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 first half
of 2024 (H1 2024) ended June 30, 2024.
H1 Financial Highlights
-
Gross profit increased by approximately 50% in H1 2024 compared to
H1 2023, driven in part by an improvement in gross profit margin,
which increased to approximately 18.4% in H1 2024, compared to
approximately 12.0% in H1 2023
-
Adjusted net income (Non-IFRS) was approximately $0.1 million in H1
2024 compared to an adjusted net loss of approximately $1.8 million
in H1 2023
-
Selling, distribution, and administrative expenses was
approximately $5.0 million for H1 2024, a 25.7% decrease, compared
to approximately $6.7 million for H1 2023
-
Operating loss improved by approximately $9.8 million, or 82.5%, to
approximately $2.1 million in H1 2024, compared to approximately
$11.9 million in H1 2023.
-
As of June 30, 2024, the Company had cash and cash equivalents and
restricted cash of approximately $15.5 million
Lei (Olivia) Wang, Chairwoman and Chief
Executive Officer of Guardforce AI, stated, "2024 marks a pivotal
year for us as we improved financial performance and drove business
from our established core technological foundation for our AI
initiatives. Our primary focus is developing GFAI Agents, which
serve as the key technological backbone for our AI-driven travel
and purchase solutions. By concentrating on high-margin services
within the retail and travel sectors, alongside implementing
cost-control initiatives, we’ve achieved notable results. We
expanded services to over 25,000 retail stores, turned adjusted net
income positive (reconciliation below), and achieved an
approximately 50.0% increase in gross profit in H1 2024 compared to
H1 2023. These efforts have propelled us further on our
transformative journey toward becoming a leading AI solution
provider, while reinforcing a solid and sustainable business
model.”
H1 2024 Business Highlights
-
Consolidated legacy business by securing long-term contracts with
key clients, expanded retail client base, and drove growth in
higher-margin solutions:
-
Guardforce Cash Solutions Security (Thailand) Company (GFCS) won a
5-year contract to operate a Consolidate Cash Center (CCC) in
Chiang Mai, Thailand, to become the largest CCC operator on behalf
of the Bank of Thailand, operating 50% of its CCC operations. This
operation allows GFCS to upgrade facility capabilities without
additional investment, enhancing the overall operation with higher
profit margins.
-
Guardforce Digital Machine (GDM) revenue increased by approximately
$0.8 million, or 74.3%, in H1 2024 compared to H1 2023. GDM is a
higher profit-margin solution which provides clients, particularly
retail clients, with digital cash processing solutions.
-
Beijing Wanjia Security System Limited secured two long-term
contracts with existing key clients, expanding security alarm
solutions to approximately an additional 3,900 stores, representing
a more than 50% increase compared to 2023, and bringing the total
stores serviced to approximately 12,000 stores across Mainland
China.
-
The total number of retail stores served in the security sector
surpassed 25,000, marking a transformative milestone in the client
base. This strategy helps the Company better understand clients'
needs, standard procedures, and industry pain points, allowing the
development of customized AI solutions.
-
Developed GFAI Agents as the core technology foundation for AI
Purchase and AI Travel Solutions:
-
Upgraded Guardforce AI Intelligent Cloud Platform as a unified
cloud platform to integrate various large language models and
third-party APIs for GFAI Agents development.
-
Leveraged client insights and service experience to develop GFAI
Agents that address the challenge of matching the right products to
end-users in the travel and retail industries.
-
Developed the proof of concept for the AI Travel Assistant to
optimize travel routes, resources, and real-time agenda adjustments
for end-users in the travel industry, as well as AI Purchase
solutions to provide tailored product recommendations for end-users
in retail.
-
Diversified existing RaaS solutions by:
-
Partnering with iApp Technology Co., Ltd, a Thailand-based
technology company specializing in AI and data processing
management, to launch “LinguaBot,” which integrates generative AI
features to enhance the robots’ chatbot capabilities for concierge
services.
-
Launching RoboTravel Agent (RTA), an upgraded AIoT Robot
Advertising solution for the travel industry that includes a smart
ticketing system and coupon promotion features for scenic
sites.
