A line of white GFCS armoured cash-in-transit pickups parked outside a cash centre loading bay. — GFCS cash-in-transit vehicles. Company photograph, guardforceai.com secured logistics page.

Guardforce AI Co., Limited · Nasdaq: GFAI · Singapore

A Thai cash-in-transit business, founded in 1982, now building AI and robotics on top of it.

“Guardforce AI is an AI-driven technology company with over 43 years of growth and leadership experience in the secured logistics and retail sectors in Thailand and across the Asia-Pacific region.” Company statement 20-F, Apr 21, 2026

Revenue from continuing operations was $35,232,701 in the year ended Dec 31, 2025. The Secured Logistics segment supplied $34,950,014 of it and the AI&Robotics segment $282,687. Management’s own metric, which counts Smart Cash Solution with AI, puts “AI, RaaS & Smart Solution” at $4,723,879. Filed 20-F, Apr 21, 2026

Read first Official investor site

Revenue, year ended Dec 31, 2025

$35.2M

From continuing operations, up from $32.6M in 2024 as restated to show Beijing Wanjia and Handshake as discontinued operations. Thailand supplied $35,086,635 of it. Filed 20-F, Apr 21, 2026

20-F for 2025, audited by PKF Littlejohn LLP

Revenue, six months to Jun 30, 2026$18,270,590Up 6.4% from $17,168,005 (restated) a year earlier. Unaudited. Filed 6-K, Sep 23, 2026
Net loss, year ended Dec 31, 2025($6,643,051)Continuing operations ($5,286,128); discontinued operations ($1,356,923). Filed 20-F, Apr 21, 2026
Net loss, six months to Jun 30, 2026($3,127,646)Against ($2,227,122) a year earlier. Selling, general and administrative expenses rose 24.4%; the company attributes about $1.0M to non-recurring tax-related charges. Filed 6-K, Sep 23, 2026
Cash and cash equivalents, Jun 30, 2026$21,250,627$24,545,290 at Dec 31, 2025; restricted cash of $2,476,766 is separate. Filed 6-K, Sep 23, 2026
Ordinary shares, Sep 28, 202631,958,004The record-date count for the Oct 27, 2026 meeting; 24,353,539 at Dec 31, 2025 and 17,808,947 a year before. Filed 6-K proxy, Oct 2, 2026 20-F, Apr 21, 2026

A GFCS cash-processing employee squares a strapped bundle of Thai banknotes at a counting station. — Cash processing at a GFCS centre. Company photograph, guardforceai.com secured logistics page.

The company

Cash logistics is the business. Share sales have funded the rest.

“GF Cash (CIT), Guardforce AI’s legacy business, was incorporated in 1982 in Thailand and has been operating in the cash-in-transit, or CIT, industry since inception.” Company statement 20-F, Apr 21, 2026

The listed company is a Cayman Islands holding company formed on April 20, 2018 to acquire that business; its principal office moved from Bangkok to Singapore in November 2021. The Thai subsidiary now trades under the GFCS brand, which the 20-F says is not yet a registered trademark in Thailand. Filed 20-F, Apr 21, 2026

In 2025 the Secured Logistics segment earned an operating profit of $966,279, while AI&Robotics lost $1,587,863 and corporate costs were $5,255,740; operating cash flow was an outflow of $1,305,196. “The principal sources of funding have historically been cash contributions from equity financing.” Filed 20-F, Apr 21, 2026

01
Secured logisticsCash-in-transit for banks and retailers, dedicated vehicles, ATM management, cash processing and cash centres. Filed 20-F, Apr 21, 2026
02
Smart Cash SolutionAutomated cash management machines for banks and retail clients; $4.4M of revenue in 2025, up 13.9%. Filed 20-F, Apr 21, 2026
03
AI & roboticsService robots sold or rented, the DVGO travel-planning AI agent, and Smart Retail Solution. Filed 20-F, Apr 21, 2026
04
MGAIAI tools for speech therapy and rehabilitation, acquired Mar 11, 2026 for $300,000 and 5,000,000 restricted shares that vest on revenue targets; $200,056 of revenue to Jun 30. Filed 6-K, Sep 23, 2026 6-K, Mar 18, 2026

The pressure on the core“Decreasing use of cash could have a negative impact on our business.” Banking customers supplied 54.8% of secured-logistics revenue in 2025, against 57.8% in 2024 and 61.5% in 2023. Filed 20-F, Apr 21, 2026

Where the revenue comes from

One strap of revenue, six months to Jun 30, 2026.

