Key Highlights

  • Guardforce AI reported first-half 2026 Revenue of $18.27 million, up 6.4%, with legacy secured logistics still making up 86.1% of revenue and its AI and RaaS segment growing to only 13.9% of the total.
  • GMEX Robotics, formerly Fitell Corporation, reported a six-month net loss of $9.87 million for the period ended December 31, 2025, largely from a $4.65 million unrealized loss on digital assets, with no reported robotics revenue.
  • Guardforce's net loss widened to $3.13 million from $2.23 million in the first half of 2026, while its cash fell to $21.25 million from $24.55 million at year-end 2025.
  • GMEX Robotics carried out three share consolidations in about five months, including a 1-for-7 in May, a 1-for-9 in July, and another 1-for-9 scheduled for September 28, 2026.

Plenty of small companies now call themselves artificial intelligence or robotics businesses. The harder question is how much of that technology is installed, paid for and producing revenue. Guardforce AI (NASDAQ:GFAI) and GMEX Robotics (NASDAQ:GMEX) make a useful pair because each runs an older, conventional Business alongside a newer AI strategy, and they are at very different points in turning that strategy into sales.

Guardforce AI (NASDAQ:GFAI): A Cash-Handling Business Funding an AI Push

Guardforce AI describes itself as a technology-enabled service company offering agentic AI, robotics-as-a-service, smart automation and secured logistics. Most of its money still comes from the older side of the house. In its first-half 2026 results, released September 23, 2026, the company reported revenue of $18.27 million for the six months ended June 30, 2026, up 6.4% from $17.17 million a year earlier. Legacy secured logistics, which includes cash-in-transit and ATM services in Thailand, made up 86.1% of revenue and grew 5.8%. The AI, RaaS and Smart Solutions segment grew 10.8% but accounted for only 13.9% of the total.

Gross profit was essentially flat at $2.51 million, and the net loss widened to $3.13 million from $2.23 million. Cash and equivalents stood at $21.25 million at June 30, 2026, down from $24.55 million at the end of 2025. Full-year 2025 revenue was $35.23 million, up 8.0%.

Guardforce made its DeepVoyage Go AI agent publicly available in January 2026, closed the Acquisition of MGAI, a pediatric speech-therapy AI provider, in March 2026, and extended a smart retail Partnership with a global sportswear brand, with six more store installations planned for 2026 and 2027. In February 2026 its board authorised a share repurchase program of up to $5 million over one year.

GMEX Robotics (NASDAQ:GMEX): A Fitness Retailer Rebuilding Itself Around Robots

GMEX Robotics is the company formerly known as Fitell Corporation, an Australian seller of gym and fitness equipment. It changed its name in March 2026 and began trading under the GMEX ticker on March 12, 2026. Management says the fitness business remains an operating base while the company develops AI-powered robots.

The reported numbers still reflect the fitness business. For the six months ended December 31, 2025, the company reported revenue of $2.73 million, up 3.2%, with gross Margin of about 38%. The net loss for that half year widened to $9.87 million from $1.68 million, largely because of a $4.65 million unrealised loss on digital Assets and much higher consulting fees. During the period the company raised about $63.7 million through secured convertible notes and put more than $55 million into cryptocurrency. It ended the period with $8.80 million in cash and disclosed material uncertainty about its ability to continue as a going concern.

Since then, GMEX has mostly made announcements. A May 2026 Shareholder letter said a first order was expected for a "2F Culinary AI" robot. In July it agreed to acquire a 30% stake in Singapore-based MediaMeta.Ai, and in August it announced a multi-agent AI platform, 247meta.ai, targeted for launch at the end of September. The company has also carried out repeated share consolidations: a 1-for-7 effective May 1, 2026, a 1-for-9 effective July 2, 2026, and another 1-for-9 scheduled for September 28, 2026.

Why Commercial Deployment Is the Real Test

Both companies are trying to grow a robotics and AI business next to an older one, but the evidence available differs a lot. Guardforce breaks out its AI and RaaS revenue and has named installation plans with an existing retail partner. GMEX has not yet reported robotics revenue; none of the filings reviewed here attach a dollar figure to robot sales.

  • Segment revenue: Whether Guardforce's AI and RaaS share climbs meaningfully above roughly 14% of sales.
  • First robotics sales: Whether GMEX reports actual orders and revenue for 2F Culinary AI or other products in its next annual report.
  • Deal completion: Whether the MediaMeta.Ai transaction closes and whether its promised revenue targets show up in results.
  • Cash burn versus buybacks: How Guardforce balances repurchases against continuing losses.

Using the Nasdaq Composite as a Benchmark

The Nasdaq Composite, which is weighted heavily toward large technology companies, offers a simple yardstick. Comparing each stock's return and Volatility against the index over the same period shows whether an investor is being paid for taking on company-specific risk. It is used here only as a comparison benchmark, not as a claim that either company is a member of any particular index.

Microcaps like these swing far more than a broad index and are more exposed to dilution. Repeated share consolidations also make long-run price charts harder to read.

Risks

For GMEX, the concerns are significant: a going-concern warning, large convertible note obligations, a sizeable Cryptocurrency position that can swing in value, three share consolidations in about five months, and a strategy that so far exists mainly in announcements.

Guardforce is still loss-making, its cash fell by about $3.3 million in the first half of 2026, and most of its revenue depends on cash logistics in Thailand, a business exposed to the shift toward digital payments.

Filings Will Say More About Deployment Than Press Releases

Guardforce AI and GMEX Robotics both present themselves as AI and robotics stories, but they are at different stages. Guardforce has a sizeable legacy revenue base, disclosed AI segment sales and a cash cushion, although it continues to lose money. GMEX has a small fitness business, heavy financing activity and a robotics plan that has yet to show up in reported revenue.