AITX Announces Q1 FY2025 Financial Results in Latest 10-Q Filing, Exceptional Growth in Revenue and Market Value
Artificial Intelligence Technology Solutions (OTCPK:AITX) reported exceptional growth in its Q1 FY2025 financial results. The company achieved a 312% increase in revenue, reaching $1,182,800, compared to $385,208 in the same period last year. Notably, rental (SaaS/RMR) revenue saw a 412% increase, totaling $980,536. AITX's market value nearly tripled to approximately $74.7 million, with the share price rising by 150% from $0.0029 to $0.0072.
The company's gross profit grew by 237% to $887,207. CEO Steve Reinharz expressed satisfaction with the growth but emphasized the need to push boundaries further. He anticipates a substantial increase in order intake in the second half of the fiscal year and is excited about upcoming new solutions like RADCam.
- 312% increase in total revenue, reaching $1,182,800
- 412% growth in rental (SaaS/RMR) revenue, totaling $980,536
- 237% increase in gross profit to $887,207
- Market value nearly tripled to approximately $74.7 million
- Share price rose by 150% from $0.0029 to $0.0072
- Anticipated substantial increase in order intake for second half of fiscal year
- Upcoming launch of new solutions like RADCam
- None.
Company Achieves
Detroit, Michigan, July 16, 2024 (GLOBE NEWSWIRE) -- Artificial Intelligence Technology Solutions, Inc., (the “Company”) (OTCPK:AITX), a global leader in AI-driven security and productivity solutions along with its wholly owned subsidiary, Robotic Assistance Devices, Inc. (RAD), today announced its financial results for the first quarter of fiscal year 2025, which ended on May 31, 2024. The Company reported a
Management encourages all AITX investors, fans, and followers to thoroughly review the full SEC filing at https://tinyurl.com/aitxq1fy25 and wishes to highlight three critical areas of performance:
1. Strong Revenue Growth:
AITX reported total revenue growth of
Steve Reinharz, CEO and CTO of AITX, commented, “Our significant revenue growth is a testament to the growing market demand for our innovative AI-powered solutions and the combined efforts of our dedicated team. While these numbers are trending in the right direction, I am far from satisfied. We are raising our targets because we believe in pushing our boundaries and setting new benchmarks. I anticipate a substantial increase in order intake in the second half of the fiscal year. More importantly, I am excited about the upcoming new and enhanced solutions that we will be launching later this fiscal year, such as RADCam. These innovations will not only broaden our current offerings, but also redefine industry standards. Our commitment to excellence drives us forward, and I am eager to see how these advancements will shape our future.”
2. Growth in Gross Profit:
AITX achieved a gross profit of
3. Market Value and Share Price Appreciation:
The Company’s market value nearly tripled, reaching approximately
Additionally, AITX's share price rose significantly, from
Reinharz added, “The surge in our market value and share price is a clear indicator that the market believes in our mission and the value we bring through our solutions. We are committed to maintaining this momentum by continuing to innovate and deliver high-quality products that meet the evolving needs of our customers. Our focus remains on creating long-term value for our shareholders and stakeholders.”
The Company's rental revenue is classified as Recurring Monthly Revenue (RMR), which provides a stable and predictable income stream. RMR is money earned from customers who pay for a subscription to a service or product. RAD’s solutions are generally offered as a recurring monthly subscription, typically with a minimum 12-month subscription contract.
AITX, through its subsidiary, Robotic Assistance Devices, Inc. (RAD), is redefining the
RAD has a prospective sales pipeline of over 35 Fortune 500 companies and numerous other client opportunities. RAD expects to continue to attract new business as it converts its existing sales opportunities into deployed clients generating a recurring revenue stream. Each Fortune 500 client has the potential of making numerous reorders over time.
About Artificial Intelligence Technology Solutions (AITX)
AITX is an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges and fuel new business ideas. Through its next-generation robotic product offerings, AITX’s RAD, RAD-R, RAD-M and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services and allows experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced cost. AITX solutions are well suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. To learn more, visit www.aitx.ai, www.radsecurity.com, www.stevereinharz.com, www.radgroup.ai, www.raddog.ai, and www.radlightmyway.com, or follow Steve Reinharz on Twitter @SteveReinharz.
CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
The information contained in this publication does not constitute an offer to sell or solicit an offer to buy securities of Artificial Intelligence Technology Solutions, Inc. (the “Company”). This publication contains forward-looking statements, which are not guarantees of future performance and may involve subjective judgment and analysis. As such, there are no assurances that the Company will meet its expectations with respect to its future sales volume or becoming cash flow positive or having a substantial increase in order intake in the second half of the fiscal year. The information provided herein is believed to be accurate and reliable, however the Company makes no representations or warranties, expressed or implied, as to its accuracy or completeness. The Company has no obligation to provide the recipient with additional updated information. No information in this publication should be interpreted as any indication whatsoever of the Company’s future revenues, results of operations, or stock price.
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Steve Reinharz
949-636-7060
@SteveReinharz
FAQ
What was AITX's revenue growth in Q1 FY2025?
How much did AITX's rental (SaaS/RMR) revenue grow in Q1 FY2025?
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How did AITX's share price change during Q1 FY2025?