Q1 2025 Gorilla Technology Group Inc Earnings Call

Operator: Thank you for standing by.

Thank you for standing by this is the conference operator, welcome to the Gorilla Technology Group, Inc. Earnings call for the first quarter of 2025.

Operator: This is the conference operator. Welcome to the Gorilla Technology Group, Inc. earnings call for the first quarter of 2025. As a reminder, all participants are in a listen only mode and the conference is being recorded. After the presentation there will be an opportunity to ask questions. To join the question queue, you may press star, then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and then zero.

As a reminder, all participants are in a listen only mode and the conference is being recorded.

After the presentation, there will be an opportunity to ask questions to join the question queue. You May Press Star then one on your telephone keypad should you need assistance during the conference call you May signal, an operator by pressing star and then zero.

Operator: Before we begin, we will read the forward-looking statement. Today's call includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements reflect management's current expectations and projections about future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially. Forward-looking statements often include terms such as expects, believes, plans, anticipates, may, should, and similar expressions. For a discussion of important factors that could affect Gorilla's results, please refer to our filings with the SEC, including our most recent annual report on Form 20-F.

Before we begin we all read the forward looking statements. Today's call include includes forward looking statements made pursuant to the safe Harbor provisions of the private Securities Litigation Reform Act of 1995 <unk>.

These statements reflect management's current expectations and projections about future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially.

Forward looking statements often include terms such as expects believes plans anticipates may should and similar expressions.

For a discussion of important factors that could affect gorillas results. Please refer to our filings with the SEC, including our most recent annual report on form 20-F, except as required by law Gorilla undertakes no obligation to update or revise any forward looking statements made on this call whether as a result of new information future events.

Operator: Except as required by law, Gorilla undertakes no obligation to update or revise any forward-looking statements made on this call, whether as a result of new information, future events, or otherwise.

Or otherwise.

Nick: I would now like to turn the conference over to Jay Chandan, Chairman and Chief Executive Officer, and Bruce Bower, Chief Financial Officer. Please go ahead.

Speaker Change: I would now like to turn the conference over to Jay Gendron, Chairman and Chief Executive Officer, and Bruce Power Chief Financial Officer. Please go ahead.

Jay Chandan: Thank you very much, Nick.

Jay Gendron: Thank you very much Nick.

Jay Chandan: Well, for everyone who's here today, first of all, welcome to our conference call. I'm delighted you all could join. This has been one of the most operationally significant quarters in Gorilla's history. We are expanding across the United States, Latin America, Southeast Asia, and East Asia, converting the real pipeline into delivery and deepening partnerships with some of the world's most respected institutions. Gorilla is scaling fast and executing harder. The quarter reflects exactly what we have been building towards.

Jay Gendron: Well of course, everyone who's here today with all welcome to our conference call.

Speaker Change: I'm delighted to welcome John.

Jay Gendron: This has been one of the most operationally, we can cooperate and gorilla pitch.

Speaker Change: We are expanding across the United States, Latin America, Southeast Asia, and East Asia.

Speaker Change: Writing no real pipeline into delivery and deepening partnerships with some of the worlds.

Speaker Change: Most respected institution.

Speaker Change: The window is getting bought let me getting harder.

Speaker Change: Quarter reflect exactly what we've been building towards.

Jay Chandan: strong financial performance, global expansion, and material progress across smart infrastructure, AI security, and national digital systems. What you all are seeing right now is not an early stage growth, it's a strategic expansion We're securing projects at ports, airports, data centers, hospitals, education, law enforcement, and all of this is now moving from negotiation to execution.

Speaker Change: Strong financial performance.

Jay Gendron: Our global expansion and maintaining appropriate cost smart infrastructure.

Speaker Change: Thank you Lee and National digital.

Jay Gendron: And what you all are feeling right now is not an early stage well if it could be an expansion.

Jay Gendron: We're executing projects in ports airports data centers hospital.

Jay Gendron: Education law enforcement and all of that is now moving from negotiation.

Jay Gendron: Yeah.

Jay Chandan: For the last two years, we have made deliberate decisions to focus inward. fixing the fundamentals, which is very key for our business, restructuring globally, scaling our delivery capability, hiring the right people. and proving above all that we can execute. Now, we are not just a high-proven company. While others were chasing headlines and inflated projections, we were securing national infrastructure contracts, deploying mission-critical systems in the public sector, and more importantly, getting our financial house in order. That meant tightening our operations, rebuilding teams, pushing through complexity in multiple markets, quietly, consistently, and without the need for a drumroll.

Jay Gendron: Over the last two years, we have made a deliberate decision to focus inward.

Jay Gendron: Fixing the fundamentals, which is very key.

Jay Gendron: Restructuring globally.

Jay Gendron: Damian and Nik, we are capable of making.

Jay Gendron: Hiring the right people.

Jay Gendron: Proving above all that we can execute.

Jay Gendron: No we are not just a HIFU company.

Jay Gendron: Well, although we're chasing headlines.

Jay Gendron: We were securing last one was just about your contract deploy mission critical systems and our public sector.

Jay Gendron: And more importantly, getting our financial house in order.

Jay Gendron: That means heightening, our operation rebuilding teen pushing through capacity in multiple market.

Jay Gendron: Quietly.

Jay Gendron: And without the need for a thumb rule.

Jay Chandan: Now, with our revenue up more than 100% year-on-year, and with a positive net income, and more importantly, with a 5 million-plus pipeline and real deals being delivered across Southeast Asia, Middle East, North Africa, Latin America, and beyond, the results are loud enough, or I believe the results are loud enough, on their own.

Jay Gendron: No.

Jay Gendron: Revenue up more than 100%.

Jay Gendron: Year on year.

Jay Gendron: With a positive net income.

Jay Gendron: And more importantly, with a $5 billion plus pipeline unreal.

Jay Gendron: Deliberate across southeast Asia.

Jay Gendron: Let me talk Africa, Latin America and beyond.

Jay Gendron: Both are loud enough.

Jay Gendron: I believe that without a lot of them all on their own.

Jay Chandan: We're seeing immense acceleration from Q2, Q3, Q4, going into 2026, and I couldn't be more excited to join you all on this call and let you know that we are positioned for a very strong 26th as well.

Jay Gendron: We're seeing.

Jay Gendron: In men's acceleration from Q2, Q3 Q4 going into 2026.

Jay Gendron: I couldnt be more excited to join you on this call and let you know that we are positioned for a very strong.

Jay Gendron: In 'twenty as well.

Bruce Bower: Bruce, do you want to take them through the numbers on a very high level? Yes. Thank you. So I would like to mention a few of the highlights that I'm sure you've seen from the release. So the first is, of course, the revenue of $18.3 million, 109% year-on-year growth. But not only that, we're quite happy with the adjusted EBITDA of $5.16 million, which represented a 48% increase year-on-year, and then the adjusted mid-income of $4.47 million, which is a 46.7% increase. In total, this means that we're executing well on the contracts, the business that we have, and it's falling through into profitability.

