OS

It's a great question to dig into the specifics of Gorilla Technology Group's share count. The difference between basic and fully diluted shares, and how they are reported, can sometimes lead to varying figures.

The 28.5 million shares outstanding (OS) figure likely reflects a more recent basic share count, potentially including additional issuances or conversions not fully captured in the diluted EPS calculation I referenced earlier, or it could be the basic shares outstanding at a specific point in time.

Let's break down the most recent official numbers:

• Basic Shares Outstanding as of September 30, 2025: Gorilla Technology Group reported 28,515,618 ordinary shares outstanding as of September 30, 2025, in their Form 10-Q filing for the quarter ended September 30, 2025. This figure is a direct statement of the company's basic shares outstanding at that specific date.

This 28.5 million figure includes the 6,000,000 ordinary shares issued in the registered direct offering in July 2025, which, when added to the previously reported basic weighted average shares, brings the total to this amount.

Reconciling with Diluted Shares

My previous calculation of approximately 24.8 million shares was derived from the adjusted diluted EPS and adjusted net income for Q3 2025. It's important to remember that:

• Basic Shares Outstanding is the actual number of shares currently held by investors.
• Diluted Shares Outstanding includes basic shares plus the potential impact of all dilutive securities (like options, warrants, convertible debt) that would be "in-the-money" and therefore convert to common stock.

The reason the diluted share count for EPS calculation (24.8M) can be lower than the basic shares outstanding (28.5M) is often due to the "treasury stock method" used for diluted EPS. If the company's average stock price during the period is below the exercise price of certain options or warrants, those securities are considered "out-of-the-money" and are not included in the diluted share count for EPS purposes because their exercise would be anti-dilutive. This can happen if the stock price has declined during the reporting period, making previously in-the-money options or warrants now out-of-the-money.

It's crucial to distinguish between the actual number of shares outstanding at a point in time (basic) and the hypothetical number used for diluted EPS calculations, which can vary based on stock price performance during the period.

For the most accurate and up-to-date information, always refer to the company's latest SEC filings, specifically the 10-Q or 10-K, which provide the definitive shares outstanding figures. You can find these documents on Fintel's SEC Filings page for GRRR.