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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.
Detroit, Michigan, March 29, 2023 (GLOBE NEWSWIRE) -- Artificial Intelligence Technology Solutions (AITX) and its subsidiary, Robotic Assistance Devices (RAD), partnered with ECAMSECURE, a GardaWorld company, to showcase the Virtual Gate Guard™ at ISC West 2023 in Las Vegas.
RAD's CEO, Steve Reinharz, expressed excitement about collaborating with ECAMSECURE, a leader in portable security systems. The Virtual Gate Guard enhances security and reduces costs compared to traditional guards. ISC West expects over 30,000 attendees and 1,000 exhibitors, highlighting RAD's presence.
With features like 180° vision and advanced access control, the unit targets logistics, storage, and corporate sectors.
Detroit, Michigan, March 27, 2023 - Artificial Intelligence Technology Solutions announced the deployment of RAD's ROSS software at The Rosenbaum Yeshiva of North Jersey, enabling existing legacy security cameras to utilize advanced AI analytics. Four RAD ROSA units will complement the system, enhancing security with features like firearm, human, and vehicle detection.
The ROSS solution is priced at approximately $10 per channel per month, making it accessible for various facilities. RAD aims to redefine security services, targeting significant cost savings of 35%-80% compared to traditional methods. A growing sales pipeline includes over 35 Fortune 500 companies.
Artificial Intelligence Technology Solutions (AITX) announced that its subsidiary, Robotic Assistance Devices (RAD), has secured a contract with HPS, benefiting over 4,300 members across 33 states. This contract allows members to enhance safety and security through RAD's AI-powered security robots, offering potential savings of up to 80% on security expenses. AITX is redefining the $25 billion security industry with its Solutions-as-a-Service model, aiming at a cost reduction of 35%-80% compared to traditional security methods. RAD also has a sales pipeline including 35 Fortune 500 companies, indicating promising revenue potential.
Artificial Intelligence Technology Solutions has successfully deployed two ROSA security robots at a major automotive client's facility, significantly reducing incidents of trespassing and vehicle theft. The Fortune 500 manufacturer has reported no major trespassing since the deployment. RAD's Chief Security Officer highlighted this as a major accomplishment, indicating potential for expanded deployment across their facilities. With over 35 Fortune 500 prospects in the pipeline, RAD aims to capitalize on these successes to demonstrate the effectiveness of AI-driven security solutions, ultimately enhancing their recurring revenue stream.
Artificial Intelligence Technology Solutions (OTCPK: AITX) announced a partnership with Centralized Vision to enhance security response using AI-driven alerts from 39 RAD security robots. Currently, Centralized Vision has 37 trained operators responding to security breaches autonomously. The companies have successfully conducted multiple intercessions with no contract cancellations. Looking ahead, they expect to deploy 60 additional RAD devices across various sectors, including property management and education. This collaboration aims to redefine the $25 billion security services industry, promising significant cost savings for clients by up to 80%.
Artificial Intelligence Technology Solutions (OTCPK: AITX) announced the deployment of ROSA security robots to a major regional hospital group with over 600 locations. This installation features eight dual-unit ROSA-P devices, leveraging existing light poles for power. The innovative RAD Light My Way platform, crucial to the client’s decision, addresses safety concerns in parking areas, where many incidents occur. CEO Steve Reinharz emphasized the profound impact of this deployment, marking it as their largest to date, aimed at enhancing security for healthcare workers and showcasing the effectiveness of their AI-driven solutions.
Artificial Intelligence Technology Solutions (AITX), through its subsidiary Robotic Assistance Devices (RAD), has signed a partnership with DK Security, a prominent Michigan-based security company. Established in 1995, DK Security provides a range of security services to over 400 clients. This collaboration aims to leverage RAD's AI-driven solutions, enhancing DK Security’s service offerings. RAD’s ROSA device, known for its rapid deployment and robust capabilities, is expected to bolster DK Security's operations. With a strong dealer network and a potential sales pipeline including Fortune 500 companies, AITX aims to capitalize on the growing demand for cost-effective security solutions.
Artificial Intelligence Technology Solutions, Inc. (AITX) announced the expansion of its software development teams, particularly focusing on Perception and ROSS™. AITX has hired Anthony Sabino-Staine as Product Manager for ROSS, tasked with enhancing adoption in the security industry. ROSS allows legacy IP security cameras to connect with RAD's ecosystem, offering AI analytics at a competitive rate of $10 per channel per month. RAD aims to redefine the $25 billion security industry, with a sales pipeline of over 35 Fortune 500 companies, potentially generating a recurring revenue stream.
Artificial Intelligence Technology Solutions (OTCPK: AITX) reported that its subsidiary, Robotic Assistance Devices (RAD), secured over 300 device orders as its fiscal year ends on February 28, 2023. This marks a significant increase from 187 orders in FY 2022. CEO Steve Reinharz expressed optimism for FY 2024, citing improvements in technology and sales techniques. RAD is well-positioned with a sales pipeline of over 35 Fortune 500 companies and aims to convert existing sales opportunities into recurring revenue streams, indicating a robust growth trajectory for the company.
Artificial Intelligence Technology Solutions (OTCPK:AITX) announced an update on its subsidiary, Robotic Assistance Devices (RAD), revealing a buoyant sales pipeline as the fiscal year 2024 commences. CEO Steve Reinharz mentioned expectations to book over 300 units before February 28, 2023, marking a 60% increase from FY 2022's 187 orders. The expansion includes new orders from GXO, a major logistics provider, and new dealer partnerships, increasing RAD's dealer network to 57. Notably, RAD is targeting diverse sectors, indicating robust market penetration.
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