# EDGAR Filing Document

**Accession Number:** 0001903145
**File Stem:** 0001437749-25-035422
**Filing Date:** 2025-11
**Character Count:** 37035
**Document Hash:** e9cc898beac9ffbafa55dbf8b5bd8716
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-035422.hdr.sgml**: 20251117

**ACCESSION NUMBER**: 0001437749-25-035422

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20251117

**DATE AS OF CHANGE**: 20251117

**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:** 251491210

**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'? grrr20250910_6k.htm

------

**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 **November 2025**

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 November 17, 2025, Gorilla Technology Group Inc., a Cayman Islands exempted company (the "Company"), issued a press release announcing earnings for the three months ended September 30, 2025. The press release is furnished as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K. Condensed interim consolidated financial statements (Unaudited) of the Company for the nine months ended September 30, 2025 and 2024 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: November 17, 2025 | 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 November 17, 2025.](ex_860578.htm) |
| 99.2 | [<u>Condensed interim consolidated financial statements (Unaudited) of the Company for the nine months ended September 30, 2025 and 2024.</u>](ex_889298.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**

**Gorilla Technology Reports Record Revenue** 

**in Q3; Issues 2026 Guidance**

– **Q3 revenue up 32% year on year delivering the strongest quarter in its history** –

– **Bottom line at breakeven versus a $7.8 million loss in Q3 2024** –

– **Total cash $121.4 million including $110.2 million unrestricted at end of Q3** –

– **$1.4 billion AI data centre mandate secured and an advanced AI and GPU infrastructure pipeline now above $7 billion with build already under way for phased implementation from early 2026** –

**London, United Kingdom** – (Newsfile Corp. – November 17, 2025) – Gorilla Technology Group Inc. (NASDAQ: GRRR) ("Gorilla" or the "Company"), a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology, today reported its financial results for the three months ended September 30, 2025, reiterated the Company's guidance for fiscal 2025 and provided guidance for full year 2026.

**Key highlights include**:

**<u>Record revenue growth</u>:** Revenue for the quarter ended September 30, 2025, was **$26.5 million, compared with $20.1 million for the same period in 2024**, an increase of approximately 32%. The increase was due primarily to the Company's execution on AI infrastructure, public safety and enterprise projects across Asia, the Middle East, Europe and the Americas.

**<u>Strong project execution</u>:** The Company **delivered an operating income of approximately $0.4 million** for the third quarter of 2025, **compared to an operating loss of $6.0 million for the same period in 2024**. This swing of more than $6.4 million was primarily due to disciplined operating expenses across people, professional services, and overheads, and stronger contracting and vendor alignment that improved efficiency. This performance validates Gorilla's focus on core operations and improved efficiency as it expands its presence in large-scale AI data centre and GPU infrastructure programmes.

**<u>Continued focus on profitability</u>:** EBITDA for the quarter ended September 30, 2025, was $0.8 million, compared to an EBITDA loss of $5.6 million for the quarter ended September 30, 2024, while net loss was close to breakeven at $0.03 million for the quarter ended September 30, 2025, compared to a loss of $7.8 million for the quarter ended September 30, 2024. Adjusted EBITDA for the quarter ended September 30, 2025, was $6.8 million, up 21% from $5.6 million for the quarter ended September 30, 2024. Adjusted Net Income increased 72% year on year to $6.0 million for the quarter ended September 30, 2025, from $3.5 million for the quarter ended September 30, 2024.

**<u>Maximizing working capital flexibility</u>:** As of September 30, 2025, total debt was **$15.1 million, a decrease of 30% from $21.4 million at the end of 2024**. As of the end of the third quarter of 2025, Gorilla's unrestricted cash position increased to $110.2 million from $21.7 million as of December 31, 2024, **an increase of ~ 408%,** and $10.1 million as of June 30, 2025, **an increase of ~ 990%.** Gorilla continues to manage its working capital debt ensuring flexibility to fund existing contracts and convert its client pipeline without balance sheet strain.

**<u>Earnings per share inflection</u>:** Basic and diluted EPS were approximately breakeven for the quarter ended September 30, 2025, while adjusted basic EPS was $0.26 and adjusted diluted EPS was $0.24 for the same period.

