Guardforce AI Reports Full Year 2025 Financial Results
Rhea-AI Summary
Guardforce AI (NASDAQ: GFAI) reported full-year 2025 results for the year ended December 31, 2025, with $35.23M total revenue, up 8.0% year-over-year. The AI, RaaS & Smart Solutions metric grew 15.3% and represented 13.4% of revenue, while Legacy Secured Logistics remained 86.6% of revenue.
Gross profit rose 7.5% to $5.29M, net loss from continuing operations narrowed to $5.29M, negative EBITDA improved to -$2.48M, R&D investment increased 115.4% to $837,719, and cash totaled $24.55M at year-end.
AI-generated analysis. Not financial advice.
Positive
- AI, RaaS & Smart Solutions growth of 15.3% year-over-year
- Gross profit increased 7.5% to $5.29M
- Negative EBITDA improved 23.3% to -$2.48M
- R&D investment up 115.4% to $837,719
- Cash balance strengthened to $24.55M at year-end
Negative
- Net loss from continuing operations of $5.29M in 2025
- Total revenue increased only 8.0% year-over-year, limiting near-term top-line momentum
News Market Reaction – GFAI
On the day this news was published, GFAI declined 6.82%, reflecting a notable negative market reaction. Argus tracked a trough of -15.4% from its starting point during tracking. Our momentum scanner triggered 7 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $1M from the company's valuation, bringing the market cap to $17.82M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
GFAI was down 5.09% while momentum peers BKYI, VRME, and IVDA all moved down, suggesting today’s move was more company-specific than a broad sector rotation.
Previous Earnings,AI Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Sep 23 | Interim 2025 earnings | Positive | +6.6% | First-half 2025 revenue growth and AI launch despite ongoing net losses. |
| Apr 28 | Full-year 2024 earnings | Positive | -7.0% | Full-year 2024 operational improvements and loss reduction with modest revenue growth. |
Earnings/AI updates have produced mixed reactions, with one positive and one negative move and an average change of -0.17% over the last two such events.
Recent earnings-related updates show Guardforce AI steadily growing revenue while working to narrow losses and pivot toward AI and smart solutions. The April 2024 full-year 2024 report highlighted modest top-line growth, stronger margins, and a sharply reduced net loss alongside expansion in Robotics-as-a-Service. The September 2025 first-half 2025 report showed continued revenue growth and launch of DVGO, but with margin pressure and ongoing net losses. Today’s full-year 2025 results extend this theme of AI-led growth with gradual financial improvement.
Historical Comparison
Past earnings/AI releases moved the stock an average of -0.17%. Today’s -5.09% reaction is more pronounced than prior similar updates.
Earnings releases show a progression from modest 2024 revenue growth and loss reduction toward 2025 AI-first expansion, with DVGO and smart solutions becoming larger contributors alongside secured logistics.
Market Pulse Summary
The stock moved -6.8% in the session following this news. The decline reflects concerns that, despite 2025 revenue of $35.23M and a narrower net loss of $5.29M, the business remained loss-making with negative EBITDA of $2.48M. Past earnings/AI news averaged only a -0.17% move, so a sharper selloff would stand out. Continued reliance on secured logistics and the cost of scaling AI agents and smart solutions may have raised questions about the pace of profitability improvements.
Key Terms
robotics-as-a-service (raas) technical
negative ebitda financial
discontinued operations financial
AI-generated analysis. Not financial advice.
Achieved
NEW YORK, April 21, 2026 (GLOBE NEWSWIRE) -- Guardforce AI Co., Limited ("Guardforce AI" or the "Company") (NASDAQ: GFAI, GFAIW), an AI-driven technology company providing Agentic AI, smart solutions in automation, robotics, and secured logistics, today announced financial results for the year ended December 31, 2025. The Company also updated its business metrics to better reflect its strategic growth strategy and evolving revenue mix.
