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G3 Global is Betting on AI. Is It Worth the Roller Coaster?
G3 Global exited its non-core apparel businesses by 2019 to focus on ICT, especially AI, IoT, and smart mobility. It established Atilze AI and partnered with SenseTime to position Malaysia as a regional AI hub for surveillance and facial recognition. In 2021, G3 briefly ventured into healthcare, but by 2023 had shifted back to large ICT projects, notably the AIS3 AI security system for KLIA and KLIA2.
Its financial performance has mirrored these business shifts, with only a marginal operating profit in 2023 over the past six years.
Looking ahead, G3 Global is set to remain focused on large-scale, project-driven deployments that integrate AI, surveillance, and smart infrastructure. Building on its AIS3 contract, the company is positioning itself as a specialist system integrator combining AI with security and mobility solutions.
However, the business remains heavily reliant on securing similar big-ticket projects, with limited recurring software revenues. Its future hinges on converting its AI expertise and partnerships into new contracts for smart city, airport, or government security initiatives, while also exploring opportunities in AI-supported healthcare tech.
Given this picture, it’s no surprise to see G3 Global positioned in the turnaround quadrant on the Fundamental Mapper.
From an investment perspective, G3 Global resembles a high-beta AI integrator leveraged to public sector security and smart city spending. While the SenseTime relationship and the flagship KLIA project provide strategic visibility, the lack of recurring revenue, volatile earnings, and a still fragile balance sheet suggest investors should watch closely for signs of a real turnaround, such as:
• Conversion of new pipeline contracts post-KLIA,
• How much of their solutions represent true AI IP versus pass-through hardware or software integration, and
• Whether they can build any high-margin proprietary platforms.
wow anyone read the attached announcement? G3 will collect usd100/month each of the foreign worker who use the dormitory. This is more like rental income. More stable recurring income in the future.
