NASDAQ : GFAI
Guardforce AI Co., Limited — Financial statements
Industrials · Security & Protection Services · Singapore
Last price 0.177 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 5.55M
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Financial statements
Guardforce AI Co., Limited (GFAI) reported revenue of 36.34M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 36.34M | 35.23M | 32.64M | 32.65M | 33.97M | 34.67M |
| Cost of Revenue | 31.06M | 29.95M | 27.72M | 32.31M | 31.14M | 31.13M |
| Gross Profit | 5.28M | 5.29M | 4.92M | 339.18K | 2.83M | 3.54M |
| Selling, General & Admin | 9.83M | 8.81M | 8.95M | 11.55M | 14.44M | 7.10M |
| Research & Development | 839.31K | 837.72K | 388.89K | 99.95K | ||
| Operating Expenses | 11.85M | 11.01M | 11.40M | 18.39M | 14.80M | 7.10M |
| Operating Income | -6.57M | -5.73M | -6.48M | -18.05M | -11.97M | -3.56M |
| Interest Expense | -320.44K | -183.82K | -155.23K | -462.98K | -910.40K | -984.85K |
| Currency Exchange Gain (Loss) | -57.31K | -19.82K | 5.76K | 305.03K | -590.97K | -1.82M |
| Other Non Operating Income (Expenses) | 611.10K | 650.88K | 821.95K | -227.19K | -567.80K | 107.14K |
| EBT Excluding Unusual Items | -6.34M | -5.28M | -5.81M | -18.44M | -14.04M | -6.26M |
| Impairment of Goodwill | -30.57K | -2.27M | ||||
| Gain (Loss) on Sale of Assets | -12.27K | -12.27K | 21.64K | -208.09K | -24.25K | -4.44K |
| Asset Writedown | -188.80K | -7.40M | -4.41M | |||
| Pretax Income | -6.35M | -5.29M | -6.01M | -28.31M | -18.47M | -6.26M |
| Income Tax Expense | 9.62K | -6.39K | -125.92K | 434.32K | 132.21K | -732.87K |
| Earnings From Continuing Operations | -6.36M | -5.29M | -5.88M | -28.74M | -18.60M | -5.53M |
| Earnings From Discontinued Operations | -1.18M | -1.36M | 37.95K | -847.10K | -62.43K | 39.70K |
| Net Income to Company | -7.54M | -6.64M | -5.84M | -29.59M | -18.67M | -5.49M |
| Minority Interest in Earnings | 21.87K | -14.13K | -19.46K | 17.72K | 101.26K | 9.73K |
| Net Income | -7.52M | -6.66M | -5.86M | -29.57M | -18.56M | -5.48M |
| Net Income to Common | -7.52M | -6.66M | -5.86M | -29.57M | -18.56M | -5.48M |
| Shares Outstanding (Basic) | 26.71M | 21.92M | 11.16M | 6.53M | 1.24M | 460.72K |
| Shares Outstanding (Diluted) | 26.71M | 21.92M | 11.16M | 6.53M | 1.24M | 460.72K |
| EPS (Basic) | -0.28 | -0.30 | -0.53 | -4.53 | -14.97 | -11.90 |
| EPS (Diluted) | -0.28 | -0.30 | -0.53 | -4.53 | -14.97 | -11.90 |
| Free Cash Flow | -2.22M | -1.65M | -3.56M | -3.70M | -21.77M | -4.26M |
| Free Cash Flow Per Share | -0.08 | -0.07 | -0.32 | -0.57 | -17.56 | -9.24 |
| Gross Margin | 14.53% | 15.00% | 15.06% | 1.04% | 8.32% | 10.22% |
| Operating Margin | -18.09% | -16.26% | -19.87% | -55.29% | -35.24% | -10.28% |
| Profit Margin | -20.70% | -18.89% | -17.97% | -90.57% | -54.66% | -15.81% |
| Free Cash Flow Margin | -6.12% | -4.68% | -10.92% | -11.32% | -64.09% | -12.28% |
| EBITDA | -5.44M | -4.73M | -5.53M | -13.06M | -5.99M | -809.49K |