2025 Operational Highlights
In 2025, Guardforce AI advanced its AI transformation by launching self-developed AI agent solutions and driving expansion in smart solutions in Thailand. In the meantime, the Company further strengthened its Secured Logistics business by increasing its client retention rate and improving client mix.
- Launched self-developed AI Agent, DeepVoyage Go (“DVGO”), an AI tool that helps create customized itineraries in minutes and converts individual experience into shareable digital assets, in April 2025 (beta) and publicly in January 2026. The platform enables intelligent decision-making, planning, and service matching—capabilities that are highly transferable to other sectors such as banking, hospitality, education, and healthcare.
- In March 2026, acquired MGAI, a pioneer in AI-driven solutions for pediatric speech therapy and rehabilitation in Asia. This acquisition captures a validated market opportunity in this sector, with strong potential for cross-sector scalability and synergy.
- Launched Smart Solutions in Thailand with over 13 retail store deployments in 2025 and established a partnership with an international chain retailer in 2026, extending services from cash management to integrated in-store asset and merchandise security.
- Secured Logistics business revenue was increasingly driven by retail clients, reflecting a strategic shift from a bank-dominated to a more diversified customer base, enhancing business stability and supporting future growth.
Updated Business Metrics
Starting from 2025, we have introduced new business metrics to provide a more insightful and actionable understanding of our evolving business.
The current business metrics are:
- AI, Robotics-as-a-Service (RaaS), and Smart Solutions (including Smart Cash Solution and Smart Retail Solution). This metric empowers business through technology upgrades, AI and Robotics.
- Legacy Secured Logistics, which encompasses traditional services like cash management operations, coin processing, ATM management and others.
Smart Cash Solution has been reclassified from the Legacy Secured Logistics metric into the AI , Robotics-as-a-Service (RaaS), and Smart Solutions metric.
2025 Financial Highlights
- Total Revenue Increased
Total revenue was
The AI, RaaS, and Smart Solutions metric, which accounted for
Legacy Secured Logistics metric, which accounted for
- Consecutive Gross Profit Grew
Gross profit, which has grown in each year since 2022, increased by
- Net Loss from Continuing Operations Narrowed
Net loss for the year from continuing operations was
- Lowest Negative EBITDA since 2022
Negative EBITDA improved by approximately
- R&D Investment for AI Development Increased
Strategic R&D investment was
- Stronger Balance Sheet for Future AI Development
At December 31, 2025 and December 31, 2024, cash and cash equivalents was
Note: Certain figures from the Company’s statement of operations for 2024 have been restated in order to present the results of discontinued operations separately from continuing operations. This restatement ensures comparability of continuing business performance across all periods presented.
Management Commentary and Future Outlook
“2025 was a pivotal year for Guardforce AI,” said Chairwoman and Chief Executive Officer Lei (Olivia) Wang. “We accelerated the commercialization and revenue growth of our AI and Smart Solutions while maintaining a stable operating and revenue foundation for our Legacy Secured Logistics business. We also advanced AI application strategy through the launch of DVGO, extended traditional cash management services into broader in-store assets and merchandise security by implementing Smart Solutions, and continued to strengthen our retail customer base while sustaining our long-standing client relationships. These achievements reinforce the stability of our core business and create a stronger foundation for future solution-driven growth.
“Looking ahead to the remainder of 2026, we intend to pursue several strategic goals and create long-term value for investors. First, we will continue to deepen our investment in AI, leveraging DVGO as a core, technology-driven engine for organic growth, enabling us to achieve scalable market expansion across key verticals.
“Second, we will accelerate the expansion of Smart Solutions across our existing retail client base, leveraging long-standing trusted relationships to evolve from service delivery to trusted solution partnerships, thereby unlocking incremental revenue through customer-driven synergies.
“Third, following up our acquisition of MGAI in early 2026, we will continue to selectively pursue strategic mergers and acquisitions to expand our business roadmap, enhance capital efficiency and drive long-term value creation across our platform.
