Artificial Intelligence Technology Solutions, Inc. Raises Q3 FY 2022 Revenue Guidance

Rhea-AI Summary

Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) has raised its revenue guidance for fiscal Q3 ending November 30, 2021, anticipating over $1 million in total revenue. The company projects over $80,000 in recurring monthly revenue (RMR) and expects to surpass $100,000 by the end of November. Non-recurring revenue is estimated between $550K-$600K in Q3 FY 2022, marking a 250%-310% growth compared to Q3 FY 2021. AITX also aims for its strongest cash position to date, driven by a robust sales pipeline and the upcoming launch of RAD 3.0 products.

Positive

• Revenue guidance increased to over $1 million for Q3 FY 2022.
• Recurring Monthly Revenue (RMR) projected to exceed $100,000.
• Estimated non-recurring revenue of $550K-$600K in Q3 FY 2022.
• Q3 FY 2022 expected to surpass Q3 FY 2021 by 250%-310%.
• Anticipated strongest cash position in company history.

Negative

• None.

Increase a Result of Improved Sales Pipeline Activity for Both Recurring and Non-Recurring Monthly Revenue

HENDERSON, Nev.--(BUSINESS WIRE)-- Artificial Intelligence Technology Solutions, Inc., (OTCPK:AITX), a global leader in AI-driven security and productivity solutions for enterprise clients today increased its revenue guidance for its fiscal Q3 ending November 30, 2021.

AITX CEO Steve Reinharz introduces RAD’s yet unnamed robotic dog, part of the RAD 3.0 product offering, at AITX Investors Open House held October 13, 2021, at the company’s REX (RAD Excellence Center) in Detroit, Michigan (Photo: Business Wire)

As previously disclosed, AITX through its wholly owned subsidiary Robotic Assistance Devices Inc. (RAD), is expected to close October 2021 with Recurring Monthly Revenue (RMR) of over $80,000. “Sales activity has now accelerated to the pace where we can anticipate topping the $100,000 RMR milestone by the end of November 2021,” commented Mark Folmer, RAD COO and President.

"This is such exciting progress for AITX. We expect significant revenue events before Q3 closes,” said Steve Reinharz, CEO and President of AITX. “There are several opportunities that we have not announced that are expected to generate revenue that would take the company just shy $1 million in Q3 revenue,” Reinharz added.

Highlights

• High expectations of between $550K-$600K in non-recurring revenue in Q3, FY 2022 ending November 30, 2021;
• The Company expects ending the fiscal quarter in the strongest cash position ever;
• Q3 FY 2022 is expected to exceed Q3 FY 2021 by 250%-310%;
• Q3 FY 2022 is expected to be the Company’s best quarter in its history.

“This expected revenue growth is based on RAD’s existing sales pipeline and client reorders and does not take into consideration the totally revamped RAD 3.0 products that we will begin shipping by the end of the quarter,” Reinharz commented. “These incredible RAD 3.0 solutions are expected to be more profitable for the company, and we expect even greater industry acceptance once they’re released to the market,” Reinharz concluded.

Follow Steve Reinharz on Twitter @SteveReinharz for future AITX and RAD updates.

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 a 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 this tremendous costs 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.

CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are "forward-looking statements" that are based on current expectations and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of Artificial Intelligence Technology Solutions to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, to meet business and financial goals including projections and forecasts, and other risks. Artificial Intelligence Technology Solutions undertakes no duty to update any forward-looking statement(s) and/or to confirm the statement(s) to actual results or changes in Artificial Intelligence Technology Solutions expectations.

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 and RAD-M 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 staffs 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 and www.roboticassistancedevices.com, or follow Steve Reinharz on Twitter @SteveReinharz.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211021005359/en/

Steve Reinharz

949-636-7060

@SteveReinharz

Source: Artificial Intelligence Technology Solutions

FAQ

What is AITX's revenue guidance for fiscal Q3 2022?

AITX increased its revenue guidance for fiscal Q3 2022 to over $1 million.

What are the projected recurring monthly revenues for AITX by November 2021?

AITX expects to exceed $100,000 in recurring monthly revenue (RMR) by the end of November 2021.

How much non-recurring revenue does AITX expect in Q3 FY 2022?

AITX anticipates between $550K-$600K in non-recurring revenue for Q3 FY 2022.

By how much is AITX's Q3 FY 2022 expected to grow compared to Q3 FY 2021?

Q3 FY 2022 is expected to grow by 250%-310% compared to Q3 FY 2021.

When will AITX's RAD 3.0 products be launched?

AITX plans to begin shipping RAD 3.0 products by the end of the fiscal quarter.