AITX’s RAD On Track to Break $10 Million Annual Recurring Revenue Run Rate this Fiscal Year
Robotic Assistance Devices (RAD), a subsidiary of Artificial Intelligence Technology Solutions (OTCPK:AITX), is on track to surpass a $10 million annual recurring revenue (ARR) run rate this fiscal year. The company expects to receive orders for 52 RIO™ solar-powered security trailers across 15 new sites, generating nearly $1 million in ARR. As of August 1, 2024, AITX's recurring monthly revenue (RMR) had grown to approximately $625,000. With the new orders and existing backlog, RAD's core device SaaS revenue is projected to exceed $800,000 in RMR, potentially pushing the total ARR over $10 million when including remote monitoring revenue. The company's CEO, Steve Reinharz, expressed optimism about future growth, particularly with the upcoming release of mobility products and AIR™ technology.
I Dispositivi di Assistenza Robotica (RAD), una filiale di Artificial Intelligence Technology Solutions (OTCPK:AITX), è in procinto di superare un tasso annuale di ricavi ricorrenti (ARR) di 10 milioni di dollari per l'anno fiscale in corso. L'azienda si aspetta di ricevere ordini per 52 rimorchi di sicurezza RIO™ alimentati a energia solare in 15 nuovi siti, generando quasi 1 milione di dollari in ARR. A partire dal 1 agosto 2024, i ricavi mensili ricorrenti (RMR) di AITX erano cresciuti a circa 625.000 dollari. Con i nuovi ordini e il backlog esistente, i ricavi SaaS dei dispositivi principali di RAD sono previsti superare 800.000 dollari in RMR, potenzialmente spingendo il totale dell'ARR oltre i 10 milioni di dollari includendo i ricavi del monitoraggio remoto. Il CEO dell'azienda, Steve Reinharz, ha espresso ottimismo riguardo alla crescita futura, in particolare con il prossimo lancio di prodotti di mobilità e della tecnologia AIR™.
Dispositivos de Asistencia Robótica (RAD), una filial de Artificial Intelligence Technology Solutions (OTCPK:AITX), está en camino de superar un ingreso recurrente anual (ARR) de 10 millones de dólares en este año fiscal. La compañía espera recibir pedidos de 52 remolques de seguridad RIO™ alimentados por energía solar en 15 nuevos sitios, generando casi 1 millón de dólares en ARR. A partir del 1 de agosto de 2024, los ingresos recurrentes mensuales (RMR) de AITX habían crecido hasta aproximadamente 625,000 dólares. Con los nuevos pedidos y el backlog existente, se proyecta que los ingresos SaaS del dispositivo central de RAD superen 800,000 dólares en RMR, lo que podría llevar el ARR total a más de 10 millones de dólares al incluir los ingresos por monitoreo remoto. El CEO de la empresa, Steve Reinharz, expresó optimismo sobre el crecimiento futuro, especialmente con el próximo lanzamiento de productos de movilidad y la tecnología AIR™.
로보틱 어시스턴스 디바이스(RAD)는 인공지능 기술 솔루션(OTCPK:AITX)의 자회사로, 올해 회계연도에 1천만 달러의 연간 반복 수익(ARR)를 초과할 것으로 예상하고 있습니다. 이 회사는 15개의 새로운 장소에서 태양광으로 작동되는 RIO™ 보안 트레일러 52대에 대한 주문을 받을 것으로 기대하고 있으며, 이는 거의 100만 달러의 ARR을 생성할 것입니다. 2024년 8월 1일 기준으로 AITX의 월간 반복 수익(RMR)은 약 625,000 달러로 증가했습니다. 새로운 주문과 기존 재고를 통해 RAD의 핵심 장치 SaaS 수익은 800,000 달러의 RMR를 초과할 것으로 예상되며, 원격 모니터링 수익을 포함하면 총 ARR이 1천만 달러를 넘길 가능성이 있습니다. 회사의 CEO인 스티브 레인하르즈는 특히 이동성 제품 및 AIR™ 기술이 출시될 예정이므로 미래 성장에 대해 낙관적인 입장을 취했습니다.
Les Dispositifs d'Assistance Robotique (RAD), une filiale de Artificial Intelligence Technology Solutions (OTCPK:AITX), est en passe de dépasser un taux de revenus récurrents annuels (ARR) de 10 millions de dollars cette année fiscale. L'entreprise s'attend à recevoir des commandes pour 52 remorques de sécurité RIO™ alimentées par énergie solaire sur 15 nouveaux sites, générant près de 1 million de dollars en ARR. Au 1er août 2024, les revenus mensuels récurrents (RMR) d'AITX avaient atteint environ 625 000 dollars. Avec les nouvelles commandes et le carnet de commandes existant, les revenus SaaS de l'appareil principal de RAD devraient dépasser 800 000 dollars en RMR, ce qui pourrait faire passer le total de l'ARR au-delà de 10 millions de dollars si l'on inclut les revenus de surveillance à distance. Le PDG de l'entreprise, Steve Reinharz, a exprimé un optimisme quant à la croissance future, en particulier avec la prochaine sortie de produits de mobilité et de la technologie AIR™.
