AITX’s RAD Receives Anticipated Purchase Orders for 53 RIO Units

Rhea-AI Summary

Robotic Assistance Devices (RAD), a subsidiary of Artificial Intelligence Technology Solutions (OTCPK:AITX), has received purchase orders for 53 RIO™ units from a major Fortune 500 client. These orders, previously announced in July, are expected to generate over $1 million in annual recurring revenue (ARR) when fully deployed. This brings RAD closer to its goal of organically reaching $10 million in ARR this fiscal year.

The RIO units feature dual ROSA™ (Responsive Observation Security Agent) systems, which offer AI-driven security analytics including human, firearm, and vehicle detection, license plate recognition, and responsive digital signage. RAD has begun manufacturing and allocation in July, with deployments set to start in late August. This development aligns with CEO Steve Reinharz's expectation of a productive second half of the year in terms of orders, deployments, and technical innovation.

Positive

• Received purchase orders for 53 RIO™ units from a Fortune 500 client
• Expected to generate over $1 million in annual recurring revenue (ARR)
• Bringing RAD closer to its $10 million ARR goal for the fiscal year
• Manufacturing and allocation began in July, with deployments starting in late August
• RIO units feature advanced AI-driven security analytics and communication capabilities

Negative

• None.

Deployments to Begin this Month

Detroit, Michigan, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Robotic Assistance Devices, Inc. (RAD), a subsidiary of Artificial Intelligence Technology Solutions, Inc. (the “Company”) (OTCPK:AITX), is pleased to announce that it has received anticipated purchase orders for 53 RIO^™ units from a major Fortune 500 client (the “Units”). These orders were previously announced, as expected, in a July 23, 2024 press release.

When fully deployed, the Units referenced in the purchase orders, along with the associated remote monitoring contracts, are expected to generate over $1 million in annual recurring revenue (ARR), bringing RAD closer to its goal of organically reaching $10 million in ARR during this fiscal year.

Steve Reinharz, CEO/CTO of AITX and RAD, commented, “As expected, the second half of the year will be productive in orders, deployments and technical innovation.”

The Company noted that, following the client's directive to prepare for these orders, manufacturing and allocation began in July, positioning RAD to initiate deployments in late August.

Sitting atop a standard RIO 360 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 $25 billion (US) security and guarding services industry through its broad lineup of innovative, AI-driven Solutions-as-a-Service business model. RAD solutions are specifically designed to provide cost savings to businesses of between 35%-80% when compared to the industry’s existing and costly manned security guarding and monitoring model. RAD delivers these tremendous cost savings via a suite of stationary and mobile robotic solutions that complement, and at times, directly replace the need for human personnel in environments better suited for machines. All RAD technologies, AI-based analytics and software platforms are developed in-house. 

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, 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

How many RIO units did RAD receive purchase orders for in August 2024?

RAD received purchase orders for 53 RIO™ units from a major Fortune 500 client in August 2024.

What is the expected annual recurring revenue from the new RIO unit orders for AITX?

The new RIO unit orders are expected to generate over $1 million in annual recurring revenue (ARR) for AITX when fully deployed.

When will RAD begin deploying the newly ordered RIO units?

RAD is set to begin deploying the newly ordered RIO units in late August 2024.

What is RAD's annual recurring revenue goal for the current fiscal year?

RAD's goal is to organically reach $10 million in annual recurring revenue (ARR) during the current fiscal year.