| EBITDA Margin | -14.98% | -13.42% | -16.94% | -39.99% | -17.63% | -2.33% |
| D&A For EBITDA | 1.13M | 997.83K | 956.32K | 4.99M | 5.98M | 2.75M |
| EBIT | -6.57M | -5.73M | -6.48M | -18.05M | -11.97M | -3.56M |
| EBIT Margin | -18.09% | -16.26% | -19.87% | -55.29% | -35.24% | -10.27% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 21.25M | 24.55M | 21.94M | 20.24M | 6.93M | 12.73M |
| Short-Term Investments | 76.89K | 1.32M | ||||
| Cash & Short-Term Investments | 21.33M | 25.87M | 21.94M | 20.24M | 6.93M | 12.73M |
| Accounts Receivable | 5.12M | 4.95M | 5.92M | 5.63M | 5.40M | 4.94M |
| Other Receivables | 382.78K | 299.52K | 327.45K | 293.43K | 125.98K | |
| Receivables | 5.12M | 5.33M | 6.22M | 5.96M | 5.69M | 5.07M |
| Inventory | 43.24K | 21.52K | 274.85K | 506.40K | 5.11M | 1.39M |
| Prepaid Expenses | 660.20K | 1.82M | 1.10M | 978.37K | 1.01M | |
| Restricted Cash | 27.64K | 100.76K | 1.60M | |||
| Other Current Assets | 2.43M | 2.21M | 568.36K | 3.22M | 16.55M | 166.19K |
| Total Current Assets | 28.93M | 34.09M | 30.85M | 31.12M | 35.26M | 21.96M |
| Property, Plant & Equipment | 7.23M | 7.61M | 5.45M | 6.73M | 12.24M | 12.26M |
| Goodwill | 106.42K | 411.86K | 411.86K | 2.68M | 329.53K | |
| Other Intangible Assets | 1.24M | 1.06M | 2.30M | 2.84M | 5.79M | 164.32K |
| Long-Term Deferred Tax Assets | 1.28M | 1.42M | 1.28M | 1.09M | 1.51M | 1.64M |
| Long-Term Deferred Charges | 9.72K | 48.60K | ||||
| Other Long-Term Assets | 5.43M | 4.92M | 4.40M | 3.63M | 3.67M | 5.35M |
| Total Assets | 44.21M | 49.09M | 44.69M | 45.81M | 61.17M | 41.75M |
| Accounts Payable | 3.35M | 545.74K | 2.00M | 2.11M | 2.06M | 675.23K |
| Accrued Expenses | 2.44M | 2.08M | 5.90M | 5.22M | 2.14M | |
| Short-Term Debt | 3.25M | 4.88M | 15.98K | |||
| Current Portion of Long-Term Debt | 44.23K | 196.34K | 3.18M | 16.07M | ||
| Current Portion of Leases | 2.18M | 2.14M | 1.67M | 1.35M | 2.17M | 2.99M |
| Current Unearned Revenue | 2.71K | 117.82K | 256.81K | 568.66K | 43.20K | |
| Other Current Liabilities | 1.28M | 343.46K | 950.28K | 1.13M | 570.80K | |
| Total Current Liabilities | 5.54M | 6.41M | 6.26M | 14.01M | 19.21M | 22.50M |
| Long-Term Debt | 44.41K | 15.36M | 6.19M | |||
| Long-Term Leases | 1.86M | 2.08M | 889.92K | 1.67M | 2.57M | 666.46K |
| Pension & Post-Retirement Benefits | 6.25M | 6.49M | 5.55M | 4.94M | 4.85M | 5.82M |
| Other Long-Term Liabilities | 43.20K | 54.00K | ||||
| Total Liabilities | 13.64M | 14.99M | 12.70M | 20.66M | 42.03M | 35.23M |
| Common Stock | 3.76M | 2.92M | 2.14M | 1.18M | 194.31K | 63.61K |
| Additional Paid-In Capital | 99.75M | 100.27M | 93.10M | 80.98M | 46.23M | 15.38M |
| Retained Earnings | -73.74M | -70.64M | -63.98M | -58.12M | -28.55M | -9.98M |
| Comprehensive Income & Other | 1.05M | 1.60M | 792.02K | 1.19M | 1.31M | 1.02M |
| Total Common Equity | 30.63M | 34.15M | 32.05M | 25.23M | 19.19M | 6.49M |
| Minority Interest | -57.20K | -46.42K | -60.56K | -79.05K | -61.33K | 39.94K |