Bruce Power: Bruce do you want to take them to the number is not very high level.

Bruce Power: Yes.

Speaker Change: So I would like to mention a few.

Bruce Power: Highlights I'm sure you've seen from the release.

Jay Gendron: So the first is of course, the revenue of $18 3 million.

Jay Gendron: Year on year close.

Jay Gendron: But not only that we're quite happy with the adjusted EBITDA of $5 6 million, which represented 48% increase year on year and then the adjusted net income of $4 7 million, which is a 46, 7% increase.

Jay Gendron: In total this means that we're executing well on the contracts the business that we have.

Jay Gendron: And it's flowing through into profitability.

Bruce Bower: The other thing I'd like to point out is that the balance sheet remains strong. So the first thing is total cash reserves, both restricted and unrestricted, closed the quarter at $33.8 million. In addition, we did that while managing to reduce debt. So the debt has dropped from over $20 million at the end of the year to $18.4 million. Subsequent to the close of the quarter, we actually have reduced the debt further to $17 million as of today. We've done that in a cash-neutral fashion, where basically we have blocked deposits. that are collateralizing the loan. So pay off a dollar of debt, that releases a dollar of block deposit.

Jay Gendron: The other thing I'd like to point out is that the balance sheet remains strong.

Jay Gendron: So the first thing is total cash reserves.

Jay Gendron: Restricted and unrestricted closed quarter.

Jay Gendron: $33 8 million.

Jay Gendron: In addition, we did that while managing to reduce debt. So the debt has dropped from 20 over $20 million at the end of the year to $18 four.

Jay Gendron: Subsequent to the close of the quarter, we actually have reduced further to $17 million as of today, we have.

Jay Gendron: <unk> done that in the cash neutral fashion, where basically we have blocked deposits.

Jay Gendron: That are collateralized the loan payoffs of dollar bet that releases a dollar of block deposit. So we're we're very proud of the way that we've managed the balance sheet and this time.

Bruce Bower: So we're very proud of the way that we've managed to balance sheet in this time.

Bruce Bower: A couple of other things I'd like to point out is, first of all, the cap table. So, we ended the first quarter with around 20.15 million, I'm sorry, with less than 20 million shares outstanding, slightly less than 20 million, and now it's a hair over 20 million shares outstanding at 20.15. And then the fully diluted share count remained the same because that increase in outstanding shares came due to the exercise of warrants.

Jay Gendron: A couple of other things I'd like to point out.

Jay Gendron: Is first of all the cap table.

Jay Gendron: So we ended the first quarter with.

Jay Gendron: Around 21, 5 million I'm, sorry, with less than 20 million shares outstanding slightly less than $20 million and now its a hair over 20 million shares outstanding of $20 one site.

Jay Gendron: And then the fully diluted share count remains the same because that increase in outstanding shares came due to the exercise of warrants.

Bruce Bower: The other thing I'd like to point out is that during the quarter, the second quarter, so subsequent to this So the earnings release, we spent $1.8 million on share buyback. So that means that we've spent a total of $5.4 million on the buyback program in the last 12 months. In addition to that, we have a total of 10 million program authorized, so that gives us 4.6 million of remaining capacity. We've done all this, you know, with the business, with the balance sheet while also investing for the future.

Jay Gendron: The other thing I'd like to point out is that during the quarter.

Jay Gendron: The second quarter. So subsequent to this.

Jay Gendron: The earnings release, we spent $1 $8 million on share buybacks.

Jay Gendron: So that means that we have spent a total of $5 4 million on the buyback program in the last 12 months.

Jay Gendron: In addition to that we have.

Jay Gendron: Total $10 million program authorized so that gives us $4 6 million of remaining capacity.

Speaker Change: We've done all this with the business with the balance sheet, while also investing for the future. So J of course mentioned you know some of the pipeline and some of the partnerships that we have I would like to highlight first of all the one Amazon partnership where in.

Bruce Bower: So, Jay, of course, mentioned, you know, some of the pipeline and some of the partnerships that we have. I would like to highlight, first of all, the one Amazon partnership where in the first quarter, we made a $1.5 million investment. We followed with $3.5 million in the second quarter. So, total commitment of $5 million to secure that long-term partnership. I'm sure Jay can mention more about what's going on in general with that, but we're very happy to to be participating in this partnership in a financial way. At the moment, you can see that that investment is carried at cost on the balance sheet for the quarter.

Speaker Change: In the first quarter, we made a $1 $5 million investment.

Speaker Change: <unk>.

Speaker Change: With $3 5 million in the second quarter totaled $5 million to secure that long term partnership.

Jason: I'm sure Jason Convention more about what's going on in general with that but we're very happy to have to be participating in this partnership.

Speaker Change: <unk> for the.

Speaker Change: The moment you can see that that investment is carried at cost on the on the balance sheet for the quarter.

Speaker Change:

Bruce Bower: One other thing I'd like to point out is...

Jay Gendron: One other thing I'd like to point out is.

Bruce Bower: the guidance. So, thank you. The guidance has remained for 2025 the same, where it's $100 to $110 million is the revenue guidance. This is based on a backlog, which is revenue that we have secured in the sense of where we have contracts signed and is either due to be implemented or it's being implemented already. There's a date attached to the revenue, and we expect an EBITDA of $20 to $25 million based on that revenue number, and then a net profit in the range of $15 to $20 million. Of course, that excludes extraordinary items. So that guidance remains the same.

Jay Gendron: The guidance so.

Jay Gendron: The guidance has remained for 20 to 25 at the same where it's 100 $210 million revenue guidance. This is based on our backlog, which is revenue that we have secured in the sense of where we have contracts signed.

Jay Gendron: Is either due to the implemented or it's being implemented already.

Jay Gendron: There's a date attached to the revenue.

Jay Gendron: And we.

Jay Gendron: We expect an EBITDA of $20 million to $25 million.

Jay Gendron: Based on that revenue number and then a net profit in the range of $15 million to $20 million of course that excludes extraordinary items.

Jay Gendron: So that guidance remains the same and then 'twenty 'twenty six we are not in a position to issue guidance for the full year, but we can say that the backlog continues to shape up so its at $70 million between 26, and then also we have several projects that we have talked about where it's in the proof of concept stage in advance.

Bruce Bower: And then 2026, we are not in a position to issue guidance for the full year, but we can say that the backlog continues to shape up. So it's at 70 million for 2026. And then also we have several projects that we have talked about where it's in the proof of concept stage and advancing. So we are confident that that backlog will grow. And then the last thing is Jay mentioned that we have over 5 billion in pipeline and qualified leads. The sharp observers will note that that has actually decreased from earlier in the year where it's over 6 billion.

Jay Gendron: So we you know we are confident that that backlog will grow.

Jay Gendron: Then the last thing as gene mentioned that we have over $5 billion in pipeline and qualified leads.

Speaker Change: The sharp observers will note that that is actually decreased from earlier in the year, whereas over 6 billion. The reason for that is actually because our our mou with the a.

