Exhibit 99.2
Gorilla Technology Group Inc. and Subsidiaries
Condensed Interim Consolidated Financial Statements for the three months ended March 31, 2026 and 2025 (Unaudited)
TABLE OF CONTENTS
Condensed Interim Consolidated Balance Sheets
(Expressed in United States dollars)
As of |
||||||||
March 31, 2026 |
December 31, 2025 |
|||||||
Items |
(Unaudited) | (Audited) | ||||||
Assets |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ | 98,399,450 | $ | 99,532,115 | ||||
Financial assets at fair value through profit or loss ("FVTPL”) |
501,000 | 501,000 | ||||||
Restricted deposits |
4,620,189 | 5,298,442 | ||||||
Accounts receivable, net |
40,471,143 | 54,141,591 | ||||||
Other receivables, net |
435,494 | 390,619 | ||||||
Contract assets |
49,644,995 | 57,853,030 | ||||||
Prepayments |
15,031,472 | 15,781,284 | ||||||
Other current assets |
974,563 | 549,085 | ||||||
Total current assets |
210,078,306 | 234,047,166 | ||||||
Non-current assets |
||||||||
Property and equipment |
15,305,432 | 15,749,411 | ||||||
Right-of-use assets |
1,672,104 | 1,091,526 | ||||||
Intangible assets |
2,343,650 | 2,432,278 | ||||||
Deferred tax assets, net |
17,134,831 | 11,938,173 | ||||||
Prepayments |
178,066 | 204,020 | ||||||
Financial assets at FVTPL |
4,000,000 | 4,000,000 | ||||||
Financial assets at fair value through other comprehensive income |
481,946 | - | ||||||
Other non-current assets |
2,720,896 | 2,420,960 | ||||||
Total non-current assets |
43,836,925 | 37,836,368 | ||||||
Total assets |
$ | 253,915,231 | $ | 271,883,534 | ||||
(Continued)
Condensed Interim Consolidated Balance Sheets
(Expressed in United States dollars)
As of |
||||||||
March 31, 2026 |
December 31, 2025 |
|||||||
Items |
(Unaudited) | (Audited) | ||||||
Liabilities and Equity |
||||||||
Liabilities |
||||||||
Current liabilities |
||||||||
Short-term borrowings |
$ | 9,219,663 | $ | 9,427,501 | ||||
Long-term borrowings, current portion |
927,833 | 963,878 | ||||||
Accounts and other payables |
46,823,841 | 46,042,759 | ||||||
Lease liabilities |
583,305 | 451,368 | ||||||
Stock warrant liabilities |
287,482 | 241,006 | ||||||
Contract liabilities |
1,705,489 | 1,305,644 | ||||||
Provisions |
57,348 | 124,441 | ||||||
Income tax liabilities |
12,565,942 | 11,588,564 | ||||||
Other current liabilities |
122,604 | 134,279 | ||||||
Total current liabilities |
72,293,507 | 70,279,440 | ||||||
Non-current liabilities |
||||||||
Long-term borrowings |
3,095,323 | 3,404,363 | ||||||
Lease liabilities |
1,384,607 | 873,114 | ||||||
Provisions |
44,039 | 89,006 | ||||||
Deferred tax liabilities |
1,415,469 | 652,782 | ||||||
Other non-current liabilities |
277,029 | 504,990 | ||||||
Total non-current liabilities |
6,216,467 | 5,524,255 | ||||||
Total liabilities |
78,509,974 | 75,803,695 | ||||||
Equity |
||||||||
Share capital |
26,455 | 26,356 | ||||||
Capital surplus |
380,012,714 | 359,074,487 | ||||||
Accumulated deficit |
(196,474,384 | ) | (159,515,327 | ) | ||||
Foreign currency translation reserve |
(2,874,181 | ) | (1,400,403 | ) | ||||
Treasury shares at cost |
(5,285,347 | ) | (2,105,274 | ) | ||||
Equity attributable to owners of the parent |
175,405,257 | 196,079,839 | ||||||
Total equity |
175,405,257 | 196,079,839 | ||||||
Total liabilities and equity |
$ | 253,915,231 | $ | 271,883,534 | ||||
Condensed Interim Consolidated Statements of Comprehensive Income (Loss)
(Expressed in United States dollars)
Three Months Ended March 31, |
||||||||
2026 |
2025 |
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Items |
(Unaudited) | |||||||
Revenues, net |
$ | 28,230,022 | $ | 18,258,999 | ||||
Cost of revenues |
(22,277,478 | ) | (11,850,617 | ) | ||||
Gross profit |
5,952,544 | 6,408,382 | ||||||
Operating expenses: |
||||||||
Selling and marketing expenses |
(278,170 | ) | (330,647 | ) | ||||
General and administrative expenses |
(26,847,496 | ) | (3,458,299 | ) | ||||
Research and development expenses |
(1,015,031 | ) | (570,240 | ) | ||||
