Guardforce AI Co., Ltd.

General Information

(Note: This is NOT an IPO. This is a NASDAQ uplift – a unit offering. Each unit consists of one share of common stock (proposed symbol GFAI) and one warrant to buy one share of common stock (proposed symbol GFAIW). The company’s stock has traded on the OTC Market under the symbol “GRDAF.” The shareholders approved a 1-for-3 reverse split of the company’s shares before the pricing of the offering. (See page 7 of the prospectus.) Guardforce AI Co., Limited is incorporated in the Cayman Islands.)

We are a market leader with almost 40 years of experience in the cash logistics business in Thailand and our services include cash-in-transit dedicated vehicles to banks, ATM management, cash center operations, cash processing, coin processing, cheque center, and cash deposit machine solutions (cash deposit management and express cash service). Our customers include local commercial banks, chain retailers, coin manufacturing mints, and government authorities. Our five major customers are Government Savings Bank, Bank of Ayudhya, TMB Bank, Thanachart Bank and CP All Public Company. A few global customers also retain our services under temporary contract. As of the date of this prospectus, we employed 1,814 staff located in 21 branches of GF Cash (CIT) and had 478 vehicles.

We were founded in 2018 to acquire our operating subsidiary GF Cash (CIT). The principal office of our Company is located in Bangkok, Thailand.

Our operating subsidiary, GF Cash (CIT), was founded in 1982 (the Company was formerly named Securicor (Thailand) Limited) and was renamed G4S Cash Service (Thailand) Limited in 2005. The Company was renamed again as Guardforce Cash Solution (Thailand) Limited in 2016 and the name was further changed to Guardforce Cash Solution Security (Thailand) Company Limited in 2018. The principal office of GF Cash (CIT) is located in Bangkok, Thailand.

Substantially all of our revenues are derived from GF Cash (CIT)’s secure logistic business. Gross revenue for the years ended Dec. 31, 2020, and Dec. 31, 2019, was approximately $37.65 million and $38.57 million, respectively. The company reported a net loss of $3.14 million for the year ended Dec. 31, 2020, a reversal from a profit of $60,077 for the year ended Dec. 31, 2019.

In 2020, in addition to our secure cash logistics business, we began to develop other non-cash related solutions and services. In view of the pace of global robotics development and in response to the more automated requirements, driven in part by the COVID-19 pandemic, we have begun to roll out robotic solutions for our customers in Thailand and the rest of the Asia Pacific region. As of Dec. 31, 2020, we had generated approximately $0.2 million in revenue from our robotic solutions business.

(Note: Guardforce AI priced its NASDAQ uplift offering on Sept. 28, 2021, in line with the terms in its prospectus: 3.61 million units at $4.15 each.)


Employees: 1814
Founded: 1982
Contact Information
Address 96 Vibhavadi Rangsit Road, Talad Bangkhen, Laksi, Bangkok 10210, Thailand
Phone Number +66 (0) 2973 6011
Web Address
View Prospectus: Guardforce AI Co., Ltd.
Financial Information
Market Cap $85.45mil
Revenues $37.65 mil (last 12 months)
Net Income $-3.14 mil (last 12 months)
IPO Profile
Symbol GFAI
Exchange NASDAQ
Shares (millions): 3.6
Price range $4.15 - $4.15
Est. $ Volume $15.0 mil
Manager / Joint Managers EF Hutton
CO-Managers -
Expected To Trade: 9/29/2021
Status: Priced
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
Rating Change