Bruce Bower: The reason for that is actually because our MOU with the PEA, the Provincial Electricity Authority in Thailand, has moved into proof-of-concept stage, so it's no longer a qualified lead, it's in the proof-of-concept stage. So that is the reason for the drop. Outside of that, actually, the qualified leads, the amount of sort of contract, potential contract value attached to them grew.

Jay Gendron: P E. The provincial anxiously Korea, Thailand has moved into proof of concept stage. So it's no longer a qualified lead it's in the proof of concept stage. So that is the reason for the drop outside of that actually the.

Jay Gendron: Qualified leads.

Jay Gendron: Mount of sort of contract potential contract value that's been group.

Bruce Bower: And then one other thing, not quantitative, but I'd like to talk about the funding. So, as you can tell, we have strong balance sheet for just like in terms of cash balance both restricted and unrestricted cash and also the debt that continues to reduce. The funding that we have on the balance sheet now is enough to tackle the projects that we have signed already. And it's enough to tackle what we envision as the projects that we'll be signing shortly. If we were to sign more projects that need funding, then we would first look for project-level funding.

Jay Gendron: And then one other thing not quantitative, but I'd like to talk about the funding so.

Jay Gendron: As you can tell we have.

Jay Gendron: On balance sheet for just like in terms of cash balance both restricted and unrestricted cash.

Jay Gendron: And also that that continues to reduce.

Jay Gendron: The funding that we have on the balance sheet now is enough to tackle the projects that we have signed already.

Jay Gendron: And it's enough to tackle what we envision as the projects that we will be signing shortly.

Jay Gendron: Shortly.

Jay Gendron: If we were to say more projects that need funding than we had first look for project level funding.

Bruce Bower: Second would be debt or debt-like insurance, and only then, maybe, would we look for equity. But I'd just like to emphasize that we're very confident in the balance sheet that we have and our ability to take on new projects without, first of all, hopefully without having to raise outside funding. And if we do have to raise outside funding, Jay and I remain committed to protecting shareholders.

Jay Gendron: Second would be debt or debt like insurance and only then maybe would we look for equity, but I'd just like to emphasize that we're very confident in the balance sheet, because we have and our ability to take on new projects.

Jay Gendron: Without first of all hopefully without having to raise outside funding and if we do if the results. After these outside funding Jay and I remain committed to protecting shareholders.

Bruce Bower: Those are the main points from me.

Jay Gendron: Those are the main points for me back.

Nick: Back to you, Jay, or over to the moderator. Nick, I'm happy to take questions so that we can respond, get some more time and respond more diligently to all the questions both the analysts and the shareholders may have.

Speaker Change: Back to you Jay ore over to the moderator.

Speaker Change: Thank you.

Nick: Nick I'm happy to take questions.

Nick: So that we can respond.

Nick: Get more time and respond more diligently to all the questions.

Speaker Change: I'm a shareholder.

Speaker Change: Got you we will now begin the question and answer session to join the question queue. You May Press Star then one on your telephone keypad, you will hear a tone acknowledging your request if.

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Operator: We will now pause for just a moment as callers join.

Nick: We will now pause for just a moment as callers join the queue.

Brian Kinstlinger: And your first question today will come from Brian Kinstlinger with Alliance Global Partners. Please go ahead. Great. Thanks so much for taking my questions. Nice results. I'm hoping we can dig... I thought I heard your comment that helped clarify, but I want to make sure I understand.

Nick: And your first question today will come from Brian <unk> with Alliance Global Partners. Please go ahead.

Brian: Thanks, so much for taking my questions nice results.

Brian: Hopefully we can dig.

Speaker Change: I thought I heard your comment that help clarify, but I wanted to make sure I understand for the Royal Thai tourist police contract that you had originally talked about $50 million to $60 million can you remind us is this a sign purchase order did you just say you were going into P O she and.

Brian Kinstlinger: For the Royal Thai tourist police contract that you had originally talked about, $50 to $60 million, can you remind us, is this a signed purchase order? Did you just say you were going into POC? And just maybe I'd like to hash out if details have already been completed or where you are in that process. Right.

Speaker Change: Just maybe I'm I'm I like the hash out Ah if details have already been completed or where you are in that process.

Speaker Change: Right, that's all and thanks for joining in.

Jay Chandan: First of all, thanks for joining in. The Royal Thai project has actually exceeded expectations. We started out with a simple proof of concept. And as I'm not sure if you've seen, the National Daily actually put out a press release about us, this is the National Daily, put out a press release about Gorilla and were commending our AI surveillance system. What we've helped them do as soon as we kind of finished the proof of concept was to apprehend more than 200 suspects every week. which has been a real success. Now, that for me in a real world speaks for itself.

Speaker Change: The Royal Pine project has actually either expectation, we started out with a simple proof of concept.

Speaker Change: I am not sure if you've seen the national daily actually put out a black Swan.

Speaker Change: The national Bailey without approximately about gorilla.

Speaker Change: Commending epithelium.

Speaker Change: We help them do as soon as we call it.

Speaker Change: Concept was to have a little more than 200.

Speaker Change: We.

Speaker Change: Which was has been a real success now that for me in a real world speaks for itself now we are closely working with their leadership to expand and deepen the platform a cake will they be nationwide.

Jay Chandan: Now, we are closely working with the leadership to expand and deepen the platform's capabilities nationwide. So, we have now been asked to actually work on a multitude of projects because of the success of this. And as you can see, tourism is growing quite significantly in Thailand. They've gone from having 32 million tourists to 43 million tourists this year. What we are doing is we are now integrating the Royal Thai Tourist Police with the Immigration, working with the AOT, and finally we are going to be working with the individual provinces of each of those key islands, including Phuket, Krabi, Similam, James Bond, Koh Phi Phi, Phang Nga Bay, and so on and so forth.

Speaker Change: We have now being asked to actually work on a multitude of projects because of that.

Speaker Change: And I think that tourism is growing quite significantly and palatable gone from 42 million to 3 million daus.

Speaker Change: What we are doing is we are.

Speaker Change: Now integrating the Royal Hi, Lee.

Speaker Change: What is the royal tied towards building with the immigration working with the a O T. And finally, we are going to be working with the individual provinces of each of those key items, including predict Colby stimulants.

Speaker Change: Thanks, Bob.

Speaker Change: Co P P Palm Bay, and so on and so forth what they are asking us to do is not just deploy the payment system, but they're also asking us to build connectivity across the island. So that they could keep in touch and allow each of these stores to shop.

Jay Chandan: What they are asking us to do is not just deploy surveillance systems, but they're also asking us to build connectivity across these key islands so that they could keep in touch and allow each of these tourists to traverse safely across all these islands so that they don't get lost. And this is also helping them connect to the emergency services at any given point of time where they're going to use an RFID tag or their mobile phones, you know, if they're stranded or lost. And that would be Gorilla's technology as well. I hope that answers your question.

