance at January 1, 2025 | $19443 | $253786028 | $764333 | $34906 | $(148238729) | $(55500) | $(33206628) | $73103853 |
| Loss |  |  |  |  | (4558307) |  |  | (4558307) |
| Other comprehensive loss |  |  |  |  |  | (1586388) |  | (1586388) |
| Total comprehensive loss |  |  |  |  | (4558307) | (1586388) |  | (6144695) |
| <u>Share issued against:</u> |  |  |  |  |  |  |  |  |
| Share-based payment for services | 15 | 271035 |  |  |  |  |  | 271050 |
| Exercise of stock warrants | 1949 | 32378377 |  |  |  |  |  | 32380326 |
| Share-based compensation expenses |  |  |  | 216 |  |  |  | 216 |
| Balance at March 31, 2025 | $21407 | $286435440 | $764333 | $35122 | $(152797036) | $(1641888) | $(33206628) | $99610750 |

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<u>Condensed Interim Consolidated Statements of Cash Flows</u>

(Expressed in United States dollars)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
|  | **(Unaudited)** | **(Unaudited)** |
| CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;Loss before tax | $(40360033) | $(3761285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile loss to net cash from (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expected credit losses | 373097 | 6110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation expenses | 298132 | 153083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization expenses | 95089 | 154387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based payment expenses |  | 271050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expenses | 20910831 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 123613 | 154992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | (822671) | (562792) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign currency exchange losses, net | 20144245 | 4624595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-back of accounts and other payables | (40832) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value measurement of financial instruments, net | 46476 | 1838049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in working capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in working capital assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract assets |  | (18224234) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net |  | 988290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable and contract assets | 4216569 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments | 491061 | 6743194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | (29831) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (1084141) | 15707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in working capital liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | 386225 | (4750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts and other payables | 1571361 | (3450936) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions | (108308) | 38251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (224167) | (56910) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash flows from (used in) operations | 5986716 | (11072983) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest received | 796501 | 610494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest paid | (122618) | (184878) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax paid | (19424) | (12499) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from (used in) operating activities | 6641175 | (10659866) |
| <u>CASH FLOWS FROM INVESTING ACTIVITIES</u> |  |  |
| &nbsp;&nbsp;&nbsp;Investment in financial assets at FVTPL |  | (1500000) |
| &nbsp;&nbsp;&nbsp;Investment in Compulsorily convertible debentures | (486164) |  |
| &nbsp;&nbsp;&nbsp;Acquisition of property and equipment | (48527) | (237893) |
| &nbsp;&nbsp;&nbsp;Acquisition of intangible assets | (6661) | (54230) |
| &nbsp;&nbsp;&nbsp;Proceeds from restricted deposits | 5983 | 2699420 |
| &nbsp;&nbsp;&nbsp;Decrease in guarantee deposits |  | 40942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) from investing activities | (535369) | 948239 |
| <u>CASH FLOWS FROM FINANCING ACTIVITIES</u> |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from short-term borrowings |  | 8002807 |
| &nbsp;&nbsp;&nbsp;Repayments of short-term borrowings |  | (10270816) |
| &nbsp;&nbsp;&nbsp;Repayments of long-term borrowings | (253442) | (500531) |
| &nbsp;&nbsp;&nbsp;Principal payment of lease liabilities | (128484) | (95268) |
| &nbsp;&nbsp;&nbsp;Acquisition of treasury stock | (3180073) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 27495 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of stock warrants |  | 11499731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) from financing activities | (3534504) | 8635923 |
| Effect of foreign exchange rate changes on cash and cash equivalents | (3703967) | 190312 |
| Net decrease in cash and cash equivalents | (1132665) | (885392) |
| Cash and cash equivalents at beginning of the period | 99532115 | 21699202 |
| Cash and cash equivalents at end of the period | $98399450 | $20813810 |

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