------

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

"The third quarter marks a turning point where Gorilla became a recognized leader in AI infrastructure. Our contracted projects, strong balance sheet and clear line of sight to scale differentiate us from peers that have yet to deliver beyond the promise of AI. We are optimistic about our revenue growth in the coming years, driven by secured mandates, including our recently announced $1.4 billion AI data centre contract in Southeast Asia, as well as ongoing deployments and a robust pipeline."

"We have built a platform that designs, builds and operates sovereign-grade AI infrastructure alongside governments, telecommunications providers, and leading institutions. From here, our priorities are clear<u>;</u> convert our pipeline, grow high quality recurring revenue, maintain our cost discipline and deliver consistently strong quarters to drive a complete re-rating of Gorilla in the eyes of global investors."

**Update on Key Projects:**

In Southeast Asia, Gorilla is now executing its 5G and AI infrastructure projects across the region, with deployment activity accelerating through the last quarter. In MENA, Gorilla's projects are entering the final execution phase. **With strong collections and solid delivery momentum across both regions**, these programmes highlight Gorilla's ability to execute large-scale national infrastructure with precision and reliability.

**<u>Financial Outlook:</u>**

*2026 Guidance*

For full year 2026, Gorilla currently expects revenue in the range of $137 million to $200 million. This estimate is underpinned by the expected completion initial phase of the $1.4 billion Southeast Asia AI data centre project in the first quarter of next year, which is expected to contribute $100 million of revenue per year from 2026 to 2028. This guidance is further supported by two major Asian law enforcement contracts that Gorilla announced in September 2025. The Company has already begun working on both and expects these projects to contribute meaningfully to full year 2026 financial results.

The Company is only able to provide guidance based on its contractual backlog, which is the revenue it expects to recognize from signed contracts, based on currently scheduled delivery timelines and specified contractual milestones. Where project mandates have been awarded but timelines and parameters are still in discussion with our customers, it is not currently possible to forecast the periods in which anticipated revenue would be recognized. Therefore, investors are advised that the current guidance does not include contracted but presently unfinalized projects (such as the remaining phases of the Southeast Asia AI data centre project) and also does not reflect any additional projects that the Company is seeking to secure.

The Company's pipeline currently stands in excess of $7 billion, which has increased largely due to advanced stage AI and GPU infrastructure opportunities in key markets.

*2025 Guidance*

The Company's full year 2025 guidance remains unchanged: revenue is expected to be in the range of $100 million to $110 million; Adjusted EBITDA is expected to be in the range of $20 million to $25 million; Adjusted net profit, excluding extraordinary items, is expected in the range of $15 million to $20 million; and the Company expects positive operating cash flow.

**Statement from Bruce Bower, CFO:**

"With our capital structure now a strength, not a constraint, we are operating from a position of exceptional financial flexibility. Reducing debt to $15.1 million, lifting total cash to $121.4 million, and beginning to fund major AI data centre projects has transformed our balance sheet into a source of funding for growth. This financial capacity underpins our ability to execute existing mandates and accelerate our multi-billion-dollar pipeline with both discipline and agility."

"We look forward to finishing 2025 by continuing to strengthen our financial position. Apart from executing on our key projects, certain stages of projects expected to be completed and invoiced in the fourth quarter are among the higher margin portions of these projects, which we expect to further enhance our cash position."

**Financial Statements:**

In addition to the financial information presented below, investors are advised to review additional financial statements included on the Company's Form 6-K that will be filed with the Securities and Exchange Commission shortly following this press release.

