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Guardforce AI Co., Ltd. (GFAI) stock

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NASDAQ: GFAI Nasdaq Diversified Support Services

D Fundamentals grade

Guardforce AI Co., Ltd. is a US-listed company in the diversified support services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: free cash flow after stock pay is not positive.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

Guardforce AI Co., Ltd. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds10 adding, 5 cuttingOf 2 active managers that changed their stake, 2 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Guardforce AI files

Where Guardforce AI Co. stands after its latest Filing

Revenue for the twelve months was $35m, up 8.0% on a year earlier, against a decline of 0.0% a quarter earlier. Free-cash-flow margin rose to -4.7% from -12.3% a year earlier. Operating margin narrowed to -16.7% from -10.8%. The diluted share count is up 96.4% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 3 financial-health checks.

Our model value for Guardforce AI is under review, so past values are not shown until it is resolved.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Guardforce AI Co., Ltd.'s trailing-twelve-month revenue grew 8.0% year on year, with a free-cash-flow margin of -4.7%. Where it stands out: change in growth rate of +8.0pp ranks 5 of 32 diversified support services companies we cover. Where it lags: change in share count of 96.4% ranks 27 of 28 diversified support services companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 53.7% while net income fell 13.5%: a 67pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 8.0 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 3.9 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Loss-making. Operating margin is -16.7%: costs exceed revenue.
  • Burning cash. Free cash flow was -4.7% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 96.4% in a year.

Price chart

  • 1 day+3.4%
  • 1 week-4.7%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$35.2M
Operating margin
-16.7%
Net margin
-18.9%
EPS (TTM, diluted)
$-0.30

Growth

Revenue growth
+8.0%
Change in growth rate
+8.0 pts
Share count change
+96.4%

Cash

Free cash flow (TTM)
-$1.7M
FCF margin
-4.7%
Stock pay % of revenue
3.8%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for GFAI from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Guardforce AI Co., Ltd. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Guardforce AI Co., Ltd. as an operating company, with every model that fits that kind of business. Cost of equity 8.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.81 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$0.9 ~$0.8–$4.8 Left out: out of range vs price (5.08x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Guardforce AI Co., Ltd. with Diversified Support Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Guardforce AI Co., Ltd.: too few analysts cover it.

