AmeriGuard Security Services, Inc. (AGSS) operates primarily through two subsidiaries providing armed/unarmed security and non-emergency medical transportation services, with over 92% of its revenue derived from a handful of federal government contracts. Recent filings reveal ongoing liquidity constraints addressed partially by a debt-for-equity swap, underscoring the company’s balance between contract-driven revenue stability and financial pressures. The security services market’s fragmentation and growing technology expectations challenge AGSS’s mid-tier scale, while the transportation segment’s fleet utilization remains critical to margin enhancement. Key risks remain contract renewal uncertainty, labor cost inflation, and tight working capital, with future growth dependent on successful contract retention and potential geographic or service expansion.