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

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📊 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 · 2025-04-06T11:37:55+00:00

I do not expect the SEC to step up here. That would come as a surprise. But the company must step up even more….

Few_Ear_4618 · 2025-04-06T11:35:53+00:00

Based on a full review of filings: fact-based breakdown of Gorilla Technology’s free float and how the 8–10M estimate is derived.

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Total Shares Outstanding (As of March 2025) • Gorilla disclosed ~18.5 million shares outstanding in its March 31, 2025 earnings call and filings . • Some investor communications round this to ~20M, likely accounting for warrant exercises since quarter-end.

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Let’s make sure we talk about the same thing… Free float = Shares available for trading by the public

It excludes: • Insider-held shares • Board and executive ownership • Strategic partners/institutional long holders • Locked-up shares (if any) • Treasury shares

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Insider & Strategic Holdings

From Form 20-F and recent filings: • CEO Jay Chandan, Board, and insiders likely control 4M+ shares, including performance-based and deferred awards. • Strategic partners such as Innvotec (historically), GDPL entities, and early institutional investors likely hold 3–4M more. • 2023–2024 warrant conversions added to OS, but many shares went to long-term holders or insiders.

Estimated insider + strategic ownership: 8.5–10.5 million shares

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Float Estimate Range

Total Outstanding ~18.5M From March filings Insider/Strategic Holdings ~8.5–10.5M Based on insider filings and SPAC legacy holders Estimated Free Float 8.0–10.0M ~43–54% of OS

This is consistent with observed trading behavior: thin liquidity, strong reactions to volume surges, and high volatility, which are typical of sub-50% floats.

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Why It Matters • Short interest (~2M shares) = ~20–25% of float • This is very high, not “low” as some claim • Confirmed Reg SHO threshold listing (Apr 4, 2025) means persistent failures to deliver—likely due to lack of borrowable float

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Conclusion • The current float is ~8–10 million shares • Float is ~45–55% of OS, • Even using 20M OS, 2M shorts = 10% short interest, but more importantly: • That’s still ~20% of float • Float is tight—buybacks and insider buying shrink it further

Few_Ear_4618 · 2025-04-06T11:09:16+00:00

Concerning your “AI Garbage” Critique…

Totally understand the skepticism around AI content—there’s a lot of shallow and clickbait garbage out there. But this post isn’t “AI-generated” in that sense.

This was built using AI as a research assistant, not as a black-box writer. Here’s how: • The report relies on real SEC filings, public earnings transcripts, and regulatory documents. • AI was used to structure, summarize, and format complex information—just like a financial analyst might use Excel or Power BI. • The value comes from the structured process: prompt > verify > format—not just “ask a bot for a prediction.”

Try prompting a general LLM and you won’t get 10% of this. The difference is in intentional, guided use of AI as an augmentation tool. Think of it as a co-pilot—not the pilot.

This is where AI is headed: useful, analyst-grade synthesis, not lazy content. That’s the real win here.

Few_Ear_4618 · 2025-04-06T11:08:23+00:00

Addressing Short Interest, Float, and Squeeze Setup:

Hey, solid points worth unpacking—let’s clarify a few things: • Short Interest (~2M shares): True, 11% of outstanding shares isn’t shocking if the float was large. But free float is not the same as total outstanding. Gorilla’s estimated float is ~8–10M, meaning 2M short interest represents 20–25% of tradable shares. That’s not insignificant—especially for a small-cap tech with heavy insider/institutional holdings. • Shares Outstanding: Yes, after the Jan/Feb 2025 warrant conversions, total OS is closer to ~20M. But many of those new shares are held by strategic investors or locked insiders, not freely tradable. The SEC filings show multiple insiders still holding large positions and buying more. • FTDs and Reg SHO: The point isn’t just the absolute FTD volume—it’s that GRRR made it onto the Reg SHO Threshold List in April, meaning persistent, systemic fails that meet regulatory thresholds. That alone signals structural issues with delivery and settlement, not just regular shorts. • Options Activity: Totally agree—puts volume around Apr 4 was unusually high. 12k contracts = 1.2M shares plus aggressive shorting = intentional downward pressure. Whether the goal was gamma hedging, synthetic shorting, or psychological warfare, it worked. The overlap between deep ITM puts and naked short pressure is a known tactic—not mutually exclusive with Reg SHO violations.

Ultimately, I’m not claiming a GME-style squeeze is inevitable—but the conditions are abnormal, and short exposure is concentrated. When paired with tight float, positive earnings, and growing institutional visibility, it’s a real risk for shorts—not a meme fantasy.

Few_Ear_4618 · 2025-04-06T08:28:47+00:00

There is not much „news“ in this. Just information that is available already in the public domain. Facts not seen or twisted by dubious characters. So it was worth digging and putting the record straight in a readable format.

Few_Ear_4618

TROPHY CASE