Foreign currency exchange losses, net |
(18,934,405 | ) | (4,418,096 | ) | ||||
Fair value measurement of financial instruments, net |
(46,476 | ) | (1,838,049 | ) | ||||
Other gains, net |
109,943 | 37,864 | ||||||
Total operating expenses |
(47,011,635 | ) | (10,577,467 | ) | ||||
Operating loss |
(41,059,091 | ) | (4,169,085 | ) | ||||
Non-operating income and expenses: |
||||||||
Interest income |
822,671 | 562,792 | ||||||
Finance costs |
(123,613 | ) | (154,992 | ) | ||||
Total non-operating income |
699,058 | 407,800 | ||||||
Loss before income tax |
(40,360,033 | ) | (3,761,285 | ) | ||||
Income tax (expense) benefit |
3,400,976 | (797,022 | ) | |||||
Loss |
(36,959,057 | ) | (4,558,307 | ) | ||||
Other comprehensive loss |
||||||||
Components of other comprehensive loss that may not be reclassified to profit or loss |
||||||||
Remeasurement of defined benefit plans |
- | - | ||||||
Components of other comprehensive loss that may be reclassified to profit or loss |
||||||||
Exchange differences on translation of foreign operations |
(1,473,778 | ) | (1,586,388 | ) | ||||
Other comprehensive loss, net of tax |
(1,473,778 | ) | (1,586,388 | ) | ||||
Total comprehensive loss |
$ | (38,432,835 | ) | $ | (6,144,695 | ) | ||
Loss per share |
||||||||
Basic |
$ | (1.42 | ) | $ | (0.23 | ) | ||
Diluted |
$ | (1.42 | ) | $ | (0.23 | ) | ||
Weighted average number of shares used in computing loss per share |
||||||||
Basic |
26,032,079 | 19,497,913 | ||||||
Diluted |
26,032,079 | 19,497,913 | ||||||
Condensed Interim Consolidated Statements of Changes in Equity (Unaudited)
(Expressed in United States dollars)
Equity attributable to owners of the parent |
||||||||||||||||||||||||||||||||
Capital Surplus |
||||||||||||||||||||||||||||||||
Ordinary Share Capital |
Additional Paid-in Capital |
Employee Share Options |
Restricted Share Units (“RSU”) |
Accumulated Deficit |
Foreign Currency Translation Reserve |
Treasury Shares |
Total |
|||||||||||||||||||||||||
Balance at January 1, 2026 |
$ | 26,356 | $ | 355,370,757 | $ | 189,721 | $ | 3,514,009 | $ | (159,515,327 | ) | $ | (1,400,403 | ) | $ | (2,105,274 | ) | $ | 196,079,839 | |||||||||||||
Loss |
- | - | - | - | (36,959,057 | ) | - | - | (36,959,057 | ) | ||||||||||||||||||||||
Other comprehensive loss |
- | - | - | - | - | (1,473,778 | ) | - | (1,473,778 | ) | ||||||||||||||||||||||
Total comprehensive loss |
- | - | - | - | (36,959,057 | ) | (1,473,778 | ) | - | (38,432,835 | ) | |||||||||||||||||||||
Share issued against: |
||||||||||||||||||||||||||||||||
Exercise of employee stock options |
2 | 38,628 | (11,135 | ) | - | - | - | - | 27,495 | |||||||||||||||||||||||
Restricted share units |
97 | 1,600,043 | - | (1,600,140 | ) | - | - | - | - | |||||||||||||||||||||||
Share-based compensation expenses |
- | - | - | 20,910,831 | - | - | - | 20,910,831 | ||||||||||||||||||||||||
Acquisition of treasury stock |
- | - | - | - | - | - | (3,180,073 | ) | (3,180,073 | ) | ||||||||||||||||||||||
Balance at March 31, 2026 |
$ | 26,455 | $ | 357,009,428 | $ | 178,586 | $ | 22,824,700 | $ | (196,474,384 | ) | $ | (2,874,181 | ) | $ | (5,285,347 | ) | $ | 175,405,257 | |||||||||||||
|
Equity attributable to owners of the parent |
||||||||||||||||||||||||||||||||
|
Capital Surplus |
||||||||||||||||||||||||||||||||
|
Ordinary |
Additional |
Employee |
RSU |
Accumulated Deficit |
Foreign Currency |
Treasury Shares |
Total |
|||||||||||||||||||||||||
|
Balance at January 1, 2025 |
$ | 19,443 | $ | 253,786,028 | $ | 764,333 | $ | 34,906 | $ | (148,238,729 | ) | $ | (55,500 | ) | $ | (33,206,628 | ) | $ | 73,103,853 | |||||||||||||
|
Loss |
- | - | - | - | (4,558,307 | ) | - | - | (4,558,307 | ) | ||||||||||||||||||||||
|
Other comprehensive loss |
- | - | - | - | - | (1,586,388 | ) | - | (1,586,388 | ) | ||||||||||||||||||||||
|
Total comprehensive loss |
- | - | - | - | (4,558,307 | ) | (1,586,388 | ) | - | (6,144,695 | ) | |||||||||||||||||||||
|
