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Artificial Intelligence Technology Solutions Inc. (AITX) is a pioneer in delivering cutting-edge artificial intelligence and robotic solutions aimed at enhancing operational efficiency, security, and monitoring capabilities across various industries. Founded in 2016 and headquartered in Reno, Nevada, AITX was formerly known as On The Move Systems Corp before rebranding in August 2018 to better reflect its mission and expertise.
AITX, through its wholly-owned subsidiary Robotic Assistance Devices Inc. (RAD), offers a suite of AI-driven security and productivity solutions. These innovative solutions include both stationary and mobile robotic devices that reduce dependence on human personnel while improving operational efficiency, providing significant cost savings of 35%-80% compared to traditional security measures. RAD's product lineup features the ROSA, RIO, AVA, and RADDOG units, which incorporate advanced AI analytics for tasks such as firearm detection, human and vehicle detection, and license plate recognition, all integrated into a comprehensive security and communication platform.
FY2024 marked a year of substantial growth for AITX, highlighted by a remarkable 505% increase in recurring monthly revenue (RMR), rising from $56,802 to $283,624. This growth is driven by the deployment of 104 units in Q4 FY2024, the largest quarterly deployment to date. The company's gross profit also surged by 68% to $1,096,457, bolstered by enhanced operational efficiencies and robust demand for its innovative solutions.
A significant milestone includes the introduction of RIO in FY2024, which contributed $143,686 in RMR in its final operational month. The company's R&D expenses were reduced from $3.6 million in FY2023 to $2.8 million in FY2024, even as it launched new generations of its flagship products, resulting in increased production and supply line efficiencies.
AITX's strategic initiatives include a partnership with Nightingale Security, integrating RAD's ground-based robots with Nightingale's drones to form a robust, comprehensive security ecosystem. This collaboration underscores AITX's commitment to leveraging emerging technologies for superior security solutions.
Looking ahead, AITX is positioned for continued success with plans to achieve cash flow positivity in FY2025. The company's focus on developing AI-driven solutions and forming strategic alliances ensures its leadership in the rapidly evolving security technology market.
For more information, visit www.aitx.ai, www.radsecurity.com, or follow CEO Steve Reinharz on Twitter at @SteveReinharz.
Artificial Intelligence Technology Solutions (OTCPK: AITX) announced its intention to file a patent application for a new AI-based analytic that enhances vehicle and human tracking. This innovation aims to reduce false-positive alarms in security operations and improve detection capabilities for stolen vehicles. The analytic has been successfully tested at various client locations and will be deployed on 31 ROSA devices. AITX emphasizes its commitment to R&D and plans to build a robust intellectual property portfolio through strategic patent filings. The vehicle tracking feature is customizable for end-users, enhancing the value of RAD's solutions while improving client retention.
With access to a pipeline of over 35 Fortune 500 companies, the company anticipates ongoing business growth and new deployment opportunities.
AITX Reports Strong Initial Deployments of RIO
Artificial Intelligence Technology Solutions (AITX), through its subsidiary RAD, has reported promising results from the deployment of its RIO™ (ROSA Independent Observation) units. Since the product's announcement in September 2022, 25 units have been ordered for immediate deployment, with major client GXO accounting for 10 orders. Currently, five units are fully deployed and additional units are in production.
The company highlights that RIO’s competitive pricing and performance significantly enhance its market position, with plans for future expansion orders totaling 125 units. CEO Steve Reinharz expressed satisfaction with the deployment results and the positive customer feedback. The RIO units utilize solar power and can be installed quickly, further diversifying their application across various locations.
On April 25, 2023, Artificial Intelligence Technology Solutions, Inc. (OTCPK: AITX) announced an order for four ROSA security robots from a major U.S. city’s business alliance group. The deployment will occur in a popular outdoor restaurant district, enhancing safety and communication for patrons. These devices are expected to initiate messages when restaurants close, serving as both security and information tools.
