AmeriGuard Security Services, Inc. (AGSS) reported a significant increase in revenue for the fiscal year ending December 31, 2024, totaling approximately $26 million, a 26% rise from the previous year. This growth was primarily driven by the full-year contribution from its subsidiary, TransportUS Inc., which added approximately $9 million in revenue. However, AGSS experienced a decline in revenue from its guard services, which fell by about $2.7 million due to the loss of a contract with the Environmental Protection Agency (EPA) that ended in May 2023. The company reported a net loss from operations of $3.4 million, compared to a loss of $2.4 million in 2023.
The merger with AmeriGuard, completed in December 2022, positioned AGSS to leverage its operational structure for growth. The company has six federal contracts that accounted for approximately 89% of its total services revenue in 2024. These contracts include significant agreements with the Social Security Administration and the Veterans Administration, with terms extending through 2029. The company is also adapting its service offerings in response to rising labor costs, shifting from traditional guard services to technology-driven patrol services.
As of December 31, 2024, AGSS employed a total of 318 individuals across its subsidiaries, with 240 employees in its guard services division and 72 in non-emergency medical transportation. The company has indicated that it maintains good relations with its workforce, which includes unionized employees. The operational expenses increased by approximately $2.2 million, largely due to higher loan interest and professional service costs, including legal fees related to a class action lawsuit.
Looking ahead, AGSS aims to continue its growth through both organic means and strategic acquisitions. The management team is optimistic about the potential for new contracts, with several bids submitted totaling over $12 million in revenue. The company is also exploring opportunities in emerging technologies, such as AI and robotics, to enhance its service delivery and operational efficiency. AGSS's leadership believes that the security and non-emergency medical transportation markets are poised for growth, with the latter projected to expand at an annual rate of over 7.5%. The company is focused on leveraging its capital market access to support its growth strategy and improve profitability in the coming years.
About AMERIGUARD SECURITY SERVICES, INC.
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