Guardforce AI Co Ltd (NASDAQ:GFAI) said it has made significant progress transforming into an integrated artificial intelligence (AI) and robotics business to complement its established logistics segment during the first half of 2022.
Highlights from the six months ended June 30, 2022, include a 253% growth in its robotic AI segment revenue compared to the same period in 2021, and the expansion of the company’s Robot-as-a-Service business to now operate in eight countries including China, Singapore, Malaysia, Thailand, Japan, Australia, the United Arab Emirates, and the United States.
Guardforce AI CEO Olivia Wang also spotlighted the company’s development progress made on the Guardforce AI Intelligent Cloud Platform (GFAI ICP).
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“In the first half of 2022, we successfully set up three main hubs for the GFAI ICP in Mainland China, the United States, and Hong Kong, each of which has the ability to manage well over 10,000 robots,” Wang said. “At the end of June 30, 2022, approximately 6,000 robots were managed through the GFAI ICP across the globe.”
Wang also noted the company’s acquisitions, including the completion of three target acquisitions in China which provided Guardforce AI with immediate access to thousands of valuable clients.
“We have built a highly scalable business model that we believe will drive significant value for shareholders as we continue to execute on our business model,” Wang said.
Due to the impact of COVID-19 and the shutdown of certain customers’ facilities in the secured logistics business segment, Wang said the company experienced a slight decrease in revenue of less than 10%.
“We are highly encouraged by the outlook for the business and expect to resume strong organic revenue growth company-wide as pandemic-related restrictions begin to ease,” Wang commented.
The company’s net revenue for 1H 2022 decreased to $16.9 million from $18.4 million in the first half of 2021.
Guardforce AI posted a net loss of $6.3 million or $0.18 per share for the first six months of 2022, compared to a net loss of $1.6 million or $0.09 per share in the same period last year, attributed to lower revenue and an increase in selling, distribution, and administrative expenses.
Guardforce AI is a global integrated security solutions provider that is focused on developing robotic solutions and information security services that complement its well-established secured logistics business.
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