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 year ended
December 31, 2023.
Lei (Olivia) Wang, Chairwoman and Chief
Executive Officer of Guardforce AI, stated, "2023 was another
transformative year for our Company and I am pleased to report that
we achieved record annual revenue of $36.3 million for the year
ended December 31, 2023. Also, as a result of this increased
revenue, combined with cost-cutting and efficiency measures, our
gross profit increased 43% over the year ended December 31, 2022.
We attained solid results and enhanced margins, even as the impact
of the Covid-19 pandemic lessened, affecting higher margin sales of
robots for related cleaning and temperature monitoring
applications. Nevertheless, looking back at the past three years,
we have not only diversified our RaaS services, but also
accelerated our transition to incorporate AI solutions within our
RaaS offering, especially in 2023.”
2023 Key Milestones
-
Guardforce AI expanded its clientele within retail and chain
stores, aligning with the growth of its secured logistics
businesses:
-
This strategy helped the Company better understand clients' needs
and develop customized AI solutions.
-
Retail clients became a significant portion of the Company's
secured logistics solutions due to their demand for cash processing
and trackable digital records.
-
As the only company in Thailand that provides complete end-to-end
cash management solutions, including Guardforce Digital Machines
(GDM), Guardforce AI extended four important contracts, two of
which were with large retail clients. Consequently, approximately
half of the Company's top 15 client base now consists of retail and
chain stores.
-
Diversified its Robot-as-a-Service (RaaS) solution by:
-
Deepened partnerships and enhanced the Guardforce AI Intelligent
Cloud Platform (GFAI ICP) for further AI integration
capabilities.
-
Incorporated Google Cloud's language service capabilities into
robots and partnered with iApp Technology Co., Limited in Thailand,
for cutting-edge Generative AI robot voice interactions and
intelligent Q&A capabilities.
-
Developed three types of AI solutions: AI Assistant, AI Security
Agent, and AI Advertising solutions.
-
Partnered with VRCN Limited to develop AI Security Agent solutions
and became the official technology partner for The Knights Award
Season 2 and Major League Basketball in Malaysia.
-
Partnered with Concorde Security Pte in Singapore to integrate
security hardware and software systems with GFAI's robots and
Platform-as-a-Service (PaaS) for smarter security services.
-
Improved its cloud platform to further support AI advertising
services.
-
Focused on robotic AI services in the hospitality industry,
recognizing the immense potential of the tourism market.
-
Established a partnership with China International Travel Service
Shenzhen Co., Ltd (Nice Tour) to roll out Robot Travel Agent
assistants in Guangdong Province, China.
-
Geographically, Guardforce AI strengthened its presence in the Asia
Pacific region, including mainland China, through the acquisition
of key assets from Shenzhen Kewei Robot Technology Company Ltd in
February 2023.
-
Strengthened its balance sheet by converting $15.9 million of debt
and interest into ordinary shares at $5.40 per share in September
2023 and raised approximately $23.0 million gross proceeds from two
confidentially marketed public offerings closed in May 2023.
-
Ended the year in a strong financial position with approximately
$22.0 million in cash and cash equivalents (including restricted
cash).
“In 2024, our primary focus in the robotics AI
solution business will be to accelerate our robotic/AI
transformation. We plan to leverage our extensive customer base in
the traditional security sector and invest in expanding our R&D
team dedicated to robotic/AI solutions. Collaborating with various
partners, we plan to introduce a diverse range of AI solutions,
with a particular emphasis on AI solutions tailored for the retail
and tourism industries. Our goal is to empower our customers to
optimize their sales and marketing operations, ultimately leading
to a significant increase in our revenues. In our security
logistics business, we foresee significant growth opportunities in
the Thailand retail sector, driven by an anticipated surge in
Chinese tourists. This influx has the potential to accelerate
retail business growth in Thailand and boost both physical cash and
electronic transactions in 2024. We will further develop our
high-margin GDM business and aim to expand our reach to additional
chain retailers and public transportation authorities.
Additionally, we continue to carefully manage our expenses and have
implemented successful cost reduction strategies, such as process
streamlining and resource allocation optimization, which have led
to decreased operating expenses overall,” concluded Ms. Wang.
