Gorilla Technology Group Inc.
GRRR Technology Software Infrastructure
Gorilla Technology Group Inc.’s revenue for fiscal 2025 (year ended December 2025) was $101.4 million, up 35.7% from fiscal 2024. In the quarter to June 2026, revenue grew 223.1%, EPS grew 3.08%, free cash flow fell 129.0% and total debt rose 299.3%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Gorilla Technology Group Inc. (GRRR) Beneish M-score
Gorilla Technology Group Inc.'s Beneish M-score for fiscal 2025 is −0.96; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −0.96 | (10.02) |
| FY2024 | 9.06 | 6.31 |
| FY2023 | 2.75 | 12.11 |
| FY2022 | −9.36 | (6.51) |
| FY2021 | −2.85 | 610.12 |
| FY2020 | −612.97 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.54 | — | 1.42 | |
| Gross margin index | 1.49 | — | 0.79 | |
| Asset quality index | 1.03 | — | 0.41 | |
| Sales growth index | 1.36 | — | 1.21 | |
| Depreciation index | 1.11 | — | 0.13 | |
| SG&A index | 1.17 | — | −0.20 | |
| Total accruals to total assets | 0.06 | — | 0.30 | |
| Leverage index | 0.53 | — | −0.17 | |
| Beneish M-score | Flagged by the model | −0.96 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ARQQ Arqit Quantum Inc. compare | −3.0× |
| PSFE Paysafe Limited compare | −2.9× |
| EXOD Exodus Movement, Inc. compare | −2.6× |
| GRRR Gorilla Technology Group Inc. | −1.0× |
| BKKT Bakkt Holdings, Inc. compare | 0.5× |
| PDYN Palladyne AI Corp. compare | 2.3× |
| ZENA ZenaTech, Inc. compare | 3.9× |
| MOVE Corvex, Inc. compare | — |
| ZSQR Z Squared Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI