On March 08, Guardforce AI Co. Ltd. (GFAI) stock advanced further in the after-hours while it had added 25.93% during the regular session. There is no recent announcement or SEC filing from the company to explain the bullish momentum. Moreover, the company has not announced any upcoming conference participation either.
During the regular session, investors flocked towards the stock to make it trade at an active volume of 10.87 million. After trading between $0.4317 and $0.6000, the stock closed the session at a price of $0.5901. GFAI stock added $0.1215 or 25.93% during the regular trading session. Following this, the stock remained bullish in the after-hours as well. Thus, the stock reached a price of $0.6475 in the after-hours as it added a further 9.73%. The volume of shares traded in the after-hours was 3.21 million shares.
GFAI stock Movement
The latest news of the company dates back to March 1 while the most recent SEC filing was submitted on March 03. Since there is no recent news after that, the stock’s current movements seem to be due to external factors.
The stock had been in a downtrend since March 04 to rebound on Monday. Following this, GFAI continued a bullish trend in both the regular and after-hours trading sessions. It seems the stock’s recent bullishness can be attributed to social media chatter and stock sentiment.
Standing at a year-to-date loss of 45.36%, the stock declined by a huge 92.13% in the past year.
GFAI’s U.S. Market Entry Developments
On March 01, the company announced a strategic partnership with SBC Global Holdings Inc., in lieu of the previously proposed acquisition. GFAI and SBC agreed upon the partnership for speeding up the company’s entry into the U.S. markets with its solutions.
According to the terms, for market penetration, the company would establish a U.S. subsidiary (wholly-owned). Moreover, the company will also commit additional resources for developing the business and work closely with SBC. And SBC will refer all clients to GFAI on an exclusive basis.
Preliminary Fiscal 2021 Results
As announced on January 11, the company expects $33-$35 million in revenue for fiscal 2021. This marks a decline of 9.3% to 14.5% YOY.
Furthermore, inorganic revenues and non-cash revenues are expected to be $0.5 million and $0.8 million, respectively.
2022 Outlook
For fiscal 2022, GFAI expected net revenue to grow over 66% YOY to $55-$60 million.
The inorganic and non-cash revenues are expected to be $21 million and $25.5 million, respectively.
