Gorilla Technology Group Inc. Ordinary shares Water Tower Research Virtual Insights Conference

Participating in this session of the Water Tower Research Virtual Insights Conference featuring Gorilla Technology Group. My name is John Roy. I am Managing Director for Technology here at Water Tower Research. We are pleased to be hosting Jay Chandan, he is the CEO, and Bruce Bower, the CFO today.

Welcome, gentlemen. Thank you very much, John.

Thanks for having us. Now, before proceeding, I must note that Gorilla Technology Group's safe harbor statements are available on their website.

As always, investor questions are encouraged. Please enter them into the chat box, and we will address them as soon as possible within the session or with a forthcoming management series report. Those wishing to request a meeting with Gorilla Technology Group can do so through the conference portal. With that, let us go ahead and get started. The first question of the day. Really, what are the primary revenue drivers that are really powering Gorilla Technology Group's Edge AI, smart cities, and cybersecurity, et cetera?

John, once again, thanks for having us. I think personally, the numbers tell a better story than I can, right? We did $74 million plus of revenue in 2024. We said we were going to do about 100. We did $101 million in 2025. I think that growth is roughly around 35%, 36%, 37%. The first half of 2026 alone, we have done a little over, what, $78 million plus of revenue. That was almost 100% growth year-on-year. Now, what is very important is that it shows Gorilla Technology Group is a different business from where it was when it started out. Even 18 months ago, we were a completely different revenue generating business, and there were three revenue engines. Now, the first most important, it is an established business, and I want people to understand this. We are a software house.

Edge AI, security intelligence or security convergence, as we call it, smart cities, network intelligence, cybersecurity, that's our bread and butter. These were all primarily what I call government-based contracts, long-term, public sector, large enterprise deployments, and so on and so forth. They remain an important foundation of this company. The second, which has grown extensively much larger, which is a growth engine today, is the AI infrastructure piece. This is what we call the infrastructure, the GPU as a service, and the associated AI infrastructure, which we are building over the next few months. Yotta is an obvious example for that. Our expanded program in India covers roughly around, what, 20,736 Nvidia B300 GPUs, and has an aggregate contract value of roughly around, what, $2.5 billion-$2.6 billion. That alone is the beginning.

If you look at the other 640 servers, which is building roughly around 5,000 GPUs, give or take, you're talking about another additional $500 million plus of revenue. So in India alone, we're looking at about between $3 billion and $3.1 billion of revenue. The third engine, which is all about infrastructure, is around data centers. It's around managed infrastructure. It's about sovereign AI and ultimately the software and cybersecurity layer sitting on top of that compute. We've been talking and trying to educate the market over and over again. What is exciting for me is the convergence of all that. We used to sell intelligence layer. Now we are increasingly participating in the compute, in the infrastructure, in the software security, in the security convergence layer, and the managed service economics.

If you put all this together, that dramatically increases our revenue per customer, and that's what we're trying to do. Our revenue per customer increases so that we can do all the things right and nothing wrong before breakfast. That's the business we have chosen, and that's where we're going to today.

Excellent. If we can go for a specific extremely large project, Yotta AI infrastructure. Maybe you can give us some color, where you're at on that, what milestones are you looking at, et cetera. Just give us everything you can.

Absolutely. I think, Bruce, I am happy for you to chime in. We kind of gave evidence to the market that we were already deploying. Yotta has moved from being a very exciting contract to being an enormous execution exercise. If people have been living under a rock, they wouldn't have followed what we are in terms of the hiring, but we now have doubled our hiring already. We are now including the contractors. We are plus 600 plus people already. The first program consists of, like I said, 640 or 5,000 B200 GPUs. The second phase consists of 20,736 B300 GPUs. We have delivered the first phase. There are four phases for the first of Yotta 1. We have delivered the first phase.

The remaining two phases are being delivered over the next week or 2 as we speak today, and the final phase will be delivered before the first week of October. Max second week. The Yotta 2, which is the 20,736 GPU, B300 GPUs, they will start being delivered by the first week of October, in blocks of 5,000 GPUs. You are looking at roughly four, if not maximum five delivery schedules, and they all have to be completed before the end of this year. If you are looking at a collective infrastructure, we are looking at about 25,736 plus GPUs being deployed. Actually, that is a wrong number. It is actually 25,856 advanced GPUs because it is 5,110 B200 GPUs. If you take the execution, Supermicro has already been working very hard with us. As you know, we have a very, very strong relationship with Supermicro.

We also have managed a supply chain arrangement with them, and I think that is approximately, roughly about $2-plus billion. We are no longer on PowerPoint numbers anymore, John. The real procurement, the commitments, the deployment schedules, the data center capacity, the networking equipments and so on and so forth, all seem to be based on the customer delivery milestones we have committed. That is why I keep telling this organization, the only word we choose to use today is execution. Every single facet of the organization, every single silo we have built, is focused on execution. We are applying the same discipline to all of our programs today.

Bruce, you are okay with the funding for this?

Well, I wanted to add, the important thing is that this equipment gets delivered, and then it's a few weeks for us to set it up, configure it. Then it goes to the client for acceptance and testing, and then it's billing. When people talk about the revenue forecasts, when we have given guidance, it's based on the understanding that this equipment is deployed and then it's billing, and so it's billing by the end of the year. So for Yotta 1 and then Yotta 2, that is where the guidance is rooted, is basically these are the delivery schedules. It gets deployed, it gets turned on, and then it gets billing. That's how we get to $450 million or $500 million as our preliminary guidance for next year.