[Executive Summary & Business Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Business%20Highlights) Guardforce AI achieved record revenue and gross profit in 2023, expanded its AI solutions and market reach, and plans accelerated robotic/AI transformation for 2024 [2023 Performance Overview](index=1&type=section&id=2023%20Performance%20Overview) Guardforce AI achieved record revenue of **$36.3 million** in 2023, with **43% gross profit growth** and a **61.5% reduction in adjusted net loss** - Achieved record annual revenue of **$36.3 million** for the year ended December 31, 2023[1](index=1&type=chunk)[2](index=2&type=chunk) - Gross profit increased **43%** over the prior year, reaching **$5.4 million**[2](index=2&type=chunk)[6](index=6&type=chunk) - Gross profit margin increased from **11.1%** in 2022 to **14.9%** in 2023[6](index=6&type=chunk) - Adjusted net loss narrowed by **61.5%** year-over-year[6](index=6&type=chunk) - Net loss for 2023 was **$29.6 million**, compared to **$18.6 million** for 2022, primarily due to a non-cash impairment impact from obsolete inventory and assets during the business transition to Robots with AI solutions[6](index=6&type=chunk) [Key Business Milestones (2023)](index=1&type=section&id=2023%20Key%20Milestones) Guardforce AI expanded retail clientele, diversified RaaS solutions with AI, formed strategic partnerships, strengthened Asia Pacific presence, and improved its balance sheet - Expanded clientele within retail and chain stores, with approximately half of the Company's top 15 client base now consisting of retail and chain stores[3](index=3&type=chunk) - Extended four important cash management contracts in Thailand, two of which were with large retail clients[3](index=3&type=chunk) - Diversified its Robot-as-a-Service (RaaS) solution by enhancing the Guardforce AI Intelligent Cloud Platform (GFAI ICP), incorporating Google Cloud's language service capabilities, and developing three types of AI solutions: AI Assistant, AI Security Agent, and AI Advertising solutions[5](index=5&type=chunk) - Formed strategic partnerships with iApp Technology Co., Limited, VRCN Limited, Concorde Security Pte, and China International Travel Service Shenzhen Co., Ltd (Nice Tour) to advance AI capabilities and market reach, particularly in the hospitality industry[5](index=5&type=chunk) - Strengthened its presence in the Asia Pacific region, including mainland China, through the acquisition of key assets from Shenzhen Kewei Robot Technology Company Ltd in February 2023[5](index=5&type=chunk) - Strengthened its balance sheet by converting **$15.9 million** of debt and interest into ordinary shares and raised approximately **$23.0 million** gross proceeds from two public offerings[5](index=5&type=chunk) - Ended the year in a strong financial position with approximately **$22.0 million** in cash and cash equivalents (including restricted cash)[5](index=5&type=chunk)[6](index=6&type=chunk) [Strategic Outlook (2024)](index=2&type=section&id=2024%20Strategic%20Outlook) Guardforce AI plans to accelerate robotic/AI transformation, introduce diverse AI solutions for retail and tourism, expand GDM business, and manage expenses - Primary focus in 2024 will be to accelerate robotic/AI transformation, leveraging the extensive customer base in the traditional security sector and investing in R&D[4](index=4&type=chunk) - Plan to introduce a diverse range of AI solutions, with a particular emphasis on AI solutions tailored for the retail and tourism industries, to optimize sales and marketing operations and increase revenues[4](index=4&type=chunk) - Foresee significant growth opportunities in the Thailand retail sector for security logistics, driven by an anticipated surge in Chinese tourists[4](index=4&type=chunk) - Further develop the high-margin GDM business and aim to expand its reach to additional chain retailers and public transportation authorities[4](index=4&type=chunk) - Continue to carefully manage expenses and implement cost reduction strategies, such as process streamlining and resource allocation optimization[4](index=4&type=chunk) [Financial Performance](index=3&type=section&id=Financial%20Performance) Guardforce AI reported increased revenue and gross profit in 2023, with a higher IFRS net loss due to impairment, but improved cash flow