Aug 24, 2026 earnings call — GPU infrastructure build and updated revenue guidance
First half revenue increased 99% to $78.4 million and the company's 2026 revenue outlook now stands at least $200 million.
Revenue $0.1B (est $0.0B) · EPS $-0.40 (est $0.03) · Next-quarter revenue outlook $0.0B–$0.1B
Key quotes
"The equipment deliveries are underway and deployment have commenced."
"Taken together with the H1 revenue of $78.4 million, our revenue outlook for 2026 now stands at least $200 million, which is up from the $137 million to $200 million range we provided at the beginning of this year."
"So we ended June with roughly around $179.4 million in cash, approximately 82% above our Q1 closing balance."
Analyst Q&A 4
2027 delivery schedule and financing
Q (Brian Kinstlinger · Alliance Global Partners): He asked which 2027 deliveries and contract phases are included in guidance and which are not. He also asked what has been the biggest obstacle to securing project financing.
A: Management said Yotta Phase 1 is assumed and deliveries are underway (about $100 million annualized), Yotta Phase 2 first batch is assumed (about $250 million), and NeutraDC's initial 300 servers are included (30%, about $260 million, about $75 million to $80 million a year); later servers and later phases (700 servers, 875 servers, part 2 of Yotta) are not included. On financing, they said they have arranged one financing and are close on another, and the obstacles were negotiating shareholder-friendly terms and shifts in delivery schedules that pushed vendors to want earlier payment; they are also pursuing a credit rating.
"So the first phase for the Yotta contract, we have delivery schedule and we're taking deliveries now of the equipment." — Bruce Bower (CFO)
GPU residual value, CapEx, Indonesia financing
Q (Alexander Latimore · Northland): He asked about GPUs' terminal (residual) value and whether GPUs could be run a sixth year. He also asked whether India/Indonesia CapEx includes maintenance and details of the Indonesia debt financing.
A: They said current residual value for B300s and GB300s at the end of year five is roughly between 20% and 25% today, though that could change over time, and Gorilla intends to continue operating GPUs or sell them if appropriate. The CapEx forecast is for upfront CapEx (networking, GPUs, servers, cabling, setup); maintenance CapEx is treated as an expense and much is labor or vendor-warrantied. For the Indonesia project they disclosed an offer for 70% of the project; the balance comes from Gorilla's balance sheet and customer prepayments, with initial deliveries funded from Gorilla and customer prepayments and the debt portion funding the later 700 servers.
"You're looking at roughly around between 20% and 25%." — Jayesh Chandan (CEO·CHAIR)
Biggest operational risks next year
Q (John Marc Roy · Water Tower): He asked what the biggest risk is for next year — people, power, facilities, or equipment — and what worries them most.
A: They identified three principal risks: hardware timing, site and power readiness, and customer acceptance with workload migration. To mitigate these they are ordering early, testing before deployment, gating deployments on confirmed power and site readiness, building buffers, resequencing work as needed, increasing staff and keeping contingencies for RMAs and operations.
"We're ordering early, testing before the deployment, taking deliveries with our OEM and our integration partners." — Jayesh Chandan (CEO·CHAIR)
Headcount, OpEx, pricing and utilization
Q (Bharath Nagaraj · Cantor Fitzgerald): He asked current headcount and monthly OpEx run rate exiting Q2. He also asked whether contracted GPU/take-or-pay prices are fixed or indexed and about utilization assumptions and contributions from Egypt/Taiwan/Thailand.
A: They said full-time headcount is about 300-plus, contractors about 300–350, so roughly 650 people today and they expect peak headcount of about 2,000 by mid-2027; SG&A is about $2.7 million a month now and they expect it to rise to about $38 million to $40 million annualized by the end of next year. They said all hardware and utility agreements are fixed-price today (no index or pass-through), customers pay flat take-or-pay fees, and they model commissioned GPU capacity as 100% utilization for billing while commissioning/onboarding proceeds; Egypt, Taiwan and Thailand already contribute revenue and technical capability but no new numeric breakdown was given.
"So we have, I think, on a full-time resource basis, I think we're about 300-plus people." — Jayesh Chandan (CEO·CHAIR)