Welcome to our dedicated page for ARTIFICIAL INTL SLTNS news (Ticker: AITX), a resource for investors and traders seeking the latest updates and insights on ARTIFICIAL INTL SLTNS stock.
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 (AITX) has announced its largest hospital deployment of ROSA-P units at a 100+ bed acute care facility. This installation includes 9 ROSA units and highlights RAD's growing footprint in the healthcare sector. Hospital staff opted for ROSA units over armed guards for enhanced safety, emphasizing the significance of RAD Light My Way in increasing security consciousness. The company is in talks with six more healthcare networks, potentially expanding its reach to over 500,000 employees. AITX aims to deploy 150 devices in healthcare within the next year, illustrating a robust growth strategy in this lucrative market.
Artificial Intelligence Technology Solutions (OTCPK: AITX) announced media outreach by CEO Steve Reinharz. The first event is a webinar on February 3, 2023, discussing naked short selling, which is illegal but prevalent. Reinharz aims to enhance transparency and shareholder value. The second event is an ‘Ask Me Anything’ session on February 5, 2023, aimed at engaging the AITX community. AITX, through its subsidiary Robotic Assistance Devices (RAD), offers AI-driven security solutions promising 35%-80% cost savings compared to traditional security methods and has a sales pipeline of over 35 Fortune 500 companies.
Artificial Intelligence Technology Solutions (AITX) announced price changes for its Robotic Assistance Devices (RAD) solutions, effective March 1, 2023. Price hikes range from 18% to 29% for three offerings, while one will see a 17% decrease. The company believes that these adjustments will enhance revenue and meet fiscal year 2024 goals despite anticipated inflationary pressures.
AITX aims to maintain a competitive edge against traditional security solutions, thanks to significant cost advantages. The company's innovations promise cost savings of 35%-80% for clients. AITX also holds a promising sales pipeline with over 35 Fortune 500 companies.
Artificial Intelligence Technology Solutions, Inc. (OTCPK: AITX), a leader in AI-driven security solutions, announced its support for a collaboration between ASIS International and Circadian Risk, Inc. to implement a Physical Asset Protection Standard as a SaaS-based assessment. This initiative aims to enhance security protocols and leverage AI in risk management. AITX's subsidiary, Robotic Assistance Devices (RAD), has invested in Circadian Risk, indicating potential partnerships. RAD’s solutions offer cost savings of 35%-80% compared to traditional manned security, with a sales pipeline that includes over 35 Fortune 500 companies.
Artificial Intelligence Technology Solutions (AITX) announced an extension of its ‘Bailey’s Gift’ campaign, named after the victims of the 2018 Marshall County shooting. RAD will donate at least five ROSS AI-based security solutions to K-12 schools nationwide, improving security measures against firearms. ROSS connects legacy cameras with advanced AI analytics, enhancing detection capabilities for potential threats. RAD aims to address the needs of over 100,000 schools. This initiative reflects RAD’s commitment to enhancing school safety through technology.
Artificial Intelligence Technology Solutions (OTCPK: AITX) reported a significant 50% increase in Q3 revenue from $267,484 to $402,399 quarter-over-quarter. The gross margin improved from 50% to 57%, attributed to enhanced supply chain processes. Forecasts for FY 2024 suggest $800,000 in monthly recurring revenue by February, potentially achieving positive cash flow. Operating expenses decreased by 9% to $3.09 million in Q3, but are expected to rise due to upcoming project developments. The firm has around 300 units deployed with an additional 290 on backorder. AITX aims for 75% gross profit margin by the end of FY 2024.
Artificial Intelligence Technology Solutions, Inc. (OTCPK: AITX) announced a strategic investment in Circadian Risk, Inc., enhancing its offerings in risk assessment software for security professionals. The investment is structured as a SAFE, allowing AITX to acquire equity in the future. AITX CEO Steve Reinharz emphasized the potential for collaboration and innovation in security solutions, while Circadian Risk's CEO highlighted a mutual drive to disrupt traditional security approaches. AITX, through its subsidiary Robotic Assistance Devices (RAD), aims to redefine the $25 billion security industry by offering AI-driven solutions that significantly reduce costs.
Artificial Intelligence Technology Solutions announced that its subsidiary, Robotic Assistance Devices (RAD), secured 15 new contracts for 42 security robots. The order includes 25 ROSA stationary robots, 10 ROSA-P, 5 AVA access control devices, and 2 TOM visitor management solutions. Notably, 31% of the units are for existing direct end-users, enhancing their deployments. RAD's sales pipeline is strong, with over 35 Fortune 500 companies as potential clients, aiming to convert opportunities into recurring revenue streams.
Artificial Intelligence Technology Solutions (OTCPK: AITX) announced that its subsidiary, Robotic Assistance Devices Inc. (RAD), won a prestigious design competition for its ROSA 3.x security robot. The award, managed by the Chicago Athenaeum Museum, recognizes innovative designs in various industries. CEO Steve Reinharz expressed pride in the recognition, highlighting the robot's blend of aesthetics and functionality. This award may increase industry attention towards the integration of design and technology in security solutions, positioning RAD as a leader in the evolving $25 billion security industry.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced significant progress by its subsidiary, Robotic Assistance Devices (RAD), in expanding its sales pipeline and dealer network. RAD has 280 units deployed and 250 on backorder, with a forecast for additional orders between 250 and 500 units in the next six months. With verbal commitments from 38 clients for over 200 devices, RAD expects to close these deals soon. The company also added two new dealers, increasing its total to 54, and aims to expand its development team by 15 members to enhance product offerings.
FAQ
What is the current stock price of ARTIFICIAL INTL SLTNS (AITX)?
What is the market cap of ARTIFICIAL INTL SLTNS (AITX)?
What does Artificial Intelligence Technology Solutions Inc. (AITX) do?
What recent achievements has AITX accomplished?
How does AITX's RMR model work?
What industries benefit from AITX's solutions?
What are some of AITX's key products?
What partnerships has AITX formed recently?
What are AITX's plans for the future?
How does AITX's technology reduce costs?
Where is AITX headquartered?
What is the significance of AITX's 505% RMR growth?