| Shareholders' Equity | 30.57M | 34.11M | 31.99M | 25.15M | 19.13M | 6.52M |
| Total Liabilities & Equity | 44.21M | 49.09M | 44.69M | 45.81M | 61.17M | 41.75M |
| Total Debt | 4.04M | 4.22M | 2.61M | 6.51M | 28.16M | 25.93M |
| Net Cash (Debt) | 17.29M | 21.64M | 19.33M | 13.73M | -21.23M | -13.20M |
| Net Cash Per Share | 0.65 | 0.99 | 1.73 | 2.10 | -17.12 | -28.64 |
| Filing Date Shares Outstanding | 31.35M | 31.25M | 21.02M | 9.95M | 1.94M | 788.37K |
| Total Common Shares Outstanding | 31.35M | 24.35M | 17.81M | 9.83M | 1.62M | 530.05K |
| Working Capital | 23.39M | 27.67M | 24.58M | 17.11M | 16.05M | -537.86K |
| Book Value Per Share | 0.98 | 1.40 | 1.80 | 2.57 | 11.86 | 12.23 |
| Tangible Book Value | 29.27M | 33.10M | 29.34M | 21.98M | 10.72M | 5.99M |
| Tangible Book Value Per Share | 0.93 | 1.36 | 1.65 | 2.24 | 6.62 | 11.30 |
| Machinery | 29.32M | 29.60M | 32.76M | 34.88M | 33.84M | |
| Construction In Progress | 25.50K | 33.46K | 108.91K | 33.22K | 248.69K | |
| Leasehold Improvements | 1.88M | 2.05M | 3.07M | 3.15M | 3.24M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -7.52M | -6.66M | -5.86M | -29.57M | -18.56M | -5.48M |
| Depreciation & Amortization | 3.16M | 3.02M | 2.82M | 4.99M | 5.98M | 5.03M |
| Other Amortization | 262.37K | 262.37K | 298.38K | |||
| Loss (Gain) From Sale of Assets | -22.77K | 12.27K | -21.64K | 208.09K | 24.25K | 4.44K |
| Asset Writedown & Restructuring Costs | 219.37K | 9.66M | 4.41M | |||
| Stock-Based Compensation | 1.24M | 1.35M | 1.85M | 1.10M | 252.09K | |
| Provision & Write-off of Bad Debts | -53.99K | 17.00K | 210.44K | 96.88K | -7.39K | |
| Other Operating Activities | 1.05M | 970.73K | -1.17M | 12.03M | 2.56M | 316.84K |
| Change in Accounts Receivable | -653.10K | 739.67K | -323.72K | -395.60K | 428.77K | -26.74K |
| Change in Inventory | -83.31K | -14.41K | -6.53K | 675.76K | -2.88M | -967.99K |
| Change in Accounts Payable | 8.98K | -46.13K | -597.15K | 713.51K | 928.25K | -437.09K |
| Change in Other Net Operating Assets | 854.90K | -686.08K | -834.56K | -1.31M | -10.43M | 2.50M |
| Operating Cash Flow | -1.82M | -1.31M | -3.33M | -1.60M | -17.37M | 979.16K |
| Capital Expenditures | -401.17K | -345.15K | -237.37K | -2.10M | -4.40M | -5.24M |
| Sale of Property, Plant & Equipment | 69.27K | 33.72K | 23.65K | 5.24K | ||
| Cash Acquisitions | -246.10K | -1.77M | 24.28K | |||
| Sale (Purchase) of Intangibles | -2.84K | -2.84K | -61.99K | -18.48K | -3.24M | -13.23K |
| Investment in Securities | -660.00 | -77.10K | ||||
| Other Investing Activities | 611.27K | 622.96K | 476.10K | -11.75K | ||
| Investing Cash Flow | 29.77K | 231.59K | 200.39K | -2.13M | -9.41M | -5.22M |
| Short-Term Debt Issued | 1.50M | |||||
| Long-Term Debt Issued | 1.73M | 3.43M | 1.56M | |||
| Total Debt Issued | 1.73M | 4.93M | 1.56M | |||
| Short-Term Debt Repaid | -554.24K | |||||
| Long-Term Debt Repaid | -3.30M | -5.55M | -5.51M | -7.35M | -4.15M | |