Share issued against: |
||||||||||||||||||||||||||||||||
|
Share-based payment for services |
15 | 271,035 | - | - | - | - | - | 271,050 | ||||||||||||||||||||||||
|
Exercise of stock warrants |
1,949 | 32,378,377 | - | - | - | - | - | 32,380,326 | ||||||||||||||||||||||||
|
Share-based compensation expenses |
- | - | - | 216 | - | - | - | 216 | ||||||||||||||||||||||||
|
Balance at March 31, 2025 |
$ | 21,407 | $ | 286,435,440 | $ | 764,333 | $ | 35,122 | $ | (152,797,036 | ) | $ | (1,641,888 | ) | $ | (33,206,628 | ) | $ | 99,610,750 | |||||||||||||
Condensed Interim Consolidated Statements of Cash Flows
(Expressed in United States dollars)
Three Months Ended March 31, |
||||||||
2026 |
2025 |
|||||||
(Unaudited) |
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||
Loss before tax |
$ | (40,360,033 | ) | $ | (3,761,285 | ) | ||
Adjustments to reconcile loss to net cash from (used in) operating activities: |
||||||||
Expected credit losses |
373,097 | 6,110 | ||||||
Depreciation expenses |
298,132 | 153,083 | ||||||
Amortization expenses |
95,089 | 154,387 | ||||||
Share-based payment expenses |
- | 271,050 | ||||||
Share-based compensation expenses |
20,910,831 | 216 | ||||||
Interest expense |
123,613 | 154,992 | ||||||
Interest income |
(822,671 | ) | (562,792 | ) | ||||
Unrealized foreign currency exchange losses, net |
20,144,245 | 4,624,595 | ||||||
Write-back of accounts and other payables |
(40,832 | ) | - | |||||
Fair value measurement of financial instruments, net |
46,476 | 1,838,049 | ||||||
Changes in working capital |
||||||||
Changes in working capital assets |
||||||||
Contract assets |
- | (18,224,234 | ) | |||||
Accounts receivable, net |
- | 988,290 | ||||||
Accounts receivable and contract assets |
4,216,569 | - | ||||||
Prepayments |
491,061 | 6,743,194 | ||||||
Other receivables |
(29,831 | ) | - | |||||
Other assets |
(1,084,141 | ) | 15,707 | |||||
Changes in working capital liabilities |
- | |||||||
Contract liabilities |
386,225 | (4,750 | ) | |||||
Accounts and other payables |
1,571,361 | (3,450,936 | ) | |||||
Provisions |
(108,308 | ) | 38,251 | |||||
Other liabilities |
(224,167 | ) | (56,910 | ) | ||||
Cash flows from (used in) operations |
5,986,716 | (11,072,983 | ) | |||||
Interest received |
796,501 | 610,494 | ||||||
Interest paid |
(122,618 | ) | (184,878 | ) | ||||
Income tax paid |
(19,424 | ) | (12,499 | ) | ||||
Net cash from (used in) operating activities |
6,641,175 | (10,659,866 | ) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||
Investment in financial assets at FVTPL |
- | (1,500,000 | ) | |||||
Investment in Compulsorily convertible debentures |
(486,164 | ) | - | |||||
Acquisition of property and equipment |
(48,527 | ) | (237,893 | ) | ||||
Acquisition of intangible assets |
(6,661 | ) | (54,230 | ) | ||||
Proceeds from restricted deposits |
5,983 | 2,699,420 | ||||||
Decrease in guarantee deposits |
- | 40,942 | ||||||
Net cash (used in) from investing activities |
(535,369 | ) | 948,239 | |||||
CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||
Proceeds from short-term borrowings |
- | 8,002,807 | ||||||
Repayments of short-term borrowings |
- | (10,270,816 | ) | |||||
Repayments of long-term borrowings |
(253,442 | ) | (500,531 | ) | ||||
Principal payment of lease liabilities |
(128,484 | ) | (95,268 | ) | ||||
Acquisition of treasury stock |
(3,180,073 | ) | - | |||||
Proceeds from exercise of stock options |
27,495 | - | ||||||
Proceeds from exercise of stock warrants |
- | 11,499,731 | ||||||
Net cash (used in) from financing activities |
(3,534,504 | ) | 8,635,923 | |||||
Effect of foreign exchange rate changes on cash and cash equivalents |
(3,703,967 | ) | 190,312 | |||||
Net decrease in cash and cash equivalents |
(1,132,665 | ) | (885,392 | ) | ||||
Cash and cash equivalents at beginning of the period |
99,532,115 | 21,699,202 | ||||||
Cash and cash equivalents at end of the period |
$ | 98,399,450 | $ | 20,813,810 | ||||