Guardforce AI Co., Limited announced its financial results for the year ended December 31, 2024, highlighting a transformative year marked by operational consolidation and a stronger revenue mix. Total revenue for 2024 increased by approximately 0.2% to $36.3 million compared to 2023.
The company reported a 16.1% increase in gross profit, reaching approximately $6.3 million for 2024, up from $5.4 million in 2023. The gross profit margin improved to a historical high of 17.2% for 2024, compared to 14.9% for 2023, driven by cost control initiatives and higher margins from its GDM and Cash-In-Transit businesses with retail customers.
Operating expenses saw a significant reduction, with selling, distribution, and administrative expenses decreasing by 20.7% to approximately $10.1 million. This contributed to a substantial improvement in operating loss, which was approximately $6.7 million in 2024, a significant reduction from $29.3 million in 2023. The company also maintained a strong cash position with approximately $23.4 million in cash, cash equivalents, and restricted cash as of December 31, 2024.
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