- Guardforce AI Co Ltd (NASDAQ:GFAI) shares are trading lower after reporting FY22 results, which were primarily impacted due to COVID-19 and the shutdown of certain customers’ facilities in the secured logistics business segment.
- The company reported a 1.9% decrease in FY22 revenue to $34.5 million.
- The company’s robotic AI segment revenue, constituting a relatively small percentage of the total revenue, grew by 245% in 2022.
- Gross profit margin climbed 70 basis points to 12.3% due to cost control measures.
- The operating loss for the year widened to $(16.9) million from $(3.7) million last year. The increase in operating loss was mainly due to setting up new international offices to expand and grow the company’s robotics business, including staff expenses.
- Net loss widened to $(18.7) million for 2022 with a loss per share of $(14.97).
- The company held cash and equivalents of $8.2 million as of Dec. 31, 2022.
- “Due to the impact of COVID-19 and the shutdown of certain customers’ facilities in the secured logistics business segment during the year, we experienced a slight decrease in revenue of less than 2.0%,” said chairwoman and CEO Lei (Olivia) Wang.
- “We continue to strengthen our presence in the Asia Pacific region, as we expanded into mainland China, one of the largest and fastest-growing markets for robotics and security solutions.”
- Price Action: GFAI shares are trading lower by 12.62% at $20.71 on the last check Friday.
Top 5 Industrials Stocks That May Fall Off A Cliff This Quarter
The most overbought stocks in the industrials sector presents an opportunity to go short on these overvalued companies.
