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Gorilla Technology Group Inc. and Subsidiaries

Consolidated Financial Statements for the years ended December 31, 2025 (Unaudited and unreviewed) and 2024 (Audited)

TABLE OF CONTENTS

	Page
Consolidated Balance Sheets	2 - 3
Consolidated Statements of Comprehensive Income (Loss)	4
Consolidated Statements of Cash Flows	5

Consolidated Balance Sheets

(Expressed in United States dollars)

	As of
	December 31, 2025		December 31, 2024
Items	(Unaudited and Unreviewed)		(Audited)
Assets
Current assets
Cash and cash equivalents	$	99,532,115	$	21,699,202
Financial assets at fair value through profit or loss ("FVTPL”)		1,000		1,000
Restricted deposits		5,298,442		15,773,099
Accounts receivable, net		54,141,591		25,670,157
Other receivables, net		390,619		432,696
Unbilled receivables		57,853,030		34,306,195
Inventories		-		5,199
Prepayments		15,887,823		28,632,212
Other current assets		173,410		151,816
Total current assets		233,278,030		126,671,576

Non-current assets
Property and equipment		15,749,411		14,939,143
Right-of-use assets		622,570		505,345
Intangible assets		2,432,278		2,931,661
Deferred tax assets, net		11,938,173		6,938,213
Prepayments		204,020		315,304
Financial assets at FVTPL		4,500,000		-
Other non-current assets		2,690,097		1,494,740
Total non-current assets		38,136,549		27,124,406
Total assets	$	271,414,579	$	153,795,982

(Continued)

Consolidated Balance Sheets

(Expressed in United States dollars)

	As of
	December 31, 2025			December 31, 2024
Items	(Unaudited and Unreviewed)			(Audited)
Liabilities and Equity
Liabilities
Current liabilities
Short-term borrowings	$	9,427,501		$	15,073,458
Long-term borrowings, current portion		963,878			1,972,371
Accounts and other payables		46,042,759			28,490,211
Lease liabilities		318,230			210,448
Stock warrant liabilities		241,006			20,082,272
Unearned revenue		1,305,644			273,227
Provisions		124,441			37,673
Income tax liabilities		11,588,564			9,028,829
Other current liabilities		134,279			142,796
Total current liabilities		70,146,302			75,311,285
Non-current liabilities
Long-term borrowings		3,404,363			4,372,188
Lease liabilities		537,297			579,699
Guarantee deposits liabilities		504,990			364,047
Provisions		89,006			22,013
Deferred tax liabilities		652,782			42,897
Total non-current liabilities		5,188,438			5,380,844
Total liabilities		75,334,740			80,692,129
Equity
Share capital		26,356			19,443
Capital surplus		359,074,487			254,585,267
Accumulated deficit		(159,515,327	)		(148,238,729	)
Foreign currency translation reserve		(1,400,403	)		(55,500	)
Treasury shares at cost		(2,105,274	)		(33,206,628	)
Equity attributable to owners of the parent		196,079,839			73,103,853
Total equity		196,079,839			73,103,853
Total liabilities and equity	$	271,414,579		$	153,795,982

Consolidated Statements of Comprehensive Income (Loss)

(Expressed in United States dollars)

	Years ended December 31
	2025			2024
Items	(Unaudited and Unreviewed)			(Audited)
Revenues, net	$	101,360,657		$	74,674,030
Cost of revenues		(67,484,636	)		(37,365,807	)
Gross profit		33,876,021			37,308,223
Operating expenses:
Selling and marketing expenses		(1,613,853	)		(1,092,977	)
General and administrative expenses		(19,835,553	)		(12,410,485	)
Research and development expenses		(3,070,698	)		(2,110,195	)
Expected credit losses		(862,634	)		(897,170	)
Foreign currency exchange losses, net		(21,018,528	)		(27,799,084	)
Fair value measurement of financial instruments, net		(1,039,329	)		(59,540,069	)
Other gains (losses), net		(103,913	)		32,356
Restructuring costs		-			(432,774	)
Total operating expenses		(47,544,508	)		(104,250,398	)
Operating loss		(13,668,487	)		(66,942,175	)
Non-operating income and expenses:
Interest income		3,277,048			1,569,253
Finance costs		(543,808	)		(732,508	)
Total non-operating income		2,733,240			836,745
Loss before income tax		(10,935,247	)		(66,105,430	)
Income tax (expense) benefit		(341,351	)		1,310,814
Loss		(11,276,598	)		(64,794,616	)
Other comprehensive loss
Components of other comprehensive loss that may not be reclassified to profit or loss
Remeasurement of defined benefit plans		-			(44,804	)
Components of other comprehensive loss that may be reclassified to profit or loss
Exchange differences on translation of foreign operations		(1,344,903	)		(1,010,518	)
Other comprehensive loss, net of tax		(1,344,903	)		(1,055,322	)
Total comprehensive loss	$	(12,621,501	)	$	(65,849,938	)

