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GFAI on Nasdaq

Guardforce AI Co., Ltd.

Guardforce AI Co., Ltd. is a detective, guard and armored car services company, active since 2018.2 It is headquartered in George Town, Cayman Islands.2 Its shares trade on Nasdaq under the symbol GFAI.2

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Last updated Oct 21, 2026.

Overview

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  • TickerGFAI on Nasdaq2
  • IndustryServices-Detective, Guard & Armored Car Services2
  • HeadquartersGeorge Town, Cayman Islands2
  • Incorporated inCayman Islands3
  • Business address10 Anson Road, #28-01 International Plaza, Singapore, U0 0799033
  • Filer categoryNon-accelerated filer, Emerging growth company3
  • Legal formCorporation2
  • LEI25490014E64X3SIYL8892
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O SERTUS INCORPORATIONS (CAYMAN) LIMITED, KY1-1111 George Town, Cayman Islands2
  • Registered withGeneral Registry, SI-3360412

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International Plaza, Singapore 079903. Our company email address is info@guardforceai.com.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

17.2%Gross margin5
-18.5%Operating margin5
-16.1%Net margin5
0.2%Revenue growth, 20245
-18.3%Return on equity5
-$3.6MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Secured Logistics Business brought in 99% of the revenue Guardforce AI Co., Ltd. broke down this way in fiscal 2025.

  1. Secured Logistics Business$35.0M699%up 8% from 2024
  2. AIRobotics Solution Business$282.7K61%up 42% from 2024
Business segments by year
Business segments202320242025
Secured Logistics Business$31.9M$32.4M$35.0M
AIRobotics Solution Business$757.3K$198.9K$282.7K

Regions

TH brought in 100% of the revenue Guardforce AI Co., Ltd. broke down this way in fiscal 2025.

  1. TH$35.1M6100%up 8% from 2024
  2. Other Countries$146.1K60%up 17% from 2024
Regions by year
Regions202320242025
TH$31.9M$32.5M$35.1M
Other Countries$719.0K$125.0K$146.1K

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Cost of revenue73¢$30.1M
  • Research and development1¢$591.2K
  • Selling, general and admin25¢$10.1M
  • Interest0¢$130.1K
  • Income tax0¢$125.9K

Out of $36.3M in revenue.5 The company lost money this year.

Financial statements

Revenue7895$36.3M in 2024−6% since 2019
0$10.0M$20.0M$30.0M$40.0M2019: $38.6M$38.6M20192020: $37.6M$37.6M2020−2%2021: $34.7M$34.7M2021−8%2022: $34.0M$34.0M2022−2%2023: $36.3M$36.3M2023+7%2024: $36.3M$36.3M2024+0%
Gross profit7895$6.3M in 2024+35% since 2019
0$2.0M$4.0M$6.0M$8.0M2019: $4.6M$4.6M20192020: $6.3M$6.3M2020+35%2021: $3.6M$3.6M2021−42%2022: $3.8M$3.8M2022+4%2023: $5.4M$5.4M2023+43%2024: $6.3M$6.3M2024+16%
Operating income7895-$6.7M in 2024+5957% since 2019
-$30.0M-$20.0M-$10.0M02019: -$111.0K-$111.0K20192020: -$2.1M-$2.1M2020+1813%2021: -$3.8M-$3.8M2021+77%2022: -$16.8M-$16.8M2022+348%2023: -$29.3M-$29.3M2023+74%2024: -$6.7M-$6.7M2024−77%
Net income71095-$5.8M in 2024
-$30.0M-$20.0M-$10.0M0$10.0M2019: $60.1K$60.1K20192020: $3.1M$3.1M2020+5060%2021: -$5.5M-$5.5M20212022: -$18.7M-$18.7M2022+240%2023: -$29.6M-$29.6M2023+59%2024: -$5.8M-$5.8M2024−80%