Financial Overview
Our revenue increased by $2.3 million, or 6.8%,
to $36.3 million for 2023, compared to $34.0 million for 2022. This
increase was primarily due to increased revenue from the
Cash-In-Transit business, Guardforce Digital Machine, and Beijing
Wanjia Security. Gross profit increased from $3.8 million in 2022
to $5.4 million in 2023, an approximate 43% increase. As a result
of our effective management of cost of revenue, our gross profit
margin increased from 11.1% in 2022 to 14.9% in 2023. We also made
substantial progress by narrowing down the adjusted net loss by
61.5%, or $2.9 million, year over year, primarily attributable to
the improvement from gross profit and our effective
cost-controlling initiative. Net loss was $29.6 million for 2023
compared to a net loss of $18.6 million for 2022. This variance was
mainly due to our business transition from RaaS to Robots with AI
solutions, which has resulted in a non-cash impairment impact from
obsolete inventory and assets in robotics in 2023. Net loss per
share was $4.53 for 2023 compared to $14.97 for 2022. As of
December 31, 2023, and 2022, the Company had cash and cash
equivalents (including restricted cash) of approximately $22.0
million and $8.2 million, respectively.
About Guardforce AI Co.,
Ltd.
Guardforce AI Co., Limited (NASDAQ: GFAI/GFAIW)
is a global integrated solution provider, focusing on security
solutions (since 1982) and AI & robotic solutions (since 2020).
Drawing upon its extensive experience in the security industry,
spanning over 41 years, along with an established premiere
long-term customer base, and robust sales channels, Guardforce AI
has embarked on a transformative journey towards becoming a total
AI solution provider. While firmly rooted in the Asia Pacific
region, Guardforce AI is also expanding its global presence in the
U.S. 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 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
(tables follow)
Guardforce AI Co., Limited and
SubsidiariesConsolidated Statements of Profit and
Loss(Expressed in U.S. Dollars)
|
|
|
|
For the years ended
December 31, |
|
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
(Restated**) |
|
|
(Restated**) |
|
|
Continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
$ |
36,280,502 |
|
|
$ |
33,965,648 |
|
|
$ |
34,668,872 |
|
|
Cost of sales |
|
|
|
(30,889,226 |
) |
|
|
(30,196,382 |
) |
|
|
(31,056,994 |
) |
|
Gross profit |
|
|
|
5,391,276 |
|
|
|
3,769,266 |
|
|
|
3,611,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for expected credit loss on trade receivables and other
receivables |
|
|
|
(899,433 |
) |
|
|
- |
|
|
|
- |
|
|
Allowance for doubtful debts on a related party receivable |
|
|
|
(5,637,527 |
) |
|
|
- |
|
|
|
- |
|
|
Impairment loss on goodwill |
|
|
|
(2,267,583 |
) |
|
|
- |
|
|
|
- |
|
|
Impairment loss on intangible assets |
|
|
|
(3,713,551 |
) |
|
|
- |
|
|
|
- |
|
|
Provision for and write off of withholding taxes receivable |
|
|
|
(683,344 |
) |
|
|
(448,243 |
) |
|
|
(190,038 |
) |
|
Provision for obsolete inventory |
|
|
|
(3,797,552 |
) |
|
|
(942,882 |
) |
|
|
- |
|
|
Impairment loss on fixed assets |
|
|
|
(3,682,789 |
) |
|
|
(4,408,037 |
) |
|
|
- |
|
|
Stock-based compensation expense |
|
|
|
(1,101,800 |
) |
|
|
(252,095 |
) |
|
|
- |
|
|
Selling, distribution and administrative expenses |
|
|
|
(12,910,475 |
) |
|
|
(14,544,248 |
) |
|
|
(7,174,290 |
) |
|
Operating loss |