“Lastly, we will continue to enhance our operational efficiency by increasing investment in technology and strengthening our execution capabilities, driving sustainable cost optimization and improved operating income across all business segments.”
Conference Call
Guardforce AI will host a conference call at 8:00 a.m. Eastern Time on Tuesday, April 21, 2026. The conference call will be available via telephone by dialing toll-free 1-877-407-0792 for U.S. callers or 1-201-689-8263 for international callers and entering access code GUARDFORCE AI.
A webcast of the call may be accessed at: https://viavid.webcasts.com/viewer/event.jsp?ei=1759794&tp_key=9ce7c9e4b1 or on the company's Investor Relations section of the website, ir.guardforceai.com/news-events/company-events.
A webcast replay will be available on this website through April 21, 2027 on the company’s Investor Relations section of the website. A telephone replay of the call will be available approximately three hours following the call and may be accessed until April 28, 2026, at 11:00 a.m. ET by dialing 1- 844-512-2921 for U.S. callers or 1-412-317-6671 for international callers and entering access code 13760045.
About Guardforce AI Co., Ltd.
Guardforce AI (Nasdaq: GFAI, GFAIW) is an AI-driven technology company with a solid operational foundation in the cash logistics and retail sectors. Through its proprietary Intelligent Cloud Platform (ICP), Guardforce AI delivers next generation smart solutions and AI applications spanning cash management, retail automation, robotics, and Agentic AI. Expanding into areas such as travel planning, the Company is demonstrating how scalable AI can drive industry transformation, balancing stable, recurring revenues with high-growth, future-ready innovations. For more information, visit www.guardforceai.com Twitter: @Guardforceai.
Safe Harbor Statement
This press release contains statements that do not relate to historical facts but are "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can generally (although not always) be identified by their use of terms and phrases such as anticipate, appear, believe, continue, could, estimate, expect, indicate, intend, may, plan, possible, predict, project, pursue, will, would and other similar terms and phrases, as well as the use of the future tense. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of the business of the Company, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control, including the risks described in our registration statements and reports under the heading "Risk Factors" as filed with the Securities and Exchange Commission. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements in this press release speak only as of the date hereof. Unless otherwise required by law, we undertake no obligation to publicly update or revise these forward-looking statements, whether because of new information, future events or otherwise.
Guardforce AI Corporate Communications:
Hu Yu
Email: yu.hu@guardforceai.com
Investor Relations Inquiries:
Skyline Corporate Communications Group, LLC
Scott Powell, President
Office: (646) 893-5835
Email: guardforceai@skylineccg.com
| Guardforce AI Co., Limited Consolidated Statements of Profit or Loss (Expressed in U.S. Dollars) | |||||||||||
| For the years ended December 31, | |||||||||||
| 2025 | 2024 | 2023 | |||||||||
| (Restated) | (Restated) | ||||||||||
| Continuing operations: | |||||||||||
| Revenue | $ | 35,232,701 | $ | 32,635,191 | $ | 32,649,834 | |||||
| Cost of sales | (29,947,033 | ) | (27,719,050 | ) | (28,513,107 | ) | |||||
| Gross profit | 5,285,668 | 4,916,141 | 4,136,727 | ||||||||