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2025-12-312024-12-312023-12-31
Revenue$35.2M$32.6M$32.6M
Cost of sales-$29.9M-$27.7M-$28.5M
Gross profit$5.3M$4.9M$4.1M
Provision for expected credit loss on trade receivables and other receivables-$17.0K-$210.4K-$96.9K
Allowance for expected credit losses on a related party receivable-$5.6M
Impairment loss on goodwill-$30.6K-$2.3M
Impairment loss on intangible assets-$188.8K-$3.7M
Provision for withholding taxes receivable-$149.8K-$4.3K-$683.3K
Provision for obsolete inventory-$3.8M
Impairment loss on fixed assets-$3.7M
Stock-based compensation expense-$1.4M-$1.8M-$1.1M
Research and development expense-$837.7K-$388.9K
Selling, general and administrative expenses-$8.8M-$9.0M-$11.6M
Operating loss-$5.9M-$6.7M-$28.4M
Other income, net$133.3K$353.8K$437.6K
Foreign exchange (losses)/gains, net-$19.8K$5.8K$305.0K
Finance income/(costs), net$471.4K$338.9K-$652.5K
Loss before income tax from continuing operations-$5.3M-$6.0M-$28.3M
Provision for income tax benefit/(expense)$6.4K$125.9K-$434.3K
Net loss for the year from continuing operations-$5.3M-$5.9M-$28.7M
Net (loss)/profit for the year from discontinued operations-$1.4M$37.9K-$847.1K
Net loss for the year-$6.6M-$5.8M-$29.6M
Net loss attributable to equity holders of the Company-$6.7M-$5.9M-$29.6M
Net profit/(loss) attributable to non-controlling interests$14.1K$19.5K-$17.7K
Basic loss attributable to the equity holders of the Company (in Dollars per share)-$0.30-$0.53-$4.53
Diluted loss attributable to the equity holders of the Company (in Dollars per share)-$0.30-$0.53-$4.53
Basic loss attributable to the equity holders of the Company (in Dollars per share)-$0.24-$0.53-$4.40
Diluted loss attributable to the equity holders of the Company (in Dollars per share)-$0.24-$0.53-$4.40
Basic loss attributable to the equity holders of the Company from discontinued operations (in Dollars per share)-$0.06$0.00-$0.13
Diluted loss attributable to the equity holders of the Company from discontinued operations (in Dollars per share) (in Dollars per share)-$0.06$0.00-$0.13
Basic (in Shares)21.9M shares11.2M shares6.5M shares
Diluted (in Shares)21.9M shares11.2M shares6.5M shares

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Corporate structure

Guardforce AI Co., Ltd. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Guardforce AI Co., Ltd.

  • Guardforce AI Co., Ltd. George Town, Cayman Islands

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Guardforce AI Co., Ltd. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$3.2M5 Dec 31, 2024$4.0M5 Dec 31, 2023−21.3%
Operating-lease assets (leased space)$2.3M5 Dec 31, 2024$2.7M5 Dec 31, 2023−15.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$21.9M5 Dec 31, 2024$20.2M5 Dec 31, 2023+8.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$411.9K5 Dec 31, 2024$411.9K5 Dec 31, 20230%
Intangible assets, net (excluding goodwill)$2.3M5 Dec 31, 2024$2.8M5 Dec 31, 2023−18.9%

Inventory

ItemLatestA year beforeChange
Inventory, total$274.9K5 Dec 31, 2024$506.4K5 Dec 31, 2023−45.7%

Leadership

Who has led Guardforce AI Co., Ltd., and when. Pick a name to see everywhere that person has worked.