|
|
|
(29,302,778 |
) |
|
|
(16,826,239 |
) |
|
|
(3,752,450 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income, net |
|
|
|
461,926 |
|
|
|
87,616 |
|
|
|
292,732 |
|
|
Foreign exchange gains (losses), net |
|
|
|
305,026 |
|
|
|
(590,965 |
) |
|
|
(1,819,661 |
) |
|
Finance costs |
|
|
|
(653,374 |
) |
|
|
(1,141,830 |
) |
|
|
(984,843 |
) |
|
Loss before income tax from continuing
operations |
|
|
|
(29,189,200 |
) |
|
|
(18,471,418 |
) |
|
|
(6,264,222 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income tax (expense) benefit |
|
|
|
(434,320 |
) |
|
|
(132,208 |
) |
|
|
732,868 |
|
|
Net loss for the year from continuing
operations |
|
|
|
(29,623,520 |
) |
|
|
(18,603,626 |
) |
|
|
(5,531,354 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit (loss) for the year from discontinued operations |
|
|
|
34,138 |
|
|
|
(62,432 |
) |
|
|
39,700 |
|
|
Net loss for the year |
|
|
|
(29,589,382 |
) |
|
|
(18,666,058 |
) |
|
|
(5,491,654 |
) |
|
Net loss attributable to non-controlling interests |
|
|
|
17,721 |
|
|
|
101,264 |
|
|
|
9,727 |
|
|
Net loss attributable to equity holders of the
Company |
|
|
$ |
(29,571,661 |
) |
|
$ |
(18,564,794 |
) |
|
$ |
(5,481,927 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss attributable to the equity holders of the
Company |
|
|
$ |
(4.53 |
) |
|
$ |
(14.97 |
)* |
|
$ |
(11.90 |
)* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss attributable to the equity holders of the
Company |
|
|
$ |
(4.53 |
) |
|
$ |
(14.90 |
)* |
|
$ |
(11.98 |
)* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in
computation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
|
6,531,918 |
|
|
|
1,239,852 |
* |
|
|
460,719 |
* |
| * |
Giving retroactive effect to the 2023 share consolidation on
January 31, 2023. |
| |
** |
Certain amounts have been restated to reflect the reclassification
adjustments made between continuing operations and discontinued
operations related to the divestiture of Handshake (Note 27). |
Guardforce AI Co., Limited and
SubsidiariesConsolidated Balance
Sheets(Expressed in U.S. Dollars)
|
|
|
|
|
|
As of December 31, |
|
|
|
2023 |
|
|
2022 |
|
| Assets |
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
20,235,227 |
|
|
$ |
6,930,639 |
|
| Restricted cash |
|
100,764 |
|
|
|
- |
|
| Trade receivables |
|
5,630,805 |
|
|
|
5,400,186 |
|
| Other receivables |
|
- |
|
|
|
817,564 |
|
| Other current assets |
|
1,665,571 |
|
|
|
1,743,008 |
|
| Withholding taxes receivable,
net |
|
607,221 |
|
|
|
757,024 |
|
| Inventories |
|
506,403 |
|
|
|
5,105,770 |
|
| Amount due from related
parties |
|
2,172,638 |
|
|
|
14,508,873 |
|
| Assets held for sale |
|
201,963 |
|
|
|
- |
|
| Total current assets |
|
31,120,592 |
|
|
|
35,263,064 |
|
| |
|
|
|
|
|
|
|
| Non-current assets: |
|
|
|
|
|
|
|
| Restricted cash |
|
1,608,762 |
|
|
|
1,300,005 |
|
| Property, plant and
equipment |
|
4,043,725 |
|
|
|
8,066,761 |
|
| Right-of-use assets |
|
2,688,208 |
|
|
|
4,171,409 |
|
| Intangible assets, net |
|
2,836,250 |
|
|
|
5,793,143 |
|
| Goodwill |
|
411,862 |
|
|
|
2,679,445 |
|
| Withholding taxes receivable,
net |
|
1,617,625 |
|
|
|
1,934,072 |
|
| Deferred tax assets, net |
|
1,085,477 |
|
|
|
1,511,753 |
|
| Other non-current assets |
|
402,447 |
|
|
|
447,322 |
|
| Total non-current assets |
|
14,694,356 |
|
|
|
25,903,910 |
|
| Total
assets |
$ |
45,814,948 |
|
|
$ |
61,166,974 |
|
|
|
|
|
|
|
|
|
|
| Liabilities and