-
Continuing partnership with China International Travel Service
Shenzhen Co., Ltd (Nice Tour), and rolling out approximately 1,000
RTAs in Asia Pacific.
-
Expanding AIoT Robot Advertising to the U.S., with more than 200
robots deployed.
-
Launching a decentralized spatial computing solution that utilizes
robots’ unused computing power to process complex tasks beyond
advertising. This initiative will not only generate additional
revenue for Guardforce AI but also offers the potential for
revenue-sharing with businesses where the robots are deployed,
creating a mutually beneficial business model.
“In 2024, we continue to focus on consolidating
our legacy business, strengthening our client base in the travel
and retail sectors, and accelerating R&D in AI solutions,
particularly the development of GFAI Agents tailored for these
industries. Our achievements in the first half of the year have
laid a strong foundation for continued growth, as we remain
committed to creating products and services that help our customers
optimize their sales and marketing operations. Additionally, we
continue to carefully manage our expenses and have implemented
successful cost reduction strategies that have effectively lowered
operating expenses overall,” concluded Ms. Wang.
Financial Overview
Net revenue decreased by approximately $0.4
million, or 2.4%, to approximately $17.6 million, for H1 2024,
compared to approximately $18.0 million for H1 2023. The decrease
is mainly due to the decrease of foreign currency exchange rates
between Thai Baht and U.S. Dollars. Despite the impact of foreign
currency exchange rates, revenue for the secured logistics business
increased by approximately $0.8 million, or 5.2%, compared to the
H1 2023. Gross profit increased to approximately $3.2 million for
H1 2024, compared to approximately $2.2 million for H1 2023. Gross
profit margin increased to 18.4% for H1 2024, from 12.0% for H1
2023, primarily due to cost control initiatives and a higher profit
margin from our continued growing GDM business and Cash-In-Transit
business with our retail customers.
For H1 2024, selling, distribution, and
administrative expenses decreased significantly to approximately
$5.0 million, compared to approximately $6.7 million for H1 2023,
representing a 25.7% decrease. Operating loss was approximately
$2.1 million in H1 2024, compared to approximately $11.9 million in
H1 2023, mainly due to the reduction in fixed asset depreciation
and inventory provisions. Adjusted net income (Non-IFRS) was
approximately $0.1 million in H1 2024 compared to an adjusted net
loss of approximately $1.8 million in H1 2023. As of June 30, 2024,
and 2023, the Company had cash and cash equivalents and restricted
cash of approximately $15.5 million and $26.0 million,
respectively.
About Guardforce AI Co.,
Ltd.
Guardforce AI Co., Limited (NASDAQ: GFAI/GFAIW)
is an integrated solution provider, specializing in security
solutions, and focusing on implementing AI and robotics solutions
to improve business operational efficiency and sales and marketing
process, especially for the retail and travel industry in the Asia
Pacific. Drawing upon 42 years' operational experience, established
premiere long-term customer base, and sales channels, Guardforce AI
has built a robust foundation towards the next level of elevating
tailored AI solutions and expanding globally. For more information,
visit www.guardforceai.com Twitter: @Guardforceai.
Safe Harbor Statement
This press release contains statements that do
not relate to historical facts but are "forward-looking statements"
within the meaning of the safe harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These statements
can generally (although not always) be identified by their use of
terms and phrases such as anticipate, appear, believe, continue,
could, estimate, expect, indicate, intend, may, plan, possible,
predict, project, pursue, will, would and other similar terms and
phrases, as well as the use of the future tense. Forward-looking
statements are neither historical facts nor assurances of future
performance. Instead, they are based only on current beliefs,
expectations and assumptions regarding the future of the business
of the Company, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control, including the risks described in
our registration statements and annual reports under the heading
"Risk Factors" as filed with the Securities and Exchange
Commission. Actual results and financial condition may differ
materially from those indicated in the forward-looking statements.
Therefore, you should not rely on any of these forward-looking
statements. Forward-looking statements in this press release speak
only as of the date hereof. Unless otherwise required by law, we
undertake no obligation to publicly update or revise these
forward-looking statements, whether because of new information,
future events or otherwise.