Chief financial officer

  1. Yuting Zuo2026–now
Board members and other officers (2)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerKee Yun Kwan named Jan 31, 2022 to Nov 4, 202214
  • Executive Officer, DirectorLei Wang named Nov 4, 202214
  • Executive OfficerLin Duane Jia named Nov 4, 202214
  • Executive OfficerMingchang Duane Liu named Nov 4, 202214
  • Executive OfficerYu-Heng Duane Ma named Nov 4, 202214
  • Executive OfficerChung Chi Ng named Jan 31, 2022 to Jul 15, 202215
  • Executive Officer, DirectorLei Wing Khai Wang named Jan 31, 2022 to Jul 15, 202215
  • DirectorJohn Duane Fletcher named Nov 4, 202214
  • DirectorJohn Yun Fletcher named Jan 31, 2022 to Jul 15, 202215
  • DirectorTerence Wing Khai Yap named Jan 31, 2022 to Jul 15, 202215

Former names

  • Guardforce AI Co., LtdMar 20, 2020 to Jan 27, 20223

Timeline

  1. Apr 20, 2018Founded Guardforce AI Co., Ltd. is founded2

Filings

147 filings to the SEC since October 2021: 7 annual reports, 5 insider forms, 4 large holders, 3 private raises, 128 other. The latest 20:

  1. Oct 2, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  2. Oct 1, 202625-NSE EDGAR
  3. Sep 23, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  4. Jul 30, 2026424B5 PROSPECTUS SUPPLEMENT EDGAR
  5. Jun 12, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  6. Apr 21, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  7. Apr 21, 202620-F ANNUAL REPORT EDGAR
  8. Mar 18, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  9. Mar 17, 20263 EDGAR
  10. Mar 17, 20263 EDGAR
  11. Mar 17, 20263 EDGAR
  12. Mar 17, 20263 EDGAR
  13. Mar 17, 20263 EDGAR
  14. Mar 3, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  15. Feb 23, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  16. Dec 19, 20258-A12B FOR REGISTRATION OF CERTAIN CLASSES EDGAR
  17. Dec 19, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  18. Dec 17, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  19. Nov 20, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  20. Sep 23, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR

The 147 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$13.2M 2022–2022
Money received by yearMoney received by year, 2022–2022: $13.2M in all. Private raises (Form D) $13.2M.$0$5M$10M$15M2022 · Private raises (Form D): $13.2M2022
Figures by year
YearPrivate raises (Form D)Total
2022$13.2M$13.2M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Oct 25, 2022Raised $1.7 million in a private offering of debt14 Form D: 1 investor so far Form D
  2. Jul 12, 2022Raised $1.2 million in a private offering of equity15 Form D: 8 investors so far Form D
  3. Jan 20, 2022Raised $10.3 million in a private offering of equity20 Form D: 20 investors so far Form D

SEC filer profile

How Guardforce AI Co., Ltd. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGuardforce AI Co., Ltd.1
  • CIK0001804469
  • Filer statusNon-accelerated filer an emerging growth company; not a shell company4
  • Incorporated inCayman Islands4
  • Fiscal year endsDecember 311
  • Industry code (SIC)7381 Services-Detective, Guard & Armored Car Services1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business address10 Anson Road, #28-01 International Plaza, Singapore, U0 0799031
  • Phone66 (0) 2973 60111
  • Shares outstanding24,353,539 shares as of Dec 31, 20254
  • AuditorPKF Littlejohn LLP, London, UK PCAOB ID 2814; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceMar 20, 20201
  • Filings189 in all: 6-K (111), UPLOAD (11), 424B5 (9), CORRESP (9), 20-F (6), 3 (5), EFFECT (5), 20FR12G/A (3)1
    All 25 form types

    424B3 (3), D (3), F-1/A (3), F-3 (3), SC 13G (3), 20-F/A (2), 20FR12G (2), 8-A12B (2), 25-NSE (1), 424B4 (1), CERT (1), DRS (1), DRSLTR (1), F-1 (1), POS AM (1), RW (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (20-F) Apr 21, 2026

Securities registered for trading

ClassSymbolExchange
ordinary shares, par value $0.12 per shareGFAIThe Nasdaq Stock Market LLC
Warrants, No par valueGFAIWThe Nasdaq Stock Market LLC
Preferred Share Purchase RightsThe Nasdaq Stock Market LLC

From the cover page of the 20-F filed Apr 21, 2026 (Section 12(b) of the Exchange Act).4

Sources

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