Speaker Change: But of course, all these islands, so that they don't have losses, and it's also helping them connect to the emergency services at any given point of time, where they're going to use an RFID tag or their mobile phones.

Speaker Change: Is that the.

Speaker Change: Starting with the law.

Speaker Change: And that would be probably less technology as well.

Speaker Change: Hope that answer your question it didn't mostly I just want to make sure I understood. The 50 to 60 million that was discussed is that the total opportunity of.

Brian Kinstlinger: It did most. I just want to make sure I understood.

Brian Kinstlinger: The $50 to $60 million that was discussed, is that the total opportunity of the Thai police and the islands? Is that a signed contract number or is that just take me through? I think there's questions about those things about your contract. So just take us through what has been signed versus what's the Perfect. So the one that is being signed is to a tune of $50 to $60 million. What we are now going towards, or headed towards, is where we have actually got a teaming agreement with them, and I can confirm that, that we will be looking at a total size of between $500 to $550 million for the entirety of the project, but this is spread over 5 to 6 years, just FYI.

Speaker Change: The Thai police and the and the islands is that a sign contract number or is that just take me through I think there's questions about those kinds of things about your contracts or just take us through what has been signed versus what's the opportunity.

Speaker Change: So the one that is being fine tuned.

Speaker Change: Tuna $50 million to $60 million.

Speaker Change: What we are now going to are headed towards is where we've actually got a teaming agreement with them and I can confirm that that we would be looking at.

Speaker Change: Total size of between $500 million to $550 million.

Speaker Change: Try it again for the project.

Speaker Change: Bread or was five to six years.

Jay Chandan: That's the addressable opportunity. Got it. That is the addressable opportunity. Yep.

Speaker Change: Right, that's the addressable opportunity got it that is great with little opportunity Yep.

Speaker Change: So I got a few more minutes one question in respect and go back into here because I have a few more.

Brian Kinstlinger: Again, talking to, you put out a lot on different contracts, can you update us on where you are with that large $400 million opportunity for the smart education contracts? I believe that was MOU, and we're six months down the road. What's the progress you're making on a formal agreement? Thank you. Brian, I understand it's been a little over six months, but let me tell you, the world has been in turmoil. For sure. And all governments have been shaking, shaking every single day, as you can imagine. So you know, decisions have been, you know, have been very complicated.

Speaker Change: In talking.

Speaker Change: Talking to you put it a lot on different contracts can you update us on where you are with that large $400 million opportunity for the smart education contracts I believe that was M O U and we're six months down the road, what's the progress you're making on a formal agreement. Thank you.

Speaker Change: Brian.

Speaker Change: And then it's been little over six months, but let me tell you the world has been in turmoil.

Speaker Change: Sure in order here.

Speaker Change: Shaking shaking every single day as you can imagine so.

Speaker Change: Well you know I've been I've been very complicated political situations have been ultimately, but that did not stop us from Cushing, we've been pushing and I'm very happy to report that we're in the lead.

Jay Chandan: Political situations have been also very complicated, but that did not stop us from pushing. We've been pushing, and I'm very happy to report that we're in the late stage negotiation process. On actually two of the projects, of the education projects, one is for smart education and on top of that they've just added a little nugget, which is another $80 plus million for smart cloud infrastructure for the same educational project as well. As I mentioned, we are working to get their support, their final support, both of which are very transformative. And if you give me a few more days, maybe a couple weeks, three to four weeks, I will be able to give you a more concrete, solid update by then.

Speaker Change: Late stage.

Speaker Change: <unk> total debt.

Speaker Change: On actually two of the projects.

Speaker Change: The education projects, one esports smart education.

Speaker Change: And on top of that they've just added.

Speaker Change: A little nugget.

Speaker Change: There's another $80 million pool.

Speaker Change: Cloud infrastructure.

Speaker Change: Educational project well.

Speaker Change: As I've mentioned.

Speaker Change: No.

Speaker Change: We are working to get their support the final support.

Speaker Change: Both of which are very cloud formation.

Speaker Change: If you give me a few more but maybe a couple of weeks.

Speaker Change: Two to four weeks I will be able to give you a more concrete.

Speaker Change: That update.

Jay Chandan: But I can tell you that we are literally in the last stage right now.

Speaker Change: But I can tell you that we are literally in the last page right that right don't commit two weeks don't care when it happens it happens you'll update us. Thank you and I'll get back in the queue and ask tomorrow when I'm back.

Brian Kinstlinger: Don't commit to weeks. When it happens, it happens. You'll update us. Thank you.

Brian Kinstlinger: And I'll get back in the queue and ask two more when I'm back.

Jay Chandan: If I could just chip in one thing. When we announce an initial MOU or something along those lines with a client, that's usually based on the proposal that we've made. All sides understand the proposal, the scope, et cetera, and we move forward on that basis. Government, you know, when it's dealing with critical national infrastructure and security, they don't just say, let's go and do everything all at once. There's usually a proof of concept phase where we test it, we make sure that everything works as planned, the economics are what's planned, etc. And then it moves into a rollout phase where it's more copy paste and scale over.

Speaker Change: If I can just chip in one thing so.

Speaker Change: When we announce.

Speaker Change: An initial mou or or something.

Speaker Change: Something along those lines.

Speaker Change: With our.

Speaker Change: Clients, that's usually based on the proposal that we've made.

Speaker Change: All sides understand the proposal the scope et cetera.

Speaker Change: And we move forward on that basis, but <unk>.

Speaker Change: Governments, when it's dealing with critical national infrastructure and security.

Speaker Change: You don't just say, let's go and do everything all at once there is usually a proof of concept phase, where we test it and make sure that everything works as planned the economics or whats plants et cetera, and then it moves into a rollout phase where it's more copy paste and scale over.

Jay Chandan: So typically, when we announce an agreement like this, for instance, with the World Tide Tourist Police, you know, the initial scope. We have to go through a proof-of-concept phase that takes months, and for a larger opportunity it may even take a year or more. And the whole purpose of that is to make sure it works properly, and then it moves into a binding agreement where all sides are happy with the scope, who's going to do what, what time frames, what milestones, billing cycles, etc. So the timing may be a little frustrating for investors where things take longer than they would like, but that's the only way that it's going to happen.

Speaker Change: So typically when we announce an agreement like this.

Speaker Change: For instance, with the world tied towards please you know the initial scope.

Speaker Change: We have to go through a proof of concept phase that takes months and for a larger opportunity may take a year or more.

Speaker Change: The whole purpose.

Speaker Change: The purpose of that is to make sure. It works properly and then it moves into a binding agreement where all sides are happy with the scope.

Speaker Change: Who's going to do what what time frames, what milestones billing cycles et cetera. So.

Speaker Change: The timing may be a little frustrating for investors, where things take longer than they would like but that's the only way that it is going to happen.

Jay Chandan: Thank you.

Brian Kinstlinger: Great. I'll get back in the queue.

Speaker Change: Great I'll get back in the queue.

