Guardforce AI Co., Ltd. (NASDAQ: GFAIW)

Guardforce AI Co., Limited is a holding company that operates through subsidiaries primarily engaged in secured logistics and artificial intelligence and robotics solutions. The company's core activities include providing cash-in-transit services, ATM management, cash processing, and cash center operations in Thailand, alongside developing AI-powered robotic solutions such as the DeepVoyage Go travel planning agent and RoboTravel Agent for tourism and retail applications. Guardforce AI also offers Smart Retail Solution leveraging big data for store analytics and anti-fraud prevention. The company was incorporated in the Cayman Islands in 2018 with the purpose of acquiring its operating subsidiary GF Cash (CIT), which has operated in the cash-in-transit industry since 1982.

Guardforce AI generates revenue through two primary business segments: secured logistics and AI&Robotics Solutions. The secured logistics business derives income from services such as cash-in-transit using dedicated and non-dedicated vehicles, ATM management, cash processing, cash center operations, consolidated cash center operations for the Bank of Thailand, and smart cash solutions. Fees are charged based on the value of consignments, service activities, or fixed contractual rates. The AI&Robotics Solutions business earns revenue from the sale or lease of robots, advertising services on robot screens, integrated solution provision, custom development, and subscription-based access to its AI travel planning platform DeepVoyage Go. The Smart Retail Solution contributes through one-time installation fees and recurring monthly charges for maintenance and software management.

The company operates through the following segments: Secured Logistics Business, AI&Robotics Solutions Business, and Corporate and others.

• Secured Logistics Business provides comprehensive cash management services in Thailand including cash-in-transit, dedicated vehicle services to banks, ATM management, cash processing, cash center operations, consolidated cash center operations for the Bank of Thailand, and smart cash solutions. This segment serves local commercial banks, chain retailers, coin manufacturing mints, and government authorities, with major customers including Government Savings Bank, Bank of Ayudhya, CP All Public Company, and TTB Bank Public Company.

• AI&Robotics Solutions Business offers robotic solutions integrated with AI for retail, tourism, and event management, including RoboTravel Agent for travel-related inquiries and advertising, Wishnote for event management sign-in and digital wish showcase, and Smart Retail Solution for store risk evaluation and customer traffic analysis. The segment also provides AI agent solutions such as DeepVoyage Go for personalized trip planning and experience sharing, delivered via subscription-based access.

• Corporate and others covers non-operating activities supporting the company, including headquarters and central functions, treasury organization, and listing-related expenses. This segment is administrative and does not generate revenue.

In the secured logistics industry in Thailand, Guardforce AI holds a leading position with over 43 years of experience through its subsidiary GF Cash (CIT). The company competes against international firms and local banks with exclusive cash-in-transit subsidiaries, but maintains advantages through nationwide coverage with 21 branches, flexible and reliable operations, long-term relationships with commercial banks and retail customers, and an experienced workforce. In the AI and robotics solutions space, the company differentiates itself through its focus on transforming travel expertise into structured, reusable products via its DeepVoyage Go platform, emphasizing recurring software-driven monetization and ecosystem building rather than relying on travel inventory sales.

Guardforce AI serves a diverse customer base across its business segments. In secured logistics, key customers include Government Savings Bank, Bank of Ayudhya, CP All Public Company, and TTB Bank Public Company. The AI&Robotics Solutions business serves hotels, tourism sites, stores, and event venues, with specific deployments of RoboTravel Agent across the Asia-Pacific region and approximately 200 robots deployed in New York for AIoT robot advertising. The Smart Retail Solution has been tested with select major retail clients in Thailand.