GFAI maintains a conservative capital structure with a debt-to-equity ratio of 0.12, though this is offset by a significant $70.9M accumulated deficit in retained earnings.
Guardforce AI Co., Limited (GFAI) balance sheet — 9-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Total Current Assets | 28.93M | 34.09M | 30.85M | 31.12M | 35.04M | 21.92M | 17.03M | 13.4M | 12.08M | 10.92M |
| Cash & Short-Term Investments | 21.33M | 24.62M | 21.94M | 20.24M | 6.93M | 14.33M | 8.41M | 6.08M | 4.44M | 3.42M |
| Cash Only | 21.25M | 24.55M | 21.94M | 20.24M | 6.93M | 14.33M | 8.41M | 6.08M | 4.44M | 3.42M |
| Short-Term Investments | 76.89K | 77.1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 5.68M | 6.23M | 6.62M | 8.82M | 20.96M | 5.09M | 6.67M | 5.95M | 5.91M | 5.8M |
| Days Sales Outstanding | - | 64.53 | 68.96 | 88.71 | 225.23 | 52.87 | 64.64 | 56.29 | 57.79 | 61.38 |
| Inventory | 43.24K | 154.04K | 387.99K | 506.4K | 5.11M | 1.39M | 495.08K | 0 | 0 | 0 |
| Days Inventory Outstanding | 1.29 | 1.88 | 4.71 | 5.32 | 56.06 | 15.66 | 5.73 | - | - | - |
| Other Current Assets | 1.88M | 1.16M | 42.23K | 463.9K | 180.34K | 101.31K | 153.51K | 177.86K | 628.31K | 842.34K |
| Total Non-Current Assets | 15.34M | 15.01M | 13.85M | 14.69M | 26.3M | 20.14M | 19.33M | 26.35M | 18.84M | 16.66M |
| Property, Plant & Equipment | 7.23M | 7.61M | 5.45M | 6.73M | 12.24M | 12.26M | 12.07M | 15.3M | 10.18M | 9.47M |
| Fixed Asset Turnover | 0.00x | 4.63x | 6.42x | 5.39x | 2.78x | 2.87x | 3.12x | 2.52x | 3.67x | 3.64x |
| Goodwill | 106.42K | 0 | 411.86K | 411.86K | 2.68M | 329.53K | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.24M | 1.06M | 2.3M | 2.84M | 8.47M | 164.32K | 223.41K | 253.45K | 229.34K | 166.75K |
| Long-Term Investments | 6.47M | 2.37M | 0 | 2.02M | 1.35M | 1.58M | 1.77M | 1.97M | 1.37M | 864.64K |
| Other Non-Current Assets | 2.95M | 2.55M | 4.4M | 1.61M | -78.27K | 3.92M | 3.9M | 7.4M | 5.71M | 4.8M |
| Total Assets | 44.26M | 49.09M | 44.69M | 45.81M | 61.34M | 42.06M | 36.36M | 39.75M | 30.92M | 27.58M |
| Asset Turnover | 0.00x | 0.72x | 0.78x | 0.79x | 0.55x | 0.84x | 1.04x | 0.97x | 1.21x | 1.25x |
| Asset Growth % | 31.86% | 9.85% | -2.45% | -25.31% | 45.85% | 15.69% | -8.55% | 28.56% | 12.13% | - |
| Total Current Liabilities | 5.54M | 6.41M | 6.26M | 14.01M | 19.21M | 22.5M | 8.08M | 26.64M | 21.23M | 17.67M |
| Accounts Payable | 3.35M | 545.74K | 2M | 2.11M | 2.06M | 675.23K | 1.37M | 1.4M | 1.44M | 1.56M |
| Days Payables Outstanding | 15.38 | 6.65 | 24.31 | 22.19 | 22.63 | 7.62 | 15.81 | 15 | 16.63 | 19.11 |
| Short-Term Debt | 2.18M | 0 | 44.23K | 3.57M | 8.19M | 17.42M | 739.82K | 19.28M | 15.71M | 13.05M |
| Deferred Revenue (Current) | 120.53K | 2.71K | 117.82K | 256.81K | 568.66K | 72.1K | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 1.08M | 0 | 960.88K | 4.9M | 3.13M | 0 | 963.66K | 801.45K | 468.84K |
| Current Ratio | 5.23x | 5.32x | 4.92x | 2.22x | 1.82x | 0.97x | 2.11x | 0.50x | 0.57x | 0.62x |
| Quick Ratio | 5.22x | 5.29x | 4.86x | 2.19x | 1.56x | 0.91x | 2.05x | 0.50x | 0.57x | 0.62x |
| Cash Conversion Cycle | -14.1 | 59.76 | 49.35 | 71.83 | 258.66 | 60.9 | 54.56 | - | - | - |
| Total Non-Current Liabilities | 8.11M | 8.58M | 6.44M | 6.66M | 22.82M | 12.99M | 30.05M | 11.74M | 8.47M | 7.87M |
| Long-Term Debt | 0 | 0 | 0 | 44.41K | 15.36M | 6.19M | 20.08M | 199.45K | 465.38K | 661.96K |
| Capital Lease Obligations | 6.22M | 2.08M | 889.92K | 1.67M | 2.57M | 666.46K | 3.13M | 4.68M | 2.01M | 1.72M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 65.36K | 0 | 256.52K | 0 | 414.31K | 377.07K | 262.68K |
| Other Non-Current Liabilities | 6.25M | 6.49M | 5.55M | 4.94M | 4.89M | 5.82M | 6.84M | 0 | 5.62M | 5.23M |
| Total Liabilities | 13.64M | 14.99M | 12.7M | 20.66M | 42.16M | 35.48M | 38.47M | 38.38M | 29.7M | 25.54M |
| Total Debt | 4.04M | 4.22M | 2.61M | 6.64M | 28.41M | 24.28M | 26.79M | 27.86M | 18.19M | 16.78M |
| Net Debt | -17.21M | -20.32M | -19.33M | -13.6M | 21.48M | 9.95M | 18.38M | 21.78M | 13.74M | 13.35M |
| Debt / Equity | 0.13x | 0.12x | 0.08x | 0.26x | 1.48x | 3.69x | - | 20.24x | 14.88x | 8.22x |
| Debt / EBITDA | -0.56x | - | - | - | - | 18.27x | 9.20x | 5.38x | 4.93x | 4.32x |
| Net Debt / EBITDA | 2.38x | - | - | - | - | 7.49x | 6.31x | 4.21x | 3.72x | 3.44x |