------

**Financials**

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

<u>Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited and Unreviewed)</u>

(Expressed in United States dollars)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| **Items** | **2025** | **2024** |
| Revenue | $26477414 | $20054910 |
| Cost of revenue | (16600038) | (10554370) |
| **Gross profit** | 9877376 | 9500540 |
| Operating expenses: |  |  |
| Selling and marketing expenses | (380499) | (187831) |
| General and administrative expenses | (5200776) | (3100515) |
| Research and development expenses | (825157) | (393631) |
| Currency exchange losses, net\* | (3440409) | (1606825) |
| Fair value remeasurement of financial instruments, net | 196158 | (10199470) |
| Other gains (losses), net | 198072 | (19033) |
| Total operating expenses | (9452611) | (15507305) |
| **Operating income (loss)** | 424765 | (6006765) |
| Non-operating income (expenses) |  |  |
| Interest income | 1123149 | 450365 |
| Finance costs | (135251) | (149827) |
| **Non-operating income (expenses)** | 987898 | 300538 |
| **Profit (loss) before income tax** | 1412663 | (5706227) |
| Income tax expense | (1440912) | (2075261) |
| **Loss for the period** | (28249) | (7781488) |
| **Other comprehensive income (loss)** |  |  |
| **Components of other comprehensive income (loss) that may not be reclassified to profit or loss** |  |  |
| Remeasurement of defined benefit plans |  | (46914) |
| **Components of other comprehensive income (loss) that may be reclassified to profit or loss** |  |  |
| Exchange differences on translation of foreign operations | (1526344) | 1344223 |
| **Other comprehensive income (loss) for the period, net of tax** | (1526344) | 1297309 |
| **Total comprehensive loss for the period** | (1554593) | (6484179) |
| Loss per share |  |  |
| Basic | $(0.00) | $(0.66) |
| Diluted | $(0.00) | $(0.66) |
| Weighted average ordinary shares used in computing loss per share |  |  |
| Basic | 23196502 | 11807426 |
| Diluted | 23196502 | 11807426 |

---

\* Currency exchange losses, net primarily include amounts of $5,387,001 and $955,419 during the three months ended September 30, 2025 and 2024, respectively, due to depreciation of the Egyptian pound against the U.S. dollar.

------

**<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:

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

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Adjusted EBITDA; and

&nbsp;&nbsp;&nbsp;&nbsp;(iii) Adjusted net income and adjusted earnings per share.

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

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
|  | **2025** | **2024** |
| **Items** | **(Unaudited and Unreviewed)** | **(Unaudited and Unreviewed)** |
|  | **(Amount in USD)** | **(Amount in USD)** |
| **Operating income (loss) (IFRS)** | $**424765** | $**(6006765)** |
| Add: Depreciation expenses | 221232 | 145675 |
| Add: Amortization expenses | 142276 | 222884 |
| **EBITDA (non-IFRS)** | $**788273** | $**(5638206)** |
| Add: Exchange loss from currency devaluation | 5387001 | 955419 |
| Add (less): Fair value remeasurement of financial instruments, net | (196158) | 10199470 |
| Add: Stock-based compensation expenses | 787878 | 85074 |
| **Adjusted EBITDA (non-IFRS)** | $**6766994** | $**5601757** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
| **Items** | **(Unaudited and Unreviewed)** | **(Unaudited and Unreviewed)** | **(Unaudited and Unreviewed)** | **(Unaudited and Unreviewed)** |
|  | **(Amount in USD)** | **(Amount in USD)** | **(Amount in USD)** | **(Amount in USD)** |
|  | **Amount** | **EPS Impact per share** | **Amount** | **EPS Impact per share** |
| **Net loss (IFRS)** | $**(28249)** | $**(0.00)** | $**(7781488)** | $**(0.66)** |
| Add: Exchange loss from currency devaluation | 5387001 | 0.23 | 955419 | 0.08 |
| Add (less): Fair value remeasurement of financial instruments | (196158) | (0.01) | 10199470 | 0.86 |
| Add: Stock-based compensation expenses | 787878 | 0.04 | 85074 | 0.01 |
| Less: Tax effects of stock-based compensation expenses |  |  | (107) | (0.00) |
| **Adjusted Net income (non-IFRS)** | $**5950472** | $**0.26** | $**3458368** | $**0.29** |
| Adjusted diluted earnings per share (non-IFRS) |  | $0.24 |  | $0.29 |

---

------

**About Gorilla Technology Group Inc.** 

Headquartered in London, United Kingdom, Gorilla is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology. We provide a wide range of solutions, including Smart City, Network, Video, Security Convergence and IoT, across select verticals of Government & Public Services, Manufacturing, Telecom, Retail, Transportation & 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, our ability to convert our pipeline, our ability to and the circumstances under which we would reduce our debt, our ability to attract the attention of customers and investors alike, our expansion into southeast Asia, Gorilla's largest projects and ability to win additional projects and execute definitive contracts related thereto, 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 30, 2025 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>G</u><u>orilla</u> <u>T</u><u>echnology</u><u> </u><u>G</u><u>roup</u> <u>I</u><u>nc. and</u> <u>Subsidiaries</u>

Condensed Interim Consolidated Financial Statements (Unaudited)

