NEW YORK, April 21, 2026 (GLOBE NEWSWIRE) -- Guardforce AI Co., Limited ("Guardforce AI" or the "Company") (NASDAQ: GFAI, GFAIW), an AI-driven technology company providing Agentic AI, smart solutions in automation, robotics, and secured logistics, today announced financial results for the year ended December 31, 2025. The Company also updated its business metrics to better reflect its strategic growth strategy and evolving revenue mix.
2025 Operational Highlights
In 2025, Guardforce AI advanced its AI transformation by launching self-developed AI agent solutions and driving expansion in smart solutions in Thailand. In the meantime, the Company further strengthened its Secured Logistics business by increasing its client retention rate and improving client mix.
-- Launched self-developed AI Agent, DeepVoyage Go ("DVGO"), an AI tool that
helps create customized itineraries in minutes and converts individual
experience into shareable digital assets, in April 2025 (beta) and
publicly in January 2026. The platform enables intelligent
decision-making, planning, and service matching--capabilities that are
highly transferable to other sectors such as banking, hospitality,
education, and healthcare.
-- In March 2026, acquired MGAI, a pioneer in AI-driven solutions for
pediatric speech therapy and rehabilitation in Asia. This acquisition
captures a validated market opportunity in this sector, with strong
potential for cross-sector scalability and synergy.
-- Launched Smart Solutions in Thailand with over 13 retail store
deployments in 2025 and established a partnership with an international
chain retailer in 2026, extending services from cash management to
integrated in-store asset and merchandise security.
-- Secured Logistics business revenue was increasingly driven by retail
clients, reflecting a strategic shift from a bank-dominated to a more
diversified customer base, enhancing business stability and supporting
future growth.
Updated Business Metrics
Starting from 2025, we have introduced new business metrics to provide a more insightful and actionable understanding of our evolving business.
The current business metrics are:
-- AI, Robotics-as-a-Service (RaaS), and Smart Solutions (including Smart
Cash Solution and Smart Retail Solution). This metric empowers business
through technology upgrades, AI and Robotics.
-- Legacy Secured Logistics, which encompasses traditional services like
cash management operations, coin processing, ATM management and others.
Smart Cash Solution has been reclassified from the Legacy Secured Logistics metric into the AI , Robotics-as-a-Service (RaaS), and Smart Solutions metric.
2025 Financial Highlights
-- Total Revenue Increased
Total revenue was $35,232,701, an increase of 8.0% compared to $32,635,191 for the year ended December 31, 2024.
The AI, RaaS, and Smart Solutions metric, which accounted for 13.4% of total revenue in 2025, grew at 15.3% during the year mainly due to increased demand by retail customers for Smart Cash Solution.
Legacy Secured Logistics metric, which accounted for 86.6% of total revenue in 2025, achieved 99.96% recurring revenue and grew at 6.9%, mainly due to growth of the Company's retail-focused service lines in Thailand.
-- Consecutive Gross Profit Grew
Gross profit, which has grown in each year since 2022, increased by $369,527, or 7.5%, to $5,285,668, compared with gross profit of $4,916,141 for 2024, with gross margin remaining stable year-over-year.
-- Net Loss from Continuing Operations Narrowed
Net loss for the year from continuing operations was $5,286,128, a 10.1% improvement on the $5,882,647 for this item in 2024.
-- Lowest Negative EBITDA since 2022
Negative EBITDA improved by approximately $753,233, or 23.3%, year-over-year, to negative $2,478,012 in 2025, compared to negative $3,231,245 in 2024, reflecting significant operational progress in 2025.
-- R&D Investment for AI Development Increased
Strategic R&D investment was $837,719, an increase of $448,831, or 115.4%, compared to $388,888 for 2024, reflecting the Company's commitment to advancing AI capabilities and product innovation.
-- Stronger Balance Sheet for Future AI Development
At December 31, 2025 and December 31, 2024, cash and cash equivalents was $24,545,290 and $21,936,422. This asset is mainly reserved for future AI investment, including R&D expenses, talent recruitment and strategic acquisitions.
Note: Certain figures from the Company's statement of operations for 2024 have been restated in order to present the results of discontinued operations separately from continuing operations. This restatement ensures comparability of continuing business performance across all periods presented.