equity |
|
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
| Trade and other payables |
$ |
3,016,850 |
|
|
$ |
2,633,995 |
|
| Borrowings |
|
337,241 |
|
|
|
3,181,616 |
|
| Borrowing from a related
party |
|
3,104,149 |
|
|
|
3,148,500 |
|
| Current portion of operating
lease liabilities |
|
1,239,066 |
|
|
|
1,774,192 |
|
| Current portion of finance
lease liabilities, net |
|
108,597 |
|
|
|
398,136 |
|
| Other current liabilities |
|
3,171,643 |
|
|
|
2,477,369 |
|
| Amount due to related
parties |
|
2,898,506 |
|
|
|
3,868,691 |
|
| Convertible note payable |
|
- |
|
|
|
1,730,267 |
|
| Liabilities directly
associated with the assets held for sale |
|
130,876 |
|
|
|
- |
|
| Total current liabilities |
|
14,006,928 |
|
|
|
19,212,766 |
|
| |
|
|
|
|
|
|
|
| Non-current liabilities: |
|
|
|
|
|
|
|
| Borrowings |
|
44,410 |
|
|
|
13,899,818 |
|
| Operating lease
liabilities |
|
1,455,857 |
|
|
|
2,340,075 |
|
| Borrowings from related
parties |
|
- |
|
|
|
1,455,649 |
|
| Finance lease liabilities,
net |
|
218,996 |
|
|
|
233,550 |
|
| Other non-current
liabilities |
|
- |
|
|
|
43,200 |
|
| Provision for employee
benefits |
|
4,935,982 |
|
|
|
4,849,614 |
|
| Total non-current
liabilities |
|
6,655,245 |
|
|
|
22,821,906 |
|
| Total liabilities |
|
20,662,173 |
|
|
|
42,034,672 |
|
|
|
|
|
|
|
|
|
|
| Equity |
|
|
|
|
|
|
|
| Ordinary shares – par value
$0.12 authorized 300,000,000 shares, issued and outstanding
9,830,373 shares at December 31, 2023; par value $0.12* authorized
7,500,000 shares, issued and outstanding 1,618,977* shares at
December 31, 2022 |
|
1,179,680 |
|
|
|
194,313 |
|
| Subscription receivable |
|
(50,000 |
) |
|
|
(50,000 |
) |
| Additional paid in
capital |
|
80,983,164 |
|
|
|
46,231,302 |
|
| Legal reserve |
|
223,500 |
|
|
|
223,500 |
|
| Warrants reserve |
|
251,036 |
|
|
|
251,036 |
|
| Accumulated deficit |
|
(58,340,675 |
) |
|
|
(28,769,014 |
) |
| Accumulated other
comprehensive income |
|
985,120 |
|
|
|
1,112,494 |
|
| Capital & reserves
attributable to equity holders of the Company |
|
25,231,825 |
|
|
|
19,193,631 |
|
| Non-controlling interests |
|
(79,050 |
) |
|
|
(61,329 |
) |
| Total equity |
|
25,152,775 |
|
|
|
19,132,302 |
|
| Total liabilities and
equity |
$ |
45,814,948 |
|
|
$ |
61,166,974 |
|
| |
|
|
|
|
|
|
|
* Giving retroactive effect to the 2023 share
consolidation on January 31, 2023.
Guardforce AI Co., Limited and
SubsidiariesConsolidated Statements of Cash
Flows(Expressed in U.S. Dollars)
| |
|
For the years ended December
31, |
|
| |
|
2023 |
|
|
2022 |
|
|
2021 |
|
| |
|
|
|
|
(Restated*) |
|
|
(Restated*) |
|
| Cash flows from
operating activities |
|
|
|
|
|
|
|
|
|
|
Net (loss) from continuing operations |
|
$ |
(29,623,520 |
) |
|
$ |
(18,603,626 |
) |
|
$ |
(5,531,354 |
) |
| Net profit (loss) from
discontinued operations |
|
|
34,138 |
|
|
|
(62,432 |
) |
|
|
39,700 |
|
| Net (loss) |
|
|
(29,589,382 |
) |
|
|
(18,666,058 |
) |
|
|
(5,491,654 |
) |
| Adjustments for: |
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation |
|
|
4,249,646 |
|
|
|
5,365,312 |
|
|
|
4,981,259 |
|
| Amortization of intangible
assets |
|
|
993,594 |
|
|
|
616,095 |
|
|
|
51,383 |
|
| Provision for obsolete
inventories |
|
|
3,797,552 |
|
|
|
942,882 |
|
|
|
- |
|
| Impairment loss on fixed
assets |
|
|
3,682,789 |
|
|
|
4,408,037 |
|
|
|
- |
|
| Stock-based compensation
expense |
|
|
1,101,800 |
|
|
|
252,095 |
|
|
|
- |
|