| Interest Coverage | - | - | - | -43.67x | -15.18x | -5.32x | -2.23x | 1.17x | 1.22x | 2.56x |
| Total Equity | 30.62M | 34.11M | 31.99M | 25.15M | 19.18M | 6.57M | -2.11M | 1.38M | 1.22M | 2.04M |
| Equity Growth % | 68.19% | 6.62% | 27.18% | 31.12% | 191.75% | 411.61% | -253.24% | 12.63% | -40.11% | - |
| Book Value per Share | 1.04 | 1.56 | 2.87 | 3.85 | 15.47 | 15.00 | -14.70 | 3.17 | 2.82 | 4.70 |
| Total Shareholders' Equity | 30.68M | 34.15M | 32.05M | 25.23M | 19.24M | 6.54M | -2.16M | 1.31M | 1.16M | 1.98M |
| Common Stock | 3.76M | 2.92M | 2.14M | 1.18M | 194.31K | 63.6K | 52.07K | 50K | 50K | 50K |
| Retained Earnings | -73.96M | -70.86M | -64.2M | -58.34M | -28.77M | -10.2M | -4.72M | -1.6M | -1.65M | -1.72M |
| Treasury Stock | -192.89K | 0 | 0 | -201.04K | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 1.32M | 1.62M | 814.48K | 1.21M | 1.59M | 1.3M | 427.75K | 497.08K | 402.76K | 298.22K |
| Minority Interest | -57.2K | -46.42K | -60.56K | -79.05K | -61.33K | 39.94K | 49.66K | 65.89K | 59.85K | 56.74K |
Quick answers to the most common questions about buying GFAI stock.
As of 2025, Guardforce AI Co., Limited (GFAI) had total assets of $49.1M including $34.1M in current assets.
Guardforce AI Co., Limited (GFAI) carries total debt of $4.2M, offset by $24.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Guardforce AI Co., Limited (GFAI) has total shareholders' equity (book value) of $34.2M ($1.56 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Guardforce AI Co., Limited (GFAI) reported a current ratio of 5.32x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Persistent Operational Cash Burn
Balance Sheet Stability Amid Contraction
As reported in recent financial filings, GFAI has maintained a relatively stable equity base of $34.2M as of 2025Q4, yet the persistent accumulation of a $70.9M deficit in retained earnings suggests that the company's long-term value creation remains fundamentally challenged by ongoing operational losses.
The trajectory of the balance sheet appears to be supported by capital preservation rather than organic growth, as evidenced by the shift from a negative equity position in 2021 to a positive one. Investors should monitor whether this stability is sustainable given that the company continues to report significant deficits in retained earnings.
Minimal Leverage Supports Financial Flexibility
Based on the 2025Q4 balance sheet, GFAI maintains a conservative debt-to-equity ratio of 0.12, a significant improvement from the 3.69 ratio observed in 2021Q4, which suggests that the company has successfully deleveraged its capital structure to mitigate interest rate sensitivity during its current transition phase.
The reduction in total debt from $24.3M in 2021Q4 to $4.2M in 2025Q4 indicates a strategic move to minimize financial risk. This low leverage profile provides a necessary buffer, though it does not address the underlying lack of profitability in the core cash-handling business.
Strong Liquidity Masks Operational Burn
According to the latest quarterly data, GFAI reports a current ratio of 5.32, which reflects a substantial cash position of $24.5M, providing a temporary liquidity cushion against the company's ongoing operational cash burn and the lack of consistent positive net income from its primary service segments.
While the high current ratio suggests an ability to meet short-term obligations, the liquidity is largely a function of cash on hand rather than efficient working capital management. The reliance on this cash buffer warrants further investigation into how long the company can sustain operations without a pivot to profitability.
Accumulated Deficits Cloud Equity Quality
As indicated by the 2025Q4 financial statements, the company's equity position is heavily distorted by a $70.9M accumulated deficit in retained earnings, which suggests that historical capital allocation has been value-destructive despite the recent appearance of a cleaner balance sheet with lower debt levels.
The headline equity figure may mislead investors regarding the company's true economic health, as the massive retained earnings deficit highlights years of operational underperformance. This structural imbalance suggests that the company's current valuation may not be fully supported by its historical ability to generate sustainable shareholder returns.