Investor Relations: David Waldman or Natalya
RudmanCrescendo Communications, LLCEmail: gfai@crescendo-ir.com
Tel: 212-671-1020
Guardforce AI Corporate CommunicationsHu
YuEmail: yu.hu@guardforceai.com
Guardforce AI Co., Limited and SubsidiariesConsolidated
Statements of Profit and Loss(Expressed in U.S.
Dollars) |
|
For the six months
endedJune 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
Revenue |
|
$ |
17,566,844 |
|
|
$ |
18,005,603 |
|
|
|
Cost of sales |
|
|
(14,327,094 |
) |
|
|
(15,846,807 |
) |
|
|
Gross profit |
|
|
3,239,750 |
|
|
|
2,158,796 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
(172,655 |
) |
|
|
- |
|
|
|
Recovery (Provision for and write off) of withholding tax
receivable |
|
|
32,980 |
|
|
|
(561,277 |
) |
|
|
Provision for expected credit
loss on trade and other receivables |
|
|
(184,180 |
) |
|
|
(870,408 |
) |
|
|
Provision for obsolete inventories |
|
|
- |
|
|
|
(3,090,283 |
) |
|
|
Impairment loss on fixed assets |
|
|
- |
|
|
|
(1,591,766 |
) |
|
|
Impairment on goodwill |
|
|
(30,467 |
) |
|
|
(1,263,040 |
) |
|
|
Selling, distribution and administrative expenses |
|
|
(4,967,290 |
) |
|
|
(6,683,850 |
) |
|
|
Operating loss from continuing operations |
|
|
(2,081,862 |
) |
|
|
(11,901,828 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income, net |
|
|
312,342 |
|
|
|
77,665 |
|
|
|
Foreign exchange losses, net |
|
|
(49,041 |
) |
|
|
(584,093 |
) |
|
|
Finance costs |
|
|
(81,534 |
) |
|
|
(578,308 |
) |
|
|
Loss before income tax from continuing
operations |
|
|
(1,900,095 |
) |
|
|
(12,986,564 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income tax benefit (expense) |
|
|
22,949 |
|
|
|
(874,431 |
) |
|
|
Net loss for the period from continuing
operations |
|
|
(1,877,146 |
) |
|
|
(13,860,995 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
Net gain for the period from discontinued operations |
|
|
38,719 |
|
|
|
11,562 |
|
|
|
Net loss for the period |
|
|
(1,838,427 |
) |
|
|
(13,849,433 |
) |
|
|
Less: net profit (loss) attributable to non-controlling
interests |
|
|
9,167 |
|
|
|
(30,214 |
) |
|
|
Net loss attributable to equity holders of the
Company |
|
$ |
(1,847,594 |
) |
|
$ |
(13,819,219 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share |
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss attributable to the equity holders of the
Company |
|
$ |
(0.18 |
) |
|
$ |
(4.35 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share from continuing operations |
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss attributable to the equity holders of the
Company |
|
$ |
(0.19 |
) |
|
$ |
(4.36 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in
computation: |
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
9,991,600 |
|
|
|
3,174,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guardforce
AI Co., Limited and SubsidiariesConsolidated Balance
Sheets(Expressed in U.S. Dollars) |
|
|
As
ofJune 30,2024 |
|
|
As
ofDecember 31,2023 |
|
|
(Unaudited) |
|
|
|
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
13,979,217 |
|
|
$ |
20,235,227 |
|
Restricted cash |
|
|
26,319 |
|
|
|
100,764 |
|
Trade receivables |
|
|
5,316,983 |
|
|
|
5,630,805 |
|
Other current assets |
|
|
2,633,799 |
|
|
|
1,665,571 |
|
Withholding tax receivable, net |
|
|
366,884 |
|
|
|
607,221 |
|
Inventories |
|
|
381,155 |
|
|
|
506,403 |
|
Amounts due from related parties |
|
|
13,086 |
|
|
|
2,172,638 |
|
