Guardforce AI Co., Limited (NASDAQ: GFAI, GFAIW), a global integrated security provider specializing in secured logistics, Artificial Intelligence (AI), and Robot-as-a-Service (RaaS), today announced its financial results for the year ended December 31, 2024.
Financial Highlights
- Revenue increased by approximately 0.2% to $36.3 million for 2024 compared to 2023
- Gross profit increased by 16.1% to $6.3 million, driven by improved market conditions and cost control initiatives
- Selling, distribution, and administrative expenses decreased by 20.7% to $10.1 million
- Net loss narrowed down to $5.9 million, a significant year-over-year improvement of $23.7 million or 80.1%
- Adjusted EBITDA improved by approximately $1.1 million, or 61.3%, year-over-year, to negative $0.7 million
Business Update
Lei (Olivia) Wang, Chairwoman and Chief Executive Officer of Guardforce AI, commented, ‘2024 was a transformative year for us, marked by operational consolidation, a stronger revenue mix, and significant progress in AI innovation.’ The company made strong progress in shifting its revenue mix toward higher-margin offerings, as evidenced by the increased gross profit margin in 2024. Guardforce AI serves more than 25,000 retail stores globally, with retail emerging as one of its top client segments. The company achieved a 16.1% increase in gross profit in 2024 compared to 2023, as well as a 20.7% decrease in selling, distribution, and administration expenses, due in part to carefully managing expenses through effective cost reduction strategies.
Technology Advancements
On the technology front, Guardforce AI advanced its Robotics-as-a-Service model across the Asia-Pacific region and established a core technology foundation for its AI-powered travel planning agent, DVGO—DeepVoyage Go. The company’s AI agent ecosystem is designed to drive adoption, enhance operational efficiency, and scale value across multiple industries. Backed by a strong balance sheet with approximately $23.4 million in cash, cash equivalents, and restricted cash, Guardforce AI is well-positioned to accelerate its AI Solutions strategy.
Future Outlook
In 2025, Guardforce AI intends to build on the momentum achieved in 2024 by strengthening its secured logistics foundation, expanding its retail client base, investing in AI research and development, and extending its smart retail and travel-focused AI solutions globally. This will ultimately foster stronger synergies with its existing customers.
Conference Call
Guardforce AI will host a conference call at 8:30 a.m. Eastern Time on April 28, 2025, to discuss its financial results and business update. The conference call will be available via telephone by dialing toll-free 888-506-0062 for U.S. callers or 973-528-0011 for international callers and entering access code 436086. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/3101/52346 or on the company’s Investor Relations section of the website, ir.guardforceai.com/news-events/company-events.