and strengthened its balance sheet [Financial Overview (Summary)](index=3&type=section&id=Financial%20Overview) Guardforce AI reported **$36.3 million** revenue, **43% gross profit growth**, and a **61.5% reduction in adjusted net loss**, despite a higher IFRS net loss due to impairment Financial Highlights | Metric | 2023 (USD) | 2022 (USD) | Change (YoY) | | :-------------------------------- | :----------- | :----------- | :----------- | | Revenue | $36.3 million | $34.0 million | +6.8% | | Gross Profit | $5.4 million | $3.8 million | +43% | | Gross Profit Margin | 14.9% | 11.1% | +3.8 pp | | Adjusted Net Loss (narrowed by) | - | - | 61.5% | | Net Loss | $(29.6) million | $(18.6) million | -59.1% | | Net Loss Per Share | $(4.53) | $(14.97) | +69.7% | | Cash & Cash Equivalents (incl. restricted cash) | $22.0 million | $8.2 million | +168.3% | [Consolidated Statements of Profit and Loss](index=4&type=section&id=Consolidated%20Statements%20of%20Profit%20and%20Loss) Revenue increased to **$36.28 million** in 2023, but operating loss widened to **$(29.30) million** due to significant impairment losses during business transition Consolidated Statements of Profit and Loss | Metric | 2023 (USD) | 2022 (USD) | 2021 (USD) | | :------------------------------------------------- | :----------- | :----------- | :----------- | | Revenue | $36,280,502 | $33,965,648 | $34,668,872 | | Cost of sales | $(30,889,226) | $(30,196,382) | $(31,056,994) | | Gross profit | $5,391,276 | $3,769,266 | $3,611,878 | | Operating loss | $(29,302,778) | $(16,826,239) | $(3,752,450) | | Net loss for the year from continuing operations | $(29,623,520) | $(18,603,626) | $(5,531,354) | | Net loss attributable to equity holders of the Company | $(29,571,661) | $(18,564,794) | $(5,481,927) | | Basic and diluted loss per share | $(4.53) | $(14.97) | $(11.90) | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to **$45.81 million** by year-end 2023, while total liabilities significantly reduced to **$20.66 million**, leading to a **31.5% increase in total equity** Consolidated Balance Sheets | Metric | As of Dec 31, 2023 (USD) | As of Dec 31, 2022 (USD) | Change (YoY) | | :-------------------------------- | :----------------------- | :----------------------- | :----------- | | Total Assets | $45,814,948 | $61,166,974 | -25.1% | | Total Liabilities | $20,662,173 | $42,034,672 | -50.8% | | Total Equity | $25,152,775 | $19,132,302 | +31.5% | | Cash and cash equivalents | $20,235,227 | $6,930,639 | +192.0% | | Inventories | $506,403 | $5,105,770 | -90.1% | | Goodwill | $411,862 | $2,679,445 | -84.6% | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities significantly improved to **$(1.19) million**, resulting in a **$13.81 million** net increase in cash and equivalents, ending 2023 with **$21.97 million** Consolidated Statements of Cash Flows | Cash Flow Activity | 2023 (USD) | 2022 (USD) | 2021 (USD) | | :---------------------------------------- | :----------- | :----------- | :----------- | | Net cash (used in) generated from operating activities | $(1,191,701) | $(19,190,237) | $979,164 | | Net cash used in investing activities | $(2,125,545) | $(9,405,629) | $(5,224,439) | | Net cash generated from financing activities | $17,122,925 | $20,937,985 | $10,653,312 | | Net increase (decrease) in cash and cash equivalents, and restricted cash | $13,805,679 | $(7,657,881) | $6,408,037 | | Cash and cash equivalents, and restricted cash at end of year | $21,973,395 | $8,230,644 | $15,853,811 | - Non-cash investing and financing activities in 2023 included **$15.91 million** for equity portion of settlement of a third-party borrowing and **$1.85 million** for equity portion of acquisition of fixed and intangible assets[17](index=17&type=chunk) [Non-IFRS Financial Measures](index=9&type=section&id=Non-IFRS%20Financial%20Measures) Guardforce AI uses non-IFRS measures like adjusted EBITDA and adjusted net (loss) income to provide a clearer view of core operating performance, showing significant improvement in adjusted net loss [Non-IFRS Measures Explanation](index=9&type=section&id=Non-IFRS%20Financial%20Measures%20Explanation) Guardforce AI utilizes non-IFRS measures like adjusted EBITDA and non-IFRS adjusted net (loss) income to provide a clearer view of core operating results by excluding non-cash