Management Commentary and Future Outlook
"2025 was a pivotal year for Guardforce AI," said Chairwoman and Chief Executive Officer Lei (Olivia) Wang. "We accelerated the commercialization and revenue growth of our AI and Smart Solutions while maintaining a stable operating and revenue foundation for our Legacy Secured Logistics business. We also advanced AI application strategy through the launch of DVGO, extended traditional cash management services into broader in-store assets and merchandise security by implementing Smart Solutions, and continued to strengthen our retail customer base while sustaining our long-standing client relationships. These achievements reinforce the stability of our core business and create a stronger foundation for future solution-driven growth.
"Looking ahead to the remainder of 2026, we intend to pursue several strategic goals and create long-term value for investors. First, we will continue to deepen our investment in AI, leveraging DVGO as a core, technology-driven engine for organic growth, enabling us to achieve scalable market expansion across key verticals.
"Second, we will accelerate the expansion of Smart Solutions across our existing retail client base, leveraging long-standing trusted relationships to evolve from service delivery to trusted solution partnerships, thereby unlocking incremental revenue through customer-driven synergies.
"Third, following up our acquisition of MGAI in early 2026, we will continue to selectively pursue strategic mergers and acquisitions to expand our business roadmap, enhance capital efficiency and drive long-term value creation across our platform.
"Lastly, we will continue to enhance our operational efficiency by increasing investment in technology and strengthening our execution capabilities, driving sustainable cost optimization and improved operating income across all business segments."
Conference Call
Guardforce AI will host a conference call at 8:00 a.m. Eastern Time on Tuesday, April 21, 2026. The conference call will be available via telephone by dialing toll-free 1-877-407-0792 for U.S. callers or 1-201-689-8263 for international callers and entering access code GUARDFORCE AI.
A webcast of the call may be accessed at: https://viavid.webcasts.com/viewer/event.jsp?ei=1759794&tp_key=9ce7c9e4b1 or on the company's Investor Relations section of the website, ir.guardforceai.com/news-events/company-events.
A webcast replay will be available on this website through April 21, 2027 on the company's Investor Relations section of the website. A telephone replay of the call will be available approximately three hours following the call and may be accessed until April 28, 2026, at 11:00 a.m. ET by dialing 1- 844-512-2921 for U.S. callers or 1-412-317-6671 for international callers and entering access code 13760045.
About Guardforce AI Co., Ltd.
Guardforce AI (Nasdaq: GFAI, GFAIW) is an AI-driven technology company with a solid operational foundation in the cash logistics and retail sectors. Through its proprietary Intelligent Cloud Platform (ICP), Guardforce AI delivers next generation smart solutions and AI applications spanning cash management, retail automation, robotics, and Agentic AI. Expanding into areas such as travel planning, the Company is demonstrating how scalable AI can drive industry transformation, balancing stable, recurring revenues with high-growth, future-ready innovations. For more information, visit www.guardforceai.com Twitter: @Guardforceai.
Safe Harbor Statement
This press release contains statements that do not relate to historical facts but are "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can generally (although not always) be identified by their use of terms and phrases such as anticipate, appear, believe, continue, could, estimate, expect, indicate, intend, may, plan, possible, predict, project, pursue, will, would and other similar terms and phrases, as well as the use of the future tense. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of the business of the Company, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control, including the risks described in our registration statements and reports under the heading "Risk Factors" as filed with the Securities and Exchange Commission. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements in this press release speak only as of the date hereof. Unless otherwise required by law, we undertake no obligation to publicly
update or revise these forward-looking statements, whether because of new information, future events or otherwise.
