Rankings Software, cloud & internet Gorilla Technology
Gorilla Technology
46
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−10
- Convertibles with price reset−7
- Quality of growth−6
Strengths
- Raised guidance+3
- Net cash+2
How the score is built
From 100 to 46, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 7.33 USD
- Median analyst target
- 32.00 USD
- Upside to median
- +336.6%
- Analysts
- 6
- Target range
- 24.00 – 44.00 USD
- 52-week change
- −54%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−26 of −30
- −10MarginGross margin fell to approx. 4.9% in the first half of 2026 (gross profit 3.8m USD on 78.4m) from 34% a year earlier and 50-69% in 2023-24. IFRS operating loss 47.2m USD in the half (of which 25.4m stock-based compensation); TTM operating margin -28%. The deficit is counted only here.
- −6Quality of growthRevenue doubled (+99% in H1), but the growth is primarily resale of GPU servers and data centre equipment with almost no margin, and the Q2 beat was due to earlier delivery than planned. The segment overview shows USD -54.9m in unallocated adjustments and write-downs TTM.
- −6Capital allocationShare count rose 63% over a year (110% in 2025), share-based compensation of 25.4m USD in H1 for services from before 2025, and 232m USD in convertible bonds at 7.5% interest - expensive capital for low-margin hardware projects.
- −4MoatGPU-as-a-Service and data-centre integration compete with hyperscalers and specialised neoclouds; Gorilla does not own the chip technology and rents out capacity on contracts with few customers, so the technological moat is small.
Price
Today's multiples against the company's own history and its peers. · 1 finding−3 of −35
- −3Multiples vs own historyEV/Sales 1.43 versus 2.16 (2025), 3.12 (2024) and 0.78 (2023); P/B 1.77 versus 1.60, 2.87 and 0.69. Within its own history and low for a company with 99% growth, but margin and dilution explain the discount.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−24 of −35
- −7Convertibles with price resetSeries B (USD 125m, 7.5%, due 2031) has a conversion price of USD 25.48 with downward reset to a floor of USD 8.00, and interest can be paid in shares. At USD 8, USD 125m corresponds to about 15.6m new shares (57% of the share count); together with the June bond (USD 107m), up to about 29m shares could be added. The stock fell about 27% on the day.
- −5Earnings quality and governanceShort reports in 2025 (The Bear Cave, Culper Research) criticised accounting controls and partnerships; the company sued Culper. The half-year figures are unaudited, there is a new derivative liability of USD 48.2m, and large one-offs (FX loss of USD 18.9m in Q1) make the numbers hard to read.
- −5Execution and project financingThe Batam contract (approx. 2.5bn USD over 5 years, first phase approx. 1,000 B300 GPU servers) requires debt financing of approx. 70% of project costs, which was not yet final. Zacks calls the execution and financing risk very high; the target of 450-500m USD in 2027 presupposes new capacity.
- −4Customer concentrationGrowth rests on a few large customers: Yotta Data Services (India), an unnamed global tech customer in Batam and public programmes in Egypt, Taiwan and Thailand.
- −3Short interest and sentiment4.9m shares sold short (17.8% of shares, 19.5% of free float); the stock is -45% over 52 weeks and -36% over 3 months, and it fell 11% after Q2 despite raised guidance.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Raised guidanceAnnual guidance for 2026 raised to at least USD 200m (from min. USD 137m), Q3 guidance raised to USD 48-50m (from USD 36-40m), and 2027 target of USD 450-500m with at least 40% gross margin.
- +2Net cashCash 179.4m USD and debt 74.5m as of 30 Jun 2026, i.e. net cash approx. 105m USD (3.83 USD per share, approx. 34% of market cap); the Series B in July increases both cash and debt by approx. 125m.
Caveats
What the score does not capture, or where the data is weak.
Penny deep dive (the price is above DKK 3). Taiwan/UK-based provider of AI infrastructure, GPU-as-a-Service, data centers and security solutions to governments (Egypt, Taiwan, Thailand) and to Yotta (India) and NeutraDC Batam (Indonesia); reports under IFRS as a foreign issuer (6-K). A price of USD 11.13 (9/10-2026) and 27.51m shares give a market cap of USD 306m (DKK 2,016m; Nordnet showed 2,162). The 2026 half-year figures are unaudited and unreviewed. The USD 125m convertible Series B (July 2026) is not included in stockanalysis' balance sheet at 30/6, so cash and debt are stated here pro forma (about 300m cash and about 200m debt, estimate before costs). The number of warrants and their prices have not been found. The status of the first Batam delivery (planned September 2026) is not confirmed. Analyst price targets of USD 24-44 (+115-295%) are probably optimistic given such high dilution.
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