Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Guardforce AI Co., Ltd. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
Revenue
38.6
37.6
34.7
34
36.3
36.3
Cost of revenue
31.1
30.2
30.9
30.1
Gross profit
4.64
6.27
3.61
3.77
5.39
6.26
Research and development
0.1
0.17
0.59
Selling, general and administrative
14.4
12.7
10.1
General and administrative
4.75
6.67
7.17
14.5
12.9
Operating income
-0.11
-2.12
-3.75
-16.8
-29.3
-6.72
Interest expense
0.89
0.15
0.98
1.14
0.65
-0.34
Pre-tax income
0.15
-2.9
-6.26
-18.5
-29.2
-6.01
Income tax
0.09
0.24
-0.73
0.13
0.43
-0.13
Income from continuing operations
-5.53
-18.6
-29.6
-5.88
Net income to minority interests
-0.01
0.02
0.01
0.1
0.02
-0.02
Net income
0.05
3.1
-5.48
-18.6
-29.6
-5.86
EBITDA
0.04
-1.96
-2.49
-13.8
-26.9
-5.81
EPS, basic
0.00
-7.26
-11.90
-14.97
-4.53
-0.53
EPS, diluted
0.00
-7.26
-11.90
-14.97
-4.53
-0.53
Balance sheet
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
Cash and equivalents
6.08
8.41
12.7
6.93
20.2
21.9
Receivables
5.47
4.94
5.4
5.63
5.92
Inventory
0.5
1.39
5.11
0.51
0.27
Total current assets
13.4
17
22
35.3
31.1
30.8
Property, plant and equipment
7.88
9.9
8.07
4.04
3.18
Lease right-of-use assets
6.17
4.19
2.36
4.17
2.69
2.27
Goodwill
0.33
2.68
0.41
0.41
Intangible assets
0.25
0.22
0.16
5.79
2.84
2.3
Total assets
39.3
36
41.8
61.2
45.8
44.7
Accounts payable
1.47
1.54
1.03
2.63
6.19
4.55
Short-term debt
1.97
0.49
2.37
1.77
0.34
0.04
Total current liabilities
26.6
8.08
22.5
19.2
14
6.26
Lease liabilities
3.03
2.11
2.34
1.46
0.77
Total liabilities
38
38.1
35.2
42
20.7
12.7
Total debt
1.5
20.1
16.9
17.1
0.38
0.04
Paid-in capital
-0.05
-0.05
0.05
Retained earnings
-1.6
2.2
-10.2
-28.8
-58.3
-64.2
Shareholders' equity
1.26
-2.21
6.49
25.2
32
Minority interests
0.07
0.05
0.04
-0.06
-0.08
-0.06
Total equity
1.33
-2.16
6.52
19.1
25.2
32
Total liabilities and equity
39.3
36
41.8
61.2
45.8
44.7
Cash flow statement
FY2020
FY2020
FY2021
FY2022
FY2023
FY2024
Net income
0.06
3.1
-5.49
-18.7
-29.6
-5.84
Depreciation and amortization
0.15
0.17
1.26
3
2.44
0.92
Cash from operations
4.99
4.91
0.98
-17.4
-1.6
-3.33
Capital expenditures
-0.43
-1.41
-5.24
-4.4
-2.11
-0.24
Cash from investing
-0.45
-1.43
-5.22
-9.41
-2.13
0.2
Debt issued
3.12
7.36
1.56
1.5
Debt repaid
-1.07
-5.37
-1.33
-4.5
-2.89
-3.65
Stock issued
13.2
20.3
20.9
10.4
Cash from financing
-1.73
-1.13
10.7
20.9
17.1
4.71
Exchange rate effect
-0.59
0.1
-0.68
0.03
-0.06
0.09
Net change in cash
2.23
2.34
6.41
-5.83
13.4
1.58
Free cash flow
4.56
3.5
-4.26
-21.8
-3.71
-3.57
Key metrics
Worked out from the statements above. Latest values use fiscal 2024. Valuation uses the share price of $0.33 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
17.2%
Gross profit / revenue.
Operating margin
-18.5%
Operating income / revenue.
EBITDA margin
-16.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-16.5%
Pre-tax income / revenue.
Net margin
-16.1%
Net income / revenue.
FCF margin
-9.8%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-9.1%
Cash from operations / revenue.
Return on equity (ROE)
-20.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-13.0%
Net income / average total assets.
Return on invested capital (ROIC)
-68.4%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
1.6%
Research and development expense / revenue.
SG&A / revenue
27.8%
Selling, general and administrative expense / revenue.
Capex / revenue
0.7%
Capital expenditures / revenue.
D&A / revenue
2.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
0.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
1.6%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-1.2%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
16.1%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
20.1%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
6.2%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
27.0%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
70.3%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
91.0%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-2.5%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
2.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
2.6%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
4.92x
Current assets / current liabilities.
Quick ratio
4.45x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
3.50x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.00x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
0.1%
Total debt / total assets.
Liabilities / assets
28.4%
Total liabilities / total assets.
Net debt
-$21.9M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.53
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$0.53
Net income per basic share, as reported (split-adjusted).
Valuation
Metric
Value
How it is calculated
Market cap
$10.4M
Share price x shares outstanding.
Enterprise value
-$11.5M
Market cap + total debt - cash - short-term investments.
P/S
0.29x
Market cap / revenue.
P/B
0.32x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.35x
Market cap / tangible book value, when positive.
FCF yield
-34.5%
Free cash flow / market cap.
Earnings yield
-56.6%
Net income / market cap (the inverse of P/E).
What was Guardforce AI Co., Ltd.'s revenue in fiscal 2024?
Guardforce AI Co., Ltd. reported revenue of $36.3M for fiscal 2024, 0.2% higher than the year before.
Was Guardforce AI Co., Ltd. profitable in fiscal 2024?
No. It reported a net loss of $5.9M.
How much free cash flow did Guardforce AI Co., Ltd. generate in fiscal 2024?
Cash from operations of $3.3M minus capital expenditures of $244.6K left free cash flow of -$3.6M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.