The company maintains a conservative financial profile with a debt-to-equity ratio of 0.09% as of 2026Q1, though this is offset by a deepening negative retained earnings balance of $196.5M.
Gorilla Technology Group Inc. (GRRR) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Total Current Assets | 344.75M | 233.28M | 126.67M | 77.54M | 47.75M | 55.82M | 54.77M | 55.42M |
| Cash & Short-Term Investments | 179.36M | 104.83M | 37.47M | 34.13M | 30.94M | 18.95M | 19.59M | 22.85M |
| Cash Only | 179.36M | 99.53M | 21.7M | 5.31M | 23M | 9.94M | 12.15M | 17.63M |
| Short-Term Investments | 0 | 5.8M | 15.77M | 28.82M | 7.94M | 9.01M | 7.43M | 5.22M |
| Accounts Receivable | 145.3M | 112.39M | 60.41M | 35.77M | 15.42M | 36.46M | 34.87M | 31.91M |
| Days Sales Outstanding | 286.81 | 404.7 | 295.27 | 201.8 | 251.09 | 315.05 | 280.25 | 296.63 |
| Inventory | 0 | 0 | 5.2K | 23.12K | 68.63K | 152.23K | 89.78K | 158.35K |
| Days Inventory Outstanding | - | - | 0.05 | 0.42 | 1.78 | 2.1 | 1.22 | 2.74 |
| Other Current Assets | 20.09M | 173.41K | 152.8K | 170.46K | 61.8K | 25.9K | 219.81K | 501.39K |
| Total Non-Current Assets | 45.13M | 38.14M | 27.12M | 37.9M | 17.51M | 39.11M | 37.52M | 39.53M |
| Property, Plant & Equipment | 30.5M | 16.37M | 15.44M | 15.93M | 16.15M | 34.52M | 32.43M | 32.65M |
| Fixed Asset Turnover | 6.92x | 6.19x | 4.84x | 4.06x | 1.39x | 1.22x | 1.40x | 1.20x |
| Goodwill | 1.1M | 0 | 0 | 0 | -56.29M | 0 | 0 | 0 |
| Intangible Assets | 2.26M | 2.43M | 2.93M | 5.87M | 56.34M | 3.42M | 4.11M | 5.99M |
| Long-Term Investments | 17.94M | 4M | 0 | 13.64M | 0 | 50.58K | 180.75K | 123.74K |
| Other Non-Current Assets | 619.24K | 3.39M | 1.81M | 1.49M | 1.27M | 707.39K | 591.93K | 593.53K |
| Total Assets | 389.88M | 271.41M | 153.8M | 115.44M | 65.26M | 94.93M | 92.29M | 94.95M |
| Asset Turnover | 0.48x | 0.37x | 0.49x | 0.56x | 0.34x | 0.44x | 0.49x | 0.41x |
| Asset Growth % | 352.61% | 76.48% | 33.23% | 76.89% | -31.25% | 2.86% | -2.8% | - |
| Total Current Liabilities | 153.93M | 70.15M | 75.31M | 54.32M | 28.26M | 38M | 28.52M | 26.97M |
| Accounts Payable | 91.71M | 46.04M | 26.04M | 11.05M | 6.67M | 8.06M | 6.69M | 3.61M |
| Days Payables Outstanding | 173.2 | 249.03 | 254.36 | 201.83 | 173.13 | 111.15 | 90.91 | 62.57 |
| Short-Term Debt | 10.22M | 10.39M | 17.05M | 26.03M | 15.6M | 25.05M | 19.13M | 14.59M |
| Deferred Revenue (Current) | 4.53M | 1.31M | 273.23K | 107.6K | 58.48K | 20.19K | 2.54M | 2.69M |
| Other Current Liabilities | 48.79M | 366.59K | 20.26M | 6.38M | 5.9M | 1.71M | -1.78M | -1.59M |
| Current Ratio | 2.24x | 3.33x | 1.68x | 1.43x | 1.69x | 1.47x | 1.92x | 2.06x |
| Quick Ratio | 2.24x | 3.33x | 1.68x | 1.43x | 1.69x | 1.47x | 1.92x | 2.05x |
| Cash Conversion Cycle | 113.61 | - | 40.97 | 0.4 | 79.75 | 205.99 | 190.55 | 236.8 |
| Total Non-Current Liabilities | 65.1M | 5.52M | 5.38M | 6.97M | 8.46M | 11.01M | 10.27M | 9.59M |
| Long-Term Debt | 63.03M | 3.4M | 4.37M | 6.82M | 8.25M | 10.75M | 9.98M | 9.33M |
| Capital Lease Obligations | 3.75M | 873.11K | 579.7K | 23.01K | 0 | 69.59K | 19.2K | 31.17K |
| Deferred Tax Liabilities | 2.72M | 652.78K | 42.9K | 59.81K | 148.18K | 78.4K | 127.77K | 161.09K |
| Other Non-Current Liabilities | 1.14M | 594K | 386.06K | 63.95K | 61.06K | 105.54K | 147.81K | 69.24K |
| Total Liabilities | 219.03M | 75.33M | 80.69M | 61.29M | 36.72M | 49M | 38.79M | 36.55M |
| Total Debt | 74.48M | 15.12M | 22.21M | 32.91M | 23.87M | 35.92M | 29.18M | 23.97M |
| Net Debt | -104.88M | -84.41M | 508.96K | 27.6M | 874.83K | 25.98M | 17.02M | 6.34M |
| Debt / Equity | 0.44x | 0.08x | 0.30x | 0.61x | 0.84x | 0.78x | 0.55x | 0.41x |
| Debt / EBITDA | -1.99x | 1.54x | - | 1.80x | - | 61.01x | 11.62x | 4.02x |
| Net Debt / EBITDA | 2.81x | -8.61x | - | 1.51x | - | 44.12x | 6.78x | 1.06x |
| Interest Coverage | -17.52x | -19.11x | -89.25x | 21.79x | -103.29x | -12.19x | -12.00x | -0.20x |
| Total Equity | 170.85M | 196.08M | 73.1M | 54.15M | 28.54M | 45.93M | 53.5M | 58.4M |
| Equity Growth % | 489.53% | 168.22% | 35% | 89.72% | -37.85% | -14.15% | -8.38% | - |