items - Uses non-IFRS adjusted EBITDA and non-IFRS adjusted net (loss) income to supplement IFRS financial statements[18](index=18&type=chunk)[19](index=19&type=chunk) - Adjusted EBITDA represents net (loss) income before finance costs, income tax benefit, depreciation of fixed assets, and amortization of intangible assets[20](index=20&type=chunk) - Non-IFRS adjusted net (loss) income further excludes certain non-cash expenses, including stock-based compensation, allowance for and write-off of withholding tax receivables, provision for obsolete inventory, and impairment loss on fixed assets[21](index=21&type=chunk) - These measures aim to identify underlying trends, provide useful information about core operating results, and enhance understanding for investors and management[19](index=19&type=chunk) [Reconciliation of Non-IFRS Measures](index=9&type=section&id=Reconciliation%20of%20Non-IFRS%20Measures) Non-IFRS adjusted net loss significantly improved to **$(1.81) million** in 2023 from **$(4.71) million** in 2022, with non-IFRS loss per share improving to **$(0.28)** Reconciliation of Non-IFRS Measures | Metric | 2023 (USD) | 2022 (USD) | 2021 (USD) | | :------------------------------------------------- | :----------- | :----------- | :----------- | | Net loss from continuing operations – IFRS | $(29,623,520) | $(18,603,626) | $(5,531,354) | | EBITDA | $(23,292,586) | $(11,348,181) | $(246,737) | | Adjusted net (loss) income (Non-IFRS) | $(1,814,033) | $(4,705,959) | $1,762,962 | | Non-IFRS Basic and diluted (loss) profit per share | $(0.28) | $(3.80) | $3.83 | [Company Information & Disclosures](index=3&type=section&id=Company%20Information%20%26%20Disclosures) Guardforce AI is a global integrated solution provider transitioning to AI, with disclosures on forward-looking statements and investor contact information [About Guardforce AI](index=3&type=section&id=About%20Guardforce%20AI%20Co.%2C%20Ltd.) Guardforce AI is a global integrated solution provider transitioning from security to total AI solutions, leveraging extensive experience and expanding its Asia Pacific and U.S. presence - Global integrated solution provider focusing on security solutions (since 1982) and AI & robotic solutions (since 2020)[7](index=7&type=chunk) - Transitioning towards becoming a total AI solution provider, leveraging over 41 years of experience in the security industry, an established customer base, and robust sales channels[7](index=7&type=chunk) - Firmly rooted in the Asia Pacific region, with an expanding global presence in the U.S.[7](index=7&type=chunk) [Safe Harbor Statement](index=3&type=section&id=Safe%20Harbor%20Statement) This document contains forward-looking statements subject to inherent uncertainties and risks, and actual results may differ materially, with no obligation for updates unless legally required - Contains "forward-looking statements" subject to inherent uncertainties, risks, and changes in circumstances[8](index=8&type=chunk) - Actual results and financial condition may differ materially from those indicated in the forward-looking statements[8](index=8&type=chunk) - The Company undertakes no obligation to publicly update or revise these forward-looking statements, whether because of new information, future events or otherwise, unless required by law[8](index=8&type=chunk) [Investor Relations](index=3&type=section&id=Investor%20Relations) Investor relations inquiries can be directed to Crescendo Communications, LLC, and corporate communications to Hu Yu - Investor Relations contacts: David Waldman or Natalya Rudman at Crescendo Communications, LLC (Email: gfai@crescendo-ir.com, Tel: 212-671-1020)[9](index=9&type=chunk) - Guardforce AI Corporate Communications contact: Hu Yu (Email: yu.hu@guardforceai.com)[9](index=9&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (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, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ...

Gross profit increased 43% over the prior year Reports significant advancement in robotic service and AI capabilities expected to enhance market leadership and propel growth NEW YORK, April 29, 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 financial results and provided a business update for the year ended December 31, 2023. Lei (Olivia) Wang, Chairwoman and Chi ...