Each band of the strap is one service line, drawn to scale against the $18,270,590 total. The AI and robotics lines are the two ink slivers at the right-hand end. Filed 6-K, Sep 23, 2026

Revenue by service type, six months ended Jun 30, 2026, unaudited, from the interim statements furnished on Form 6-K. Drawn for this concept page; the widths and shares are computed from the filed amounts. The filing’s own table prints 1.3% for core AI & robotics; its amount, $226,737, is 1.2% of the total. Computed On a phone the figures are in the table below.

Revenue by service type, U.S. dollars, newest first
Service line	H1 2026	Share	H1 2025 (restated)
Cash-in-transit, non-dedicated vehicles	6,699,793	36.7%	6,297,955
ATM management	3,476,702	19.0%	3,349,420
Cash processing	2,401,057	13.1%	2,133,633
Smart Cash Solution	2,288,577	12.5%	2,176,285
Cash-in-transit, dedicated vehicles	1,891,235	10.4%	1,914,764
Cash centre operations	909,882	5.0%	903,368
Consolidated cash centre	354,358	1.9%	285,110
Others	7,259	0.0%	nil
Core AI & robotics	226,737	1.2%	107,470
Smart Retail Solution	14,990	0.1%	nil
Total	18,270,590	100.0%	17,168,005

Two views exist in the filings. By reporting segment, AI&Robotics was $241,727 of H1 2026 revenue (up 124.9%), which the company attributes partly to MGAI, acquired in March, which alone contributed $200,056 Filed 6-K, Sep 23, 2026; without MGAI the segment would have been at most $41,671 Computed; by the company’s own “business metric”, which since the end of 2025 puts Smart Cash Solution with AI and robotics, “AI, RaaS & Smart Solutions” was $2,530,304 against $2,283,755. Filed 6-K, Sep 23, 2026 20-F, Apr 21, 2026

Market

99.6% Thailand

$35,086,635 of 2025 revenue came from Thailand; other countries $146,066. Filed 20-F, Apr 21, 2026

Largest customer

23.9%

Government Savings Bank, a state-owned Thai bank and the largest customer since 2008; renewed for three years to May 31, 2028. Filed 20-F, Apr 21, 2026

Top three customers

58.2%

Of 2025 revenue, up from 55.7% in 2024. The four majors named are Government Savings Bank, Bank of Ayudhya, CP All and TTB Bank. Filed 20-F, Apr 21, 2026

Recurring

~97%

The H1 2026 release says “approximately 97%” with no base Company statement 6-K, Sep 23, 2026; the 20-F gives 97.7% of total revenue for GF Cash (CIT) in 2025 Filed 20-F, Apr 21, 2026; the FY2025 release gives 99.96% for the Legacy Secured Logistics metric Company statement 6-K, Apr 21, 2026. The bases differ.

Three GFCS Smart Cash machines, green and white, standing in a bright retail interior. — GFCS Smart Cash machines. Company image, guardforceai.com Smart Cash page.

Platform and how it works

Three layers, as the company describes them.

The company’s site says “Our AI solutions are built on three interconnected layers.” Company site The 20-F dates the first: “The Guardforce AI Intelligent Cloud Platform (GFAI ICP) forms a foundation of our AI&Robotics Solution since its launch in 2021.” Company statement 20-F, Apr 21, 2026

AI infrastructureIntelligent Cloud Platform (ICP)
Connects the company’s AI agents and robots into one system that routes data and actions across deployments. Company site
Multi-agent systemIndustry-specialized AI agents
The site names travel, retail, education and banking. Company site The filed example is DVGO (DeepVoyage Go), a travel-planning agent: beta in April 2025, public in January 2026, sold by subscription. Filed 20-F, Apr 21, 2026
Robotics as a serviceSale and rental of robots
Robots sold outright or rented with technical support, including Wishnote for event sign-in and wish displays. Filed 20-F, Apr 21, 2026