| Impairment loss on intangible
assets |
|
|
3,713,551 |
|
|
|
- |
|
|
|
- |
|
| Impairment loss on
goodwill |
|
|
2,267,583 |
|
|
|
- |
|
|
|
- |
|
| Allowance for doubtful debts
on a related party receivable |
|
|
5,637,527 |
|
|
|
- |
|
|
|
- |
|
| Finance costs |
|
|
653,460 |
|
|
|
1,083,276 |
|
|
|
909,093 |
|
| Deferred income taxes |
|
|
434,315 |
|
|
|
121,169 |
|
|
|
(732,868 |
) |
| Provision for (Recovery of)
expected credit loss on trade receivables and other receivables,
net |
|
|
899,433 |
|
|
|
(7,394 |
) |
|
|
- |
|
| Increase in provision for and
write off of withholding tax receivables |
|
|
683,344 |
|
|
|
448,243 |
|
|
|
190,038 |
|
| Loss from fixed assets
disposal |
|
|
208,093 |
|
|
|
24,250 |
|
|
|
4,438 |
|
| Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Increase) Decrease in trade and other receivables |
|
|
(312,348 |
) |
|
|
428,772 |
|
|
|
(26,740 |
) |
|
Decrease (Increase) in other current assets |
|
|
(64,759 |
) |
|
|
(332,188 |
) |
|
|
236,234 |
|
|
Decrease (Increase) in inventories |
|
|
757,518 |
|
|
|
(2,876,443 |
) |
|
|
(967,994 |
) |
|
Decrease (Increase) in amount due from related parties |
|
|
424,979 |
|
|
|
(15,725,707 |
) |
|
|
352,432 |
|
|
Decrease (Increase) in other non-current assets |
|
|
33,924 |
|
|
|
(151,170 |
) |
|
|
(58,431 |
) |
|
Increase (Decrease) in trade and other payables |
|
|
622,816 |
|
|
|
(18,773 |
) |
|
|
(437,086 |
) |
|
(Decrease) Increase in other current liabilities |
|
|
(258,983 |
) |
|
|
947,020 |
|
|
|
1,944,617 |
|
|
(Decrease) Increase in amount due to related parties |
|
|
(970,185 |
) |
|
|
3,884,995 |
|
|
|
(361,815 |
) |
|
(Increase) Decrease in withholding taxes receivable |
|
|
(192,502 |
) |
|
|
258,989 |
|
|
|
88,353 |
|
|
Increase (Decrease) in provision for employee benefits |
|
|
34,534 |
|
|
|
(193,639 |
) |
|
|
297,905 |
|
| Net cash (used in)
generated from operating activities |
|
|
(1,191,701 |
) |
|
|
(19,190,237 |
) |
|
|
979,164 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from
investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Acquisition of property, plant
and equipment |
|
|
(2,107,069 |
) |
|
|
(4,402,394 |
) |
|
|
(5,235,480 |
) |
| Proceeds from disposal of
property, plant and equipment |
|
|
- |
|
|
|
5,235 |
|
|
|
- |
|
| Acquisition of intangible
assets |
|
|
(18,476 |
) |
|
|
(3,242,537 |
) |
|
|
(13,235 |
) |
| Acquisition of subsidiaries,
net of cash acquired |
|
|
- |
|
|
|
(1,765,933 |
) |
|
|
24,276 |
|
| Net cash used in
investing activities |
|
|
(2,125,545 |
) |
|
|
(9,405,629 |
) |
|
|
(5,224,439 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from
financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from issue of
shares |
|
|
20,867,386 |
|
|
|
20,346,353 |
|
|
|
13,244,329 |
|
| Proceeds from exercise of
warrants |
|
|
506,692 |
|
|
|
3,014,710 |
|
|
|
- |
|
| Proceeds from a convertible
note |
|
|
- |
|
|
|
1,500,000 |
|
|
|
- |
|
| Cash repayment of a
convertible note |
|
|
(554,238 |
) |
|
|
- |
|
|
|
- |
|
| Cash paid for the cancellation
of fractional shares |
|
|
(49,664 |
) |
|
|
- |
|
|
|
- |
|
| Proceeds from borrowings |
|
|
1,895,151 |
|
|
|
3,426,096 |
|
|
|
1,563,444 |
|
| Repayment of borrowings |
|
|
(2,890,252 |
) |
|
|
(4,499,358 |
) |
|
|
(1,334,930 |
) |
| Payment of lease
liabilities |
|
|
(2,652,150 |
) |
|
|
(2,849,816 |
) |
|
|
(2,819,531 |
) |
| Net cash generated
from financing activities |
|
|
17,122,925 |
|
|
|
20,937,985 |
|
|
