On Tuesday, Guardforce AI Co (NASDAQ:GFAI) (NASDAQ:GFAIW) reported financial results and provided a business update for the first half of 2024 ended June 30, 2024.
Net revenue decreased by 2.4% year-on-year to $17.6 million in for the six months ended 2024, mainly due to reduced foreign currency exchange rates between Thai Baht and U.S. Dollars.
Despite the impact of foreign currency exchange rates, revenue for the secured logistics business increased by 5.2% year over year.
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Gross profit increased by 50% Y/Y to $3.2 million, driven partly by an improvement in gross profit margin, which increased 18.4% by 640 bps Y/Y.
Gross profit margin growth reflected cost control initiatives and a higher profit margin from its continued growing GDM business and Cash-In-Transit business ...