Die Robotik-Hilfsgeräte (RAD), eine Tochtergesellschaft von Artificial Intelligence Technology Solutions (OTCPK:AITX), ist auf dem besten Weg, in diesem Geschäftsjahr einen jährlichen wiederkehrenden Umsatz (ARR) von über 10 Millionen Dollar zu überschreiten. Das Unternehmen erwartet Bestellungen für 52 solarbetriebene Sicherheitsanhänger des Typs RIO™ an 15 neuen Standorten, was nahezu 1 Million Dollar in ARR generieren wird. Zum 1. August 2024 war der monatliche wiederkehrende Umsatz (RMR) von AITX auf etwa 625.000 Dollar gestiegen. Mit den neuen Bestellungen und dem bestehenden Auftragsbestand wird prognostiziert, dass die SaaS-Einnahmen des Kernprodukts von RAD 800.000 Dollar in RMR übersteigen werden, was das Gesamtkonto des ARR auf über 10 Millionen Dollar anheben könnte, wenn die Einnahmen aus der Fernüberwachung berücksichtigt werden. Der CEO des Unternehmens, Steve Reinharz, äußerte Optimismus über das zukünftige Wachstum, insbesondere mit der bevorstehenden Einführung von Mobilitätsprodukten und der AIR™-Technologie.
- Expected to surpass $10 million annual recurring revenue run rate
- Received orders for 52 RIO™ security trailers across 15 new sites
- Recurring monthly revenue grew to approximately $625,000 as of August 1, 2024
- Projected core device SaaS revenue to exceed $800,000 in monthly recurring revenue
- Potential for significant revenue growth with upcoming mobility products and AIR™ technology
- Full year forecast remains unchanged pending deployment dates of new orders
RAD’s Fiscal Year 3rd Quarter Order Intake on Track to be Record Breaking
Detroit, Michigan, Aug. 15, 2024 (GLOBE NEWSWIRE) -- Robotic Assistance Devices, Inc. (RAD), a subsidiary of Artificial Intelligence Technology Solutions, Inc., (the “Company”) (OTCPK:AITX), is pleased to share it has been told it will receive an additional 15 sites for RIO device placement. The design for each site has been completed and it is expected the 15 sites will use an additional 52 RIO™ solar-powered security trailers which will total nearly
On August 1, 2024, AITX reported that its recurring monthly revenue (RMR) had grown to approximately
The sum of deployed revenue from both the July 23 press release and the additional sites noted in this press release will, if and when deployed, accepted and invoiced, will bring RAD’s core device SaaS revenue over
The impact on this fiscal year’s financials is dependent on deployment dates; as such, the Company is not ready to change its full year forecast as described in a press release on August 1, 2024, although it is likely the Company updates this at the beginning of its fiscal year’s fourth quarter in early December.
Steve Reinharz, CEO/CTO of AITX and RAD, commented, “Delivering strong financial results is rewarding for our Company and me personally. I am thrilled with our progress and path and beyond excited when our mobility products become available en masse. Add in AIR™, first to be shown running in RADCam™, and RADCam’s potential and we believe our future to be bright.”
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.
Sitting atop a standard RIO configuration are dual ROSA™ units. ROSA is a multiple award-winning, compact, self-contained, portable, security and communication solution that can be installed and activated in about 15 minutes. ROSA’s AI-driven security analytics include human, firearm, vehicle detection, license plate recognition, responsive digital signage and audio messaging, and complete integration with RAD’s software suite notification and autonomous response library. Two-way communication is optimized for cellular, including live video from ROSA’s high-resolution, full-color, always-on cameras. RAD has published six Case Studies detailing how ROSA has helped eliminate instances of theft, trespassing and loitering at retail centers, hospital campuses, multi-family communities, car rental locations and construction sites across the country.
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-M, RAD-R, 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, becoming cash flow positive, ARR or RMR. 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 is AITX's projected annual recurring revenue run rate for this fiscal year?
How many new RIO™ security trailer orders has RAD received?
What was AITX's recurring monthly revenue as of August 1, 2024?
What is the projected core device SaaS revenue for RAD?
Has AITX updated its full-year financial forecast?
