Problems at Gorilla Technology Group (GRRR)
Gorilla Technology Group (NASDAQ: GRRR — $774 million) describes itself as “a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence, and Internet of Things technology.” The company trades actively in the U.S., was incorporated in the Cayman Islands, is headquartered in the U.K., has a strong majority of its employees in Taiwan, and does business in countries like Egypt, Thailand, and Colombia. Gorilla stock is up ~1,200% over the last six months, largely driven by retail investor enthusiasm around a series of recent deals and partnerships. The Bear Cave believes recent retail investor enthusiasm for the company may be premature.
Originally founded in 2001 as a video analytics company, today Gorilla has pivoted aggressively to AI-powered technology under its CEO and Chairman, Mr. Jay Chandan, who led the SPAC that took Gorilla public in July 2022.
Mr. Chandan, pictured below, spoke at Intel’s 2024 AI summit in Bangkok. Gorilla uploaded a copy of Mr. Chandan’s speech to YouTube and wrote,
“Watch as he captivates the audience with his groundbreaking insights into artificial intelligence, shares invaluable knowledge, and rocks the stage with his visionary perspectives.”
The Bear Cave encourages all readers to watch Mr. Chandan’s talk here.
Mr. Chandan seems confident in his ability to grow Gorilla Technology. In the company’s April 2024 press release, he wrote, in part,
“In the face of doubters, critics and the perennial chorus of naysayers, my leadership has piloted Gorilla through uncharted waters, transforming a crescendo that rebukes the cynics. This triumph is our answer to every skeptic who bet against us, to every pundit who couldn’t see beyond their myopic forecasts. We have not just defied expectations; we have crafted a new lexicon of success. The horizon ahead is brimming with potential, and under my stewardship, Gorilla will continue to conquer the critics, outpace the pessimists and blaze a trail of unprecedented achievements. We no longer will linger in the shadows of feasibility; we bask in the glow of possibility.”
Gorilla markets itself as being at the intersection of smart cities, technology, blockchain, AI, and the Internet of Things, among other strengths. Below is slide 8 of the company’s February 2025 investor presentation, which shows a subset of the company’s offerings.
The exact details of Gorilla’s business and partnerships are a little fuzzy.