Guardforce AI Co Ltd (NASDAQ:GFAI) recorded record revenues of $36.3 million for the 2023 financial year and a 43% year-on-year rise in gross profits.
Net losses attributable to shareholders totalled $29.57 million in what CEO Lei (Olivia) Wang called “another transformative year” for the integrated security, artificial intelligence ‘and Robot-as-a-Service’ (RaaS) provider.
“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,” said Wang.
“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.”
Guardforce has also successfully diversified its client base within the retail and chain store sectors, aligning its growth with the development of secured logistics solutions.
Its financial standing remains strong with about $22 million in cash and cash equivalents at the year's end.
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 in February 2023.
Shares were up 2% in early exchanges.