Guardforce AI Co Ltd
NASDAQ:GFAI
Guardforce AI Co Ltd
Guardforce AI Co., Ltd. engages in the provision of cash solutions and cash handling services. The company is headquartered in Bangkok, Bangkok Metropolis and currently employs 1,885 full-time employees. The company went IPO on 2020-09-08. The firm is focused on developing robotic solutions and information security services that complement its secured logistics business. Its businesses are categorized into three main units: Secured Logistics Business, Robotics Solution Business and Information Security Business. Its Secured Logistics Business include Cash-In-Transit-Non-Dedicated Vehicle (Non-DV); Cash-In-Transit - Dedicated Vehicle (DV); ATM management; Cash Processing (CPC); Cash Center Operations (CCT); Consolidate Cash Center Operations (CCC); Cheque Center Service (CDC); Express Cash; Coin Processing Service, and Cash Deposit Management Solutions (GDM). The company has three robotics products: Reception Robot (T - Series) for indoor stationary applications, Disinfection Robots (S - Series) and Delivery Robot (D - Series) for indoor applications.
Guardforce AI Co., Ltd. engages in the provision of cash solutions and cash handling services. The company is headquartered in Bangkok, Bangkok Metropolis and currently employs 1,885 full-time employees. The company went IPO on 2020-09-08. The firm is focused on developing robotic solutions and information security services that complement its secured logistics business. Its businesses are categorized into three main units: Secured Logistics Business, Robotics Solution Business and Information Security Business. Its Secured Logistics Business include Cash-In-Transit-Non-Dedicated Vehicle (Non-DV); Cash-In-Transit - Dedicated Vehicle (DV); ATM management; Cash Processing (CPC); Cash Center Operations (CCT); Consolidate Cash Center Operations (CCC); Cheque Center Service (CDC); Express Cash; Coin Processing Service, and Cash Deposit Management Solutions (GDM). The company has three robotics products: Reception Robot (T - Series) for indoor stationary applications, Disinfection Robots (S - Series) and Delivery Robot (D - Series) for indoor applications.
Revenue: 2021 revenue was $35.2 million, at the high end of guidance but down 6.6% from 2020 due to COVID-19-related business closures.
Business Mix: Secured Logistics in Thailand remained the main revenue driver, while Robotic Solutions and Information Security are still emerging but growing rapidly.
Gross Margin: Gross margin declined to 11.6% from 16.7% last year due to higher labor and operating costs.
Profitability: Net loss widened to $5.5 million from $3.1 million in 2020, mainly due to increased operating expenses.
Cash Position: Cash balance rose to $15.9 million by year-end 2021, boosted by IPO and private placement proceeds.
2022 Guidance: Management reaffirmed 2022 revenue outlook of $55–60 million, expecting significant growth from acquisitions and technology segments.
Strategic Expansion: Continued global expansion through acquisitions and partnerships in China, the US, Dubai, and Australia, with a focus on scaling Robotics and Information Security.
Margin Outlook: Robotics and Information Security businesses are expected to deliver higher margins over time compared to the legacy logistics business.
