Gorilla Technology Reveals $10B+ Pipeline at RedChip Webinar, First Indonesia Data Center Deployment Imminent
January 28, 2026 · by Fintool Agent
Gorilla Technology Group-1.42% (NASDAQ: GRRR) disclosed a qualified pipeline exceeding $10 billion during its January 28 RedChip investor webinar, significantly larger than the $7 billion figure cited in previous press releases. CEO Jay Chandan confirmed the company's first AI data center deployment in Indonesia is weeks away from going live, with Nvidia+1.59% Blackwell-generation GPUs already in transit.
Shares closed at $14.54, down 1.4% on the session, but remain up 33% year-to-date from December 31's close of $10.92.
The Pipeline Revelation: From $7B to $10B+
The webinar's most significant disclosure was the scale of Gorilla's opportunity set. While previous announcements referenced a "$7 billion pipeline," Chandan provided a more expansive view:
"We're actively pursuing deals well in excess of $10 billion across the AI infrastructure, national systems, and data centers today. This is not wishful thinking—these are opportunities at scale."
Management clarified the distinction between different stages of their pipeline:
| Category | Definition | Status |
|---|---|---|
| Signed Backlog | Executed contracts with delivery milestones | >$100M |
| Announced Pipeline | Publicly discussed programs in progress | $1.4B Freyr contract + others |
| Qualified Pipeline | Opportunities being actively pursued | >$10B |
The $10B+ figure represents Gorilla's internal assessment of qualified opportunities—deals where the company is actively engaged but contracts are not yet signed. This includes conversations with governments and enterprises across Southeast Asia, India, and the Middle East.
Ask Fintool AI AgentFirst Deployment Imminent: Indonesia Site Ready
The clearest near-term catalyst is Phase 1 of the $1.4 billion Freyr Singapore contract. Chandan confirmed the site is locked in:
"It's in Indonesia, just outside of Jakarta. It's all done, locked in, signed, ready. We're just waiting for the GPUs to land, and we're done."
The GPU delivery is arriving in tranches—approximately 200 servers first, with the remaining 425 arriving in April. Deployment is expected to begin within 4-5 weeks.
Gorilla is building with Nvidia's+1.59% latest Blackwell architecture:
- B300 Grace Blackwell rack-scale systems
- GB200 NVL72 and GB300 NVL72 fully liquid-cooled configurations
- First B300 liquid cooling implementation in Taiwan—deployed last month for the government
This positions Gorilla as one of the earliest deployers of NVIDIA's next-generation AI reasoning infrastructure in Southeast Asia.
Guidance: Wide Range Reflects Execution Risk
Management maintained 2026 revenue guidance of $137-$200 million, acknowledging the wide range is intentional:
| Metric | FY 2025 Guidance | FY 2026 Guidance |
|---|---|---|
| Revenue | $100-$110M | $137-$200M |
| EBITDA Margin | 20-25% | 20%+ blended |
CFO Bruce Bauer explained the drivers:
"The upper end of the range assumes we deploy Phase 1 of the Freyr contract in the first half of the year and Phase 2 by end of September. The lower end assumes only Phase 1, deployed toward year-end like September."
Critically, the upper end does not assume any new data center wins—it's purely execution on contracts already in hand.
The $400-500M Internal Target
In a notable disclosure, Bauer referenced an internal benchmark:
"We had a sort of internal target—this is not public guidance, this is not official guidance—but you can easily do the math on the Freyr contract alone and see that we could exit the year with a $400 million or $500 million annualized run rate."
This run rate would be achieved if Gorilla deploys hundreds of megawatts over the next two years as planned. Management emphasized this is aspirational, not guidance.
Ask Fintool AI AgentMemory Prices: A Mounting Headwind
Chandan addressed the elephant in the room—soaring memory costs:
"Server DRAM contract prices are up 60-70% in Q1 of 2026. HBM3e prices are up roughly 20-40% for early 2026 deliveries."