Positioning

Short interest
2.2%
of tradable shares
Days to cover
4.39
at average volume
Short interest, 1 month
+11%
to October 15, 2026
Held by institutions
5%
of shares
Held by insiders
8.9%
of shares
Employees
1,657
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Guardforce AI Co., Ltd. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Guardforce AI Co., Ltd.
$32M $34M $36M $38M $40M FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue (TTM), FY19 Q4: $38.6M Revenue (TTM), FY20 Q4: $37.6M Revenue (TTM), FY21 Q4: $34.7M Revenue (TTM), FY22 Q4: $34M Revenue (TTM), FY23 Q4: $32.6M Revenue (TTM), FY24 Q4: $32.6M Revenue (TTM), FY25 Q4: $35.2M $35.2M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY19 Q4 $38.6M
FY20 Q4 $37.6M
FY21 Q4 $34.7M
FY22 Q4 $34M
FY23 Q4 $32.6M
FY24 Q4 $32.6M
FY25 Q4 $35.2M
Revenue growth, TTM YoY Guardforce AI Co., Ltd.
-10% -5% 0% 5% 10% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY20 Q4: -2.4% Revenue growth, TTM YoY, FY21 Q4: -7.9% Revenue growth, TTM YoY, FY22 Q4: -2.0% Revenue growth, TTM YoY, FY23 Q4: -3.9% Revenue growth, TTM YoY, FY24 Q4: -0.0% Revenue growth, TTM YoY, FY25 Q4: 8.0% 8.0%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY20 Q4 -2.4%
FY21 Q4 -7.9%
FY22 Q4 -2.0%
FY23 Q4 -3.9%
FY24 Q4 -0.0%
FY25 Q4 8.0%
Operating margin (TTM) Guardforce AI Co., Ltd.
-100% -50% 0% FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Operating margin (TTM), FY19 Q4: -0.3% Operating margin (TTM), FY20 Q4: -5.6% Operating margin (TTM), FY21 Q4: -10.8% Operating margin (TTM), FY22 Q4: -49.5% Operating margin (TTM), FY23 Q4: -87.0% Operating margin (TTM), FY24 Q4: -20.6% Operating margin (TTM), FY25 Q4: -16.7% -16.7%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY19 Q4 -0.3%
FY20 Q4 -5.6%
FY21 Q4 -10.8%
FY22 Q4 -49.5%
FY23 Q4 -87.0%
FY24 Q4 -20.6%
FY25 Q4 -16.7%
FCF margin (TTM) Guardforce AI Co., Ltd.
-80% -60% -40% -20% 0% 20% FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 FCF margin (TTM), FY19 Q4: 11.8% FCF margin (TTM), FY20 Q4: 9.3% FCF margin (TTM), FY21 Q4: -12.3% FCF margin (TTM), FY22 Q4: -64.1% FCF margin (TTM), FY23 Q4: -11.3% FCF margin (TTM), FY24 Q4: -10.9% FCF margin (TTM), FY25 Q4: -4.7% -4.7%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY19 Q4 11.8%
FY20 Q4 9.3%
FY21 Q4 -12.3%
FY22 Q4 -64.1%
FY23 Q4 -11.3%
FY24 Q4 -10.9%
FY25 Q4 -4.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F, 20-F/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 39 38 35 34 33 33 35
Gross profit 5 6 4 4 4 5 5
EBITDA 0 −2 −2 −14 −26 −6 −5
Operating income −0 −2 −4 −17 −28 −7 −6
Net income 0 −3 −5 −19 −30 −6 −7
Diluted EPS $0.00 −$0.73 −$1.19 −$1.50 −$2.27 −$0.27 −$0.30
Growth (year on year)
Revenue — −2.4% −7.9% −2.0% −3.9% −0.0% +8.0%
Margins
Gross margin 12.0% 16.7% 10.4% 11.1% 12.7% 15.1% 15.0%
EBITDA margin 0.1% −5.2% −7.2% −40.7% −80.3% −18.1% −14.4%
Operating margin −0.3% −5.6% −10.8% −49.5% −87.0% −20.6% −16.7%
Net margin 0.1% −8.3% −15.8% −54.7% −90.6% −18.0% −18.9%
Free-cash-flow margin 11.8% 9.3% −12.3% −64.1% −11.3% −10.9% −4.7%
Cash flow
Cash from operations 5 5 1 −17 −2 −3 −1
Capital spending 0 1 5 4 2 0 0
Free cash flow 5 4 −4 −22 −4 −4 −2
Stock-based pay — 0 — 0 1 2 1
Free cash flow after stock pay — 3 — −22 −5 −5 −3
Balance sheet
Cash 6 8 13 7 20 22 25
Total debt 2 20 17 18 1 0 —
Net debt (negative = net cash) −4 12 4 11 −20 −22 −25
Diluted shares 4m 4m 5m 12m 13m 22m 22m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 3 checks passed · December 31, 2025
What it owns · $49m
Short-term assets $34mLonger-term assets $15m
What it owes, and who funded it · $49m
Short-term liabilities $6mLonger-term liabilities $9mShareholders' equity $34m
  • Short-term assets cover short-term liabilities $34m of assets due within a year against $6m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $34m short-term assets against $9m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$6m against $183,293 of interest.