43 years of operating history

GF Cash (CIT) has run cash-in-transit in Thailand since 1982. Filed 20-F, Apr 21, 2026

A bank anchor to 2028

Government Savings Bank renewed for three years, effective June 1, 2025 to May 31, 2028. The 20-F records the renewal both on January 28 and on June 23, 2025. Filed 20-F, Apr 21, 2026

A route into retail

Smart Retail Solution has been offered to existing Thai clients since 2024; the company says about 14 of its top 20 clients are retailers. Company statement 20-F, Apr 21, 2026 6-K, Sep 23, 2026

Cash automation, still growing

Smart Cash Solution revenue rose from $3,899,564 to $4,441,192 in 2025 Filed 20-F, Apr 21, 2026, and to $2,288,577 in H1 2026, up 5.2% Computed 6-K, Sep 23, 2026.

Read first

Six things the filings put in front of a shareholder.

Each item carries its filing. None of it is resolved on this page; the company’s own documents are the record.

Nasdaq listing

Below the $1.00 minimum bid since late 2025

Nasdaq’s deficiency letter is dated Dec 12, 2025. A second 180-day period runs to Dec 7, 2026: “In the event the Company does not regain compliance by December 7, 2026, the Company may face delisting.” Filed 6-K, Dec 17, 2025 6-K, Jun 12, 2026

The proxy of Oct 2, 2026: “As of October 2, 2026, the Company has not yet regained the compliance with the Bid Price Rule.” Filed 6-K proxy, Oct 2, 2026

Meeting, Oct 27, 2026

A 1-for-40 consolidation and a dual-class structure

Resolution 1 consolidates every 40 shares into one, then reduces par value to US$0.001. Resolution 2 creates Class A shares with one vote and Class B shares with 20; the 80,034 post-consolidation shares of the CEO and Chair, Lei Wang, would become Class B. It also raises the authorised share count from 300,000,000 to 36,000,000,000 while 799,233 shares would be in issue. Resolution 3 moves the equity plan limit from 15% of all ordinary shares to 20% of Class A shares. Resolutions 1 and 2 need a two-thirds vote. Filed 6-K proxy, Oct 2, 2026 The company made an earlier 1-for-40 consolidation in 2023. Filed 20-F, Apr 21, 2026

Computed from the proxy table, not stated in it: 80,034 Class B shares at 20 votes would carry about 69.0% of the votes on about 10.0% of the 799,233 post-consolidation shares. Computed The 20-F also records an irrevocable proxy for Ms. Wang over 2,947,150 other shares, not counted in that figure. Filed 20-F, Apr 21, 2026

Concentration

Three customers, 58.2% of revenue

“We have substantial customer concentration, with a limited number of customers accounting for a substantial portion of our recent revenues.” The largest supplied 23.9% in 2025, and Thailand 99.6%. Filed 20-F, Apr 21, 2026

Losses

An accumulated deficit of $74.0M

At Jun 30, 2026, per the interim notes, after a 2025 operating loss of $5.9M. Management concludes it has “sufficient available financial resources” for at least twelve months, and the auditor’s opinion on 2025 carries no going-concern paragraph. Filed 6-K, Sep 23, 2026 20-F, Apr 21, 2026

The risk factors still say: “Our negative operating profits may raise substantial doubt regarding our ability to continue as a going concern.” Filed 20-F, Apr 21, 2026

Dilution

Share count up 79% in 21 months

17,808,947 shares at Dec 31, 2024; 31,958,004 at Sep 28, 2026. Filed 20-F, Apr 21, 2026 6-K proxy, Oct 2, 2026 The at-the-market programme with H.C. Wainwright sold 13,028,854 shares from July 2, 2024 to Sep 23, 2026, of which 7,502,220 were issued before Dec 31, 2024. Filed 6-K, Jul 2, 2024 6-K, Sep 23, 2026 20-F, Apr 21, 2026 Inside the window the rise is mostly 5,526,634 ATM shares, 5,000,000 MGAI consideration shares and share awards, less a buyback. Computed