| Book Value per Share | 6.12 | 8.81 | 6.92 | 6.58 | 5.81 | 21.13 | 24.61 | 26.87 |
| Total Shareholders' Equity | 170.85M | 196.08M | 73.1M | 54.15M | 28.54M | 45.93M | 53.5M | 58.4M |
| Common Stock | 27.66K | 26.36K | 19.44K | 7.85K | 7.14K | 6.22M | 6.15M | 6.1M |
| Retained Earnings | -206.41M | -159.52M | -148.24M | -83.4M | -96.98M | -9.45M | -919.36K | 5.01M |
| Treasury Stock | -5.29M | -2.11M | -33.21M | -29.58M | -29.58M | -30K | -30K | -30K |
| Accumulated OCI | -2.15M | -1.4M | -55.5K | 955.02K | 370.18K | 2.04M | 1.59M | 810.45K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying GRRR stock.
As of 2025, Gorilla Technology Group Inc. (GRRR) had total assets of $271.4M including $233.3M in current assets.
Gorilla Technology Group Inc. (GRRR) carries total debt of $15.1M, offset by $104.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Gorilla Technology Group Inc. (GRRR) has total shareholders' equity (book value) of $196.1M ($8.81 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Gorilla Technology Group Inc. (GRRR) reported a current ratio of 3.33x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Geopolitical and project volatility
Capital Base Expansion Amidst Losses
According to recent financial filings, Gorilla Technology's total assets grew from $115.4M in 2023Q4 to $253.9M by 2026Q1, yet this expansion appears driven by external capital injections rather than organic asset accumulation, as evidenced by the persistent and deepening negative retained earnings balance of $196.5M.
The trajectory of the balance sheet suggests a company that is aggressively scaling its footprint through capital-intensive projects while failing to generate internal equity growth. Investors should monitor whether this asset expansion leads to improved operational efficiency or if it merely reflects the accumulation of project-related receivables that may prove difficult to monetize.
Minimal Leverage Amidst Operational Strain
As reported in quarterly balance sheets, the company maintains a conservative debt-to-equity ratio of 0.09% as of 2026Q1, indicating that management has successfully avoided significant interest-bearing obligations despite the ongoing operational losses and the inherent volatility of its project-based revenue model in the APAC region.
While the low leverage profile provides a buffer against rising interest rates, it appears to be a necessity of the company's current capital structure rather than a strategic choice. The lack of debt suggests that the firm is currently relying on equity-based financing to fund its operations, which may lead to future dilution if profitability remains elusive.
Cash Reserves Provide Operational Runway
Based on the 2026Q1 financial data, the company holds $98.4M in cash, which supports a current ratio of 2.91, suggesting that Gorilla Technology possesses a sufficient liquidity buffer to navigate short-term operational shocks and the lumpy cash collection cycles typical of its government-focused smart city contracts.
The substantial cash position appears to be the primary defense against the company's inability to generate consistent positive free cash flow. However, the rapid depletion of cash from $110.2M in 2025Q3 to $98.4M in 2026Q1 warrants close monitoring, as it may indicate an accelerating burn rate that could eventually pressure the current liquidity position.
Hidden Risks in Asset Quality
Financial statements indicate that the company's asset base is heavily influenced by non-cash items and potential contract assets, as the $17.0M in net PPE and $2.3M in goodwill suggest that the firm's value is not anchored in tangible infrastructure but rather in intangible project-based expectations.
The discrepancy between the company's reported asset growth and its negative net margins suggests that the balance sheet may be masking the true cost of customer acquisition and project delivery. Investors should be wary that a significant portion of these assets may be tied to unbilled receivables, which could be subject to impairment if government project milestones are delayed or cancelled.