From Guardforce AI Co., Ltd.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+96.4%
year over year
R&D spending
2.4%
of revenue
Days sales outstanding
51 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in diversified support services
Last 12 months unless stated GFAI HGBL SUGP THH CRE HCAI Median
Revenue, last 12 months $35m $48m $25m $21m $17m $15m $906m
Revenue growth, last 12 months 8.0% −1.5% 5.9% −13.3% 26.2% −63.6% 6.3%
Gross margin 15.0% −61.8% 16.0% 9.7% 41.9% 2.7% 29.0%
Operating margin −16.7% −37.0% −10.4% −8.3% 4.5% −142.5% 4.9%
Net margin −18.9% −29.6% −9.6% 0.6% 4.0% −283.6% 2.7%
Cash from operations / revenue −3.7% 1.2% −8.0% −20.9% 8.8% −8.7% 7.1%
Free-cash-flow margin −4.7% −2.3% −8.9% −22.4% 8.3% −8.7% 3.7%
Stock pay / revenue 3.8% 1.6% — — — 140.4% 1.4%
Change in share count 96.4% −4.2% 6.2% 2.1% 3.3% 12.6% 0.1%

Median of all 32 companies we cover in diversified support services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

32 diversified support services companies
Measure Company Peer median Rank
Revenue growth Growth 8.0% 6.5% 15 of 32
Change in growth rate Growth +8.0pp +0.8pp 5 of 32
Gross margin Profitability 15.0% 26.4% 16 of 22
Operating margin Profitability -16.7% 4.5% 24 of 29
Net margin Profitability -18.9% 3.3% 26 of 32
Free-cash-flow margin Cash generation -4.7% 4.1% 25 of 31
Stock pay as % of revenue Cash generation 3.8% 1.4% 18 of 26
Change in share count Balance sheet 96.4% -0.1% 27 of 28
Days sales outstanding Balance sheet 51 days 60 days 10 of 26

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$575,421
Institutions reporting
15
Shares held vs prior quarter
▲ 15.3%
Positions opened / closed
3 / 4

Top buyers and sellers, Q2 2026: 10 institutions bought and 5 sold ; the biggest buyer was Xtx Topco Ltd (+115K shares) and the biggest seller Susquehanna International Group, LLP (−57K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
UBS Group AG $263,293 662K 45.8% ▲ 8.4%
Renaissance Technologies LLC $171,976 432K 29.9% ▲ 9.3%
Xtx Topco Ltd $63,530 160K 11.0% ▲ 254.3%
Jane Street Group, LLC $35,002 88K 6.1% ▲ 131.7%
Virtu Financial LLC $13,000 33K 2.3% New
Stonex Group Inc. $9,225 19K 1.6% ▲ 38.6%
Sbi Securities Co., Ltd. $6,465 16K 1.1% ▲ 20.0%
Citadel Advisors LLC $5,558 14K 1.0% New
Susquehanna International Group, LLP $4,304 11K 0.7% ▼ 84.0%
Wells Fargo & Company $1,831 5K 0.3% ▲ 84.0%
Morgan Stanley $796 2K 0.1% 0.0%
Golden State Wealth Management, LLC $238 1K 0.0% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Guardforce AI Co., Ltd.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Guardforce AI Co., Ltd. was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Guardforce AI Co., Ltd. in brief

What does Guardforce AI Co., Ltd. do?
Guardforce AI Co., Ltd. is a US-listed company in the diversified support services industry. Its financial year ends in December.
What is Guardforce AI Co., Ltd.'s stock ticker?
Guardforce AI Co., Ltd. trades under the ticker GFAI on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Guardforce AI Co., Ltd.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Guardforce AI Co., Ltd. reported revenue of $35.2M, 8.0% higher than a year earlier, according to its SEC filings.
What is Guardforce AI Co., Ltd.'s free cash flow?
Guardforce AI Co., Ltd.'s free-cash-flow margin is -4.7% of revenue over the trailing twelve months, ranking 25 of the 31 diversified support services companies we cover.
Who are Guardforce AI Co., Ltd.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are UBS Group AG, Renaissance Technologies LLC and Xtx Topco Ltd. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Who are Guardforce AI Co., Ltd.'s competitors?
In our Diversified Support Services peer group, the companies closest to Guardforce AI Co., Ltd. are Heritage Global Inc., SU Group Holdings Ltd, Tryhard Holdings Ltd, Cre8 Enterprise Ltd and Huachen AI Parking Management Technology Holding Co., Ltd. The side-by-side comparison below sets their revenue, margins and growth against Guardforce AI Co., Ltd.'s.