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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 announced an order for 17 ROSA security robots from a major dealer for a large regional hospital group with over 600 locations. Sixteen of the units will be ROSA-P devices, configured to utilize existing light poles as power sources, ensuring 24/7 coverage. The deployment aims to enhance security in the hospital's parking lots, addressing significant safety concerns in those areas. CEO Steve Reinharz emphasized the proactive approach of these technologies to deter crime, enhancing safety for healthcare workers.
Artificial Intelligence Technology Solutions, Inc. (OTCPK: AITX) announced its subsidiary, Robotic Assistance Devices (RAD), has launched RIO, a portable, solar-powered security solution. This product targets new markets, offering features like a ruggedized trailer and 180° field of view. RIO aims to capture a share of the solar-powered security trailer business, potentially enhancing RAD's recurring revenue. The launch follows a successful pre-order phase and will be officially showcased at the GSX conference in September. Pricing details are forthcoming.
Artificial Intelligence Technology Solutions (OTCPK: AITX) announced that its subsidiary, Robotic Assistance Devices (RAD), received orders for three ROSA security robots. Two units were ordered by Premier Protective Security, while the third comes from a newly signed Florida dealer. CEO Steve Reinharz highlighted a surge in orders, anticipating RAD's best quarter ever. AITX has also filed for uplisting to the OTCQB, with further details expected soon. ROSA robots enhance security through AI-driven analytics and rapid deployment capabilities, showcasing RAD's ongoing business growth.
Artificial Intelligence Technology Solutions (AITX) announced that its subsidiary, Robotic Assistance Devices (RAD), received an order for two ROSA security robots from Premier Protective Security. These robots will be deployed at a major travel center to enhance security in RV storage yards. RAD plans to deploy a total of six ROSAs at this location. The company aims to uplist to the OTCQB, with future announcements expected regarding this application. The ROSA robot offers advanced AI-driven security features and has been effective in reducing theft and trespassing at various sites.
Artificial Intelligence Technology Solutions (OTCPK: AITX) announced the selection of schools to receive security robots under its Bailey's Gift campaign aimed at enhancing firearm detection in K-12 institutions. Initially set to donate 10 ROSA robots, the initiative has expanded to potentially 45 units through proceeds from ROSA NFT sales. Schools in Michigan, Illinois, Florida, and New Mexico were selected as recipients. AITX is actively accepting further applications and is pursuing an uplisting to the OTCQB.
Artificial Intelligence Technology Solutions (OTCPK: AITX) announced a follow-on order for six ROSA security robots from its largest dealer, expanding RAD's presence in a global retailer's locations. This order reflects RAD's commitment to customer service and retention, as noted by RAD's President Mark Folmer. CEO Steve Reinharz highlighted the ongoing success since launching the pilot program fifteen months ago. AITX has also applied for uplisting to the OTCQB, with future announcements expected regarding this application.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced that its subsidiary, Robotic Assistance Devices, will receive an order for two additional ROAMEO mobile security robots from a leading vehicle retailer. This client previously acquired a ROAMEO and three ROSA devices, which have performed well in property monitoring. The company aims to uplist to the OTCQB. AITX continues to enhance its security offerings with innovative technologies designed for efficient patrolling and reduced costs.
Artificial Intelligence Technology Solutions (AITX) announced that its subsidiary employees will receive stock awards maturing in 48 months. This initiative aims to align employees' long-term goals with those of investors. The CEO, Steve Reinharz, emphasized this as a step toward enhancing value for stakeholders.
The stock awards come with trading restrictions until they vest, and the company plans to issue more shares annually in August. Details of these awards are publicly available online.
Artificial Intelligence Technology Solutions (OTCPK:AITX) announced an order for 3 ROSA security robots from a major software firm with over 25 U.S. offices. These robots will autonomously detect and deter property intrusions, offering clients potential savings of up to 90% in the first year. AITX's subsidiary, Robotic Assistance Devices (RAD), is experiencing increased demand, with multiple orders expected weekly. The company is also pursuing uplisting to OTCQB, with future updates anticipated on this initiative.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced a Letter of Intent with a parochial school on the east coast to deploy two ROSA security robots equipped with firearm detection technology. This deployment marks the integration of RADSoC with existing security camera networks, enabling the company to tap into a vast market of over 420 million cameras projected by 2024. The deployment is scheduled to begin in September, enhancing security measures significantly and expanding RAD's service capabilities.
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