Guardforce AI Corporate Communications:
Hu Yu
Email: yu.hu@guardforceai.com
Investor Relations Inquiries:
Skyline Corporate Communications Group, LLC
Scott Powell, President
Office: (646) 893-5835
Email: guardforceai@skylineccg.com
Guardforce AI Co., Limited
Consolidated Statements of Profit or Loss
(Expressed in U.S. Dollars)
For the years ended December 31,
------------------------------------------
2025 2024 2023
------------ ------------ ------------
(Restated) (Restated)
Continuing
operations:
Revenue $ 35,232,701 $ 32,635,191 $ 32,649,834
Cost of sales (29,947,033) (27,719,050) (28,513,107)
----------- ----------- -----------
Gross profit 5,285,668 4,916,141 4,136,727
----------- ----------- -----------
Provision for
expected credit
loss on trade
receivables and
other
receivables (16,995) (210,437) (96,877)
Allowance for
expected credit
losses on a
related party
receivable - - (5,637,527)
Impairment loss on
goodwill - (30,575) (2,267,583)
Impairment loss on
intangible
assets - (188,797) (3,713,551)
Provision for
withholding taxes
receivable (149,838) (4,339) (683,344)
Provision for
obsolete
inventory - - (3,797,552)
Impairment loss on
fixed assets - - (3,682,789)
Stock-based
compensation
expense (1,350,800) (1,849,356) (1,101,800)
Research and
development
expense (837,719) (388,888) -
Selling, general
and
administrative
expenses (8,807,640) (8,950,790) (11,553,779)
----------- ----------- -----------
Operating loss (5,877,324) (6,707,041) (28,398,075)
Other income, net 133,253 353,822 437,608
Foreign exchange
(losses)/gains,
net (19,825) 5,760 305,026
Finance
income/(costs),
net 471,374 338,887 (652,517)
----------- ----------- -----------
Loss before income
tax from
continuing
operations (5,292,522) (6,008,572) (28,307,958)
Provision for
income tax
benefit/(expense) 6,394 125,925 (434,320)
----------- ----------- -----------
Net loss for the
year from
continuing
operations (5,286,128) (5,882,647) (28,742,278)
Discontinued
operations:
Net (loss)/profit
for the year from
discontinued
operations (1,356,923) 37,947 (847,104)
----------- ----------- -----------
Net loss for the
year (6,643,051) (5,844,700) (29,589,382)
Net loss for the
year attributable
to:
Net loss
attributable to
equity holders of
the Company (6,657,185) (5,864,165) (29,571,661)
Net profit/(loss)
attributable to
non-controlling
interests 14,134 19,465 (17,721)
----------- ----------- -----------
Net loss for the
year (6,643,051) (5,844,700) (29,589,382)
Loss per share
Basic and diluted
loss attributable
to the equity
holders of the
Company $ (0.30) $ (0.53) $ (4.53)
----------- ----------- -----------
Loss per share
Basic and diluted
loss attributable
to the equity
holders of the
Company from
continuing
operations $ (0.24) $ (0.53) $ (4.40)
----------- ----------- -----------
Basic and diluted
loss attributable
to the equity
holders of the
Company from
discontinued
operations $ (0.06) $ 0.00 $ (0.13)
----------- ----------- -----------
Weighted average
number of shares
used in
computation:
Basic and diluted 21,921,204 11,161,053 6,531,918
----------- ----------- -----------
Guardforce AI Co., Limited
Consolidated Balance Sheets
(Expressed in U.S. Dollars)
As of December 31,
---------------------------
2025 2024
------------ ------------
Assets
Current assets:
Cash and cash equivalents $ 24,545,290 $ 21,936,422
Restricted cash - 27,642
Trade receivables, net 4,947,264 5,922,345
Other current assets 2,441,038 2,291,439
Withholding taxes receivable, net 902,845 393,960
Inventories 21,519 274,854
Other financial assets at amortized
cost 77,100 -
Assets held for sale 1,150,324 -
----------- -----------
Total current assets 34,085,380 30,846,662
----------- -----------
Non-current assets:
Restricted cash 2,322,790 1,432,738
Property, plant and equipment 3,088,905 3,183,856
Right-of-use assets 4,523,309 2,268,022
Intangible assets, net 1,057,144 2,300,951
Goodwill - 411,862
Withholding taxes receivable, net 2,325,281 1,967,826
Deferred tax assets, net 1,418,174 1,281,531
Other non-current assets 272,827 998,971
----------- -----------
Total non-current assets 15,008,430 13,845,757
----------- -----------
Total assets $ 49,093,810 $ 44,692,419
----------- -----------
Liabilities and equity
Current liabilities:
Trade payables and other current
liabilities $ 3,158,254 $ 4,549,364
Borrowings - 44,232
Lease liabilities 2,141,509 1,670,909
Liabilities directly associated with
the assets held for sale 1,111,804 -
----------- -----------
Total current liabilities 6,411,567 6,264,505
