How did the July 2025 $105 million equity offering impact the Q3 2025 unrestricted cash balance?

Gorilla Technology Group Inc.'s (NASDAQ: GRRR) $105 million equity offering in July 2025 significantly bolstered its unrestricted cash balance by the end of Q3 2025. The company announced a registered direct offering of common stock on June 30, 2025, aiming to raise approximately $105 million in gross proceeds, with the closing expected around July 2, 2025.1 The proceeds were earmarked for working capital, performance guarantees, bid bonds, statutory capital reserves, and acquisitions.1

Prior to the offering, Gorilla Technology reported an unrestricted cash position of $10.1 million as of June 30, 2025.2 Following the completion of the equity offering in July 2025,3 the company's unrestricted cash balance surged. By September 30, 2025, the end of Q3 2025, Gorilla Technology's unrestricted cash position had increased to $110.2 million.2 This represents an increase of approximately $100.1 million from the June 30, 2025, figure, closely reflecting the $105 million gross proceeds from the equity offering after accounting for potential offering expenses.