Guardforce AI operates two businesses: a cash-in-transit (CIT) and secured logistics operation in Thailand, and an early-stage AI and robotics business. The secured logistics business, run through subsidiary GF Cash (CIT), generates nearly all of the company's revenue. GF Cash (CIT) provides physical cash management services — transporting cash, replenishing ATMs, processing cash, and operating outsourced cash centers — to banks, retailers, and government entities across Thailand. The company operates 21 branches and a fleet of 441 armored and support vehicles. Revenue is largely recurring, as customers sign multi-year contracts with fees tied to cash handling volumes and activity. The top three customers — Government Savings Bank, Bank of Ayudhya, and CP All — account for roughly 58% of total revenue. The business faces a structural headwind as digital payments reduce ATM usage and bank branch activity in urban Thailand; Guardforce is responding by expanding into retail customers and up-country provinces where cash usage remains high. The AI and robotics segment is nascent, contributing less than 1% of revenue today. It includes concierge and advertising robots deployed at retail and tourism sites, an AI-driven retail analytics tool, and DVGO, an AI travel planning agent launched in early 2025. Guardforce frames DVGO as the foundation of a long-term shift from a service business to a technology platform, though the segment remains early-stage and commercially unproven. The company has funded AI investments through repeated equity issuances.