Operator: And if you have a question, please press star and then 1.

Speaker Change: And if you have a question. Please press star and then one and your next question today will come from John Roy with Water Tower Research. Please go ahead.

John Roy: And your next question today will come from John Roy with Water Tower Research. Please go ahead. Hey, guys. Hey, congrats on the quarter. I was curious as to what definitive steps you're taking to sustain the growth. Obviously, this kind of growth is amazing, but it's difficult to continue. I was wondering if you'd give us some color as to the steps you're taking to continue the growth.

John Roy: Hey, guys. Congrats on the quarter I was curious as to what definitive steps you're taking to sustain the growth. Obviously this kind of growth is amazing, but it's difficult to continue I was wondering if you'd give us some color as to the the steps you're taking to continue the growth.

John: Hello, John.

John Roy: John, great question and good to hear from you. So there are... five to six key steps we are taking today. First of all, as you know, we built a strong foundation. We're scaling towards what we call precision. First step, we're converting pipeline into revenue. Now, we have a very significant qualified pipeline. What we're doing in Q2 and Q3 is we're major focused on converting these launch deals, which are in late-stage negotiations. Bruce touched upon it. It is frustrating for shareholders. It is frustrating for us, but we have not lost sight. Now, these are across public safety, education, energy, in regions such as Southeast Asia, Latin America, Middle East, North Africa.

Speaker Change: The question and good to hear from you.

Speaker Change: So there are.

Speaker Change: Five to six key steps we are taking today.

Speaker Change: First of all as you as you as you know we built a strong foundation, we're scaling towards what we call position first that we're converting pipeline into revenue.

Speaker Change: Have a very significant qualified pipeline.

Speaker Change: What we're doing in Q2 in Q T. We're laser focused on converting the large deal.

Speaker Change: We've got in late stage negotiation Bruce touched upon it is fluctuating pushout holding it is frustrating for us, but we have not lost sight.

Speaker Change: These and other public safety education energy in regions, such as Southeast Asia, Latin America Middle East North Africa.

Jay Chandan: and the United States. And this is not just Python for the sake of PR, as many have alluded to, it is active, progressing, and tied to national outcomes. Second, we are very actively working across major deployments in the progress. For example, we are now entering into multi-year contracts. None of our contracts, none of our contracts are one-year contracts. The minimum is three, five. I think the average is about seven to 10 now is what we're looking at. So what we are doing is we're working with national stakeholders to get them to understand the difference between an OpEx model and a CapEx model, making sure that these deployments will show up meaningfully for a gorilla at the same time, not just in Q2, Q3, and Q4, but 26, 27, and 28.

Speaker Change: Got it.

Speaker Change: And this is not just pipeline, but let's take a PR as many have alluded to it as active progressing and tightened national outcomes.

Speaker Change: Second we are.

Speaker Change: Very actively working across major deployment in the program. For example, we are now entering into multiyear contracts none of our contracts none of our contracts are one year contracts the minimum but I think the average is about seven to 10 now with what we're looking at so what we are doing.

Speaker Change: We're working with national stakeholders to get them to understand the difference between an opex model on the top of its model, making sure that these departments will show up meaningfully for a career.

Speaker Change: At the same time, not just in Q2, Q3, and Q4, but 26 27 and 28.

Jay Chandan: We are looking at new markets and new partnerships. That's number three. That's our, you know, foot number three, or prong number three. We are, we expect to announce new market entry, including further expansion into the regions I just mentioned. But at the same time, we're also advancing our discussion. very well-known household name partners, particularly around energy, AI, hardware integration. And these alliances were only helping us scale faster whilst we maintain a capital discipline. The fourth most important. is our financial discipline. We could be going out willy-nilly and spending a lot of money trying to bring growth, but what we are focused on is profitable growth.

Speaker Change: We are looking at new market and new partnerships that number three that's all.

Speaker Change: We are probably number three we.

Speaker Change:

Speaker Change: We expect to announce new market entry and going further expansion into the reasons I just mentioned.

Speaker Change: But at the same time, we're also advancing our caution.

Speaker Change: Very well known.

Speaker Change: Household name partners.

Speaker Change: Around energy AI caused by integration and these alliance, while only helping us scale Costa whilst we maintained our capital discipline.

Speaker Change: The most important.

Speaker Change: Our approach is our financial discipline.

Speaker Change: We could be going out Willy nilly spending a lot of money trying to bring growth, but what we are focused on its profitable growth, we're not chasing it purely because of <unk>.

Jay Chandan: We're not chasing it purely because of at any cost, but more importantly, what we are doing is we're dealing with structure. What is important to us, margins, EBITDA, cash flows, they remain core to our KPIs. The fifth most important point is we are keeping a very keen eye on media and market visibility. We are making sure that investors are taking note, they're starting to pay attention to Gorilla. We're earning new partnerships, global projects in motion. We hope that Q2 and Q3 will be more a period of increased exposure and momentum building.

Speaker Change: He called but more importantly, what we are doing it with kale with blockchain.

Speaker Change: What is important to us.

Speaker Change: EBITDA cash flow they remain core to our kpis.

Speaker Change: The fifth most important one is we are keeping a very keen eye on media market.

Speaker Change: We are making sure that investors.

Speaker Change: Taking note is starting to pay attention to the winner with earning new partnerships global projects in motion, we hope that kick in Q2, and Q3 will be more appealing all increased exposure and momentum building.

Jay Chandan: And last, to round it off, John, we're also pursuing strategic acquisition in Southeast Asia. We're finalizing currently on an acquisition in Thailand that will allow us to get operational depth and local scale. This will allow us to consolidate regional operations and turn Gorilla into a dominant AI infrastructure player, not just in Thailand, but also across the entire ASEAN region. We expect to close that sometime in Q2 and begin the integration in Q3.

Speaker Change: Laughter.

Speaker Change: We've done quite a bit.

Speaker Change: To round it off John we're also pursuing strategic acquisition implementation with finalizing currently on an acquisition in Thailand that will allow us to get operational depth and local scale.

Speaker Change: It will allow it.

Speaker Change: Consolidated retail operation I've done go language dominant AI infrastructure.

Speaker Change: Not just in pilot, but also across the entire ASEAN region, we expect to close that sometime in Q2 and begin the integration in Q2.

Jay Chandan: I hope that answers the question. Great, Jay. Yeah, no, that's a great job.

Speaker Change: I hope that's all great.

Speaker Change: Yeah, no it does a great job.

Bruce Bower: Maybe this was one for Bruce as a follow-up. I mean, what is the state of your pipeline or backlog, and maybe you could give us some color on what is in that and what is not in that, if you know what I mean? Without going into specific contracts, I would say that in 2025, we have 93 million of backlog for this year. That is almost entirely due to existing contracts and clients. And then that's three large clients and then several sort of smaller ones. And for next year, we count the backlog at $70 million so far.

Jay Gendron: Maybe this is one for Bruce as a follow up I mean, what is the state of your pipeline or backlog and maybe you could give us some color on.

