| Line Item | 2025-12-31 | Y/Y |
|---|---|---|
| Revenue | $23.5M | -11.0% |
| Cost of Revenue | $20.4M | -12.9% |
| SG&A Expense | $1.1M | +46.0% |
| Operating Income | -$3.1M | +7.9% |
| Income Tax | $651 | -81.7% |
| Net Income | -$488K | +79.1% |
| EPS (Basic) | -$0.01 | +77.6% |
| EPS (Diluted) | -$0.01 | +77.6% |
| Line Item | 2025-12-31 | Y/Y |
|---|---|---|
| Cash & Equivalents | $729K | +71.7% |
| Accounts Receivable | $1.4M | -38.9% |
| Current Assets | $2.6M | -21.8% |
| Total Assets | $8.2M | -16.0% |
| Current Liabilities | $7.7M | +0.8% |
| Total Liabilities | $11.8M | -8.9% |
| Stockholders' Equity | -$3.5M | -13.7% |
| Line Item | 2025-12-31 | Y/Y |
|---|---|---|
| Operating Cash Flow | -$235K | +91.0% |
| Investing Cash Flow | -$346K | +58.8% |
| Financing Cash Flow | $886K | -48.2% |
Business Overview
The Company operates two subsidiaries: AmeriGuard Security Services (AGS), which provides armed and unarmed guard services to federal, state, and local government entities and commercial clients, generating approximately $10.4 million in annual revenues; and TransportUS Inc. (TUS), which provides non-emergency medical transportation services to the Veterans Administration in California with approximately $12.6 million in annual revenues. The Company is focused on organic growth and strategic acquisitions to increase market share in both the security services and medical transportation industries.
Segment Performance
AmeriGuard Security Services generated approximately $10.4 million in revenues for the fiscal year ended December 31, 2025. TransportUS Inc. generated approximately $12.6 million in annual revenues from three Veterans Administration contracts in Long Beach, Loma Linda, and Central Los Angeles, California. The Company notes TUS won two additional Department of Veterans Affairs contracts in 2024. Specific comparative segment performance data versus prior periods is not provided in the filing.
Forward Guidance
TUS will continue to focus on providing high quality service and improving fleet quality, and will take advantage of capital markets available to AGSS to enter more markets and be very competitive and profitable. The Company anticipates the final ruling in the PAGA/Class Action suit may occur in late 2026. Management expects to be able to negotiate a payment plan for settlement obligations if necessary. The Company states that for the foreseeable future, the U.S. manned guarding business seems likely for continued sustainable growth with prospects for aggregate growth rate of four percent or more.
Key Risk Factors
The Company faces significant legal and regulatory challenges, including two PAGA/Class Action wage and hour lawsuits totaling $300,000 in settled amounts, a pending Department of Labor investigation regarding prevailing wage violations at an affiliate contractor involving $356,741.06 in outstanding back wages, and a notice of motion for summary judgment filed by Legalist entities seeking $4,123,549.73. The security services industry is experiencing consolidation pressures, with smaller operators ($10-20 million revenue) facing challenges from larger competitors with superior technology and economies of scale. The Company also faces concentration risk with Lawrence Garcia controlling 78.55% of voting stock, and the non-emergency medical transportation market, while growing at 7.5-9% annually, remains competitive with significant contract renewal dependencies.