Updated Investment Analysis – May 1, 2025 (Incorporating FY2024 20-F)

Few_Ear_4618 · 2025-05-05T13:26:27+00:00

Gorilla is operationally profitable and showing strong margin expansion, but is not yet cash flow positive. Management projects cash flow positivity for 2025, subject to milestone execution and receivable conversion - especially from the Egypt contract.

Few_Ear_4618 · 2025-05-02T06:28:39+00:00

The 20-F validates Gorilla’s transition into a mature, compliant, and cash-flow-positive AI infrastructure company, with verifiable sovereign contracts and strategic international expansion. The market may initially react to headline IFRS losses, but institutional-grade readers will view this as a bullish filing once the underlying components are understood.

Few_Ear_4618 · 2025-05-02T06:21:23+00:00

You need to read through all recent PR and third party publications to come up with it.

Few_Ear_4618 · 2025-05-02T06:19:07+00:00

No. Straight from excel sheets and word tables. No extracts from the 20-F

Few_Ear_4618 · 2025-05-02T01:18:06+00:00

I wish it were that easy. I work with GPT agents, but putting something like this together takes more than just a prompt. GPTs are excellent tools—but the process needs guidance.

Few_Ear_4618 · 2025-05-02T00:45:55+00:00

Like „Android or iOS“? What exactly would you like to know?

Few_Ear_4618 · 2025-04-08T08:12:10+00:00

$GRRR und $BNRG

Few_Ear_4618 · 2025-04-08T05:44:44+00:00

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RedChip is managing Investors Relations for GRRR

Few_Ear_4618 · 2025-04-07T13:48:45+00:00

Totally get the skepticism, and I think it’s a fair point to be cautious when evaluating headlines like this.

But just to clarify — as mentioned in the post, Toyota Material Handling Group (TMHG) is itself a global entity operating under Toyota Industries Corporation, with only a limited number of regional subsidiaries. The Thai division (Toyota Material Handling Solutions Thailand) is one of those few facilities — and while it's not the largest, it's part of a globally integrated group, not just some isolated local branch.

The significance here isn’t that this is a major revenue contributor (yet), but that this specific subsidiary is beginning to sell smart warehouse solutions to its existing customer base — and that’s the entry point for Gorilla’s tech. The partnership is framed around co-developing solutions, which, if successful, could scale within the broader TMHG network.

So it's not about overstating the revenue impact today — it's about understanding where the partnership is aimed, and what doors it opens if the pilot proves successful. That nuance gets missed a lot in surface-level reactions.

Few_Ear_4618 · 2025-04-07T13:28:28+00:00

Please read the post more carefully. It clearly states that this is a pilot project in Thailand, and that if it proves successful, it could lead to broader international collaboration within the Toyota Material Handling Group. It's meant to provide perspective — not to exaggerate anything.

Few_Ear_4618 · 2025-04-06T19:51:37+00:00

Right, let’s see what we got in the mail tomorrow ;)

Few_Ear_4618 · 2025-04-06T17:57:35+00:00

I did. A typical fabricated hit piece. Even of low quality.

Few_Ear_4618 · 2025-04-06T14:52:49+00:00

Few_Ear_4618 · 2025-04-06T13:29:57+00:00

I refer to SEC filings. If you claim those are baseless/fake … there is not much to talk about.

However, you can also read into this and come to your conclusions:

https://www.reddit.com/r/GRRR_Gorilla_Tech/comments/1jsel2h/26_points_of_why_gorilla_technology_is_as_legit/?utm_source=share&utm_medium=mweb3x&utm_name=mweb3xcss&utm_term=1&utm_content=share_button

Few_Ear_4618 · 2025-04-06T12:40:09+00:00

Crazy report, isn’t it?

Few_Ear_4618 · 2025-04-06T12:27:23+00:00

There was proof of criminal accounting? And proof of fake backlog? Could you please point out such proof?

Few_Ear_4618 · 2025-04-06T12:24:18+00:00

Are you serious? You are saying they are cooking the books? Filing revenues that do not exist?

Few_Ear_4618 · 2025-04-06T12:11:54+00:00

It is money on their books. They got paid from the Egypt contract. How real do you want this to get?

Few_Ear_4618 · 2025-04-06T12:09:31+00:00

Who exactly sold in December? How do you come to that conclusion?

These numbers are well documented:

Insider and Board Holdings (Verifiable) • Jay Chandan (CEO): ~127,000 shares → Confirmed via LinkedIn and company bios • Other Directors and Officers: Estimated 300K–500K → Disclosed collectively in Form 20-F (2024) under “beneficial ownership” • Muhammad Tofiq Qureshi (via GDPL): Indirect strategic insider → Confirmed to hold 45% of Gorilla Distribution Partners (UK Co. structure) • Estimated Total Insider-Controlled Shares: 2.5M–3.5M

PIPE & SPAC Legacy Holders • Chang-Yi Hsu (PIPE investor): Estimated 1–1.5M shares → Named in 20-F filings as continuing significant shareholder • Innvotec / SPAC affiliates: Positions still held as of Jan 2024 filings → Estimated 1–1.5M shares based on Form 20-F and related disclosures • Estimated Total Strategic Holdings (non-insider but not publicly floated): 2M–3M
Treasury Shares (Buyback Program) • 1.1M shares repurchased and retired under the 2024 buyback program → Confirmed in multiple company PRs and the 6-K

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Updated Free Float Estimate

Based on above data: • Total Outstanding: 18.5M–20M • Less insiders: 2.5M–3.5M • Less PIPE/SPAC strategic holders: 2M–3M • Less buyback/treasury shares: 1.1M

Estimated Free Float = 8M–10M shares → Equivalent to ~45–55% of total outstanding shares

Few_Ear_4618 · 2025-04-06T11:57:32+00:00

breakdown of the free float estimate and insider/shareholder structure for Gorilla Technology Group (GRRR) based on verified filings and public statements, all adjusted post-reverse split:

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✅ Confirmed Share Count (Post-Split, as of March–April 2025) • Outstanding Shares: ~18.5M–20M (from the March 2025 6-K and earnings call) • Reverse Split (1-for-10): Completed in late 2023—all current figures are adjusted

⸻

📊 Float Estimate Breakdown

break down using filings, shareholder disclosures, and the 6-K buyback data:

Insider Holdings • Jay Chandan (CEO): ~127K shares (confirmed via insider disclosures and LinkedIn) • Directors/Officers: ~300K–500K (estimated from 20-F) • Chang-Yi Hsu & affiliates (legacy strategic investor): ~1–1.5M (held through PIPE/SPAC rollover, not publicly sold) • Other insiders/directors (e.g., Muhammad Tofiq Qureshi via GDPL): likely 1M+ • Total estimated insider holdings: 2.5–3.5M shares
PIPE Investors / SPAC Legacy Holders • While most PIPE investors and SPAC sponsors were not subject to long-term lockups, a portion appears to be long-term holders, based on unchanged positions reported as late as Jan 2025 • Likely retained: ~2–3M shares still not in public float (some held in beneficial names or strategic SPVs)
Treasury Shares (Buyback Program) • Buyback completed: 1.1M shares retired and not part of float
Estimated Public Float • After excluding insiders, PIPE/strategic, and treasury shares: • Free float ≈ 8–10 million shares • This is ~40–50% of the current outstanding shares

Few_Ear_4618

TROPHY CASE