The event will mark a significant milestone in GFCS's transformation strategy as it unveils a refreshed brand identity of GFCS along with its two updated solution: Smart Cash Solutions and Smart Retail Solutions. The event will also feature remarks from two company leaders: Olivia Wang, Chairwoman and CEO of Guardforce AI, who will outline the Company's strategy to position GFCS as both a secure logistics provider and a trusted technology partner; and Kelvin Chu, Managing Director of GFCS Thailand, who will ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report _________________________ (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION ...

Gross profit increased 16.1% in 2024 compared to 2023 Building a robust AI technology foundation to drive solution development in travel and retail Guardforce AI management to host conference call today at 8:30 AM ET NEW YORK, April 28, 2025 (GLOBE NEWSWIRE) -- Guardforce AI Co., Limited (“Guardforce AI” or the “Company”) (NASDAQ: GFAI, GFAIW), a global integrated security provider specializing in secured logistics, Artificial Intelligence (AI), and Robot-as-a-Service (RaaS), today announced financial resu ...

NEW YORK, NY, April 25, 2025 (GLOBE NEWSWIRE) -- Guardforce AI Co., Limited (“Guardforce AI” or the “Company”) (NASDAQ: GFAI, GFAIW), a global integrated security provider specializing in secured logistics, Artificial Intelligence (AI), and Robot-as-a-Service (RaaS), today announced it will host a conference call at 8:30 a.m. Eastern Time on Monday, April 28, 2025, to discuss the Company’s financial results for the year ended December 31, 2024. The call will also include an update on the Company's corporate ...

Strategic Expansion into Global Travel Industry NEW YORK, NY , April 01, 2025 (GLOBE NEWSWIRE) -- Guardforce AI Co., Limited ("Guardforce AI" or the "Company") (NASDAQ: GFAI, GFAIW), a global integrated security provider specializing in secured logistics, Artificial Intelligence (AI), and Robot-as-a-Service (RaaS), today announced the beta launch of DeepVoyage Go ("DVGO"), an AI-powered travel planning tool powered by specialized AI agents. "AI Agents represent a transformative leap in how AI is implemented ...

NEW YORK, NY, Jan. 28, 2025 (GLOBE NEWSWIRE) -- Guardforce AI Co., Limited (“Guardforce AI” or the “Company”) (NASDAQ: GFAI, GFAIW), an integrated security, AI and Robot-as-a-Service (RaaS) provider, today announced that Guardforce Cash Solutions Security (Thailand) Company Limited ("GFCS"), the secured logistic subsidiary of Guardforce AI, has renewed key contracts with its long-term customer, the Government Savings Bank (GSB) in Thailand. GSB, a state enterprise under the supervision of the Ministry of Fi ...