Speaker Change: What is in that and what is not in that you know what I mean.

Jay Gendron: Without going into specific contracts I would say that in 2025, we the guidance is where we have $93 million of backlog for this year that is almost entirely due to existing contracts and clients.

Jay Gendron: And then that's three large clients.

Jay Gendron: And then the <unk>.

Jay Gendron: Several sort of smaller ones.

Speaker Change: For next year, we count the backlog, it's 70 million. So far that has a couple of existing clients and then that is several smaller new or new.

Bruce Bower: That is a couple of existing clients, and then that is several smaller new or new. Contracts that start end of 2025, but most of the financial benefit hits in 2026.

Speaker Change: Contracts that start end of 2025, but most of the.

Speaker Change: Of the.

Speaker Change: Financial benefit hits in 2026.

Bruce Bower: Great. Thanks, Bruce. Thanks, guys. Thank you.

Speaker Change: Great. Thanks, Bruce Thanks, guys.

Speaker Change: Thank you.

Bruce Bower: Pleasure.

Aditya: And your next question today will come from Mike Lattimore with Northland Capital Markets. Please go ahead. Hi, this is Aditya on behalf of Mike Latimore.

Speaker Change: And your next question today will come from Mike Latimore with Northland Capital markets. Please go ahead.

Speaker Change: Hi, This is other people on behalf of Mike Lattimore, So would it be.

Aditya: So, could you give some color on if you expect sequential revenue growth each quarter this year and also some color on the gross margins? Did you say sequential? Sequential, yeah. Revenue growth. Should I share another? Revenue growth, yeah. Sequential. Yeah, sequential revenue growth.

Speaker Change: Give some color on if you expect sequential revenue growth each quarter. This year and also some color on the gross margin.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: Did you see sequential sequentially here.

Speaker Change: They show you handle the revenue growth.

Speaker Change: Yes, we couldn't show revenue growth.

Speaker Change: Right.

Bruce Bower: Bruce, do you want to take that? Yeah, so our guidance is for the full year. We don't guide to any particular quarter. And that's just because some of the, you know, the government clients and sometimes the timing could slip by a week or something. So we don't want to risk the quarter by saying, you know, every quarter will be stair step up. But I, you know, it's obvious from the full year guidance compared to the first quarter that the second half will be stronger than the first half in terms of top line. In terms of gross margin, we guide to 40 to 45% for this year.

Speaker Change: Luke do you want to take that.

Luke: Yeah. So our guidance is for the full year, we don't guide to any particular quarter and Thats, just because some of the government clients and sometimes the timing could slip by a week or something.

Luke: So we don't want to risk the quarter by saying every quarter will be stair step up.

Luke: But it's obvious from the full year guidance compared to the first quarter that our second half will be stronger than the first half in terms of top line.

Luke: In terms of gross margin, we guide to 40% to 45% for this year.

Bruce Bower: Jay mentioned how about our financial discipline, and I think that's a very good point. So the first is that we have basically a cutoff for new projects of 40%. The other thing is that given the scale of the number of qualified leads and the number of new opportunities that are coming our way every day is we're basically tightening up the terms that we accept. So like Jay mentioned, you know, in terms of margins, in terms of Singh.

Speaker Change: Jay mentioned, how about our financial discipline and I think that's a very good point.

Speaker Change: So the first is that we have basically a cutoff for new projects of 40%.

Speaker Change: The other thing is that given the scale of the number of qualified leads and the number of new opportunities that are coming our way every day is.

Speaker Change: We're basically tightening up the terms that we accept so like Jay mentioned in terms of margins in terms of.

Speaker Change: Length of contracts duration et cetera, the nature of.

Speaker Change: The mix.

Speaker Change: We're trying to be much more disciplined so.

Speaker Change: The aim is to drift is to see the margins gross margins drift higher over the next two to three years hopefully towards closer to 45% to 50% range.

Bruce Bower: got it and what is the current head count and where might that be by the year end? Good question. So. Um. We're currently north of 200 plus. Those are full-time employees. Contractors will be in the middle, over 100.

Speaker Change: Got it.

Speaker Change: What is the current headcount and when might that be by yearend.

Speaker Change: My question so.

Speaker Change: We're currently in the article 200 plus.

Speaker Change: That is both a full time employee contractors will be in a little over 100.

Speaker Change: Uh huh.

Bruce Bower: With the acquisition closing, we'll be at about 300 full-time employees and by the end of this year, we should be between 300 to 400 full-time employees and probably between 100 to 200 contracts. As you can see, Aditya has been hiring quite significantly in India, Egypt, and in Thailand.

Speaker Change: With the acquisition closed and we'll be at about 300 full time employees.

Speaker Change: By the end of this year, we should be between 300 to 400 fulltime employees and probably between 100 to 200.

Speaker Change: As you can see.

Speaker Change: Thank you.

Speaker Change: You may begin.

Speaker Change: In India.

Speaker Change: Egypt, and then an island.

Aditya: and what we are going to do is a kale book load. That's great. Thank you.

Speaker Change: What we are going to do a hail book growth.

Speaker Change: That's great. Thank you.

Aditya: Thank you so much.

Speaker Change: Thank you so much.

Brian Kinstlinger: And your next question today is coming from Brian Kinstlinger with Alliance Global Partners with a follow-up. Please go ahead. Great, thanks. Three quick questions. The first, on the Amazon contract, you've spent $5 million in terms you said of investment.

Speaker Change: And your next question today is coming from Brian <unk> with Alliance Global partners with a follow up. Please go ahead great.

Speaker Change: Great. Thanks, three quick questions. The first on the Amazon contract you've spent $5 million in terms your set of investments what is it.

Bruce Bower: what is it that you're investing where's that money going towards and how much more investment Bruce, do you want to talk about the SAFE agreement and then I can talk about it? Yes. So we have a SAFE agreement. We're basically one Amazon, which is the company that does two things. We have an equity stake in that. So for those not familiar, the SAFE means a simple agreement for future equity. So when they do a price funding round, that is the moment in which we're issued the equity. But right now, this is a contract that will guarantee us equity in that event.

Speaker Change: That you're investing where is that money going towards and how much more investment is needed.

Bruce Power: Bruce do you want to talk about the Paypal agreement and then talk.

Bruce Power: Talk about them yet.

Speaker Change: Yes. So so we have a safe agreement, where basically one Amazon, which is the company that does two things.

Speaker Change: <unk>.

Speaker Change: An equity stake in that.

Speaker Change: So for those not familiar the safe means simple agreement for future equity. So when they do a priced funding round that is the moment in which were issued the equity but no.

Speaker Change: Right now this is a this is a contract that will guarantee is equity in that event.

Bruce Bower: So one Amazon, Jay will go into more detail, but basically this is not in the token. This is in the parent company that manages the token and also the impact investments. So it's the top. So that gives you financial... on board of the company as well.

Jay Gendron: So one Amazon Jay will go into more detail, but basically this is not in the token decisions parent company that manages to token and also to the impact of investments. So it's the it's the topical.

