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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 (AITX) has filed a Prospectus Supplement with the SEC detailing a $10 million purchase agreement with GHS Investment, LLC. This agreement allows for stock purchases over two years to support the company's growth plans. As of December 5, 2022, AITX's subsidiary, Robotic Assistance Devices (RAD), reported 280 units deployed and anticipates receiving orders for 250-800 additional units in the next year. The company also introduced several new products and aims to expand its workforce to enhance R&D capabilities.
Artificial Intelligence Technology Solutions (AITX) is set to host an Investor Open House and Technology Reveal on December 7, 2022, at its Ferndale, Michigan facility. The event, which is already at capacity for in-person attendees, will be livestreamed on AITX's YouTube channel at 4:30 PM ET. CEO Steve Reinharz will highlight new and enhanced RAD solutions, including RADDOG™, a security robot, and software updates like ROSS. AITX aims to transform the $25 billion security services industry with cost-effective, AI-driven solutions that could save clients 35% to 80% compared to traditional security methods.
Artificial Intelligence Technology Solutions Inc. (AITX) announced that its subsidiary, Robotic Assistance Devices (RAD), won two 2022 AST ‘ASTORS’ Awards.
The awards were for RAD’s Firearm Detection AI analytic in Best Metal/Weapons Detection Solution and RAD Light My Way in Best Alert Notification System. Additionally, AITX's OEM client ECAMSECURE received recognition for its Virtual Gate Guard in Best Access Control & Authentication System category.
These honors highlight RAD's innovative contributions to the security industry, showcasing advancements in access control and safety solutions.
Artificial Intelligence Technology Solutions (OTCPK: AITX) announced that its ROSA security robot recorded a criminal assault at the Trinity Railway Express station in Texas on November 15, 2022. CEO Steve Reinharz testified at a hearing regarding the incident, emphasizing the importance of security solutions in deterring crime. The ROSA robot's capability of securely retaining video footage enhances its operational value. The Company also highlighted its SOC 2 compliance, indicating its commitment to data security and consumer privacy.
Artificial Intelligence Technology Solutions (OTCPK:AITX) announced the order of two ROAMEO mobile security robots by its subsidiary Robotic Assistance Devices (RAD) for a major utility company. One unit will be deployed at the corporate office, and the other at a field location, expected to be operational by summer 2023. The next-generation ROAMEO 3.0 offers improved speed and lower production costs. RAD has a robust sales pipeline, including over 35 Fortune 500 companies and plans to uplist to OTCQB.
Artificial Intelligence Technology Solutions (OTCPK:AITX) has expanded its dealer network to 52 authorized dealers with the addition of six new partners. These dealers enhance RAD's sales pipeline, enabling rapid response to customer security needs. The new dealers, from various locations including Canada and the U.S., are set to utilize RAD’s innovative security solutions like ROSA and AVA, which integrate advanced AI technologies. AITX aims to leverage this expanded network to reach end users and address upcoming economic challenges while promoting cost-effective security solutions.
Artificial Intelligence Technology Solutions (AITX) announced that its subsidiary, Robotic Assistance Devices (RAD), received orders for five ROSA security robots and one AVA access control device from its largest authorized dealer. RAD's solutions are designed to reduce reliance on human guards, offering advanced security features. The orders cater to a small box retailer and a top utility company. Additionally, RAD is launching ROSA 3.1 with upgraded features and has a sales pipeline with over 35 Fortune 500 companies. AITX has filed for uplisting to the OTCQB.
Artificial Intelligence Technology Solutions announced a successful $4 million fundraise through a note issuance on October 28, 2022. The note, with a maturity of four years and a 15% interest rate, received net cash proceeds of $3.5 million after an original issue discount of $500,000. This financing does not dilute common stock ownership as CEO Steve Reinharz voluntarily reduced his stake from 65% to 54%. The company aims to enhance growth and reduce reliance on market funding while driving increased revenues.
Artificial Intelligence Technology Solutions (OTCPK: AITX) reported significant developments in its Q2 fiscal year 2023 results, highlighting an impressive 85% year-over-year increase in subscription revenue, totaling $228,145. The company achieved a stable 87% gross profit margin and eliminated 955 million warrants, enhancing stock value for shareholders. Additionally, AITX generated approximately $4M in share proceeds and plans to raise another $4M to $6M for growth and debt reduction. The company is expanding its innovative security solutions and aims for an OTCQB up listing.
Artificial Intelligence Technology Solutions (OTCPK: AITX) announced 33 new device orders via its subsidiary, Robotic Assistance Devices (RAD), since the last update, including 28 ROSAs and 5 TOMs for four clients. One dealer is deploying 26 ROSAs at a distribution center, while an existing client is adding five TOM units. RAD's sales pipeline includes over 35 Fortune 500 companies, indicating potential for recurring revenue. AITX is also pursuing uplisting to the OTCQB, with further announcements expected soon.
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