Financial Performance - Total revenue for the six months ended June 30, 2024, was $17,566,844, a decrease of 2.43% compared to $18,005,603 for the same period in 2023[6] - Gross profit increased to $3,239,750, up 50.05% from $2,158,796 in the prior year[6] - Operating loss from continuing operations improved to $(2,081,862), significantly better than $(11,901,828) in the same period last year[6] - Net loss attributable to equity holders of the Company was $(1,847,594), compared to $(13,819,219) in the previous year, reflecting a substantial reduction in losses[6] - Total comprehensive loss for the period was $(2,614,125), compared to $(13,680,023) in the prior year, indicating improved financial performance[9] - For the six months ended June 30, 2024, the net loss from continuing operations was $1,877,146, compared to a net loss of $13,860,995 for the same period in 2023[15] - The company reported a net loss of $1,838,427 for the six months ended June 30, 2024, significantly improved from a net loss of $13,849,433 in the prior year[15] - The company reported a basic and diluted loss per share of $(0.18) for the six months ended June 30, 2024, compared to $(4.35) in the same period last year[6] Assets and Liabilities - Total assets decreased to $36,183,978 as of June 30, 2024, down 21.1% from $45,814,948 at the end of 2023[4] - Total liabilities decreased to $12,568,730, a reduction of 39.2% from $20,662,173 at December 31, 2023[4] - Cash and cash equivalents decreased to $13,979,217, down 30.5% from $20,235,227 at the end of 2023[3] - The total cash and cash equivalents, and restricted cash decreased to $15,501,772 as of June 30, 2024, from $26,030,392 as of June 30, 2023[15] - The total balance as of June 30, 2024, was $10,237,282, with an accumulated deficit of $(60,188,269)[13] Expenses and Cost Management - The company has made significant progress in reducing operating expenses, with selling, distribution, and administrative expenses decreasing to $(4,967,290) from $(6,683,850) year-over-year[6] - The company’s staff expenses for the six months ended June 30, 2024, were $3,141,756, a decrease of 12.78% from $3,602,127 in 2023[130] - Total selling, distribution, and administrative expenses for the six months ended June 30, 2024, were $4,967,290, a decrease of 25.66% compared to $6,683,850 in 2023[130] - The company recorded a valuation allowance of $22,949 for deferred tax assets not expected to be realized for the six months ended June 30, 2024, compared to $874,431 in 2023[117] Acquisitions and Investments - The Company acquired a 51% majority stake in Handshake Networking Ltd on March 25, 2021, and separated from it on February 6, 2024[25] - The Company acquired 100% of Guardforce AI Singapore Pte. Ltd. on November 1, 2021, which commenced AI&Robotics solution business[26] - The acquisition of Macau GF Robotics Limited was closed on February 9, 2022, for approximately $3,205 (MOP25,000)[28] - The acquisition of GF Robotics Malaysia Sdn. Bhd. was closed on January 20, 2022, for approximately $1 (RM1)[29] - The acquisition of Shenzhen Kewei Robot Technology Co., Ltd. was closed on March 22, 2022, for $10,000,000, paid in a mix of cash (10%) and restricted ordinary shares (90%)[40] - The acquisition of Beijing Wanjia Security System Co., Ltd. was closed on June 22, 2022, for $8,400,000, also paid in a mix of cash (10%) and restricted ordinary shares (90%)[41] - The Company will acquire robot-related business assets from Shenzhen Kewei for $2,100,000, fully paid in restricted ordinary shares[44] - InnoAI was acquired for RMB1 on May 13, 2024, and is dedicated to AI project research and development[46] Cash Flow and Liquidity - Cash flows from operating activities resulted in a net cash used of $1,808,989 for the six months ended June 30, 2024, compared to $1,046,862 in the same period of 2023[15] - The Company reported a net cash provided by investing activities of $134,703 for the six months ended June 30, 2024, contrasting with a net cash used of $1,046,308 in 2023[15] - The Company’s liquidity management strategy includes maintaining sufficient cash and cash equivalents, with cash generated from public offerings and operations being the primary source of working capital[63] Inventory and Receivables - The Company reported an allowance for slow-moving or obsolete robots' inventories of $nil for the six months ended June 30, 2024, compared to $3,090,283 for the same period in 2023[68] - The company reported inventories of $381,155 as of June 30, 2024, down from $506,403 as of December 31, 2023, reflecting a decrease of approximately 24.7%[89] - Trade receivables, net, were $5,316,983 as of June 30, 2024, compared to $5,630,805 as of December 31, 2023, indicating a decrease of about 5.6%[91] - The withholding tax receivable balance decreased to $1,871,427 as of June 30, 2024, from $2,224,846 as of December 31, 2023, a decline of approximately 16%[92] - The company recorded an allowance for doubtful accounts of $184,180 for the six months ended June 30, 2024, compared to $45,932 for the same period in 2023, representing a significant increase in provisions[91] Depreciation and Amortization - Depreciation and amortization of fixed and intangible assets for the six months ended June 30, 2024, was $1,556,922, down from $2,619,001 in 2023[15] - The company reported depreciation expense related to property, plant, and equipment of $526,206 for the six months ended June 30, 2024, compared to $1,057,117 for the same period in 2023, indicating a reduction in depreciation[97] - Amortization expense related to intangible assets was $214,632 for the six months ended June 30, 2024, compared to $535,568 for the same period in 2023[103] Related Party Transactions - The company engaged in related party transactions totaling $432,118 for services/products received in the first half of 2024, compared to $211,066 in 2023, representing an increase of approximately 104.5%[138] - As of June 30, 2024, the company had amounts due from related parties totaling $13,086, a significant decrease from $2,172,638 as of December 31, 2023[133] - The company recorded interest expense of $4,575 for borrowings from related parties for the six months ended June 30, 2024, down from $39,949 in 2023[137] Compliance and Regulations - The legal reserve requirement of $223,500 was met as of June 30, 2024, in compliance with Thailand's regulations[131] Shareholder Activities - The company completed a public offering on May 5, 2023, issuing 1,720,430 ordinary shares for gross proceeds of approximately $9.2 million at a price of $4.65 per share[124] - The company issued a total of 288,000 restricted ordinary shares to officers and employees for their service performed in 2023, with a fair value of $924,955[128] - The company issued 1,628,368 ordinary shares through an "At the Market Offering" for aggregate gross proceeds of $2,593,842 from July 1, 2024, to the date of the financial statement release[129]