Speaker Change: Okay Mhm, so should that gives your financial interests got it.

Speaker Change: And that's why they bought it but.

Speaker Change: But really on board of the company as well so the one Amazon project as you May know.

Jay Chandan: So the one Amazon project, as you may know, it's a 30-year project for environmental monitoring across the Amazon basis, right? On the capital side, we are in deep, deep discussions with leading family offices, institution investors, and development banks across the U.S. and Latin America. This is not just an environmental data project. It's what we're calling it is a new financial framework for valuing and protecting nature, natural capital, using real-time AI-driven intelligence. Now the reason why we've been very active and what we are doing right now is three things. One, we are working with strategic partners and creating a global validation.

Speaker Change: What do you project for environmental monitoring across along with a data lake on the capital side, we had a deep deep discussions with leading Tom lopp with institutional investors.

Speaker Change: <unk> banka coffee within Latin America.

Speaker Change: This is not just an environmental data project won't be calling it as a new financial framework valuing and protecting nature natural capital using real time AI intelligence now.

Speaker Change: The reason why we've been very active in what we are doing right now.

Speaker Change: 'twenty, one we are working with strategic partners.

Speaker Change: And creating a global validation, but as you know we have pathogen they come Goldman Sachs M. I T.

Jay Chandan: So as you know, we have partners such as AECOM, Goldman Sachs, MIT, TAC, MediaLabs, and so on. And what we are doing is that we're expecting this alliance to become a gold standard for climate-aligned finance.

Speaker Change: Oh.

Speaker Change: Media labs in for one and what we are doing is that we're expecting that the lines to become a gold standard for climate Alliance vinyl.

Jay Chandan: Now, if you look at the second aspect of the One Amazon, we are actively engaged in evaluating the deployment of our own constellation of low-orbit satellites so that we can provide sovereign environmental intelligence over the Amazon itself, replacing overpriced third-party services and putting us in control of our own data economy. This is important because this would mean that Gorilla, along with OneAmazon, will launch its own low orbit satellite. So we are actively looking at whether we purchase these satellites or actually we buy the company itself. That's number two.

Speaker Change: Now if you look at the booking.

Speaker Change: Backpack.

Speaker Change: The one often we are actively engaged in evaluating the deployment.

Speaker Change: Our own constellation of low orbit satellites, so that we can provide sovereign environmental intelligence or the Amazon itself, replacing.

Speaker Change: Replacing overpriced third party services, and putting us in control about or data economy.

Speaker Change: Okay. This is important because this would mean that gorilla along with one Amazon will launch its own low orbit satellite.

Speaker Change: We are actively looking at whether we play 50 satellite or actually we bought a company.

Speaker Change: That's number two.

Jay Chandan: Third, what we are also doing is actually we're building a model where we're not just talking about deploying value for the token, we're actually creating value for the data that is being generated. So what are we doing today? We're working very closely with companies who are potentially going to be investing into ecotourism, renewable energy, agroforestry, biodiversity, credit monetization, and so on and so forth. And as I mentioned previously, Brian, 25% of the funds of every dollar raised is going towards Gorilla for technology deployment. And we're well-positioned to create both, you know, an increasingly intensive token value and long-term recurring data revenue.

Speaker Change: What we're also doing is actually were building a model, where we're not just talking about deploying value for the token what actually creating value for the data that is being generated but what are we doing today. We're working very closely with company, who are potentially going to be investing in the equatorial renewable energy agro quarters.

Speaker Change: Sleep biodiversity credit monetization and so on and so forth and as I had mentioned previously Bryan 25% of the fun.

Speaker Change: Every dollar rate is going towards a gorilla with technology deployment, and we're well positioned to create both.

Speaker Change: The increase in an increasingly interesting token value and long term recurring data Robyn.

Jay Chandan: And as I mentioned, this is putting us in control of our own data economy.

Speaker Change: I've mentioned this is putting us in control of our own data com.

Brian Kinstlinger: I hope that answers your question. It does. Thank you.

Speaker Change: I hope that answers your question.

Bruce Power: Thank you my last two part question for for Bruce I think is a numbers question.

Brian Kinstlinger: My last two-part question for Bruce, I think, is a numbers question. First, the gross margin in the quarter was about 500 points below your target. I assume that's more hardware deliveries and that the remainder of the year will be less weighted towards hardware. That's my first question. Is that true or is that what you're thinking?

Speaker Change: First at the gross.

Speaker Change: Margin in the quarter was about 500 points below your target.

Speaker Change: I assume that's more hardware deliveries and that the remainder of the year will be less weighted towards hardware. That's my first question.

Speaker Change: Is that true or is that what you're thinking and then second on the cash flow you would have been cash flow positive, but you've got this large unbilled receivable a very large outflow, maybe just speak to that and how that might reverse itself. So you'll be generating cash for the remainder of the year maybe.

Bruce Bower: And then second, on the cash flow, you would have been cash flow positive, but you've got this large unbilled receivable, a very large outflow. Maybe just speak to that and how that might reverse itself so you'll be generating cash for the remainder of the year. Yes. So on the first one, that is absolutely correct. So there was a disproportionate amount of hardware, you know, more than sort of what we expect for the full year in the mix in the first quarter. And that is what, that is what That's one of the reasons. The second thing is that in terms of the overall margins for the company is first quarter is usually the slowest.

Bruce Power: Yeah.

Bruce Power: Yes, so on the on the first one that is absolutely correct. So there was a disproportionate amount of hardware you know more than sort of.

Bruce Power: What we expect for the full year and the mix in the first quarter and that is what that is what.

Bruce Power: That's one of the reasons. The second thing is that in terms of the overall margins for the company is first quarter is usually the slowest so you know.

Bruce Bower: So, you know, in terms of business and we also carry higher SG&A costs. So there's usually, you know, 15 months in Taiwan. There's usually some other kind of costs at the same time, activities slower. So, yeah, those are the two reasons why the margins, you know, both gross and then the down margins would be a little bit weaker in the first quarter. And we expect that to normalize over the full year. Like I mentioned, we target the full year, not an unusual quarter because things can move around. I'm sorry, I'm blanking on it.

Bruce Power: In terms of business and we also carry higher SG&A costs. So there's usually.

Bruce Power: 13 months.

Bruce Power: In Taiwan does usually some other kind of costs at the same time activity is slower so.

Bruce Power: So those are the two reasons why the margins, both gross and EBITDA margins would be a little bit weaker in the first quarter and we expect that to normalize over the full year like I mentioned, we target the full year I'm not an unusual quarter because things can move around.

Bruce Power: And then second to your second question.

Bruce Power: I'm, sorry, I'm blanking on it.

Bruce Power: Yeah.

Speaker Change: Dollar outflow for Unbilled, So I assume you're saying you haven't invoiced, yet, but maybe just take us through the dynamics of that and collections.