| Provision for expected credit loss on trade receivables and other receivables | (16,995 | ) | (210,437 | ) | (96,877 | ) | |||||
| Allowance for expected credit losses on a related party receivable | - | - | (5,637,527 | ) | |||||||
| Impairment loss on goodwill | - | (30,575 | ) | (2,267,583 | ) | ||||||
| Impairment loss on intangible assets | - | (188,797 | ) | (3,713,551 | ) | ||||||
| Provision for withholding taxes receivable | (149,838 | ) | (4,339 | ) | (683,344 | ) | |||||
| Provision for obsolete inventory | - | - | (3,797,552 | ) | |||||||
| Impairment loss on fixed assets | - | - | (3,682,789 | ) | |||||||
| Stock-based compensation expense | (1,350,800 | ) | (1,849,356 | ) | (1,101,800 | ) | |||||
| Research and development expense | (837,719 | ) | (388,888 | ) | - | ||||||
| Selling, general and administrative expenses | (8,807,640 | ) | (8,950,790 | ) | (11,553,779 | ) | |||||
| Operating loss | (5,877,324 | ) | (6,707,041 | ) | (28,398,075 | ) | |||||
| Other income, net | 133,253 | 353,822 | 437,608 | ||||||||
| Foreign exchange (losses)/gains, net | (19,825 | ) | 5,760 | 305,026 | |||||||
| Finance income/(costs), net | 471,374 | 338,887 | (652,517 | ) | |||||||
| Loss before income tax from continuing operations | (5,292,522 | ) | (6,008,572 | ) | (28,307,958 | ) | |||||
| Provision for income tax benefit/(expense) | 6,394 | 125,925 | (434,320 | ) | |||||||
| Net loss for the year from continuing operations | (5,286,128 | ) | (5,882,647 | ) | (28,742,278 | ) | |||||
| Discontinued operations: | |||||||||||
| Net (loss)/profit for the year from discontinued operations | (1,356,923 | ) | 37,947 | (847,104 | ) | ||||||
| Net loss for the year | (6,643,051 | ) | (5,844,700 | ) | (29,589,382 | ) | |||||
| Net loss for the year attributable to: | |||||||||||
| Net loss attributable to equity holders of the Company | (6,657,185 | ) | (5,864,165 | ) | (29,571,661 | ) | |||||
| Net profit/(loss) attributable to non-controlling interests | 14,134 | 19,465 | (17,721 | ) | |||||||
| Net loss for the year | (6,643,051 | ) | (5,844,700 | ) | (29,589,382 | ) | |||||
| Loss per share | |||||||||||
| Basic and diluted loss attributable to the equity holders of the Company | $ | (0.30 | ) | $ | (0.53 | ) | $ | (4.53 | ) | ||
| Loss per share | |||||||||||
| Basic and diluted loss attributable to the equity holders of the Company from continuing operations | $ | (0.24 | ) | $ | (0.53 | ) | $ | (4.40 | ) | ||
| Basic and diluted loss attributable to the equity holders of the Company from discontinued operations | $ | (0.06 | ) | $ | 0.00 | $ | (0.13 | ) | |||
| Weighted average number of shares used in computation: | |||||||||||
| Basic and diluted | 21,921,204 | 11,161,053 | 6,531,918 | ||||||||
| Guardforce AI Co., Limited Consolidated Balance Sheets (Expressed in U.S. Dollars) | |||||||
| As of December 31, | |||||||
| 2025 | 2024 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 24,545,290 | $ | 21,936,422 | |||
| Restricted cash | - | 27,642 | |||||
| Trade receivables, net | 4,947,264 | 5,922,345 | |||||
| Other current assets | 2,441,038 | 2,291,439 | |||||
| Withholding taxes receivable, net | 902,845 | 393,960 | |||||
| Inventories | 21,519 | 274,854 | |||||
| Other financial assets at amortized cost | 77,100 | - | |||||
| Assets held for sale | 1,150,324 | - | |||||
| Total current assets | 34,085,380 | 30,846,662 | |||||
| Non-current assets: | |||||||
| Restricted cash | 2,322,790 | 1,432,738 | |||||
| Property, plant and equipment | 3,088,905 | 3,183,856 | |||||
| Right-of-use assets | 4,523,309 | 2,268,022 | |||||
| Intangible assets, net | 1,057,144 | 2,300,951 | |||||