Exhibit 99.1 CORRECTION: Guardforce AI Reports Revenue of $34.5 Million for 2022; Robotics AI Solutions Revenue Increases 245.1% This release acts as a correction to the release posted on 04/21/2023 from Guardforce AI to certain figures in the financial statements including consolidated balance sheets and statements of cash flows NEW YORK, NY / April 21, 2023 / Guardforce AI Co., Limited ("Guardforce AI" or the "Company") (NASDAQ:GFAI, GFAIW), an integrated security provider specializing in secured logistic ...

Financial Performance - Net loss for 2022 was $18,666,058, compared to $5,491,654 in 2021 and $3,142,255 in 2020[469] - Adjusted EBITDA for 2022 was $(11,408,965), compared to $(207,037) in 2021 and $3,033,349 in 2020[469] - Cash and cash equivalents were $8.2 million as of December 31, 2022, down from $15.9 million in 2021 and $10.1 million in 2020[473] - Net cash outflows from operating activities were $19,190,237 for 2022, compared to inflows of $979,164 in 2021 and $4,907,501 in 2020[475] - Net cash outflows from investing activities were $9,405,629 for 2022, compared to $5,224,439 in 2021 and $1,431,506 in 2020[475] - Net cash inflows from financing activities were $20,937,985 for 2022, compared to $10,653,312 in 2021 and outflows of $1,132,964 in 2020[475] Capital and Financing - The company completed two private placements in 2022, raising $10.3 million in January and $10.0 million in April[479] - The company has a long-term loan of $13.42 million with WK Venture Success Limited, due on December 31, 2024[481] Research and Development - Research and development expenses for 2022 were $99,947, primarily for upgrading robot features in China[483] - The company paid $3,000,000 in 2022 for the development of the GFAI Intelligent Cloud Platform V2.0 (ICP)[483] Executive and Director Compensation - Total cash compensation and benefits paid to officers for fiscal year 2022 was approximately $925,654[499] - Total cash compensation and benefits paid to directors for fiscal year 2022 was approximately $632,901[500] - CEO Lei Wang received $351,344 in compensation for 2022[502] - CFO Yu-Heng Ma received $65,137 in compensation for 2022[502] - COO Kee Yun Kwan received $248,431 in compensation for 2022[502] - President Lin Jia received $73,086 in compensation for 2022[502] - Independent directors each received $53,710 in compensation for 2022[502] Corporate Governance - The board consists of four directors, with three being independent[505] - The Audit Committee is composed of three independent directors: Donald Duane Pangburn, John Fletcher, and David Ian Viccars[510] - The Compensation Committee assists in reviewing and approving compensation structures for directors and executive officers[513] - The company has entered into indemnification agreements with its directors and executive officers to protect them against certain liabilities and expenses[524] - The company's directors are not subject to a term of office and hold their positions until removed by shareholders or due to specific conditions such as death or bankruptcy[521] - The company's board of directors has the power to borrow money, mortgage or charge its property, and issue debentures, bonds, and other securities[520] - The company's directors have a fiduciary duty to act honestly, in good faith, and in the best interests of the company under Cayman Islands law[519] Employee and Labor Relations - The company has 1,755 full-time employees as of December 31, 2022, with 1,610 in operations and 145 in supporting functions[526] - The company has two trade unions, Cash in Transit Union and Cash in Transit Officer Labour Union, which help protect employee rights and mediate disputes[527] - The company conducts regular meetings with trade unions to discuss the Employee Benefit Agreement (EBA) annually, as required by Thai Labour Laws[528] - All employees undergo a police criminal record check, address proof check, and references check during the recruitment process[531] Shareholder Information - The CEO, Lei Wang, holds 21,333 ordinary shares, representing 1.10% of the total shares[532] - Guardforce AI Technology Ltd is the largest shareholder with 204,166 ordinary shares, representing 10.54% of the total shares[532]

Guardforce AI Co., Ltd (NASDAQ:GFAI) Q4 2021 Earnings Conference Call March 31, 2022 8:30 AM ET Company Participants Terence Yap – Chairman Olivia Wang – Chief Executive Officer Cynthia Ng – Chief Financial Officer Conference Call Participants Mike Albanese – EF Hutton Hunter Diamond – Diamond Equity Operator Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Guardforce AI Year-End 2021 Corporate Update Conference Call. During today’s presentation, all parties will be in a listen- ...