Assets held for sale |
|
|
- |
|
|
|
201,963 |
|
Total current assets |
|
|
22,717,443 |
|
|
|
31,120,592 |
|
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
|
Restricted cash |
|
|
1,496,236 |
|
|
|
1,608,762 |
|
Property, plant and equipment |
|
|
3,280,470 |
|
|
|
4,043,725 |
|
Right-of-use assets |
|
|
2,588,540 |
|
|
|
2,688,208 |
|
Intangible assets, net |
|
|
2,684,655 |
|
|
|
2,836,250 |
|
Goodwill |
|
|
411,862 |
|
|
|
411,862 |
|
Withholding tax receivable, net |
|
|
1,504,543 |
|
|
|
1,617,625 |
|
Deferred tax assets, net |
|
|
1,110,164 |
|
|
|
1,085,477 |
|
Other non-current assets |
|
|
390,065 |
|
|
|
402,447 |
|
Total non-current assets |
|
|
13,466,535 |
|
|
|
14,694,356 |
|
Total assets |
|
$ |
36,183,978 |
|
|
$ |
45,814,948 |
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Trade and other payables |
|
$ |
3,047,534 |
|
|
$ |
3,016,850 |
|
Borrowings |
|
|
187,288 |
|
|
|
337,241 |
|
Borrowing from a related party |
|
|
- |
|
|
|
3,104,149 |
|
Current portion of operating lease liabilities |
|
|
1,457,783 |
|
|
|
1,239,066 |
|
Current portion of finance lease liabilities |
|
|
53,055 |
|
|
|
108,597 |
|
Other current liabilities |
|
|
1,764,636 |
|
|
|
3,171,643 |
|
Amounts due to related parties |
|
|
139,557 |
|
|
|
2,898,506 |
|
Liabilities directly associated with the assets held for sale |
|
|
- |
|
|
|
130,876 |
|
Total current liabilities |
|
|
6,649,853 |
|
|
|
14,006,928 |
|
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
|
Borrowings |
|
|
- |
|
|
|
44,410 |
|
Operating lease liabilities |
|
|
1,124,195 |
|
|
|
1,455,857 |
|
Finance lease liabilities |
|
|
203,127 |
|
|
|
218,996 |
|
Provision for employee benefits |
|
|
4,591,555 |
|
|
|
4,935,982 |
|
Total non-current liabilities |
|
|
5,918,877 |
|
|
|
6,655,245 |
|
Total liabilities |
|
|
12,568,730 |
|
|
|
20,662,173 |
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
Ordinary shares – par value $0.12 authorized 300,000,000 shares,
issued and outstanding 10,237,282 shares at June 30, 2024; issued
and outstanding 9,830,373 shares at December 31, 2023 |
|
|
1,228,509 |
|
|
|
1,179,680 |
|
Subscription receivable |
|
|
(50,000 |
) |
|
|
(50,000 |
) |
Additional paid in capital |
|
|
82,011,907 |
|
|
|
80,983,164 |
|
Legal reserve |
|
|
223,500 |
|
|
|
223,500 |
|
Warrants reserve |
|
|
251,036 |
|
|
|
251,036 |
|
Accumulated deficit |
|
|
(60,188,269 |
) |
|
|
(58,340,675 |
) |
Accumulated other comprehensive income |
|
|
209,422 |
|
|
|
985,120 |
|
Capital & reserves attributable to equity holders of the
Company |
|
|
23,686,105 |
|
|
|
25,231,825 |
|
Non-controlling interests |
|
|
(70,857 |
) |
|
|
(79,050 |
) |
Total equity |
|
|
23,615,248 |
|
|
|
25,152,775 |
|
Total liabilities and equity |
|
$ |
36,183,978 |
|
|
$ |
45,814,948 |
|
|
|
|
|
|
|
|
|
|
Guardforce
AI Co., Limited and SubsidiariesConsolidated Statements of Cash
Flows(Expressed in U.S. Dollars) |
|
|
For the six months ended
June 30, |
|
|
|
2024 |
|
|
2023 |
|
Cash flows from
operating activities |
|
(Unaudited) |
|
|
(Unaudited) |
|
Net (loss) from continuing operations |
|
$ |
(1,877,146 |
) |
|
$ |
(13,860,995 |
) |
Net gain from discontinued
operations |
|
|
38,719 |
|
|
|
11,562 |
|
Net loss |
|
|
(1,838,427 |
) |
|
|
(13,849,433 |
) |
Adjustments for: |
|
|
|
|
|
|
|
|
Depreciation and Amortization of fixed and intangible assets |
|
|
1,556,922 |
|
|
|
2,619,001 |
|
Stock-based compensation |
|
|
172,655 |
|
|
|
