- Recent capital raising supports the execution of signed and developing AI infrastructure programmes -
- Yotta deployments progressing ahead of current internal schedules -
- Korat 200MW AI data-centre campus advances through power, engineering and customer engagement workstreams -

London, United Kingdom - Newsfile Corp. - July 21, 2026 - Gorilla Technology Group Inc. (NASDAQ: GRRR) ("Gorilla" or the "Company"), a global provider of AI-driven infrastructure, security intelligence and data solutions, today announced that the completion of its two recent bond financings, raising aggregate gross proceeds of $232 million, is enabling the Company to accelerate execution across its AI infrastructure programmes in India, Indonesia and Thailand. The most recent financing is being deployed principally towards the NeutraDC Batam programme while the earlier financing supports Gorilla's equity contribution to the Yotta 2 programme.

Jay Chandan, Chairman and Chief Executive Officer of Gorilla Technology, said: "There has been considerable market attention on the financing instrument but a lack of focus on the signed commercial programme that the financing enables. What should shareholders focus on' Not the financing itself, but the hundreds of millions of dollars in annualized revenue those financings have made possible.

This is not capital raised in the hope that Gorilla will subsequently find a customer or identify a project. The customer contract is signed, the data-centre capacity has been secured and the deployment programme is moving into execution. The financing provides the capital required to connect those elements and begin delivery.

The market is entitled to scrutinise every financing. Management is equally responsible for explaining what that financing supports. In this case, our $125 million capital raise is helping Gorilla execute a signed contract representing approximately $2.5 billion of expected revenue over five years alongside separate financing offers covering approximately 70% of expected project costs.

Growth on this scale cannot be funded by rhetoric. It requires disciplined access to capital, strong counterparties and capital deployed against contracted demand. That is precisely what Gorilla is doing.

Capital is not the destination. It is the bridge between signed customer demand and revenue-generating infrastructure.

I will not allow short-term market volatility to distract us from the work in front of us. Our focus is deployment, revenue, cash generation and profitability. The bonds are a financing instrument. The measure of this management team will be the business we build with them."

Bruce Bower, Chief Financial Officer of Gorilla Technology, said: "Across the two recent financings, Gorilla has secured approximately $232 million of long-term corporate capital to support the GPUaaS programme.

We continue to match corporate equity, project-level debt, asset-backed financing, and operating cash flows to the specific requirements and duration of each project.

As deployments become operational, our objective is to use the cash generated by the underlying projects to support subsequent phases of growth and progressively reduce the amount of corporate-level capital required."

Indonesia: NeutraDC Batam Remains on Schedule

The NeutraDC Batam programme remains on schedule. The Company's most recent financing provided the corporate equity capital required to make advance payments, secure committed data-centre capacity and commence equipment procurement, logistics, integration and mobilisation for the initial deployment phases.

The first phase is expected to be deployed in two tranches, with the initial tranche targeted for September 2026 and the second targeted for December 2026. The remaining contracted capacity is expected to be delivered during the first half of 2027.

Revenue is expected to commence as contracted capacity is deployed and accepted in accordance with the customer agreement.

The programme supports a signed five-year AI compute infrastructure contract representing approximately $2.5 billion of expected revenue, including approximately $1.3 billion from its first phase.

India: Yotta Deployments Advancing Ahead of Schedule

The Company's earlier financing was raised principally to support Gorilla's equity contribution to the Yotta 2 programme, which is structured to support the deployment of 20,736 next-generation GPUs in New Delhi, India. Deployment activities for Gorilla's Yotta 1 and Yotta 2 programmes in India are progressing ahead of the Company's current internal schedules.

For Yotta 1, the Company is advancing the installation, integration, networking and operational-readiness work required to bring the initial GPU infrastructure into service. The current programme comprises 640 high-performance servers with 5,120 GPUs.

Gorilla has funded the initial mobilisation and deployment expenditure for Yotta 1 from its existing cash resources. The Yotta 1 programme is expected to contribute approximately $500 million of revenue over five years. The 640 servers are expected to be built, shipped and deployed by end of August 2026.