For the Nine Months Ended September 30, 2025 and 2024

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [<u>Condensed Consolidated Balance Sheets</u>](#BS_1) | 2-3 |
| [<u>Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)</u>](#PL_2) | 4 |
| [<u>Condensed Consolidated Statements of Changes in Equity (Unaudited)</u>](#SOCIE_3) | 5 |
| [<u>Condensed Consolidated Statements of Cash Flows (Unaudited)</u>](#CFS_4) | 6 |
| [<u>Reconciliation of non-IFRS Financial Measures to IFRS Measures</u>](#nonIFRS_5) | 7 |

---

------

<u>G</u><u>orilla</u> <u>T</u><u>echnology</u><u> </u><u>G</u><u>roup</u> <u>I</u><u>nc. and</u> <u>Subsidiaries</u>

<u>Condensed Consolidated Balance Sheets</u>

(Expressed in United States dollars)

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30,** | **December 31,** |
|  | **2025** | **2024** |
| **Items** | **(Unaudited)** | **(Audited)** |
| **Assets** |  |  |
| **Current assets** |  |  |
| Cash and cash equivalents | $110154134 | $21699202 |
| Financial assets at fair value through profit or loss ("FVTPL") | 1000 | 1000 |
| Restricted deposits | 11293830 | 15773099 |
| Accounts receivable, net | 36532310 | 25670157 |
| Other receivables, net | 416306 | 432696 |
| Unbilled receivables (Contract assets) | 56325755 | 34306195 |
| Inventories |  | 5199 |
| Prepayments | 14065030 | 28632212 |
| Other current assets | 148909 | 151816 |
| **Total current assets** | 228937274 | 126671576 |
| **Non-current assets** |  |  |
| Property and equipment | 16220642 | 14939143 |
| Right-of-use assets | 656181 | 505345 |
| Intangible assets | 2532574 | 2931661 |
| Deferred tax assets, net | 11290577 | 6938213 |
| Prepayments | 231841 | 315304 |
| Financial assets at FVTPL | 4000000 |  |
| Other non-current assets | 2576450 | 1494740 |
| **Total non-current assets** | 37508265 | 27124406 |
| **Total assets** | $266445539 | $153795982 |

---

(Continued)

------

<u>G</u><u>orilla</u> <u>T</u><u>echnology</u><u> </u><u>G</u><u>roup</u> <u>I</u><u>nc. and</u> <u>Subsidiaries</u>

<u>Condensed Consolidated Balance Sheets</u>

(Expressed in United States dollars)

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30,** | **December 31,** |
|  | **2025** | **2024** |
| **Items** | **(Unaudited)** | **(Audited)** |
| **Liabilities and Equity** |  |  |
| **Liabilities** |  |  |
| **Current liabilities** |  |  |
| Short-term borrowings | $10316113 | $15073458 |
| Long-term borrowings, current portion | 1017012 | 1972371 |
| Accounts and other payables | 38024239 | 28490211 |
| Lease liabilities | 298017 | 210448 |
| Stock warrant liabilities | 536728 | 20082272 |
| Unearned revenue (Contract liabilities) |  | 273227 |
| Provisions | 65196 | 37673 |
| Income tax liabilities | 12471229 | 9028829 |
| Other current liabilities | 99079 | 142796 |
| **Total current liabilities** | 62827613 | 75311285 |
| **Non-current liabilities** |  |  |
| Long-term borrowings | 3746221 | 4372188 |
| Lease liabilities | 561877 | 579699 |
| Guarantee deposits | 392299 | 364047 |
| Provisions | 5452 | 22013 |
| Deferred tax liabilities | 653114 | 42897 |
| **Total non-current liabilities** | 5358963 | 5380844 |
| **Total liabilities** | 68186576 | 80692129 |
| **Equity** |  |  |
| Ordinary share capital | 25309 | 19443 |
| Capital surplus | 355479664 | 254585267 |
| Share application money pending allotment | 48637 |  |
| Accumulated deficit | (156770038) | (148238729) |
| Foreign currency translation reserve | (524609) | (55500) |
| Treasury shares |  | (33206628) |
| **Equity attributable to owners of the parent** | 198258963 | 73103853 |
| **Total equity** | 198258963 | 73103853 |
| **Total liabilities and equity** | $266445539 | $153795982 |

---

------

<u>G</u><u>orilla</u> <u>T</u><u>echnology</u><u> </u><u>G</u><u>roup</u> <u>I</u><u>nc. and</u> <u>Subsidiaries</u>

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

(Expressed in United States dollars)