- |
|
(Recovery) Provision for and write off of withholding tax
receivable |
|
|
(32,980 |
) |
|
|
561,277 |
|
Provision for expected credit loss on trade and other
receivables |
|
|
184,180 |
|
|
|
869,519 |
|
Provision for obsolete inventories |
|
|
- |
|
|
|
3,090,282 |
|
Impairment loss on fixed assets |
|
|
- |
|
|
|
1,591,766 |
|
Impairment on goodwill |
|
|
30,467 |
|
|
|
1,263,040 |
|
Finance costs |
|
|
81,778 |
|
|
|
584,897 |
|
Interest income |
|
|
(261,041 |
) |
|
|
- |
|
Deferred income taxes |
|
|
(101,998 |
) |
|
|
874,431 |
|
(Gain) Loss from assets disposal |
|
|
(31,577 |
) |
|
|
41,965 |
|
Gain on disposal of a subsidiary |
|
|
(3,607 |
) |
|
|
- |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
(Increase) Decrease in trade and other receivables |
|
|
(90,891 |
) |
|
|
157,279 |
|
Increase in other assets |
|
|
(1,005,338 |
) |
|
|
(719,595 |
) |
Decrease in inventories |
|
|
114,223 |
|
|
|
296,824 |
|
(Decrease) Increase in amounts due to related parties |
|
|
(386,720 |
) |
|
|
639,807 |
|
(Decrease) Increase in Trade and other payables and other current
liabilities |
|
|
(437,966 |
) |
|
|
1,285,317 |
|
Decrease (Increase) in withholding tax receivable |
|
|
227,903 |
|
|
|
(374,013 |
) |
Increase in provision for employee benefits |
|
|
13,428 |
|
|
|
20,774 |
|
Net cash used in
operating activities |
|
|
(1,808,989 |
) |
|
|
(1,046,862 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities |
|
|
|
|
|
|
|
|
Acquisition of property, plant
and equipment |
|
|
(34,442 |
) |
|
|
(829,231 |
) |
Proceeds from sale of
property, plant and equipment |
|
|
27,805 |
|
|
|
- |
|
Acquisition of intangible
assets |
|
|
(114,224 |
) |
|
|
(217,077 |
) |
Disposal of a subsidiary, net
of cash disposed |
|
|
(28,186 |
) |
|
|
- |
|
Interest received |
|
|
283,750 |
|
|
|
- |
|
Net cash provided by
(used in) investing activities |
|
|
134,703 |
|
|
|
(1,046,308 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities |
|
|
|
|
|
|
|
|
Proceeds from issue of
shares |
|
|
- |
|
|
|
20,867,386 |
|
Proceeds from exercise of
warrants |
|
|
- |
|
|
|
506,693 |
|
Cash paid for the cancellation
of fractional shares |
|
|
- |
|
|
|
(49,664 |
) |
Proceeds from bank
borrowings |
|
|
- |
|
|
|
1,756,738 |
|
Repayment of bank
borrowings |
|
|
(252,717 |
) |
|
|
(1,937,096 |
) |
Repayment of related party
borrowings |
|
|
(3,304,787 |
) |
|
|
- |
|
Payment of lease
liabilities |
|
|
(877,553 |
) |
|
|
(1,267,979 |
) |
Net cash (used in)
generated from financing activities |
|
|
(4,435,057 |
) |
|
|
19,876,078 |
|
|
|
|
|
|
|
|
|
|
Net (decrease)/increase in
cash and cash equivalents, and restricted cash |
|
|
(6,109,343 |
) |
|
|
17,782,908 |
|
Effect of movements in
exchange rates on cash held |
|
|
(362,280 |
) |
|
|
16,840 |
|
Cash and cash equivalents, and
restricted cash at January 1, |
|
|
21,973,395 |
|
|
|
8,230,644 |
|
Cash and cash
equivalents, and restricted cash at June 30, |
|
$ |
15,501,772 |
|
|
$ |
26,030,392 |
|
|
|
|
|
|
|
|
|
|
Non-cash investing and
financing activities |
|
|
|
|
|
|
|
|
Equity portion of purchase
consideration paid for acquisition of subsidiaries |
|
|
- |
|
|
|
1,848,000 |
|
|
|
|
|
|
|
|
|
|
Non-IFRS Financial Measures
To supplement our unaudited interim condensed
consolidated financial statements, which are prepared and presented
in accordance with IFRS, we use the non-IFRS adjusted EBITDA as
financial measures for our consolidated results.
