Update! Not to shabby
$Guardforce AI (GFAI.US)$ Guardforce AI Reports Positive Adjusted Net Income for the First Half of 2024
Gross profit increased 50% in H1 2024 compared to H1 2023
Establishing a strong AI technology foundation for solution development in travel and retail
NEW YORK, NY / September 23, 2024 / Guardforce AI Co., Limited (“Guardforce AI” or the “Company”) (NASDAQ: GFAI, GFAIW), an integrated security, AI and Robot-as-a-Service (RaaS) provider, today announced financial results and provided a business update for the first half of 2024 (H1 2024) ended June 30, 2024.
H1 Financial Highlights
● Gross profit increased by approximately 50.0% in H1 2024 compared to H1 2023, driven in part by an improvement in gross profit margin, which increased to approximately 18.4% in H1 2024, compared to approximately 12.0% in H1 2023
● Adjusted net income (Non-IFRS) was approximately $0.1 million in H1 2024 compared to an adjusted net loss of approximately $1.8 million in H1 2023
● Selling, distribution, and administrative expenses was approximately $5.0 million for H1 2024, a 25.7% decrease, compared to approximately $6.7 million for H1 2023
● Operating loss improved by approximately $9.8 million, or 82.5%, to approximately $2.1 million in H1 2024, compared to approximately $11.9 million in H1 2023.
● As of June 30, 2024, the Company had cash and cash equivalents and restricted cash of approximately $15.5 million
Gross profit increased 50% in H1 2024 compared to H1 2023
Establishing a strong AI technology foundation for solution development in travel and retail
NEW YORK, NY / September 23, 2024 / Guardforce AI Co., Limited (“Guardforce AI” or the “Company”) (NASDAQ: GFAI, GFAIW), an integrated security, AI and Robot-as-a-Service (RaaS) provider, today announced financial results and provided a business update for the first half of 2024 (H1 2024) ended June 30, 2024.
H1 Financial Highlights
● Gross profit increased by approximately 50.0% in H1 2024 compared to H1 2023, driven in part by an improvement in gross profit margin, which increased to approximately 18.4% in H1 2024, compared to approximately 12.0% in H1 2023
● Adjusted net income (Non-IFRS) was approximately $0.1 million in H1 2024 compared to an adjusted net loss of approximately $1.8 million in H1 2023
● Selling, distribution, and administrative expenses was approximately $5.0 million for H1 2024, a 25.7% decrease, compared to approximately $6.7 million for H1 2023
● Operating loss improved by approximately $9.8 million, or 82.5%, to approximately $2.1 million in H1 2024, compared to approximately $11.9 million in H1 2023.
● As of June 30, 2024, the Company had cash and cash equivalents and restricted cash of approximately $15.5 million
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