Guardforce AI Strengthens Decade-Long Client Relationships by Securing Long-term Contract with Government Savings Bank

Rhea-AI Summary

Guardforce AI (NASDAQ: GFAI) has secured a three-year contract renewal with Government Savings Bank (GSB) in Thailand through its subsidiary GFCS. The renewal, effective from June 1, 2025, to May 31, 2028, marks a decade-long partnership and represents the fourth consecutive renewal. GFCS will continue providing cash-in-transit and ATM maintenance services across Thailand's upcountry regions. This contract ensures stable revenue streams for Guardforce AI over the next three years, supporting its financial foundation for AI innovation investments. The renewal aligns with the company's upcountry strategy in secured logistics and demonstrates its ability to meet high service standards for government-owned institutions.

Positive

• Secured three-year contract renewal with major state-owned bank, ensuring stable revenue through 2028
• Demonstrates strong client retention with fourth consecutive renewal spanning a decade
• Contract provides predictable revenue streams to fund AI innovation and expansion
• Strengthens company's strategic position in Thailand's upcountry regions

Negative

• None.

Insights

Financial Analyst

GFAI secures 3-year contract renewal with major Thai bank, ensuring stable revenue stream to fund AI initiatives.

This contract renewal with Government Savings Bank (GSB) represents a significant business continuity win for Guardforce AI. The three-year extension provides predictable revenue streams through May 2028, creating valuable financial stability in the traditionally steady cash logistics segment. Most importantly, this renewal represents the fourth consecutive contract with GSB, demonstrating GFAI's consistent service quality and deepening client relationships.

The renewal strategically aligns with GFAI's regional approach by consolidating their upcountry strategy in Thailand's secured logistics market. This geographical focus likely allows for operational efficiencies and concentrated market penetration outside major urban centers where competition may be less intense.

From a financial planning perspective, the predictable cash flow from this contract creates a foundation for R&D investment in the company's emerging AI and robotics solutions. This cross-segment synergy represents a thoughtful business approach—using established traditional security services to fund innovation in higher-margin technology offerings. The company is effectively leveraging its legacy business to bootstrap its transition toward more advanced AI-driven solutions with potentially higher growth trajectories.

Ensuring Stable Revenue Streams to Drive Future AI Innovations

NEW YORK, NY, June 23, 2025 (GLOBE NEWSWIRE) -- Guardforce AI Co., Limited (Nasdaq: GFAI, GFAIW) (“Guardforce AI” or the “Company”), a global integrated security solutions provider specializing in secured logistics, AI, and Robot-as-a-Service (RaaS), today announced that its subsidiary, Guardforce Cash Solutions Security (Thailand) Company Limited (“GFCS”), has secured a three-year renewal with Government Savings Bank (GSB), one of Thailand’s largest state-owned banks, effective from June 1, 2025, through May 31, 2028.

This fourth consecutive renewal represents a decade-long partnership between the Company and GSB. Under the renewed agreement, GFCS will continue to provide secure and efficient cash-in-transit and maintenance services for GSB’s ATM network across Thailand’s upcountry regions, which covers the majority of the ATM services currently handled by the Company. This renewal further consolidates the Company’s upcountry strategy in the secured logistics segment and underscores our proven ability to consistently meet the highest standards of service required by a leading government-owned bank.

With this renewal, Guardforce AI secures stable and predictable revenue streams over the next three years, providing the Company with a solid financial foundation to invest in innovation and expand its AI-driven solutions.

“We are honored to continue our partnership with GSB, which has been built on mutual trust and a shared commitment to excellence,” said Olivia Wang, Chairwoman and Chief Executive Officer of Guardforce AI. “From a business expansion standpoint, this decade-long relationship provides a solid foundation for future growth and advancing innovation in future AI-driven solutions.”

About Guardforce AI Co., Ltd.

Guardforce AI Co., Limited (NASDAQ: GFAI/GFAIW) is an integrated solution provider, specializing in security solutions, and focusing on implementing AI and robotics solutions to improve business operational efficiency and sales and marketing process, especially for the retail and travel industry in the Asia Pacific. Drawing on 42 years' operational experience, a premiere long-term customer base, and well-established sales channels, Guardforce AI has built a robust foundation towards the next level of elevating tailored AI solutions and expanding globally. 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 annual 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.

Investor Relations:
David Waldman or Natalya Rudman
Crescendo Communications, LLC
Email: gfai@crescendo-ir.com
Tel: 212-671-1020

Guardforce AI Corporate Communications:
Hu Yu
Email: yu.hu@guardforceai.com

FAQ

What is the duration and timeline of GFAI's new contract with Government Savings Bank?

The contract is a three-year renewal running from June 1, 2025, through May 31, 2028

What services will Guardforce AI provide to Government Savings Bank under the renewed contract?

Guardforce AI will provide cash-in-transit and maintenance services for GSB's ATM network across Thailand's upcountry regions

How long has Guardforce AI been partnering with Government Savings Bank?

This marks a decade-long partnership, with the current renewal being the fourth consecutive contract

How will the GSB contract renewal impact Guardforce AI's business?

The renewal secures stable revenue streams for three years, providing financial foundation for AI innovation investments and expansion

What regions does the GFAI contract with Government Savings Bank cover?

The contract covers ATM services across Thailand's upcountry regions