Company overview

Guardforce AI Co., Limited derives nearly all its revenue from its Thai subsidiary GF Cash (CIT), rather than AI. Banks and retailers pay GF Cash (CIT) to collect their cash, transport it to processing centers for counting and checking, and deliver it to banks for deposit into customer accounts. It also manages ATMs. Customer contracts generally run for several years, with charges tied to the work performed and the value transported.

The business depends on customers continuing to handle physical cash. Government Savings Bank, a Thai state-owned bank, is its largest customer, and its three largest customers supply most revenue. As electronic payments reduce demand for banking-related cash services, the company is shifting its focus toward retailers and other frequent cash users.

Its much smaller AI and robotics business sells and leases robots and offers subscription access to DeepVoyage Go (DVGO), an AI travel-planning service. This business receives most of the company’s research-and-development effort and investment but contributes little revenue.

Thai law restricts foreign ownership of certain services and requires Thai majority ownership and board representation for licensed security-guard businesses. Guardforce AI operates through a tiered shareholding structure and holds a security-business license through GF Cash (CIT). Its ability to continue these operations depends on authorities accepting that structure and maintaining the required licenses.