Ameriguard Security Services, Inc.

What they do

AmeriGuard provides armed guard services as a federal contractor with licenses in 7 states and commercial guard services in California. Through its wholly owned subsidiary TransportUS Inc., acquired October 20, 2023, it also provides non-emergency medical transportation (NEMT) as a federal contractor in California. The company operates a 24-hour dispatch department that monitors camera systems and directs patrolling officers to alarm locations.

Revenue drivers

• Federal guard contracts (AmeriGuard) — Provides armed guard services to federal agencies; the loss of three Social Security Administration contracts in Durham NC, Urbana MD, and Wilkes-Barre PA cut approximately $6.59 million of revenue in 2025.
• TransportUS federal transportation contracts — Non-emergency medical transportation services; added approximately $3.69 million of revenue in 2025, which partially offset the federal guard contract losses.
• Commercial guard and patrol services (California) — Commercial guard services in California are being transitioned from traditional standing guard toward technology and patrol services, including 24-hour dispatch and camera monitoring.
• Other services revenue — Includes miscellaneous service revenue; in 2025 this category increased by approximately $169,700, partially offset by an increase in service fee credits of approximately $161,450.

Recent performance

For Q1 2026 (three months ended March 31, 2026), total revenue fell 52.2% year over year to approximately $3.4 million, compared with $7.2 million in Q1 2025. Government contract revenue accounted for the entire decline, and gross profit dropped by over $429,000. Operating expenses decreased 45.3%, or approximately $884,000, due to cuts across nearly all categories and directly traceable to the three lost federal guard contracts. Net loss from operations through March 31, 2026, decreased approximately $454,000 compared with the same period in 2025, though the 10-Q disclosure is truncated.

Strategy

Management is focused on reducing operating expenses wherever possible to improve the bottom line. AmeriGuard is shifting its commercial approach from traditional standing guard to technology and patrol services, including a 24-hour dispatch department and a patrol response target of 15 minutes from alarm activation. The company plans to add two salespeople and expand into the Las Vegas, Nevada market. It is also developing its leadership team, including a CEO with experience in government contracting and a CFO with corporate financial management experience.

Risks

• Customer concentration in federal contracts — Three federal transportation contracts approximated 89% of total services revenue for the year ended December 31, 2025, making the company highly dependent on a few customers.
• Contract loss and revenue decline — The loss of three Social Security Administration guard contracts in July 2025 reduced annual revenue by approximately $6.59 million and caused a 52.2% revenue decline in Q1 2026.
• Liquidity and going concern — As of March 31, 2026, the company had $215,949 in cash, total liabilities of $12.3 million exceeding total assets of $7.9 million, and shareholder equity of negative $4.4 million.
• Default on accounts receivable credit line — According to the 10-Q, actions taken by the previous board members Mr. Anderson and Mr. Honore led the accounts receivable credit line provider to declare the company in default and cancel all further funding in July 2025.

Outlook

Management expects the three remaining federal transportation contracts to continue into 2026, and these contracts approximated 89% of total services revenue for the year ended December 31, 2025. The company is focused on reducing operating expenses to improve the bottom line and on expanding its technology and patrol services into the Las Vegas market. The 10-Q notes that net loss from operations decreased approximately $454,000 over the prior-year period, but the filing excerpt is truncated. No specific revenue or earnings guidance is provided in the excerpts.