Guardforce AI Co., Limited (GFAI) Income Statement
GFAI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsGFAI revenue and net income
Where GFAI's revenue goes
2025Each bar shows an amount and its share of revenue. GFAI kept −18.9% of revenue as net income.
GFAI profit margins
GFAI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +0.6% | +1.2% | −1.3% | — |
| Gross profit | +7.3% | +62.4% | −2.8% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
GFAI quarterly EPS vs estimates
Guardforce AI beat the analyst EPS estimate in 3 of the last 7 quarters.
GFAI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $35.2M | $35.0M | $36.3M | $34.0M | $35.2M | $37.6M | $38.6M | $37.3M | $34.5M |
| Cost of revenue | $29.9M | $30.1M | $34.8M | $33.2M | $32.3M | $31.5M | $34.1M | $31.7M | $29.7M |
| Gross profit | $5.3M | $4.9M | $1.5M | $1.2M | $2.8M | $6.1M | $4.5M | $5.7M | $4.7M |
| Research & development | $837,719 | $388,888 | $169,511 | $99,947 | $0 | $0 | — | — | — |
| Sales, general & admin | $9.4M | $11.0M | $20.4M | $14.0M | $7.1M | $6.3M | $4.4M | $4.5M | $3.1M |
| Total operating expenses | $11.2M | $11.7M | $30.8M | $13.2M | $6.5M | $8.4M | $4.6M | $4.5M | $3.1M |
| Operating income | −$5.9M | −$6.7M | −$29.3M | −$16.8M | −$3.7M | −$2.1M | −$110,980 | $1.2M | $1.6M |
| Interest expense | — | — | $653,374 | $1.1M | $984,843 | $898,748 | $886,465 | $770,230 | $621,971 |
| Income before taxes | −$5.3M | −$6.0M | −$29.2M | −$18.5M | −$6.3M | −$2.9M | $148,550 | $171,985 | $1.5M |
| Income taxes | −$6,394 | −$125,925 | $434,320 | $132,208 | −$732,868 | $242,837 | $88,473 | $95,153 | $205,364 |
| Net income | −$6.7M | −$5.9M | −$29.6M | −$18.6M | −$5.5M | −$3.1M | $54,035 | $73,724 | $1.3M |
| EBITDA | −$2.6M | −$3.4M | −$23.3M | −$11.3M | −$207,048 | $3.0M | $6.3M | $3.4M | $3.8M |
| EPS (diluted) | −$0.27 | −$0.33 | −$3.01 | −$14.96 | −$12.50 | −$7.26 | $0.12 | $0.18 | — |
| Gross margin | 15.0% | 14.1% | 4.2% | 3.6% | 8.0% | 16.2% | 11.6% | 15.2% | 13.8% |
| Operating margin | −16.7% | −19.2% | −80.8% | −49.5% | −10.5% | −5.6% | −0.3% | 3.2% | 4.6% |
| Net margin | −18.9% | −16.7% | −81.5% | −54.7% | −15.6% | −8.3% | 0.1% | 0.2% | 3.7% |
| Jun '26 | Mar '26 | Jun '25 | Mar '25 | Jun '24 | Mar '24 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | Jun '22 | Mar '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.3M | $17.0M | $18.2M | $12.0M | $17.6M | $17.9M | $18.4M | $15.1M | $17.5M | $8.8M | $16.9M | $16.7M |
| Cost of revenue | $16.2M | $14.7M | $15.3M | $15.7M | $19.1M | $16.1M | $17.2M | $17.2M | $17.1M | $7.8M | $15.6M | $22.0M |
| Gross profit | $2.1M | $2.3M | $3.0M | −$3.8M | −$1.5M | $1.7M | $1.2M | −$2.1M | $466,189 | $1.0M | $1.3M | −$5.2M |
| Research & development | $407,234 | $315,216 | $522,503 | $282,053 | $106,835 | $84,756 | $95,322 | $95,322 | $99,947 | — | — | — |
| Sales, general & admin | — | $9.4M | — | $6.5M | $4.6M | $11.6M | $6.6M | $6.6M | $6.4M | $1.6M | $6.9M | $4.7M |
| Total operating expenses | $5.3M | $5.7M | $5.4M | $854,703 | $563,321 | $12.3M | $10.3M | $9.8M | $7.4M | — | $6.9M | −$2.8M |
