Operational cash flow remains erratic, evidenced by a 2026Q1 OCF/NI ratio of -0.18 and a history of significant working capital drains, such as the $22.2M outflow in 2024Q4.
Gorilla Technology Group Inc. (GRRR) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | -20.48M | -28.66M | -29.65M | -9.43M | -8.77M | 1.62M | -1.95M | 11.1M |
| Operating CF Margin % | - | -28.27% | -39.71% | -14.57% | -39.15% | 3.84% | -4.28% | 28.28% |
| Operating CF Growth % | -304.02% | 3.34% | -214.46% | -7.47% | -640.6% | 183.42% | -117.52% | - |
| Net Income | -49.67M | -10.94M | -66.11M | 13.5M | -87.11M | -8.79M | -6M | -564.15K |
| Depreciation & Amortization | 1.44M | 1.31M | 1.4M | 1.25M | 7.63M | 8.75M | 8.21M | 6.42M |
| Stock-Based Compensation | 29.72M | 5.04M | 951.48K | 695.67K | 346.12K | 375.94K | 142.42K | 245.45K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -375.94K | -142.42K | -245.45K |
| Other Non-Cash Items | 65.11M | 20.12M | 82.47M | 9.75M | 69.07M | 789.2K | 1.48M | 441.83K |
| Working Capital Changes | -67.11M | -44.2M | -48.36M | -34.61M | 1.29M | 873.5K | -5.64M | 4.81M |
| Change in Receivables | -84M | -76M | -42.97M | -32.43M | 3.58M | -1.58M | -5.06M | -899.23K |
| Change in Inventory | 0 | 5.36K | 17.92K | 45.51K | 83.6K | -62.45K | 68.57K | -27.86K |
| Change in Payables | 1.57M | 17.03M | 14.99M | 4.63M | -1.38M | 1.37M | 3.1M | 1.45M |
| Cash from Investing | -2.36M | 5.46M | 16.64M | -38.69M | -1.93M | -9.91M | -7.73M | -10.38M |
| Capital Expenditures | -14.43M | -615.5K | -543K | -297.36K | -3.01M | -8.4M | -5.53M | -11.14M |
| CapEx % of Revenue | 10.28% | 0.61% | 0.73% | 0.46% | 13.42% | 19.87% | 12.17% | 28.38% |
| Acquisitions | -1.08M | 0 | 1.65K | 6.12K | 0 | -898.55K | -1.4M | -3.37M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 27.19M | -554.99K | -301.65K | -3.8M | 368 | 826.86K | 1.41M | 3.82M |
| Cash from Financing | 194.37M | 101.19M | 27.98M | 29.73M | 23.61M | 5.99M | 3.88M | 394.51K |
| Debt Issued (Net) | -3.99M | -8.89M | -2.43M | 1.2M | -1.54M | 5.85M | 3.76M | 394.51K |
| Equity Issued (Net) | 102.56M | 116.61M | 30.4M | 24.16M | 32.32M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -4.88M | -3.5M | -3.63M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 95.8M | -6.52M | -175.65K | 4.37M | -7.17M | 135.52K | 112K | 0 |
| Net Change in Cash | 169.25M | 77.83M | 16.39M | -17.69M | 13.05M | -2.21M | -5.48M | 1.25M |
| Free Cash Flow | -34.92M | -29.33M | -31.11M | -13.24M | -11.78M | -6.77M | -7.47M | -40.63K |
| FCF Margin % | -24.87% | -28.94% | -41.66% | -20.47% | -52.58% | -16.03% | -16.45% | -0.1% |
| FCF Growth % | -10.95% | 5.71% | -134.86% | -12.41% | -73.98% | 9.36% | -18291.59% | - |
| FCF per Share | -1.25 | -1.32 | -2.94 | -1.61 | -2.40 | -3.12 | -3.44 | -0.02 |
| FCF Conversion (FCF/Net Income) | 0.70x | 2.54x | 0.46x | -0.70x | 0.10x | -0.19x | 0.33x | -20.72x |
| Interest Paid | 121.84K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying GRRR stock.
Gorilla Technology Group Inc. (GRRR) generated $-28.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Gorilla Technology Group Inc. (GRRR) reported negative free cash flow of $29.3M in 2025, indicating capital requirements exceeded cash from operations.
Gorilla Technology Group Inc. (GRRR) spent $0.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Gorilla Technology Group Inc. (GRRR) spent $3.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Project-based cash flow volatility
Earnings Quality Obscured by Accruals
As reported in quarterly financial filings, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from 90.73 in 2025Q3 to -0.18 in 2026Q1, indicating that reported earnings provide little insight into the company's actual cash-generating capacity.
The extreme divergence between net income and operating cash flow suggests that non-cash accruals and timing differences in revenue recognition are dominating the bottom line. Investors should interpret these fluctuations as a sign that the company's accounting earnings are not currently reflective of its underlying operational cash reality.
Persistent Free Cash Flow Deficits
Based on the provided cash flow statements, Gorilla Technology has struggled to maintain positive free cash flow, with the company reporting a negative FCF margin of 60.0% in 2025Q1 and only intermittent positive periods, highlighting a structural inability to self-fund operations through core business activities.
The consistent failure to generate sustained free cash flow suggests that the company's current business model is capital-consuming rather than capital-generative. This trajectory warrants further investigation into whether the company can reach a cash-flow-positive state without further dilutive financing or significant changes to its project-based cost structure.
Working Capital Drag on Liquidity
According to historical data, working capital changes have frequently acted as a significant drain on cash, including a $22.2M outflow in 2024Q4, which suggests that the company is struggling to efficiently convert its project-based revenue into actual cash collections from its municipal and industrial clients.
The recurring negative impact of working capital changes implies that the company is likely carrying substantial unbilled receivables or contract assets. This pattern may indicate that the company is performing significant work upfront for government contracts without receiving timely cash payments, thereby straining its liquidity position.
Capital Allocation Amidst Operational Losses
As evidenced by recent financial statements, the company has continued to engage in share repurchases, such as the $3.2M outflow in 2026Q1, despite reporting negative net margins and inconsistent operating cash flow, which raises questions regarding the strategic prioritization of capital deployment in an unprofitable environment.
The decision to return capital to shareholders while the core business remains cash-flow negative appears counterintuitive and may suggest a lack of high-return internal investment opportunities. Investors should monitor whether this capital allocation strategy is sustainable given the company's ongoing reliance on its existing cash reserves to fund operations.