Guardforce AI(US:GFAI) Globenewswire·2025-04-28 11:30Core Insights - Guardforce AI experienced a transformative year in 2024, marked by operational consolidation and a stronger revenue mix, particularly in AI innovation and higher-margin offerings [3][4] - The company reported a gross profit increase of approximately 16.1% in 2024 compared to 2023, with a gross profit margin rising to 17.2% from 14.9% [3][4] - Selling, distribution, and administrative expenses decreased by 20.7% to approximately $10.1 million in 2024, contributing to a narrowed net loss of $5.9 million, an improvement of 80.1% year-over-year [4][6] Financial Performance - Revenue for 2024 increased by approximately $0.07 million, or 0.2%, to approximately $36.3 million compared to 2023 [4] - Gross profit for 2024 was approximately $6.3 million, up from approximately $5.4 million in 2023 [4] - The net loss for the year narrowed significantly to $5.9 million from $29.6 million in 2023, with loss per share decreasing to $0.53 from $4.53 [4][13] Operational Highlights - The company serves over 25,000 retail stores globally, with retail becoming a top client segment, surpassing its traditional banking focus [3] - Guardforce AI advanced its Robotics-as-a-Service model in the Asia-Pacific region and launched its first AI-powered travel planning agent, DVGO [3] - The company aims to strengthen its secured logistics foundation and expand its retail client base while investing in AI research and development in 2025 [3] Cash Position - As of December 31, 2024, Guardforce AI had approximately $23.4 million in cash, cash equivalents, and restricted cash, compared to $21.9 million in 2023 [4][6]