Financial Performance - Gross profit increased by 50% in H1 2024 compared to H1 2023, driven by an improvement in gross profit margin from 12.0% to 18.4% [1][2] - Adjusted net income (Non-IFRS) was $0.1 million in H1 2024, compared to an adjusted net loss of $1.8 million in H1 2023 [2] - Selling, distribution, and administrative expenses decreased by 25.7% to $5.0 million in H1 2024 from $6.7 million in H1 2023 [2] - Operating loss improved by 82.5% to $2.1 million in H1 2024 from $11.9 million in H1 2023 [2] - Net revenue decreased by 2.4% to $17.6 million in H1 2024, primarily due to foreign currency exchange rate fluctuations [6] Business Highlights - The company expanded services to over 25,000 retail stores and achieved a 50% increase in gross profit in H1 2024 [2] - Guardforce Cash Solutions Security (Thailand) secured a 5-year contract to operate 50% of the Consolidate Cash Center operations in Chiang Mai, Thailand [3] - Guardforce Digital Machine (GDM) revenue increased by 74.3% to $0.8 million in H1 2024 [3] - Beijing Wanjia Security System Limited expanded security alarm solutions to an additional 3,900 stores, bringing the total to 12,000 stores in Mainland China [3] AI and Technology Development - The company developed GFAI Agents as the core technology foundation for AI Purchase and AI Travel Solutions [3] - Upgraded the Guardforce AI Intelligent Cloud Platform to integrate large language models and third-party APIs [3] - Developed a proof of concept for the AI Travel Assistant to optimize travel routes and real-time agenda adjustments [4] - Partnered with iApp Technology Co Ltd to launch "LinguaBot," enhancing chatbot capabilities for concierge services [4] - Launched RoboTravel Agent (RTA), an upgraded AIoT Robot Advertising solution for the travel industry [4] Strategic Initiatives - The company focused on consolidating legacy business, strengthening the client base in travel and retail sectors, and accelerating R&D in AI solutions [5] - Implemented cost reduction strategies that effectively lowered operating expenses [5] - Expanded AIoT Robot Advertising to the U.S., deploying over 200 robots [4] - Launched a decentralized spatial computing solution utilizing robots' unused computing power for complex tasks beyond advertising [4] Financial Position - As of June 30, 2024, the company had cash and cash equivalents and restricted cash of $15.5 million, compared to $26.0 million as of June 30, 2023 [2][7] - Total current assets were $22.7 million as of June 30, 2024, compared to $31.1 million as of December 31, 2023 [14] - Total liabilities were $12.6 million as of June 30, 2024, compared to $20.7 million as of December 31, 2023 [15]

NEW YORK, NY, Aug. 15, 2024 (GLOBE NEWSWIRE) -- Guardforce AI Co., Limited ("Guardforce AI" or the "Company") (NASDAQ: GFAI, GFAIW), an integrated security, AI and Robot-as-a-Service (RaaS) provider, today announced the expansion of its Artificial Intelligence of Things (AIoT) Robot Advertising business into the U.S. market, beginning with the initial deployment of over 200 robots in New York. This significant milestone is a key step in Guardforce AI's broader strategy to expand its advertising business. Ad ...

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