Gorilla Technology Group Inc. (NASDAQ: GRRR) reported revenue of $28.2 million for the first quarter of 2026, representing a 55% increase from $18.3 million in the same period of 2025.

The company's operating cash flow turned positive at $6.6 million, compared to negative $10.7 million in the first quarter of 2025, marking a $17.3 million improvement. Cash and cash equivalents increased 373% year-over-year to $98.4 million from $20.8 million.

Despite the revenue growth and positive cash flow, Gorilla reported an operating loss of $41.1 million for the quarter, primarily due to $20.9 million in stock-based compensation expenses and $18.9 million in foreign currency exchange losses.

The company collected cash from its Egypt project during the quarter following completion of project milestones, with advance payment guarantees for completed stages being released.

Gorilla raised its full-year 2026 revenue guidance to a range of $160 million to $200 million, reflecting improved visibility across contracted projects and delivery schedules.

CEO Jay Chandan said the company is developing a 200MW AI data center campus in Thailand and pursuing additional capacity across Malaysia, Indonesia, Taiwan, and the Philippines. The company aims to achieve approximately 500MW of AI infrastructure capacity by the end of 2028.

Total debt remains at $13.2 million. The reported net loss was $37.0 million, or $1.42 per share, compared to a net loss of $4.6 million, or $0.23 per share, in the prior year quarter.