----------- -----------
Non-current liabilities:
Lease liabilities 2,081,431 889,920
Provision for employee benefits 6,493,677 5,548,726
----------- -----------
Total non-current liabilities 8,575,108 6,438,646
----------- -----------
Total liabilities 14,986,675 12,703,151
----------- -----------
Equity
Ordinary shares -- par value $0.12
authorized 300,000,000 shares, issued
and outstanding 24,353,539 shares at
December 31, 2025; issued and
outstanding 17,808,947 shares at
December 31, 2024 2,922,460 2,137,108
Subscription receivable (50,000) (50,000)
Additional paid in capital 100,271,584 93,102,042
Legal reserve 223,500 223,500
Warrants reserve 251,036 251,036
Accumulated deficit (70,862,025) (64,204,840)
Accumulated other comprehensive income 1,397,005 590,981
----------- -----------
Capital & reserves attributable to
equity holders of the Company 34,153,560 32,049,827
Non-controlling interests (46,425) (60,559)
----------- -----------
Total equity 34,107,135 31,989,268
----------- -----------
Total liabilities and equity $ 49,093,810 $ 44,692,419
----------- -----------
Guardforce AI Co., Limited
Consolidated Statements of Cash Flows
(Expressed in U.S. Dollars)
For the years ended
December 31,
----------------------------------------
2025 2024 2023
----------- ----------- ------------
(Restated) (Restated)
Cash flows from
operating activities
Net loss from
continuing operations $(5,286,128) $(5,882,647) $(28,742,278)
Adjustments for:
Depreciation 3,114,211 2,922,509 4,242,246
Amortization of
intangible assets 171,673 193,705 752,453
Provision for obsolete
inventories - - 3,797,552
Impairment loss on
fixed assets - - 3,682,789
Stock-based
compensation expense 1,350,800 1,849,356 1,101,800
Impairment loss on
intangible assets - 188,797 3,713,551
Impairment loss on
goodwill - 30,575 2,267,583
Allowance for expected
credit losses on a
related party
receivable - - 5,637,527
Netting off related
parties' balances - (690,487) -
Finance (income)/costs,
net (471,374) (338,887) 649,517
Deferred income taxes (78,792) (125,925) 434,315
Provision for expected
credit loss on trade
receivables and other
receivables, net 16,995 210,437 96,877
Increase in provision
for withholding tax
receivables 149,838 4,339 683,344
Loss/(Gain) from fixed
assets disposal 12,273 (21,644) 208,093
Changes in operating
assets and
liabilities:
Decrease/(Increase)
in trade and other
receivables 739,667 (323,718) (395,602)
Increase in other
current assets (88,241) (629,406) (242,706)
(Increase)/Decrease
in restricted cash (705,069) 249,146 (409,521)
(Increase)/Decrease
in inventories (14,411) (6,528) 675,763
Decrease in amount
due from related
parties - - 424,979
Decrease/(Increase)
in other non-current
assets 724,026 (582,712) 33,924
(Decrease)/Increase
in trade payables
and other current
liabilities (46,130) (597,155) 713,513
Decrease in amount
due to related
parties - - (956,294)
Decrease in
withholding taxes
receivable (780,352) (146,855) (192,502)
Increase in provision
for employee
benefits 163,559 275,265 34,534
Net cash used in
operating activities
- continuing
operations (1,027,455) (3,421,835) (1,788,543)
Net cash (used
in)/provided by
operating activities
- discontinued
operations (277,741) 96,236 187,321
Net cash used in
operating activities (1,305,196) (3,325,599) (1,601,222)
---------- ---------- -----------
Cash flows from
investing activities
Acquisition of
property, plant and
equipment (345,149) (237,367) (2,095,319)
Proceeds from disposal
of property, plant and
equipment 33,717 23,647 -
Acquisition of
intangible assets (2,837) (61,995) (18,476)
Interest received 627,845 511,292 -
Payments for financial
assets at amortized
cost (77,100) - -
Net cash provided
by/(used in) investing
activities -
continuing operations 236,476 235,577 (2,113,795)
Net cash used in
investing activities -
discontinued
operations (4,886) (35,191) (11,750)
Net cash provided by/
(used in) investing
activities 231,590 200,386 (2,125,545)
---------- ---------- -----------
Cash flows from
financing activities
Proceeds from issue of
shares 6,604,094 10,399,732 20,867,386
Proceeds from exercise
of warrants - - 506,692
Cash repayment of a
convertible note - - (554,238)
Cash paid for the
cancellation of
fractional shares - - (49,664)
Proceeds from
borrowings - - 1,725,465
Repayment of borrowings (46,884) (3,506,646) (2,860,585)
Payment of lease
liabilities (3,257,910) (2,043,529) (2,652,150)
Net cash provided by
financing activities -
continuing operations 3,299,300 4,849,557 16,982,906
