NASDAQ · Financial Statements

Guardforce AI Co., Limited (GFAIW) Financial Statements

$0.03 NASDAQ: GFAIW Market Cap $6.16M

Guardforce AI Co., Limited most recently reported annual revenue of $35.0M, a net loss of $7.0M. Revenue declined at an average annual rate of 1.6% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Guardforce AI Co., Limited: Revenue rose from $34.0M in 2017 to $35.0M in 2025, a change of +2.9% over 8 years; net profit was positive in 1 of 9 reported years; operating margin moved from 4.6% to -16.7%, a shift of -21.3 percentage points; the most recent year shows a net loss of $7.0M.

Income Statement — 9 Years (USD millions)

Metric201720182019202020212022202320242025
Revenue$34.0M$37.0M$39.0M$38.0M$35.0M$34.0M$36.0M$35.0M$35.0M
Operating Expenses$33.0M$36.0M$39.0M$40.0M$39.0M$51.0M$66.0M$42.0M$41.0M
Operating Profit$2.0M$1.0M$0$-2.0M$-4.0M$-17.0M$-29.0M$-7.0M$-6.0M
Operating Margin4.6%3.2%-0.3%-5.6%-10.5%-49.5%-80.8%-19.2%-16.7%
Other Income$0$-1.0M$0$-1.0M$-3.0M$-2.0M$0$1.0M$1.0M
Interest$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$0$0
Depreciation$2.0M$2.0M$5.0M$5.0M$5.0M$6.0M$5.0M$3.0M$3.0M
Profit Before Tax$1.0M$0$0$-3.0M$-6.0M$-19.0M$-29.0M$-6.0M$-5.0M
Tax$13.8M$55.3M$59.6M$-8.4M$11.7M$-710,000$-1.5M$2.1M$120,000
Net Profit$1.0M$0$0$-3.0M$-5.0M$-19.0M$-30.0M$-6.0M$-7.0M
EPS$2.93$0.17$0.12$-21.78$-12.50$-14.97$-4.53$-0.53$-0.30
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

4 duplicate period labels in the source data were collapsed.

MetricJun '20Dec '20Jun '21Dec '21Jun '22Dec '22Jun '23Dec '23Jun '24Dec '24Jun '25Dec '25
Revenue$19.0M$19.0M$18.0M$17.0M$17.0M$18.0M$15.0M$18.0M$18.0M$12.0M$18.0M$17.0M
Operating Expenses$20.0M$20.0M$20.0M$19.0M$22.0M$24.0M$27.0M$28.0M$20.0M$17.0M$21.0M$20.0M
Operating Profit$-1.0M$-1.0M$-1.0M$-2.0M$-6.0M$-7.0M$-12.0M$-11.0M$-2.0M$-5.0M$-2.0M$-3.0M
Operating Margin-4.3%-7.0%-7.1%-14.3%-32.8%-39.5%-78.7%-59.4%-11.8%-38.8%-13.6%-19.9%
Interest$0$0$0$1.0M$0$1.0M$1.0M$0$0$0$0$0
Profit Before Tax$-2.0M$-1.0M$-2.0M$-5.0M$-7.0M$-12.0M$-13.0M$-16.0M$-2.0M$-4.0M$-2.0M$-3.0M
Tax$-3.8M$-13.4M$0$15.7M$4.8M$-3.8M$-6.7M$2.7M$1.2M$2.5M$-2.2M$1.8M
Net Profit$-2.0M$-2.0M$-2.0M$-4.0M$-6.0M$-12.0M$-14.0M$-16.0M$-2.0M$-4.0M$-2.0M$-4.0M
EPS$-11.05$-10.74$-10.67$-7.41$-7.16$-7.81$-4.35$-1.60$-0.18$-0.35$-0.11$-0.25

Over the 9 years reported for Guardforce AI Co., Limited, borrowings decreased from $17.0M in 2017 to $4.0M in 2025, cash stood at $25.0M in the latest year, shareholders' equity was $3.0M, current assets covered current liabilities 5.67 times.

Balance Sheet — 9 Years (USD millions)

Metric201720182019202020212022202320242025
Total Assets$28.0M$31.0M$40.0M$36.0M$42.0M$61.0M$46.0M$45.0M$49.0M
Current Assets$11.0M$12.0M$13.0M$17.0M$22.0M$35.0M$31.0M$31.0M$34.0M
Cash$3.0M$4.0M$6.0M$8.0M$14.0M$7.0M$20.0M$22.0M$25.0M
Inventory$0$0$0$0$1.0M$5.0M$1.0M$0$0
Receivables$6.0M$6.0M$6.0M$7.0M$5.0M$21.0M$9.0M$7.0M$6.0M
Fixed Assets$9.0M$10.0M$15.0M$12.0M$12.0M$12.0M$7.0M$5.0M$8.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0
Investments$1.0M$1.0M$2.0M$2.0M$2.0M$1.0M$2.0M$0$2.0M
Other Assets$0$0$0$0$0$3.0M$0$0$0
Total Liabilities$26.0M$30.0M$38.0M$38.0M$35.0M$42.0M$21.0M$13.0M$15.0M
Current Liabilities$18.0M$21.0M$27.0M$8.0M$22.0M$19.0M$14.0M$6.0M$6.0M
Borrowings$17.0M$18.0M$28.0M$27.0M$24.0M$28.0M$7.0M$3.0M$4.0M
Other Liabilities$9.0M$12.0M$11.0M$12.0M$11.0M$14.0M$14.0M$10.0M$11.0M
Equity$0$0$0$0$0$0$1.0M$2.0M$3.0M
Reserves$2.0M$1.0M$1.0M$-2.0M$7.0M$19.0M$25.0M$32.0M$34.0M

For Guardforce AI Co., Limited, operating cash flow was positive in 5 of 9 reported years; free cash flow in the latest year was negative at $2.0M; free cash flow was positive in 4 of 9 years.

Cash Flow Statement — 9 Years (USD millions)

Metric201720182019202020212022202320242025
Operating Cash Flow$3.0M$5.0M$5.0M$5.0M$1.0M$-17.0M$-1.0M$-3.0M$-1.0M
Investing Cash Flow$-4.0M$-4.0M$-1.0M$-3.0M$-10.0M$-17.0M$-4.0M$0$0
Financing Cash Flow$-4.0M$-1.0M$0$0$0$0$0$0$0
Net Cash Flow$-4.0M$1.0M$2.0M$2.0M$6.0M$-6.0M$14.0M$2.0M$3.0M
Free Cash Flow$1.0M$3.0M$4.0M$3.0M$-4.0M$-25.0M$-3.0M$-4.0M$-2.0M

Valuation & Return Ratios

MetricValue
PEG Ratio-0.03
EV / EBITDA4.89
FCF Yield-3.52%
Quick Ratio5.29
Interest Coverage—
Return 1Y—
Return 3Y—
Return 5Y—

Guardforce AI Co., Limited (GFAIW) financials — frequently asked questions

What is Guardforce AI Co., Limited's annual revenue?

Guardforce AI Co., Limited (GFAIW) reported annual revenue of $35.0M in its most recent fiscal year.

What is Guardforce AI Co., Limited's net profit?

Guardforce AI Co., Limited (GFAIW) reported a net loss of $7.0M in its most recent fiscal year.

What is GFAIW EV/EBITDA?

Guardforce AI Co., Limited's enterprise value to EBITDA (EV/EBITDA) ratio is 4.89.

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