| Lease Payments | -3.62M | -3.26M | -2.04M | -2.65M | -2.85M | -2.82M |
| Total Debt Repaid | -3.62M | -3.30M | -5.55M | -6.07M | -7.35M | -4.15M |
| Net Debt Issued (Repaid) | -3.62M | -3.30M | -5.55M | -4.34M | -2.42M | -2.59M |
| Issuance of Common Stock | 3.39M | 6.60M | 10.40M | 21.37M | 23.36M | 13.24M |
| Repurchase of Common Stock | -192.77K | -49.66K | ||||
| Other Financing Activities | -141.71K | 140.02K | ||||
| Financing Cash Flow | -424.76K | 3.30M | 4.71M | 17.12M | 20.94M | 10.65M |
| Foreign Exchange Rate Adjustments | 15.57K | 415.31K | 89.92K | -62.93K | 34.71K | -684.14K |
| Net Cash Flow | -2.20M | 2.64M | 1.67M | 13.33M | -5.80M | 5.72M |
| Free Cash Flow | -2.22M | -1.65M | -3.56M | -3.70M | -21.77M | -4.26M |
| Free Cash Flow Margin | -6.12% | -4.68% | -10.92% | -11.32% | -64.09% | -12.28% |
| Free Cash Flow Per Share | -0.08 | -0.07 | -0.32 | -0.57 | -17.56 | -9.24 |
| Levered Free Cash Flow | -423.40K | 1.01M | -2.18M | 10.10M | -23.01M | -4.99M |
| Unlevered Free Cash Flow | -223.12K | 1.12M | -2.08M | 10.39M | -22.44M | -4.38M |
| Free Cash Flow After Leases | -5.84M | -4.91M | -5.61M | -6.35M | -24.62M | -7.08M |
| Change in Working Capital | 127.47K | -6.95K | -1.76M | -313.91K | -11.95M | 1.07M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.72M | 12.15M | 14.64M | 22.85M | 6.96M | 22.90M |
| Enterprise Value | -11.56M | -8.51M | 3.61M | 22.73M | 21.95M | 40.69M |
| Last Close Price | 0.18 | 0.56 | 1.43 | 3.32 | 5.07 | 43.20 |
| Forward PE | 10.73 | |||||
| PS Ratio | 0.16 | 0.34 | 0.45 | 0.70 | 0.20 | 0.66 |
| PB Ratio | 0.19 | 0.36 | 0.46 | 0.91 | 0.36 | 3.51 |
| P/TBV Ratio | 0.20 | 0.37 | 0.50 | 1.04 | 0.65 | 3.82 |
| P/OCF Ratio | 23.39 | |||||
| EV/Sales Ratio | 0.11 | 0.70 | 0.65 | 1.17 | ||
| Debt / Equity Ratio | 0.13 | 0.12 | 0.08 | 0.26 | 1.47 | 3.97 |
| Debt / EBITDA Ratio | 17.63 | |||||
| Net Debt / Equity Ratio | -0.57 | -0.64 | -0.60 | -0.55 | 1.11 | 2.02 |
| Net Debt / EBITDA Ratio | 3.18 | 4.58 | 3.50 | 1.05 | -3.54 | -16.30 |
| Net Debt / FCF Ratio | 7.78 | 13.11 | 5.43 | 3.71 | -0.97 | -3.10 |
| Asset Turnover | 0.79 | 0.75 | 0.72 | 0.61 | 0.66 | 0.89 |
| Inventory Turnover | 187.62 | 202.09 | 70.96 | 11.51 | 9.59 | 33.07 |
| Quick Ratio | 4.78 | 4.87 | 4.50 | 1.87 | 0.66 | 0.79 |
| Current Ratio | 5.22 | 5.32 | 4.92 | 2.22 | 1.83 | 0.98 |
| Return on Equity (ROE) | -19.64% | -16.00% | -20.59% | -129.81% | -145.02% | -253.44% |
| Return on Assets (ROA) | -8.96% | -7.63% | -8.95% | -21.09% | -14.54% | -5.73% |
| Return on Invested Capital (ROIC) | -49.51% | -45.60% | -53.84% | -69.71% | -39.84% | -14.96% |
| Return on Capital Employed (ROCE) | -17.00% | -13.40% | -16.90% | -56.70% | -28.50% | -18.50% |
| Earnings Yield | -154.21% | -54.81% | -40.06% | -129.40% | -266.79% | -23.94% |
| FCF Yield | -38.84% | -13.59% | -24.34% | -16.18% | -312.81% | -18.59% |
| Buyback Yield / Dilution | -95.51% | -96.41% | -70.87% | -426.83% | -169.11% | -7.05% |