| Goodwill | - | 411,862 | |||||
| Withholding taxes receivable, net | 2,325,281 | 1,967,826 | |||||
| Deferred tax assets, net | 1,418,174 | 1,281,531 | |||||
| Other non-current assets | 272,827 | 998,971 | |||||
| Total non-current assets | 15,008,430 | 13,845,757 | |||||
| Total assets | $ | 49,093,810 | $ | 44,692,419 | |||
| Liabilities and equity | |||||||
| Current liabilities: | |||||||
| Trade payables and other current liabilities | $ | 3,158,254 | $ | 4,549,364 | |||
| Borrowings | - | 44,232 | |||||
| Lease liabilities | 2,141,509 | 1,670,909 | |||||
| Liabilities directly associated with the assets held for sale | 1,111,804 | - | |||||
| Total current liabilities | 6,411,567 | 6,264,505 | |||||
| Non-current liabilities: | |||||||
| Lease liabilities | 2,081,431 | 889,920 | |||||
| Provision for employee benefits | 6,493,677 | 5,548,726 | |||||
| Total non-current liabilities | 8,575,108 | 6,438,646 | |||||
| Total liabilities | 14,986,675 | 12,703,151 | |||||
| Equity | |||||||
| Ordinary shares – par value | 2,922,460 | 2,137,108 | |||||
| Subscription receivable | (50,000 | ) | (50,000 | ) | |||
| Additional paid in capital | 100,271,584 | 93,102,042 | |||||
| Legal reserve | 223,500 | 223,500 | |||||
| Warrants reserve | 251,036 | 251,036 | |||||
| Accumulated deficit | (70,862,025 | ) | (64,204,840 | ) | |||
| Accumulated other comprehensive income | 1,397,005 | 590,981 | |||||
| Capital & reserves attributable to equity holders of the Company | 34,153,560 | 32,049,827 | |||||
| Non-controlling interests | (46,425 | ) | (60,559 | ) | |||
| Total equity | 34,107,135 | 31,989,268 | |||||
| Total liabilities and equity | $ | 49,093,810 | $ | 44,692,419 | |||
| Guardforce AI Co., Limited Consolidated Statements of Cash Flows (Expressed in U.S. Dollars) | ||||||||||||
| For the years ended December 31, | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| (Restated) | (Restated) | |||||||||||
| Cash flows from operating activities | ||||||||||||
| Net loss from continuing operations | $ | (5,286,128 | ) | $ | (5,882,647 | ) | $ | (28,742,278 | ) | |||
| Adjustments for: | ||||||||||||
| Depreciation | 3,114,211 | 2,922,509 | 4,242,246 | |||||||||
| Amortization of intangible assets | 171,673 | 193,705 | 752,453 | |||||||||
| Provision for obsolete inventories | - | - | 3,797,552 | |||||||||
| Impairment loss on fixed assets | - | - | 3,682,789 | |||||||||
| Stock-based compensation expense | 1,350,800 | 1,849,356 | 1,101,800 | |||||||||
| Impairment loss on intangible assets | - | 188,797 | 3,713,551 | |||||||||
| Impairment loss on goodwill | - | 30,575 | 2,267,583 | |||||||||
| Allowance for expected credit losses on a related party receivable | - | - | 5,637,527 | |||||||||
| Netting off related parties’ balances | - | (690,487 | ) | - | ||||||||
| Finance (income)/costs, net | (471,374 | ) | (338,887 | ) | 649,517 | |||||||
| Deferred income taxes | (78,792 | ) | (125,925 | ) | 434,315 | |||||||
| Provision for expected credit loss on trade receivables and other receivables, net | 16,995 | 210,437 | 96,877 | |||||||||
| Increase in provision for withholding tax receivables | 149,838 | 4,339 | 683,344 | |||||||||
| Loss/(Gain) from fixed assets disposal | 12,273 | (21,644 | ) | 208,093 | ||||||||
| Changes in operating assets and liabilities: | ||||||||||||
| Decrease/(Increase) in trade and other receivables | 739,667 | (323,718 | ) | (395,602 | ) | |||||||
| Increase in other current assets | (88,241 | ) | (629,406 | ) | (242,706 | ) | ||||||
| (Increase)/Decrease in restricted cash | (705,069 | ) | 249,146 | (409,521 | ) | |||||||