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **Items** | **2025** | **2024** |
| Revenue | $65803253 | $40729601 |
| Cost of revenue | (42477042) | (13550000) |
| **Gross profit** | 23326211 | 27179601 |
| Operating expenses: |  |  |
| Selling and marketing expenses | (1123092) | (855096) |
| General and administrative expenses | (12471330) | (9480120) |
| Research and development expenses | (2051298) | (1544814) |
| Currency exchange losses, net\* | (14992410) | (6635774) |
| Fair value remeasurement of financial instruments, net | (1335052) | (12889279) |
| Other gains (losses), net | 1288 | (7639) |
| Total operating expenses | (31971894) | (31412722) |
| **Operating loss** | (8645683) | (4233121) |
| Non-operating income (expenses) |  |  |
| Interest income | 2300420 | 842820 |
| Finance costs | (428924) | (566431) |
| **Non-operating income (expenses)** | 1871496 | 276389 |
| **Loss before income tax** | (6774187) | (3956732) |
| Income tax expense | (1757122) | (2213166) |
| **Loss for the period** | (8531309) | (6169898) |
| **Other comprehensive income (loss)** |  |  |
| **Components of other comprehensive income (loss) that may not be reclassified to profit or loss** |  |  |
| Remeasurement of defined benefit plans |  | (44804) |
| **Components of other comprehensive income (loss) that may be reclassified to profit or loss** |  |  |
| Exchange differences on translation of foreign operations | (469109) | (605309) |
| **Other comprehensive loss for the period, net of tax** | (469109) | (650113) |
| **Total comprehensive loss for the period** | (9000418) | (6820011) |
| Loss per share |  |  |
| Basic | $(0.41) | $(0.64) |
| Diluted | $(0.41) | $(0.64) |
| Weighted average ordinary shares used in computing loss per share |  |  |
| Basic | 20941912 | 9701845 |
| Diluted | 20941912 | 9701845 |

---

\* Currency exchange losses, net primarily include amounts of $18,017,727 and $7,180,891 during the nine months ended September 30, 2025 and 2024, respectively, due to depreciation of the Egyptian pound against the U.S. dollar.

------

<u>G</u><u>orilla</u> <u>T</u><u>echnology</u><u> </u><u>G</u><u>roup</u> <u>I</u><u>nc. and</u> <u>Subsidiaries</u>

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

<u>Nine</u><u> </u><u>Months Ended</u> <u>September 30, 2025 and 2024</u>

(Expressed in United States dollars)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | Equity attributable to owners of the parent |
|  |  | Capital Surplus | Capital Surplus | Capital Surplus |  |  |  |  |  |
|  | Ordinary<br> Share Capital | Additional<br> paid in<br> capital | Employee<br> share<br> options | Restricted<br> share<br> units | Share<br> application<br> money<br> pending allotment | Accumulated<br> deficit | Foreign currency<br> translation<br> reserve | Treasury<br> shares | Total |
| **Balance at January 1, 2025** | $19443 | $253786028 | $764333 | $34906 | $- | $(148238729) | $(55500) | $(33206628) | $73103853 |
| Loss for the period |  |  |  |  |  | (8531309) |  |  | (8531309) |
| Other Comprehensive loss for the period |  |  |  |  |  |  | (469109) |  | (469109) |
| Total comprehensive loss for the period |  |  |  |  |  | (8531309) | (469109) |  | (9000418) |
| Stock issued against exercise of employee stock option plans | 2 | 17794 |  |  | 48637 |  |  |  | 66433 |
| Acquisition of treasury stock |  |  |  |  |  |  |  | (1798849) | (1798849) |
| Share-based payment for professional services | 15 | 271035 |  |  |  |  |  |  | 271050 |
| Stock issued against restricted share units | 256 | 879175 |  | 381089 |  |  |  |  | 1260520 |
| Issuance of ordinary shares, pre-funded warrants ("PFW"), and reissuance of treasury stock | 3044 | 69991332 |  |  |  |  |  | 35005477 | 104999853 |
| Issuance costs related to issuance of ordinary shares and PFW |  | (6563806) |  |  |  |  |  |  | (6563806) |
| Stock issued against exercise of stock warrants | 2549 | 35917778 |  |  |  |  |  |  | 35920327 |
| **Balance at September 30, 2025** | $25309 | $354299336 | $764333 | $415995 | $48637 | $(156770038) | $(524609) | $- | $198258963 |