We believe that adjusted EBITDA helps identify
underlying trends in our business that could otherwise be distorted
by the effect of certain income or expenses that we include in
income (loss) from operations and net income (loss). We believe
that these non-IFRS measures provide useful information about our
core operating results, enhance the overall understanding of our
past performance and future prospects and allow for greater
visibility with respect to key metrics used by our management in
its financial and operational decision-making. We present the
non-IFRS financial measures in order to provide more information
and greater transparency to investors about our operating
results.
EBITDA represents net
(loss) income before (i) finance costs, income tax benefit and
depreciation of fixed assets and amortization of intangible assets,
which we do not believe are reflective of our core operating
performance during the periods presented.
Non-IFRS adjusted net (loss)
income represents net (loss) income before
(i) finance costs, income tax benefit and depreciation of
fixed assets and amortization of intangible assets,
(ii) certain non-cash expenses, consisting of stock-based
compensation expense, allowance for and write off of withholding
tax receivables, provision for obsolete inventory and impairment
loss on fixed assets.
Non-IFRS (loss) earnings per
share represents non-IFRS net (loss) income
attributable to ordinary shareholders divided by the weighted
average number of shares outstanding during the
periods. Non-IFRS diluted earnings per
share represents non-IFRS net (loss) income
attributable to ordinary shareholders divided by the weighted
average number of shares outstanding during the periods on a
diluted basis.
The table below is a reconciliation of our net
loss to EBITDA and non-IFRS net (loss) income for the periods
indicated:
|
|
For the six months ended June
30, |
|
|
|
2024 |
|
|
2023 |
|
Net loss from continuing operations - IFRS |
|
$ |
(1,877,146 |
) |
|
$ |
(13,860,995 |
) |
Finance costs |
|
|
81,534 |
|
|
|
578,308 |
|
Provision for income tax (benefit) expense |
|
|
(22,949 |
) |
|
|
874,431 |
|
Depreciation and amortization expense |
|
|
1,556,922 |
|
|
|
2,619,001 |
|
EBITDA |
|
|
(261,639 |
) |
|
|
(9,789,255 |
) |
Stock-based compensation |
|
|
172,655 |
|
|
|
- |
|
(Recovery) provision for and write off of withholding taxes
receivable |
|
|
(32,980 |
) |
|
|
561,277 |
|
Provision for expected credit loss on trade and other
receivables |
|
|
184,180 |
|
|
|
870,408 |
|
Provision for obsolete inventories |
|
|
- |
|
|
|
3,090,283 |
|
Impairment loss on fixed assets |
|
|
- |
|
|
|
1,591,766 |
|
Impairment on goodwill |
|
|
30,467 |
|
|
|
1,263,040 |
|
Foreign exchange losses, net |
|
|
49,041 |
|
|
|
584,093 |
|
Adjusted net income (loss) (Non-IFRS) |
|
$ |
141,724 |
|
|
$ |
(1,828,388 |
) |
Non-IFRS earnings
(loss) per share |
|
|
|
|
|
|
|
|
Earnings (Loss) per share
attributable to equity holders of the Company |
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
0.01 |
|
|
$ |
(0.58 |
) |
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in computation: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
9,991,600 |
|
|
|
3,174,282 |
|
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