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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, Inc. (AITX) reports success with its AVA technology through its dealer, St. Moritz Security Services. This partnership highlights a growing demand for cost-effective security solutions in gated communities. St. Moritz placed its fifth AVA order, supporting five communities with deployments. The technology, recognized with a 2022 award for Access Control, offers advanced visibility and security at a lower cost. AITX's sales pipeline includes over 35 Fortune 500 companies, and the company is pursuing uplisting to the OTCQB.
Artificial Intelligence Technology Solutions (OTCPK: AITX) will host an Investor and Technology Open House on December 7, 2022, at its Ferndale, Michigan facility. CEO Steve Reinharz highlighted the significance of showcasing recent developments from its subsidiaries RAD, RAD-M, and RAD-G, including a live demonstration of the RADDOG robot. The event, which can also be viewed via livestream, aims to engage investors and media, further enhancing AITX's visibility in the market. The company also plans to pursue an OTCQB uplisting.
Artificial Intelligence Technology Solutions, Inc. (OTCPK: AITX) announced an order for a ROSA security robot from its subsidiary, Robotic Assistance Devices, Inc. (RAD), through CBRE and Grainger for a Fortune 500 client. Mark Folmer, President at RAD, emphasized that this order signifies increasing adoption of RAD's technology among large enterprises.
RAD's focus on cost-effective security solutions is timely, especially as companies seek automation amid economic uncertainty. With a robust sales pipeline of over 35 Fortune 500 clients, RAD anticipates ongoing business growth. The parent company, AITX, has filed for uplisting to OTCQB.
Artificial Intelligence Technology Solutions announced that its subsidiary, Robotic Assistance Devices Group (RAD-G), is launching OEM system-level components for new market penetration. Ravi Gade has been appointed as RAD-G's OEM Program Director to lead these efforts. The initial product, RADPack Millie, is a high-performance FPGA aimed at the EV charging station sector, enhancing security through integrated solutions. RAD-G plans to offer affordable components to charging station manufacturers. AITX is also pursuing an uplisting to the OTCQB.
Artificial Intelligence Technology Solutions, Inc. (OTCPK: AITX) announced the shipment of its first ROSA security robot as part of the Bailey’s Gift campaign, which aims to enhance school safety. The initiative provides at least 10 ROSA units, equipped with firearm detection capabilities, at no cost to underfunded K-12 schools in the U.S., selected in collaboration with school security advocates. Avondale High School in Michigan is the first recipient. AITX's market research indicates over 100,000 schools could benefit from this technology.
Artificial Intelligence Technology Solutions (AITX) announced that its subsidiary, Robotic Assistance Devices (RAD), secured orders for 15 security devices from two new and four existing dealers post their participation at a trade show. The ordered devices include 11 RIOs, 2 ROSAs, and 2 AVAs. RAD's offerings address current security staffing issues and the growing demand for tech solutions in the industry. Additionally, AITX has filed for uplisting to the OTCQB, with further announcements expected on dealer signings and sales updates.
Artificial Intelligence Technology Solutions (OTCPK:AITX) announced significant pre-order commitments for RIO, their new solar-powered security solution, with thirty units pre-ordered. RIO is based on the award-winning ROSA robot and offers advanced functionalities at a competitive price. The product was well-received at GSX 2022, leading to an extension of the pre-order program. RAD, a subsidiary of AITX, aims to boost recurring revenue, while the parent company is pursuing an OTCQB uplisting.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced that its subsidiary, Robotic Assistance Devices (RAD), will present at two upcoming security seminars. The first seminar, hosted by Allied Universal, focuses on the 'Active Shooter Threat' and takes place on September 21, 2022. The second event is a free virtual town hall on AI, moderated by AITX CEO Steve Reinharz, occurring on September 27, 2022. RAD will showcase its award-winning Firearm Detection technology during these events. AITX is also seeking to uplist to the OTCQB, with updates expected soon.
Artificial Intelligence Technology Solutions (AITX) announced that its subsidiary Robotic Assistance Devices (RAD) received the Product of the Year Award from Security Today for its ROSA 3.0 product in the Autonomous Response Surveillance category. This recognition highlights the effectiveness and value of ROSA 3.0 in enhancing security solutions. RAD plans to introduce its RIO solar-powered tower at the upcoming GSX event in Atlanta on September 12-14. Additionally, AITX has filed for uplisting to the OTCQB and expects to release its 10-Q Quarterly Report by October 15.
Artificial Intelligence Technology Solutions, Inc. (OTCPK: AITX) announced significant order activity for its subsidiary Robotic Assistance Devices (RAD) in late August 2022, marking a record order intake period. Four ROSA security robots were ordered by existing client The Richman Group, enhancing site security. Additionally, two AVA units were ordered through a new dealer, expanding RAD's market presence. The company anticipates releasing its 10-Q Quarterly Report by September 15, 2022, and has filed for uplisting to OTCQB, indicating growth potential and shareholder interest.
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