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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 | Equity attributable to owners of the parent |
|  |  | Capital Surplus | Capital Surplus | Capital Surplus |  |  |  |  |  |
|  | Ordinary<br> Share Capital | Additional<br> paid in<br> capital | Employee<br> share<br> options | Restricted<br> share<br> units | Share<br> application<br> money<br> pending allotment | Accumulated<br> deficit | Foreign currency<br> translation<br> reserve | Treasury<br> shares | Total |
| **Balance at January 1, 2024** | $7846 | $165228386 | $764333 | $175599 | $- | $(83399309) | $955018 | $(29580140) | $54151733 |
| Loss for the period |  |  |  |  |  | (6169898) |  |  | (6169898) |
| Other Comprehensive loss for the period |  |  |  |  |  | (44804) | (605309) |  | (650113) |
| Total comprehensive loss for the period |  |  |  |  |  | (6214702) | (605309) |  | (6820011) |
| Acquisition of treasury stock |  |  |  |  |  |  |  | (3626488) | (3626488) |
| Share-based payment for professional services & acquisition of intangible asset | 127 | 722050 |  |  |  |  |  |  | 722177 |
| Stock issued against exercise of convertible preference shares | 2509 | 8304992 |  |  |  |  |  |  | 8307501 |
| Stock issued against restricted share units | 31 | 30708 |  | 15277 |  |  |  |  | 46016 |
| Issuance of ordinary shares | 2143 | 11287861 |  |  |  |  |  |  | 11290004 |
| **Balance at September 30, 2024** | $12656 | $185573997 | $764333 | $190876 | $- | $(89614011) | $349709 | $(33206628) | $64070932 |

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<u>G</u><u>orilla</u> <u>T</u><u>echnology</u><u> </u><u>G</u><u>roup</u> <u>I</u><u>nc. and</u> <u>Subsidiaries</u>

<u>Condensed Consolidated Statements of Cash Flows (Unaudited)</u>

(Expressed in United States dollars)

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| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
| Loss before tax | $(6774187) | $(3956732) |
| Adjustments to reconcile loss to net cash used in operating activities: |  |  |
| Expected credit losses | 6107 | 628908 |
| Depreciation expenses | 547057 | 421102 |
| Amortization expenses | 460082 | 664840 |
| Gain on disposal of property and equipment |  | (350) |
| Share-based payment expenses | 271050 | 722177 |
| Share-based compensation expenses | 1260520 | 46016 |
| Interest expense | 428924 | 566431 |
| Interest income | (2300420) | (842820) |
| Unrealized exchange loss, net | 14200162 | 6204669 |
| Fair value remeasurement of financial instruments, net | 1335052 | 12935425 |
| Changes in working capital |  |  |
| Changes in working capital assets |  |  |
| Unbilled receivables (Contract assets) | (64580853) | (37806475) |
| Accounts receivable, net | 16442676 | 17321735 |
| Inventories | 5362 | (27) |
| Prepayments | 16400744 | (7644607) |
| Other receivables | (4737) | (1479) |
| Other assets | (971181) | (534644) |
| Changes in working capital liabilities |  |  |
| Unearned revenue (Contract liabilities) | (297290) | (42713) |
| Accounts and other payables | 8889265 | 1574722 |
| Provisions | 2738 | (49017) |
| Other liabilities | (50791) | 8129 |
| Guarantee deposits | 546 | 27164 |
| Cash flows used in operations | (14729174) | (9757546) |
| Interest received | 2321991 | 746403 |
| Interest paid | (462033) | (821347) |
| Income tax paid | (2212279) | (55405) |
| Net cash flows used in operating activities | (15081495) | (9887895) |
| <u>CASH FLOWS FROM INVESTING ACTIVITIES</u> |  |  |
| Acquisition of property and equipment | (524902) | (475415) |
| Proceeds from disposal of property and equipment |  | 1650 |
| Acquisition of intangible assets | (54987) | (40125) |
| Investment in financial assets at FVTPL | (4000000) | (588600) |
| Dividend distribution from financial assets at FVTPL |  | 1536555 |
| Investment in restricted deposits | (9539696) |  |
| Proceeds from restricted deposits | 14373072 | 17748269 |
| Net cash flows from investing activities | 253487 | 18182334 |
| <u>CASH FLOWS FROM FINANCING ACTIVITIES</u> |  |  |
| Proceeds from short-term borrowings | 15145922 | 7165924 |
| Repayments of short-term borrowings | (20874199) | (7217546) |
| Repayments of long-term borrowings | (2018709) | (1250407) |
| Principal repayment of lease liabilities | (227739) | (109388) |
| Repayments of loan from shareholders |  | (3000000) |
| Acquisition of treasury stock | (1798849) | (3626489) |
| Proceeds from exercise of stock options | 66433 |  |
| Proceeds from issuance of preferred shares and stock warrants | 15039730 | 9650000 |
| Proceeds from issuance of ordinary shares and PFW | 104999853 |  |
| Payment of issuance costs related to issuance of ordinary shares and PFW | (6524746) |  |
| Proceeds from issuance of ordinary shares |  | 11290004 |
| Net cash flows from financing activities | 103807696 | 12902098 |
| Effect of foreign exchange rate changes | (524756) | 306017 |
| Net increase in cash and cash equivalents | 88454932 | 21502554 |
| Cash and cash equivalents at beginning of period | 21699202 | 5306857 |
| Cash and cash equivalents at end of period | $110154134 | $26809411 |