| (Increase)/Decrease in inventories | (14,411 | ) | (6,528 | ) | 675,763 | |||||||
| Decrease in amount due from related parties | - | - | 424,979 | |||||||||
| Decrease/(Increase) in other non-current assets | 724,026 | (582,712 | ) | 33,924 | ||||||||
| (Decrease)/Increase in trade payables and other current liabilities | (46,130 | ) | (597,155 | ) | 713,513 | |||||||
| Decrease in amount due to related parties | - | - | (956,294 | ) | ||||||||
| Decrease in withholding taxes receivable | (780,352 | ) | (146,855 | ) | (192,502 | ) | ||||||
| Increase in provision for employee benefits | 163,559 | 275,265 | 34,534 | |||||||||
| Net cash used in operating activities - continuing operations | (1,027,455 | ) | (3,421,835 | ) | (1,788,543 | ) | ||||||
| Net cash (used in)/provided by operating activities - discontinued operations | (277,741 | ) | 96,236 | 187,321 | ||||||||
| Net cash used in operating activities | (1,305,196 | ) | (3,325,599 | ) | (1,601,222 | ) | ||||||
| Cash flows from investing activities | ||||||||||||
| Acquisition of property, plant and equipment | (345,149 | ) | (237,367 | ) | (2,095,319 | ) | ||||||
| Proceeds from disposal of property, plant and equipment | 33,717 | 23,647 | - | |||||||||
| Acquisition of intangible assets | (2,837 | ) | (61,995 | ) | (18,476 | ) | ||||||
| Interest received | 627,845 | 511,292 | - | |||||||||
| Payments for financial assets at amortized cost | (77,100 | ) | - | - | ||||||||
| Net cash provided by/(used in) investing activities - continuing operations | 236,476 | 235,577 | (2,113,795 | ) | ||||||||
| Net cash used in investing activities - discontinued operations | (4,886 | ) | (35,191 | ) | (11,750 | ) | ||||||
| Net cash provided by/ (used in) investing activities | 231,590 | 200,386 | (2,125,545 | ) | ||||||||
| Cash flows from financing activities | ||||||||||||
| Proceeds from issue of shares | 6,604,094 | 10,399,732 | 20,867,386 | |||||||||
| Proceeds from exercise of warrants | - | - | 506,692 | |||||||||
| Cash repayment of a convertible note | - | - | (554,238 | ) | ||||||||
| Cash paid for the cancellation of fractional shares | - | - | (49,664 | ) | ||||||||
| Proceeds from borrowings | - | - | 1,725,465 | |||||||||
| Repayment of borrowings | (46,884 | ) | (3,506,646 | ) | (2,860,585 | ) | ||||||
| Payment of lease liabilities | (3,257,910 | ) | (2,043,529 | ) | (2,652,150 | ) | ||||||
| Net cash provided by financing activities - continuing operations | 3,299,300 | 4,849,557 | 16,982,906 | |||||||||
| Net cash used in financing activities - discontinued operations | - | (141,707 | ) | 140,019 | ||||||||
| Net cash provided by financing activities | 3,299,300 | 4,707,850 | 17,122,925 | |||||||||
| Net increase in cash and cash equivalents | 2,225,694 | 1,582,637 | 13,396,158 | |||||||||
| Effect of movements in exchange rates on cash held | 415,306 | 89,916 | (62,928 | ) | ||||||||
| Cash and cash equivalents at beginning of year | 21,936,422 | 20,263,869 | 6,930,639 | |||||||||
| Cash and cash equivalents at end of year (Note 4) | $ | 24,577,422 | $ | 21,936,422 | $ | 20,263,869 | ||||||
| Non-cash investing and financing activities | ||||||||||||
| Equity portion of the settlement of a borrowing from a third party | - | - | 15,914,615 | |||||||||
| Equity portion of purchase consideration paid for acquisition of fixed and intangible assets | - | - | 1,848,000 | |||||||||
Non-IFRS financial data
To supplement our consolidated financial statements, which are prepared and presented in accordance with IFRS, we use the non-IFRS adjusted EBITDA as financial measures for our consolidated results.