Net cash used in
financing activities -
discontinued
operations - (141,707) 140,019
Net cash provided by
financing activities 3,299,300 4,707,850 17,122,925
---------- ---------- -----------
Net increase in cash
and cash equivalents 2,225,694 1,582,637 13,396,158
Effect of movements in
exchange rates on cash
held 415,306 89,916 (62,928)
Cash and cash
equivalents at
beginning of year 21,936,422 20,263,869 6,930,639
---------- ---------- -----------
Cash and cash
equivalents at end of
year (Note 4) $24,577,422 $21,936,422 $ 20,263,869
---------- ---------- -----------
Non-cash investing and
financing activities
Equity portion of the
settlement of a
borrowing from a third
party - - 15,914,615
---------- ---------- -----------
Equity portion of
purchase consideration
paid for acquisition
of fixed and
intangible assets - - 1,848,000
---------- ---------- -----------
Non-IFRS financial data
To supplement our consolidated financial statements, which are prepared and presented in accordance with IFRS, we use the non-IFRS adjusted EBITDA as financial measures for our consolidated results.
We believe that adjusted EBITDA helps identify underlying trends in our business that could otherwise be distorted by the effect of certain income or expenses that we include in loss from operations and net loss. We believe that these non-IFRS measures provide useful information about our core operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. We present the non-IFRS financial measures in order to provide more information and greater transparency to investors about our operating results.
EBITDA represents net loss from continuing operations before (i) finance costs, income taxes and depreciation of fixed assets and amortization of intangible assets, which we do not believe are reflective of our core operating performance during the periods presented.
Non-IFRS adjusted EBITDA represents net (loss) income from continuing operations before (i) finance (income) costs, net, foreign exchange (gains) losses, income tax expense (benefit) and depreciation of fixed assets and amortization of intangible assets, (ii) certain non-cash expenses, consisting of stock-based compensation expense, provision for expected credit loss on trade receivables and other receivables, allowance for doubtful debts on a related party receivable, impairment on goodwill, impairment on intangible assets, written off for withholding tax receivables, provision for obsolete inventory and impairment loss on fixed assets.
Non-IFRS (loss) earnings per share represents non-IFRS net (loss) income from continuing operations attributable to ordinary shareholders divided by the weighted average number of shares outstanding during the periods.
Non-IFRS diluted earnings per share represents non-IFRS net income from continuing operations attributable to ordinary shareholders divided by the weighted average number of shares outstanding during the periods on a diluted basis.
The table below is a reconciliation of our net loss from continuing operations to EBITDA and non-IFRS adjusted EBITDA from continuing operations for the periods indicated:
For the years ended
December 31,
-------------------------------------------
2024
2025 (Restated) 2023 (Restated)
----------- ----------- ---------------
Net loss from
continuing
operations --
IFRS $(5,286,128) $(5,882,647) $ (28,742,278)
Finance (income)
costs, net (471,374) (338,887) 652,517
Income tax
expense
(benefit) (6,394) (125,925) 434,320
Depreciation and
amortization
expense 3,285,884 3,116,214 4,994,699
---------- ---------- -----------
EBITDA (2,478,012) (3,231,245) (22,660,742)
Stock-based
compensation
expense 1,350,800 1,849,356 1,101,800
Provision for
expected credit
losses on trade
receivables and
other
receivables 16,995 210,437 96,877
Allowance for
doubtful debts
on a related
party
receivable - - 5,637,527
Impairment loss
on goodwill - 30,575 2,267,583
Impairment loss
on intangible
assets - 188,797 3,713,551
Provision for
withholding
taxes
receivables 149,838 4,339 683,344
Provision for
obsolete
inventory - - 3,797,552
Impairment loss
on fixed
assets - - 3,682,789
Foreign exchange
losses (gains),
net 19,825 (5,760) (305,026)
---------- ---------- -----------
Adjusted EBITDA
(Non-IFRS) $ (940,554) $ (953,501) $ (1,984,745)
---------- ---------- -----------
Non-IFRS loss
per share
Basic and
diluted loss
for the year
attributable to
ordinary equity
holders of the
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