Work on Yotta 2 is also advancing across engineering, site readiness, infrastructure architecture, equipment planning and deployment sequencing. The programme is structured to support the planned deployment of an additional 20,736 next-generation GPUs in Delhi and has an estimated project value of approximately $2.5 billion under the current commercial framework.

The progress across both programmes reflects increasingly close coordination between Gorilla, Yotta, equipment providers, integration teams and financing partners.

Why the Recent Financings Matter

Gorilla's two recent financings raised capital that provides the corporate equity component required to unlock substantially larger project-level and asset-backed financing packages.

Large infrastructure programmes are not ordinarily financed with 100% project debt. Sponsors are required to contribute equity capital before lenders fund the balance. Gorilla's recent financings provide that equity contribution against signed customer demand and defined deployment programmes.

The Company continues to progress separate debt financing offers covering approximately 70% of expected GPU, networking and related infrastructure costs for the NeutraDC Batam programme.

The latest bonds do not result in the automatic issuance of ordinary shares upon closing. The initial conversion price of approximately $25.48 per ordinary share represent a premium of approximately 52% to Gorilla's closing share price on July 14, 2026, subject to reset mechanisms previously disclosed by the Company including a potential upward reset.

Thailand: Korat 200MW Campus Advances Towards Commercialisation

At full build-out and utilisation, the 200MW IT-load campus is expected to support approximately 100,000 to 110,000 next-generation GPU equivalents.

Based on current pricing and utilisation assumptions, the fully developed campus has an illustrative gross revenue potential of approximately $16 billion to $18 billion over five years.

This represents potential rather than contracted revenue and remains subject to customer contracting, financing, final equipment configuration, deployment timing and utilisation.

Gorilla is advancing discussions with prospective customers regarding phased capacity commitments and long-duration offtake arrangements.

Jay Chandan concluded: "The signed programmes and physical deployments that our financing efforts have enabled are the real story.

The recent financings provide the equity capital required to unlock much larger project-level financing packages across Batam and Yotta. Infrastructure programmes of this scale are not financed with rhetoric or 100% debt. They require sponsor capital, disciplined execution and contracted demand.

Across India and Indonesia, Gorilla is moving from contract to deployment. In Thailand, we are advancing the next major stage of our regional platform.

Short-term market volatility does not alter the contracts, the deployment schedules or the underlying commercial opportunity - and certainly not our focus. We will be judged by infrastructure delivered, customers activated, revenue generated, cash collected and sustainable profitability. That is where management's attention will remain."

About Gorilla Technology Group Inc.

Headquartered in London U.K., Gorilla is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence, IoT technology and data centres. We provide a wide range of solutions, including Smart City, Network, Video, Security Convergence and IoT, across select verticals of Government & Public Services, Manufacturing, Telecom, Retail, Transportation & Logistics, Healthcare and Education, by using AI and Deep Learning Technologies.

Our expertise lies in revolutionizing urban operations, bolstering security and enhancing resilience. We deliver pioneering products that harness the power of AI in intelligent video surveillance, facial recognition, license plate recognition, edge computing, post-event analytics and advanced cybersecurity technologies. By integrating these AI-driven technologies, we empower Smart Cities to enhance efficiency, safety and cybersecurity measures, ultimately improving the quality of life for residents.

For more information, please visit our website: Gorilla-Technology.com

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Gorilla's actual results may differ from its expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "might" and "continues," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding the Company's contracts with Yotta and NeutraDC Batam, including the expected timing and amount of revenues that may be generated thereunder and the timing of deployment of the servers and overall execution under the contracts, the Company's ability to fund GPU purchases and related expenses, and the Company's ability to achieve its development objectives for the Korat 200MW Campus, along with those other risks described under the heading "Risk Factors" in the Form 20-F Gorilla filed with the Securities and Exchange Commission (the "SEC") on April 15, 2026 and those that are included in any of Gorilla's future filings with the SEC. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of Gorilla and are difficult to predict. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Gorilla undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

Investor Relations Contact

Dave Gentry
RedChip Companies, Inc. for Gorilla Technology
1-407-644-4256
GRRR@redchip.com