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

**<u>R</u><u>econciliation</u><u> </u><u>of</u> <u>O</u><u>perating</u>**<u> </u>**<u>L</u><u>oss</u>**<u> </u>**<u>to</u> <u>EBITDA</u> <u>and</u> <u>A</u><u>djusted</u> <u>EBITDA</u>**

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| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30** | **Nine Months Ended September 30** |
|  | **2025** | **2024** |
| **Items** | **(Unaudited and Unreviewed)** | **(Unaudited and Unreviewed)** |
|  | **(Amount in USD)** | **(Amount in USD)** |
| **Operating loss (IFRS)** | $**(8645683)** | $**(4233121)** |
| Add: Depreciation expenses | 547057 | 421102 |
| Add: Amortization expenses | 460082 | 664840 |
| **EBITDA (non-IFRS)** | $**(7638544)** | $**(3147179)** |
| Add: Exchange loss from currency devaluation | 18017727 | 7180891 |
| Add: Fair value remeasurement of financial instruments, net | 1335052 | 12889279 |
| Add: Stock-based compensation expenses | 1260520 | 46016 |
| **Adjusted EBITDA (non-IFRS)** | $**12974755** | $**16969007** |

---

**<u>R</u><u>econciliation</u><u> </u><u>of</u> <u>N</u><u>et</u> <u>L</u><u>oss</u>**<u> </u>**<u>and</u> <u>L</u><u>oss</u>**<u> </u>**<u>per</u> <u>S</u><u>hare</u><u> </u><u>to</u> <u>A</u><u>djusted</u> <u>N</u><u>et</u> <u>I</u><u>ncome</u><u> </u><u>and</u> <u>A</u><u>djusted</u> <u>E</u><u>arnings</u><u> </u><u>per</u> <u>S</u><u>hare</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30** | **Nine Months Ended September 30** | **Nine Months Ended September 30** | **Nine Months Ended September 30** |
|  | **2025** | **2025** | **2024** | **2024** |
| **Items** | **(Unaudited and Unreviewed)** | **(Unaudited and Unreviewed)** | **(Unaudited and Unreviewed)** | **(Unaudited and Unreviewed)** |
|  | **(Amount in USD)** | **(Amount in USD)** | **(Amount in USD)** | **(Amount in USD)** |
|  | **Amount** | **EPS Impact<br> per share** | **Amount** | **EPS Impact<br> per share** |
| **Net loss (IFRS)** | $**(8531309)** | $**(0.41)** | $**(6169898)** | $**(0.64)** |
| Add: Exchange loss from currency devaluation | 18017727 | 0.86 | 7180891 | 0.74 |
| Add: Fair value remeasurement of financial instruments | 1335052 | 0.06 | 12889279 | 1.33 |
| Add: Stock-based compensation expenses | 1260520 | 0.07 | 46016 | 0.01 |
| Less: Tax effects of stock-based compensation expenses | (21170) | (0.00) | (107) | (0.00) |
| **Adjusted Net income (non-IFRS)** | $**12060820** | $**0.58** | $**13946181** | $**1.44** |
| **Adjusted diluted earnings per share (non-IFRS)** |  | $**0.56** |  | $**1.44** |

---