The impact on margins:
| Memory Price Increase | Impact on All-In Rack Cost |
|---|---|
| 20% | High single-digit increase |
| 30-40% | Double-digit increase |
Management stated they can absorb single-digit cost movements, but double-digit increases must be passed to customers. This is enabled by their contract structure, which includes pass-through provisions and multi-year service agreements.
The silver lining: rising prices are accelerating decision-making among serious buyers.
"Real buyers do not haggle. They pull decisions forward... because the cost of not having the compute is higher than the cost of having the compute."
Financial Position: $105M Cash, Active Buyback
Gorilla enters 2026 with a strengthened balance sheet:
| Metric | Value |
|---|---|
| Cash on Hand | $105M |
| Buyback Authorization | $20M |
| Buyback Executed | $11M |
| Buyback Remaining | $9M |
The company has been active in repurchases, particularly when shares traded in the $11 range in late 2025 and early 2026.
For data center deployments, Gorilla uses project-level financing:
- Non-recourse to parent company
- 85%+ debt coverage at project level
- Gorilla equity check: $20-30M per $300-350M deployment
- Target payback: Under 3 years
This structure allows Gorilla to fund large deployments without burdening the parent company's balance sheet.
Geographic Expansion: From Taiwan to Saudi Arabia
Gorilla now operates four data center delivery centers globally:
- Southeast Asia (Taiwan hub)
- India (via Astrikos.ai acquisition)
- Middle East/North Africa (Egypt Ministry of Defense)
- Europe
New developments disclosed:
- Thailand: In discussions for 200-300 MW of data center capacity over 18 months
- Saudi Arabia: Opening office in next 45-60 days
- UAE: Expansion planned in Dubai and Abu Dhabi
- India: Leveraging Astrikos.ai platform; market growing from $1.9B to $4B
A major unnamed partner is seeking to deploy 300 MW by end of 2026 and 2.5 GW across Southeast Asia by end of 2027, with Gorilla as the execution partner.
Ask Fintool AI AgentU.S. Expansion: Still in Progress
Management addressed delays in their U.S. strategy:
- Acquisition target: Still in active diligence, contracts, and compliance review
- Delay cause: U.S. government shutdown slowed procurement and approvals
- New U.S. wins: Being pursued, announcement expected "in the next few months"
Chandan was direct about the pace:
"There's a very practical reason why it has taken longer than anyone would like... This is not just an excuse, it's just machinery."
What Drives the Stock: Execution, Not Pipeline
Despite the massive pipeline, the stock has been volatile—down 82% from its all-time high of $44.15 set in 2025. Short interest sits around 10% of float with days-to-cover of 2.2.
The bull case hinges on execution:
- Indonesia Phase 1 goes live in Q1/Q2 2026
- Phase 2 deploys by Q3 2026
- Pipeline converts to contracted backlog through 2026
- Memory costs get passed through without margin compression
The bear case is straightforward:
- Deployment delays push revenue into 2027
- Memory inflation compresses margins
- Pipeline remains pipeline—qualified ≠ contracted
- U.S. expansion continues to stall
For a company trading at ~2x 2026 revenue guidance (midpoint), investors are betting on the trajectory more than current fundamentals.
Key Takeaways
| Item | Detail |
|---|---|
| Pipeline | >$10B qualified opportunities |
| Backlog | >$100M contracted |
| Indonesia Phase 1 | Site ready, GPUs arriving, 4-5 weeks to deployment |
| 2026 Guidance | $137-$200M revenue |
| Internal Target | $400-500M exit run rate (not guidance) |
| Cash | $105M |
| Memory Headwind | DRAM +60-70%, HBM3e +20-40% |
| Next Catalyst | Indonesia deployment Q1/Q2 2026 |
Source: RedChip Investor Webinar, January 28, 2026. Speakers: Jay Chandan (Chairman & CEO), Bruce Bauer (CFO). Moderated by John Roy, Water Tower Research. Coordinated by RedChip Companies.