Control and pay

A rights plan and a CEO consulting agreement

A shareholder rights plan adopted Dec 15, 2025 dilutes anyone who acquires 10% or more of the voting power without Board approval; founders have an initial 25% exempted percentage. Filed 6-K, Dec 19, 2025 The CEO’s consulting agreement, approved Sep 15, 2025, pays an annual cash fee of US$650,000 plus share awards and allowances; termination without cause pays a lump sum of five years’ fee and target bonus, with tax gross-up payments. Filed 6-K, Sep 23, 2025

Financials

Results as filed, newest first.

IFRS, U.S. dollars. Earlier periods are as restated in later filings to remove Beijing Wanjia, which was sold on January 9, 2026 for $50,085 in cash, and Handshake, separated in 2024. Filed 20-F, Apr 21, 2026 6-K, Sep 23, 2026

Statement of profit or loss, U.S. dollars
Line	6 mo. to Jun 30, 2026	6 mo. to Jun 30, 2025	Year 2025	Year 2024	Year 2023
Revenue	18,270,590	17,168,005	35,232,701	32,635,191	32,649,834
Cost of sales	(15,757,615)	(14,649,027)	(29,947,033)	(27,719,050)	(28,513,107)
Gross profit	2,512,975	2,518,978	5,285,668	4,916,141	4,136,727
Operating loss	(3,275,598)	(2,287,313)	(5,877,324)	(6,707,041)	(28,398,075)
Net loss, continuing operations	(3,120,475)	(2,043,868)	(5,286,128)	(5,882,647)	(28,742,278)
Net (loss)/profit, discontinued operations	(7,171)	(183,254)	(1,356,923)	37,947	(847,104)
Net loss	(3,127,646)	(2,227,122)	(6,643,051)	(5,844,700)	(29,589,382)
Attributable to equity holders	(3,100,599)	(2,236,077)	(6,657,185)	(5,864,165)	(29,571,661)

Periods and sources. Half-years are unaudited, from the 6-K of Sep 23, 2026 6-K, Sep 23, 2026; years are audited, from the 20-F of Apr 21, 2026 20-F, Apr 21, 2026. As first filed, 2024 revenue was $36,347,373, including the general security business since sold. Filed 20-F, Apr 28, 2025

What sits inside the loss. 2023 includes $19.9M of impairments, allowances and provisions, among them $5,637,527 against a related-party receivable. In H1 2026, selling, general and administrative expenses rose 24.4%, mainly on penalties for prior-period withholding tax. Filed 20-F, Apr 21, 2026 6-K, Sep 23, 2026 The $19.9M is computed from the filed lines. Computed

Balance sheet. Total assets $44,211,935 and total equity $30,568,232 at Jun 30, 2026, against $49,093,810 and $34,107,135 at Dec 31, 2025. No borrowings were outstanding at Dec 31, 2025; lease liabilities were $4,222,940 and the employee-benefit provision $6,493,677. Filed 6-K, Sep 23, 2026 20-F, Apr 21, 2026

News and filings

What the company has filed, newest first.

A selection of the company’s Forms 20-F and 6-K; the full list is on EDGAR. Each line links to the filing.

Investor alerts

Filings and releases by email.

The company runs its own alert service on its investor site. This concept page collects nothing; the button opens the official sign-up page.

Official email alerts

Investor relations

Skyline Corporate Communications Group, LLC

(646) 893-5835 guardforcerai@skylineccg.com

Corporate communications

Hu Yu

yu.hu@guardforceai.com

Headquarters

10 Anson Road, #28-01 International Plaza
Singapore 079903

+65 6702 1179 info@guardforceai.com

Filings

SEC EDGAR, CIK 0001804469 ir.guardforceai.com

IR and corporate-communications contacts as printed on ir.guardforceai.com on Oct 24, 2026 Company site; address, telephone and company email from the 20-F. Filed 20-F, Apr 21, 2026