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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. (OTCPK: AITX) is optimistic about achieving profitability within 24 months, mainly through its subsidiary, Robotic Assistance Devices (RAD). RAD reports 114 devices on backorder with expectations to exceed 300 new customer orders this fiscal quarter, ending August 31, 2022. Projections indicate 700 to 1,200 units will be on order by February 28, 2023. CEO Steve Reinharz anticipates operational cash flow break-even upon deploying 1,000 to 1,400 units. AITX has also filed for uplisting to OTCQB.
Artificial Intelligence Technology Solutions (AITX) announced that its subsidiary Robotic Assistance Devices (RAD) received an order for two ROSA security robots from a dealer partner. The robots will be used in two convenience store chains to enhance security by detecting and deterring trespassing and loitering. RAD's CEO highlighted the continued success in deploying multiple units, indicating strong demand in small retail markets. Additionally, AITX has filed for uplisting to the OTCQB, with further updates expected.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) will host an Investor Open House and Press Event on July 18, 2022, at its manufacturing facility, the REX, in Ferndale, Michigan. The event aims to showcase the Company’s innovative safety and security solutions, following a successful firearm detection event in New York City. Attendees can register online. During the event, live demonstrations of RAD's technology will occur, including the ROSA and AVA systems. AITX is also pursuing uplisting to OTCQB and will provide updates on this status.
Artificial Intelligence Technology Solutions, Inc. (OTCPK: AITX) announced the release of a video showcasing its firearm detection technology during the 'Being Proactive Against an Active Shooter' event held on June 30 in New York City. RAD's AI-driven technology aims to enhance security across various venues, including schools and commercial buildings. The system detects firearms and initiates lockdown procedures autonomously. AITX has also filed for uplisting to the OTCQB, with future updates expected on the application status.
On July 5, 2022, Artificial Intelligence Technology Solutions, Inc. (AITX) announced that its subsidiary Robotic Assistance Devices, Inc. (RAD) achieved a record 85 unit orders in June 2022, marking its best month ever. This success is attributed to enhanced sales efforts and heightened demand from top-tier clients. AITX plans to file for listing on the OTCQB shortly after its year-end 2022 10-K. RAD's innovative products include ROSA, AVA, SCOT, and ROAMEO, all designed to improve security operations and reduce costs.
Artificial Intelligence Technology Solutions (OTCPK: AITX) announced a significant agreement with a Fortune 50 client in the transportation and e-commerce sector. The deal involves deploying 12 ROSA security robots and 1 ROAMEO mobile robot at two facilities to enhance security measures amidst rising trespassing incidents. The deployment is scheduled for July 2022. This marks a record intake of 85 units ordered in June, highlighting RAD's growing client base, including prominent names in logistics and distribution. Additionally, AITX has filed for uplisting to the OTCQB.
Artificial Intelligence Technology Solutions, Inc. (OTCPK: AITX) plans to launch a non-fungible token (NFT) program featuring its security robot ROSA. The digital artwork for the NFT was created in-house, aiming to celebrate ROSA as a unique product. CEO Steve Reinharz expressed excitement about the initiative, which may facilitate new funding strategies without traditional capital avenues. The NFT market saw over $17 billion in sales in 2021, with collectibles leading the category. AITX has also applied for uplisting to OTCQB, with future updates expected.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced an article by CEO Steve Reinharz advocating for AI technology in schools to enhance security measures. The piece emphasizes the necessity for local investments to deter and respond to potential threats, especially regarding active shooter situations. Reinharz will also host a panel discussing firearm detection technology on June 30, 2022, in New York. Furthermore, AITX is in the process of applying for uplisting to the OTCQB, with future updates planned about its status.
Artificial Intelligence Technology Solutions, Inc. (OTCPK: AITX) announced a Letter of Intent for a significant order from a regional casino operator. The order includes a minimum of 12 ROSA security units, 1 SCOT tower, and 1 ROAMEO mobile robot, with deployment expected to commence in July 2022. The agreement allows for the client to increase orders without further purchasing processes. AITX has also filed for uplisting to the OTCQB, with future announcements anticipated. RAD's solutions focus on enhancing security while reducing costs for various sectors.
Artificial Intelligence Technology Solutions (OTCPK: AITX) announced an upcoming event titled ‘Being Proactive Against an Active Shooter’ on June 30, 2022, at The Westin Times Square, New York City. This gathering aims to address affordable security solutions for mitigating active shooter situations, featuring a panel of experts including former FBI agent Troy McCanna and AITX CEO Steve Reinharz. The event will showcase RAD's firearm detection technology and RAD Light My Way, a campus safety solution, which has previously received multiple awards.
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