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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.
Robotic Assistance Devices (RAD), a subsidiary of Artificial Intelligence Technology Solutions (AITX), reports dozens of Fortune 1000 organizations showing strong interest in ROAMEO Gen4, their autonomous mobile security robot. Deliveries are scheduled to begin in Spring 2025, targeting healthcare, logistics, municipal operations, and higher education sectors. The company expects to achieve 100 deployments by end of 2026, with 250 deployed units potentially generating $20 million in annual recurring revenue. ROAMEO Gen4 features 360-degree view, high-resolution cameras, and advanced AI analytics based on proprietary AIR™ technology, designed to reduce security costs by replacing or supplementing traditional guard operations.
AITX's subsidiary RAD-R has acquired 1 million unique MAC addresses for its RADCam security devices, with 10,000 addresses allocated for the first production run. The company plans to begin shipments in December 2024. RADCam, marketed as the world's first 'talking' security camera, features AI and LLM technologies with autonomous interaction capabilities. The MAC addresses acquisition ensures secure device identification and demonstrates RAD-R's complete control over code, server, and processing operations, all based in the United States. Pre-orders are currently being accepted through radcam.ai.
AITX's subsidiary RAD-M has achieved Level 5 autonomous navigation for its ROAMEO Gen4 security robot, marking a significant advancement in mobile robotic security. This breakthrough allows ROAMEO Gen4 to operate independently across various environments without human intervention, featuring capabilities such as dynamic obstacle avoidance, gateway pass through, and narrow lane navigation.
ROAMEO Gen4 is expected to start shipping in Spring 2025, with production increasing as sales momentum grows. The robot aims to provide a cost-effective alternative to traditional security guards, particularly for outdoor patrol duties. With approximately 396,000 security guards working in outdoor environments in the US, ROAMEO Gen4 presents a significant market opportunity.
The company anticipates that ROAMEO Gen4 will contribute to AITX's growing Recurring Monthly Revenue, aligning with their long-term strategy of delivering innovative and sustainable solutions in the security industry.
Artificial Intelligence Technology Solutions (OTCPK:AITX) reported strong financial results for Q2 FY 2025 ending August 31, 2024. Revenue increased 348% to $1,344,183 compared to the same period last year, driven by growth in monthly recurring rental revenue. Gross profit rose 301% to $559,218, reflecting improved operational efficiency. The company's market capitalization grew 43% over Q2 FY 2024.
AITX recorded its largest order intake of 172 units, potentially generating $212K in monthly recurring revenue when deployed. The company is targeting $1 million in recurring monthly revenue by fiscal year-end (February 28, 2025). CEO Steve Reinharz highlighted the growing demand for AITX's AI-driven security solutions and expressed confidence in reaching operational profitability.
Robotic Assistance Devices (RAD), a subsidiary of Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX), has announced that its solar-powered RIO™ 360 security tower was featured on News 5 Cleveland. The segment highlighted RAD's deployment at Public Square in downtown Cleveland, in partnership with Downtown Cleveland, Inc.
Troy McCanna, RAD's Chief Security Officer, was interviewed about how the AI-driven technology enhances public safety. The RIO 360 system, equipped with 360-degree surveillance and AI-based autonomous responses, aims to deter crime, detect loitering, and engage visitors with informative messages.
The deployment is part of a larger initiative between RAD and Downtown Cleveland, Inc. to integrate cutting-edge security solutions in the city center. The RIO 360 configuration includes dual ROSA™ units, which offer AI-driven security analytics, responsive digital signage, and two-way communication capabilities.
Downtown Cleveland, in partnership with Robotic Assistance Devices (RAD), a subsidiary of Artificial Intelligence Technology Solutions (OTCPK:AITX), has unveiled a smart security camera system in Public Square. The AI-driven, solar-powered RIO™ 360 security system is designed to enhance safety and security in the area. Key features include:
- Detection of loitering and trespassing after hours
- Dual LED displays for public engagement
- 360-degree coverage facing Terminal Tower
- Monitored by Downtown Cleveland's Operation Center from 7 a.m. to midnight
- Connected to the City of Cleveland's crime center
This initiative is part of a broader effort to improve safety in downtown Cleveland, which also includes 24/7 police presence and clear operating hours for Public Square. The project aims to create a safer, more welcoming urban environment and serve as a model for other metropolitan areas.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) and its subsidiary Robotic Assistance Devices, Inc. (RAD) have announced that 3JS Security, a Service-Disabled Veteran-Owned Small Business, has joined RAD's network as an authorized dealer. This partnership aims to expand the deployment of RAD's AI-powered security solutions across 3JS Security's diverse client base, which includes municipalities, distribution centers, and hospitality venues.
3JS Security, led by former law enforcement and military personnel, chose RAD for its advanced technology and real-time deterrence capabilities. Keith Drummond, VP of Business Development at 3JS Security, highlighted RAD's ability to provide immediate action and crime deterrence, rather than just passive surveillance. The collaboration is expected to redefine security approaches in industries such as distribution, construction, and law enforcement.
RAD's President, Mark Folmer, and Chief Security Officer, Troy McCanna, expressed enthusiasm about the partnership, emphasizing the alignment with RAD's mission to revolutionize the security industry through AI-powered solutions like ROSA™, RIO™, and AVA™.
Artificial Intelligence Technology Solutions (AITX) has received a significant expansion order for 32 RIO 360 solar-powered security towers from a major existing client. This order represents more than 50% of the $1 million in annual recurring revenue (ARR) previously announced for this client on August 14, 2024. The RIO 360 configuration includes dual ROSA™ units, which offer AI-driven security analytics and two-way communication capabilities.
AITX, through its subsidiary Robotic Assistance Devices (RAD), is revolutionizing the $25 billion security and guarding services industry with its AI-driven Solutions-as-a-Service business model. RAD's solutions aim to provide cost savings of 35%-80% compared to traditional manned security models. The company has a prospective sales pipeline including over 35 Fortune 500 companies and expects to continue attracting new business and recurring revenue streams.
AITX's subsidiary RAD-R is now accepting online preorders for RADCam™, an AI-powered 'Talking Security Camera', at radcam.ai. Shipments are expected to begin in mid-December 2024. RADCam offers interactive capabilities, engaging with individuals approaching homes, while maintaining traditional security camera features.
Key features include:
- Interactive AI-driven personas
- Reduction in nuisance alerts
- Advanced visual analytics
- LLM-powered communication
- Porch piracy deterrence
RADCam is priced at $99.00 with a $24.99 monthly subscription for full AIR-enabled features. AITX has adjusted its revenue forecast to $1-2 million, with potential monthly subscription revenues of $150,000-$400,000.
Artificial Intelligence Technology Solutions (OTCPK: AITX) has extended its commitment to not execute a reverse stock split before January 1, 2026, with two exceptions: uplisting to NASDAQ or NYSE, or reversing authorized shares at the same rate as outstanding shares. This extension aims to reassure retail investors and maintain the company's relationship with its investing community.
AITX has also filed to increase its authorized share count to 15 billion from 12.5 billion, a 20% increase to be released incrementally. The additional funds will support growth, R&D, and normal business operations, focusing on key projects like RADCam, ROAMEO, and RADDOG. The company is on track for operational profitability this fiscal year and believes its RAD-R division can be fully profitable in its first year.
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