|
10,653,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in
cash and cash equivalents, and restricted cash |
|
|
13,805,679 |
|
|
|
(7,657,881 |
) |
|
|
6,408,037 |
|
| Effect of movements in
exchange rates on cash held |
|
|
(62,928 |
) |
|
|
34,714 |
|
|
|
(684,136 |
) |
| Cash and cash equivalents, and
restricted cash at beginning of year |
|
|
8,230,644 |
|
|
|
15,853,811 |
|
|
|
10,129,910 |
|
| Cash and cash
equivalents, and restricted cash at end of year |
|
$ |
21,973,395 |
|
|
$ |
8,230,644 |
|
|
$ |
15,853,811 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-cash investing and
financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Equity portion of purchase
consideration paid for acquisition of subsidiaries |
|
$ |
- |
|
|
$ |
4,579,880 |
|
|
$ |
327,763 |
|
| Equity portion of the
settlement of a borrowing from a third party |
|
|
15,914,615 |
|
|
|
- |
|
|
|
- |
|
| Equity portion of purchase
consideration paid for acquisition of fixed and intangible
assets |
|
|
1,848,000 |
|
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
* Certain amounts have been restated to reflect the
reclassification adjustments made between continuing operations and
discontinued operations related to the divestiture of
Handshake
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 years ended December
31, |
|
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
Net loss from continuing operations – IFRS |
|
$ |
(29,623,520 |
) |
|
$ |
(18,603,626 |
) |
|
$ |
(5,531,354 |
) |
| Finance costs |
|
|
653,374 |
|
|
|
1,141,830 |
|
|
|
984,843 |
|
| Income tax expense
(benefit) |
|
|
434,320 |
|
|
|
132,208 |
|
|
|
(732,868 |
) |
| Depreciation and amortization
expense |
|
|
5,243,240 |
|
|
|
5,981,407 |
|
|
|
5,032,642 |
|
| EBITDA |
|
|
(23,292,586 |
) |
|
|
(11,348,181 |
) |
|
|
(246,737 |
) |
| Stock based compensation
expense |
|
|
1,101,800 |
|
|
|
252,095 |
|
|
|
- |
|
| Provision for expected credit
loss on trade receivables and other receivables |
|
|
899,433 |
|
|
|
- |
|
|
|
- |
|
| Allowance for doubtful debts
on a related party |
|
|
5,637,527 |
|
|
|
- |
|
|
|
- |
|
| Impairment on goodwill |
|
|
2,267,583 |
|
|
|
- |
|
|
|
- |
|
| Impairment on intangible
assets |
|
|
3,713,551 |
|
|
|
- |
|
|
|
- |
|
| Write off of/ Provision for
withholding tax receivables |
|
|
683,344 |
|
|
|
448,243 |
|
|
|
190,038 |
|
| Provision for obsolete
inventories |
|
|
3,797,552 |
|
|
|
942,882 |
|
|
|
- |
|
| Impairment loss on fixed
assets |
|
|
3,682,789 |
|
|
|
4,408,037 |
|
|
|
- |
|
| Foreign exchange gains
(losses), net |
|
|
(305,026 |
) |
|
|
590,965 |
|
|
|
1,819,661 |
|
| Adjusted net (loss)
income (Non-IFRS) |
|
$ |
(1,814,033 |
) |
|
$ |
(4,705,959 |
) |
|
$ |
1,762,962 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-IFRS (loss)
earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted (loss)
profit for the year attributable to ordinary equity holders of the
Company |
|
$ |
(0.28 |
) |
|
$ |
(3.80 |
) |
|
$ |
3.83 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average
number of shares used in computation: |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted |
|
|
6,531,918 |
|
|
|
1,239,852 |
* |
|
|
460,719 |
* |
|
* |
Giving retroactive effect to the 2023 share consolidation on
January 31, 2023. |
Guardforce AI (NASDAQ:GFAIW)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Guardforce AI (NASDAQ:GFAIW)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024