| Operating income | −$3.3M | −$3.4M | −$2.5M | −$4.6M | −$2.1M | −$10.6M | −$9.0M | −$11.9M | −$6.9M | −$878,422 | −$5.5M | −$2.4M |
| Interest expense | — | — | — | $81,534 | $81,534 | $68,477 | $584,897 | $578,308 | $732,617 | $246,211 | $410,861 | $543,891 |
| Income before taxes | −$3.1M | −$3.1M | −$2.2M | −$4.1M | −$1.9M | −$16.2M | −$13.0M | −$13.0M | −$11.9M | −$1.6M | −$6.7M | −$4.7M |
| Income taxes | $64,191 | −$54,571 | $48,177 | −$102,976 | −$22,949 | −$440,111 | $874,431 | $874,431 | $452,391 | −$183,217 | −$320,183 | −$732,868 |
| Net income | −$3.1M | −$4.4M | −$2.2M | −$4.0M | −$1.8M | −$15.8M | −$13.8M | −$13.8M | −$12.3M | −$1.4M | −$6.3M | −$3.9M |
| EBITDA | −$1.5M | −$1.9M | −$738,993 | −$2.9M | −$527,453 | −$13.5M | −$6.4M | −$9.8M | −$7.9M | −$991,991 | −$3.6M | $239,106 |
| EPS (diluted) | — | — | −$0.11 | −$0.33 | −$0.19 | — | — | — | $0.00 | −$14.97 | $0.00 | $0.00 |
| Gross margin | 11.3% | 13.7% | 16.2% | −31.7% | −8.6% | 9.7% | 6.6% | −13.9% | 2.7% | 11.6% | 7.8% | −31.1% |
| Operating margin | −17.9% | −19.9% | −13.6% | −38.8% | −11.9% | −59.4% | −49.0% | −78.7% | −39.5% | −10.0% | −32.8% | −14.3% |
| Net margin | −17.0% | −26.0% | −12.3% | −33.6% | −10.5% | −88.2% | −75.1% | −91.6% | −69.9% | −15.6% | −37.2% | −23.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in GFAI's financial statements (latest annual report filed April 21, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
GFAI financial results
In fiscal year 2025 (ended December 31, 2025), Guardforce AI reported revenue of $35.2 million, up 0.6% from the year before. It had a net loss of $6.7 million, a net profit margin of −18.9%. Diluted earnings per share came to −$0.27. Over five years revenue grew at an average rate of −1.3% a year.
See the GFAI stock overview for the latest quote and news, or the GFAI chart for price history and technical indicators.
GFAI income statement FAQ
What is Guardforce AI's annual revenue?
Guardforce AI reported total revenue of $35.2 million for fiscal year 2025, which ended on December 31, 2025. That was up 0.6% from $35.0 million the previous year.
Is Guardforce AI profitable?
No. Guardforce AI reported a net loss of $6.7 million in fiscal 2025, a net profit margin of −18.9%; its operating margin was −16.7%.
What is Guardforce AI's gross margin?
Guardforce AI's gross margin was 15.0% in fiscal 2025: for every $100 of revenue, Guardforce AI kept $15 after the direct cost of its products and services.
How much does Guardforce AI spend on research and development?
Guardforce AI spent $0.8 million on research and development in fiscal 2025, 2.4% of revenue.
How fast is Guardforce AI growing?
Revenue grew −1.3% a year on average over the last five fiscal years, from $37.6 million to $35.2 million.
What are Guardforce AI's earnings per share?
Guardforce AI earned $-0.27 per diluted share in fiscal 2025, compared with $-0.33 a year earlier.
When does Guardforce AI's fiscal year end?
Guardforce AI's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 21, 2026.