Loss per share
Basic	$	(0.51	)	$	(6.13	)
Diluted	$	(0.51	)	$	(6.13	)
Weighted average number of shares used in computing loss per share
Basic		22,250,495			10,565,835
Diluted		22,250,495			10,565,835

Consolidated Statements of Cash Flows

(Expressed in United States dollars)

	Years ended December 31,
	2025			2024
	(Unaudited and Unreviewed)			(Audited)
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before tax	$	(10,935,247	)	$	(66,105,430	)
Adjustments to reconcile loss to net cash used in operating activities:
Expected credit losses		862,634			897,170
Depreciation expenses		753,406			574,121
Amortization expenses		560,273			821,201
Gain on disposal of property and equipment		-			(656	)
Share-based payment expenses		271,050			749,572
Share-based compensation expenses		4,768,696			201,908
Interest expense		543,808			732,508
Interest income		(3,277,048	)		(1,569,253	)
Unrealized foreign currency exchange losses, net		20,206,577			22,397,898
Write-back of accounts and other payables		(11,976	)		-
Fair value measurement of financial instruments, net		1,039,329			59,540,069
Expenses on investment in rent-a-captive company		-			46,146
Changes in working capital
Changes in working capital assets
Unbilled receivables		(106,858,689	)		(68,321,552	)
Accounts receivable, net		30,863,543			25,548,022
Inventories		5,362			17,917
Prepayments		14,639,212			(21,002,839	)
Other receivables		(4,250	)		(200,520	)
Other assets		(1,105,378	)		438,962
Changes in working capital liabilities
Unearned revenue		1,015,192			165,624
Notes payable		-			(564	)
Accounts and other payables		17,029,808			14,649,204
Provisions		147,038			(72,771	)
Other liabilities		(52,975	)		417,229
Guarantee deposits liabilities		123,718			-
Cash flows used in operations		(29,415,917	)		(30,076,034	)
Interest received		3,326,767			1,450,168
Interest paid		(577,343	)		(958,123	)
Income tax paid		(2,257,592	)		(65,993	)
Net cash used in operating activities		(28,924,085	)		(29,649,982	)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in financial assets at FVTPL		(4,000,000	)		(588,600	)
Convertible loan to Astrikos AI		(500,000	)
Dividend distribution from financial assets at FVTPL		-			1,536,555
Acquisition of property and equipment		(615,498	)		(542,559	)
Proceeds from disposal of property and equipment		-			1,650
Acquisition of intangible assets		(54,987	)		(913,313	)
Proceeds from restricted deposits		20,432,716			18,068,962
Investment in restricted deposits		(9,537,906	)		-
Increase in guarantee deposits		-			(925,861	)
Net cash flows from investing activities		5,724,325			16,636,834
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings		14,726,255			10,259,577
Repayments of short-term borrowings		(21,066,547	)		(7,737,059	)
Repayments of long-term borrowings		(2,289,408	)		(1,775,257	)
Principal repayment of lease liabilities		(263,079	)		(175,653	)
Repayments of loan from shareholders		-			(3,000,000	)
Acquisition of treasury stock		(3,503,403	)		(3,626,488	)
Proceeds from exercise of stock options		72,283			-
Proceeds from issuance of preferred shares and stock warrants		75,765,677			22,740,625
Proceeds from issuance of ordinary shares		44,274,055			11,290,005
Payment of share issuance costs		(6,524,746	)		-
Net cash flows from financing activities		101,191,087			27,975,750
Effect of foreign exchange rate changes		(158,414	)		1,429,743
Net increase in cash and cash equivalents		77,832,913			16,392,345
Cash and cash equivalents at beginning of year		21,699,202			5,306,857
Cash and cash equivalents at end of year	$	99,532,115		$	21,699,202