Why Guardforce AI (GFAI) Shares Are Slumping Today - Guardforce AI Co (NASDAQ:GFAI)

Guardforce AI Co Ltd 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.

Why Guardforce AI Shares Are Slumping Today