Bruce Bower: Yes, so there are two components to it. So one is what we need to build and the second is what we need to collect. So in the second quarter so far we haven't raised any new invoices, substantial new invoices. We will do that in the remaining two weeks. And then we have collected on the receivables that were there, we've collected about 7 million on the receivables that were there at the, sorry, 5 million on the receivables and 2 million was released with a guarantee on the receivables that were there in the end of the first quarter.

Bruce Power: Yes. So there are two components to it. So one is what we need to bill and the second is what we need to collect.

Bruce Power: So in in the second quarter, so far we haven't so far we haven't raised any U invoices the substantial new leases we.

Bruce Power: We'll do that in the remaining two weeks.

Bruce Power: And then we have collected on the receivables that were there we've collected about $7 million on the receivables that was there at P. Sorry, 5 million on the receivables and $2 million was released with guarantee and the receivables that were there.

Bruce Power: In the end of the first quarter.

Bruce Bower: So the cash is moving in the right direction. And then basically we are collecting on some of the other receivables, you know, we anticipate collecting on them either before the end of June or in July.

Bruce Power: So the cashes is moving in the right direction and then basically we.

Bruce Power: We're collecting on some of the other receivables.

Bruce Power: Anticipate collecting them either before the end of June or in July.

Brian Kinstlinger: So the $18 million outflow is you didn't invoice yet to some of your customers for your work, is that right? So we didn't really invoice in the first quarter, and then the second thing is that we performed a lot of work or we deliver a lot of goods, so that's why. Okay, thank you.

Bruce Power: So $80 million of housing and mortgage rates.

Speaker Change: The $80 million outflow as you do invoice yet for some of your some of your customers for your work is that right.

Speaker Change: Strike. So we didn't really invoiced in the first quarter and then the second thing is that we performed a lot of work or we deliver a lot of goods.

Speaker Change: So that's why it got it.

Speaker Change: Okay. Thank you.

Nick: This concludes our question and answer session.

Speaker Change: This concludes our question and answer session I would like to turn the conference back over to management for any closing remarks.

Jay Chandan: I would like to turn the conference back over to management for any closing remarks. Thank you, Mick.

Nick: Thank you Nick.

Jay Chandan: Bruce, do you want me to take this? Everybody who's listening in, shareholders, I've been awfully quiet, and that's with a purpose. It has been a phenomenal period of momentum and expansion for Gorilla. As I've mentioned to Brian and the rest of the team, John and so on, we're scaling rapidly. We're currently engaged in projects across infrastructure, force, deforce, data centers, and so on. were expanding very rapidly across Asia, and as I mentioned, we're on the final contracting stage with four countries. quite a number of projects. Our OneAmazon project is moving forward at a pace. We are really, really kicking it out there.

Speaker Change: Bruce do you want me to take this.

Speaker Change: Yeah.

Speaker Change: Yes excellent.

Speaker Change: Everybody who's listening in shareholder not I've I've been awfully quiet.

Speaker Change: And that's with the public.

Speaker Change: It has been a phenomenal year with momentum and expansion for gorilla.

Bryan: As I've mentioned to Bryan and the rest of the team John and so on.

Bryan: We're scaling rapidly we're currently engaged in projects across infrastructure.

Bryan: Our people data centers and so on.

Bryan: We're expanding very rapidly across Asia.

Speaker Change: As I mentioned, we're in the final contracting stages for.

Speaker Change: Quite a number of projects.

Speaker Change: One of them is in project is moving forward at a pace we are really really.

Speaker Change: Kicking it out there.

Jay Chandan: As you all know, we also recently signed an OEM agreement with Hewlett Packard Enterprise. This is not a local partnership, as many have alluded to. It's an operational venture.

Speaker Change: As you all know we've also recently signed an OEM agreement with Hewlett Packard Enterprise.

Speaker Change: This is not a local partnership.

Speaker Change: Many of you alluded to.

Speaker Change: It's an operational.

Speaker Change: Venture.

Jay Chandan: I'm actually meeting with their CEO and all of their senior leadership next week in Las Vegas, where we'll be showcasing Gorilla's full stack to their global partners. This also marks a major leap in our global scale-up strategy and validates our strength of technology and execution, unlike others may lead you to believe. We're also actively very engaged in scaling up our core intelligence platform. For example, we didn't talk about this, but we have been actively engaged with one of our current large clients in scaling up their 5G local interception in Taiwan. And being an existing customer and moving to the next phase of deployment, we're also in active discussions to introduce the same solution in the Middle East where there's a high demand, especially now for secure, high-integrity 5G interception infrastructure, which is growing very quickly.

Speaker Change: I'm actually meeting with their CEO and all of the senior leadership next week in Las Vegas, where he will be showcasing gorilla rooftop with our global partner.

Speaker Change: This also marked the made the leap in our global packaging.

Speaker Change: Property and validate our strength, both technology and execution. Unlike other may lead you to believe.

Speaker Change: We are also actively engaged in scaling up our core intelligent platform. For example, we didn't talk about this.

Speaker Change: But we have been actively engaged with our current our current large client and scaling up their product development detection in Taiwan and being an existing customers moving to the next phase of deployment. We're also in active discussions to introduce the same solution.

Speaker Change: The middle East.

Speaker Change: Where there's a high demand, especially now with secure high integrity <unk> interception infrastructure, which is growing very quickly.

Jay Chandan: So across the regions and sectors, Gorilla is no longer... just participating. We are absolutely needing. And the reason I'm being quiet is not because of some report. I think quite because I've been working, I've been pushing the boundaries, and we're all coming together to make sure that we're able to deliver success to our customers and to our stakeholders. That is my only objective. Now we are solving national problems with speed, precision, and confidence, but more importantly, this next phase of growth is all about converting that momentum into lasting infrastructure and long-term impact. So thank you all for believing in us.

Speaker Change: So across the regions and sectors Gorilla is no longer.

Speaker Change: Just participating we are absolutely meeting.

Speaker Change: And the reason, it's been quiet and not because of some report.

Speaker Change: I've been quite because I've been working I've been pushing the boundaries.

Speaker Change: And we all coming together to make sure that we're able to deliver success.

Speaker Change: Customer growth.

Speaker Change: What they called it that is my only objective.

Speaker Change: Now we are following NASA province, with speed position and company, but more importantly, the next phase of growth is all about converting that momentum into lasting infrastructure and long term.

Speaker Change: So thank you for thank you all for believing in all thank you for believing in me.

Jay Chandan: Thank you for believing in me. And we will make this happen.

Speaker Change: We will make.

Jay Chandan: This is just the beginning. Thank you once again, everybody.

Jay Chandan: This is just the beginning thank you once again everybody.

Operator: This concludes today's conference call. You may now disconnect your lines. Thank you for participating and have a pleasant day.

Speaker Change: This concludes today's conference call you May now disconnect. Your lines. Thank you for participating and have a pleasant day.

Speaker Change: Yeah.

Speaker Change: Yeah.

Speaker Change: Yeah.

Speaker Change: [music].