We believe that adjusted EBITDA helps identify underlying trends in our business that could otherwise be distorted by the effect of certain income or expenses that we include in loss from operations and net loss. We believe that these non-IFRS measures provide useful information about our core operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. We present the non-IFRS financial measures in order to provide more information and greater transparency to investors about our operating results.
EBITDA represents net loss from continuing operations before (i) finance costs, income taxes and depreciation of fixed assets and amortization of intangible assets, which we do not believe are reflective of our core operating performance during the periods presented.
Non-IFRS adjusted EBITDA represents net (loss) income from continuing operations before (i) finance (income) costs, net, foreign exchange (gains) losses, income tax expense (benefit) and depreciation of fixed assets and amortization of intangible assets, (ii) certain non-cash expenses, consisting of stock-based compensation expense, provision for expected credit loss on trade receivables and other receivables, allowance for doubtful debts on a related party receivable, impairment on goodwill, impairment on intangible assets, written off for withholding tax receivables, provision for obsolete inventory and impairment loss on fixed assets.
Non-IFRS (loss) earnings per share represents non-IFRS net (loss) income from continuing operations attributable to ordinary shareholders divided by the weighted average number of shares outstanding during the periods.
Non-IFRS diluted earnings per share represents non-IFRS net income from continuing operations attributable to ordinary shareholders divided by the weighted average number of shares outstanding during the periods on a diluted basis.
The table below is a reconciliation of our net loss from continuing operations to EBITDA and non-IFRS adjusted EBITDA from continuing operations for the periods indicated:
| For the years ended December 31, | ||||||||||||
| 2025 | 2024 (Restated) | 2023 (Restated) | ||||||||||
| Net loss from continuing operations – IFRS | $ | (5,286,128 | ) | $ | (5,882,647 | ) | $ | (28,742,278 | ) | |||
| Finance (income) costs, net | (471,374 | ) | (338,887 | ) | 652,517 | |||||||
| Income tax expense (benefit) | (6,394 | ) | (125,925 | ) | 434,320 | |||||||
| Depreciation and amortization expense | 3,285,884 | 3,116,214 | 4,994,699 | |||||||||
| EBITDA | (2,478,012 | ) | (3,231,245 | ) | (22,660,742 | ) | ||||||
| Stock-based compensation expense | 1,350,800 | 1,849,356 | 1,101,800 | |||||||||
| Provision for expected credit losses on trade receivables and other receivables | 16,995 | 210,437 | 96,877 | |||||||||
| Allowance for doubtful debts on a related party receivable | - | - | 5,637,527 | |||||||||
| Impairment loss on goodwill | - | 30,575 | 2,267,583 | |||||||||
| Impairment loss on intangible assets | - | 188,797 | 3,713,551 | |||||||||
| Provision for withholding taxes receivables | 149,838 | 4,339 | 683,344 | |||||||||
| Provision for obsolete inventory | - | - | 3,797,552 | |||||||||
| Impairment loss on fixed assets | - | - | 3,682,789 | |||||||||
| Foreign exchange losses (gains), net | 19,825 | (5,760 | ) | (305,026 | ) | |||||||
| Adjusted EBITDA (Non-IFRS) | $ | (940,554 | ) | $ | (953,501 | ) | $ | (1,984,745 | ) | |||
| Non-IFRS loss per share | ||||||||||||
| Basic and diluted loss for the year attributable to ordinary equity holders of the Company | $ | (0.04 | ) | $ | (0.09 | ) | $ | (0.30 | ) | |||
| Weighted average number of shares used incomputation: | ||||||||||||
| Basic and diluted | 21,921,204 | 11,161,053 | 6,534,918 | * | ||||||||
