Guardforce AI (NASDAQ:GFAI) Co Limited said it expects to generate net revenue of between $55 million to $60 million in 2022, representing growth of more than 66% versus 2021.
Inorganic revenues -- from companies expected to be acquired during 2022 -- should bring in about $21 million, representing 36% of total net revenue.
Also, the company said non-cash revenues, including robotics, cybersecurity, and other non-cash related security services revenues, are expected to expand to approximately $25.5 million, representing 44% of total net revenue.
READ: Guardforce AI sets up subsidiaries in Dubai and Australia to focus on robotics
"Looking ahead, we are working rapidly through our pipeline of acquisition targets following a growth strategy of acquiring successful companies that are leaders in their field,” said Terence Yap, chairman of Guardforce AI (NASDAQ:GFAI), in a statement.
“We continue to see industry-wide technology convergence between physical security, cybersecurity and facilities management, and we are positioning Guardforce AI to benefit from these trends. As the COVID-19 pandemic's effects continue to subside, we expect to consolidate our leading position within the secure logistics services in Thailand while leveraging our strengths into new opportunities in the technology sectors internationally."
Yap added: “2022 presents an exciting opportunity for Guardforce AI to continue our growth trajectory with customers, building both our robotics and cybersecurity divisions and increasing shareholder value. I look forward to providing additional updates in the months to come.”
Guardforce’s 2022 revenue outlook comes as the company announced its financial results for the year ended December 31, 2021.
Revenue was approximately $35.2 million last year, compared to $37.6 million in the same period of 2020.
The decrease, the company said, was primarily due to the uncontrolled resurgent outbreak of COVID-19 since April 2021 in Thailand, significantly reducing the number of customer orders, partially offset by an increase and stronger demand for GDM products and Robotics AI Solutions business.
As for major milestones during the year, the company said it deployed more than 1,400 robots in the Asia Pacific region and expanded its US footprint with the establishment of a wholly-owned US.subsidiary and announced a strategic partnership with a US-based Technology-as-a-Service (TaaS) business.
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