RAD's Chief Security Officer, Troy McCanna, anticipates that the initial deployment could expand to as many as 100 ROSA units across other metro areas. Set for activation in early June 2023, this order further supports RAD's mission to offer AI-driven security solutions, aiming to provide up to 80% cost savings compared to traditional manned security. RAD is actively converting a sales pipeline featuring over 35 Fortune 500 companies into recurring revenue streams.
Artificial Intelligence Technology Solutions, Inc. (AITX) announced a significant order of 13 robotic devices from a major client, a Fortune 250 technology supplier. The order includes 11 ROSA security robots and 2 AVA access control units, aimed at enhancing security measures at the client’s large warehouse. The deployment is expected to save the client $400,000 to $600,000 annually in labor costs. All units are set to be delivered by the end of April 2023, with invoicing anticipated in May or June. AITX highlights substantial progress in its partnership with a national dealer, indicating an optimistic outlook for further sales and the potential for nationwide rollouts. The company maintains a robust sales pipeline, targeting over 35 Fortune 500 companies, which could lead to recurring revenue streams.
Artificial Intelligence Technology Solutions (AITX) announced a successful pilot program with a Fortune 100 client for its ROSA security robots. The company expects an initial order of seven robots to enhance security at the client's distribution center, which has over 1,500 retail locations nationwide. This order, facilitated by a major dealer, marks a significant step in AITX's plans to scale operations. The RAD solutions are designed to provide significant cost savings of 35%-80% compared to traditional manned security services. As RAD's potential pipeline includes over 35 Fortune 500 companies, this could lead to recurring revenue and additional orders over time.
Circadian Risk has formed a strategic partnership with Setracon Enterprise Risk Management Services, enhancing their capabilities in enterprise risk analysis. Setracon will implement the Circadian Risk Enhanced Solutions software suite, while its leaders will join Circadian Risk's advisory team. This collaboration aims to improve security assessments through actionable tools, benefiting Setracon's existing clients.
The partnership was facilitated by AITX, with expectations of strong growth in the risk analysis sector. Both companies emphasize using technology to transform risk management. The Enhanced Solutions portfolio enables customizable assessments and real-time risk dashboards, promoting effective communication of risk levels within organizations.
Artificial Intelligence Technology Solutions (AITX) shared updates on its path to profitability during a recent town hall meeting led by CEO Steve Reinharz. The company has implemented cost-saving measures expected to save over $100,000 monthly, potentially reaching $200,000. Key actions include terminating non-core projects, reducing team size from 90 to 82, and enhancing operational efficiency. The CEO highlighted a positive market response and a robust sales funnel, projecting possible monthly profitability within 9 to 15 months, with aims for positive cash flow by December 31, 2024. However, no guarantees of these outcomes were provided.
Artificial Intelligence Technology Solutions (OTCPK: AITX) announced that its subsidiary, Robotic Assistance Devices (RAD), has received over 700 enclosures for its popular security robot, ROSA, at its Detroit facility. Following a surge in sales, AITX's CEO, Steve Reinharz, noted the decision to order enclosures was strategic as RAD expands its product line with three new solutions: RIO, RIO Mini, and ROSA-P. RAD's cost-cutting measures have resulted in ROSA unit costs being halved due to bulk purchases. The company aims to streamline operations and enhance manufacturing capabilities while maintaining a strong sales pipeline with over 35 Fortune 500 clients.
Artificial Intelligence Technology Solutions (AITX) has announced the appointment of Steve Reinharz to the board of directors for the Security Industry Association (SIA). This two-year term aims to support the SIA's mission to enhance success within the global security industry. Reinharz expressed gratitude for the appointment, aligning with RAD's vision of an AI-driven security sector. AITX, via its subsidiary Robotic Assistance Devices (RAD), is disrupting the $25 billion security industry by offering AI-driven solutions that can reduce security costs by 35%-80%. The company has a strong sales pipeline with over 35 Fortune 500 companies.
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