Guardforce AI Co., Limited

For 2024, Secure Logistics revenue was $32.4 million, up $544,000 or 1.7% versus $31.9 million in 2023. Cost of sales declined to $30.1 million from $30.9 million, lifting gross profit to $6.3 million, up $866,000 or 16.1%, and gross profit margin reached 17%. Net loss from continuing operations narrowed to $5.9 million, down 80.1% year over year from $29.6 million, and adjusted EBITDA improved to negative $0.7 million from negative $1.8 million. Management also said cash, cash equivalents, and restricted cash were $23.4 million as of December 31, 2024. For 2025 and beyond, the company did not give formal numeric guidance, but said it will focus on scaling DVGO, expanding into travel, retail, and education, and growing higher-margin AI-powered revenue streams.

Olivia Wang framed 2024 as a year of operational consolidation, revenue-mix improvement, and meaningful AI progress. She said the company’s core business still generates over 80% of total income and provides a base to introduce AI solutions, while DVGO is intended to be the first step in a broader agent platform. Her tone was optimistic but measured: she emphasized that DVGO will start small, then scale into a more recurring, software-driven model with better margins over time.

Catherine Zuo focused on margin improvement, expense discipline, and cash burn reduction. She cited 2024 revenue of $32.4 million, gross profit of $6.3 million, gross profit margin of 17%, net loss of $5.9 million, and adjusted EBITDA of negative $0.7 million, all improving versus 2023. She also noted selling, distribution, and administrative expenses fell 20.7% to $10.1 million, R&D increased to about $591,000, and year-end cash and restricted cash totaled $23.4 million. She said the company will continue to control traditional-operation costs while increasing AI-related investment.

Analysts asked about revenue split, future growth drivers, DVGO’s impact on mix and margins, disclosure frequency, cash burn, DVGO’s differentiation, and IP protection. Management said the core business remains over 80% of revenue and cash flow, while DVGO should be a small but growing contributor at first and could eventually become a major revenue stream with higher margins after upfront development and customer acquisition costs. On cash burn, management said 2024 improvements came from better gross margins, cost control, a manpower streamlining project, and shifting toward higher-margin services like GDM, while excluding lower-margin services such as ATM. They also said there are no current plans to increase disclosure frequency and described their IP approach as a mix of owned systems, licensed models, and trade-secret protection.