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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 (OTCPK: AITX) announces the publication of an article by CEO Steve Reinharz titled “We Need Robots, Not Rate Hikes!” The article critiques the negative impact of Federal Reserve rate hikes on employment over the last six decades and advocates for automation as a solution. Reinharz argues that technology can enhance productivity, fill job vacancies, and curb inflation without necessitating layoffs. AITX has also filed for uplisting to the OTCQB, with future updates expected regarding this application.
Artificial Intelligence Technology Solutions (AITX) announced that its subsidiary Robotic Assistance Devices (RAD) appointed NANA Management Services (NMS) as a new authorized dealer, receiving an order for one ROSA security robot. The ROSA unit will be used for client demonstrations. NMS, a leading security services provider in Alaska, aims to enhance security solutions amid staffing shortages. With NMS on board, RAD's dealer network expands to 44 dealers across North America and Europe. AITX is also pursuing an uplisting to the OTCQB, with future updates expected.
Artificial Intelligence Technology Solutions, Inc. (OTCPK: AITX) announced that its subsidiary, Robotic Assistance Devices, Inc. (RAD), has appointed USA Security as a new dealer and received an order for two ROSA security robots. These robots will be deployed at a major retail center in Minneapolis, enhancing security while offering estimated savings of $300,000 over three years. This expands RAD's dealer network to 43 across various regions. AITX has also filed for uplisting to OTCQB, with further announcements expected regarding this application.
Artificial Intelligence Technology Solutions (OTCPK: AITX) announced its application to up-list from the OTC Pink Open Market to the OTCQB market. This move aims to enhance visibility and attract a broader investor base. CEO Steve Reinharz expressed optimism about the listing, which requires adherence to stringent financial reporting standards and undergoing a verification process. The company, through its subsidiary Robotic Assistance Devices (RAD), offers innovative AI-driven security solutions, potentially saving businesses 35%-80% compared to traditional security models.
Artificial Intelligence Technology Solutions (OTCPK: AITX) reported a remarkable 400% revenue increase year-over-year, totaling $1,447,109 for FY 2022. The company’s cash position improved significantly, rising to $4,648,146 as of February 28, 2022, aided by over $12.5 million in share proceeds and $9.4 million in loans. The workforce expanded by 226%, with a current headcount of 83. AITX anticipates further growth, projecting a potential increase in recurring monthly revenue run rates by up to 20 times by the end of February 2023, and plans to uplist to the OTC QB by June 10, 2022.
Artificial Intelligence Technology Solutions (AITX) announced that its subsidiary, Robotic Assistance Devices (RAD), will host a public safety technology event in New York City on June 30. This event aims to showcase RAD’s new software applications, including an AI-based gun detection system and RAD Light My Way, a mobile app for enhancing safety on school campuses. Key speakers include former FBI Agent Troy McCanna, who emphasized the importance of early detection in active shooter situations. RAD’s solutions enhance security and situational awareness in schools and universities.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced its subsidiary, Robotic Assistance Devices (RAD), will launch gun detection analytics in version 7 of its software suite. This feature will be offered free for RAD deployments, in partnership with Centralized Vision. The gun detection system enables early alerts for potential threats and is designed to enhance building security and response times during incidents. RAD aims to accelerate the adoption of its solutions, particularly in high-risk environments like schools and events. Full details will be revealed in July.
Artificial Intelligence Technology Solutions (AITX) announced the addition of U.S. Secure Ventures (USSV) as a new dealer for its subsidiary, Robotic Assistance Devices (RAD). USSV has ordered a ROSA security robot for demonstration to clients in the commercial real estate sector. This partnership expands RAD's dealer network to 42, covering the U.S., Canada, and Europe. AITX plans to list on OTCQB following its YE2022 10-K filing. The ROSA robot features advanced AI-driven analytics for enhanced security.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announces a significant order from Romanian security leader, Civitas PSG, for AVA and ROSA units, marking RAD’s first European deployment. AVA serves as an efficient security guard alternative, while ROSA enhances surveillance capabilities. CEO Steve Reinharz highlights ongoing compliance in line with GDPR and other standards to support market entry. The company aims for further growth in Europe, driven by compliance achievements and strategic partnerships.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced its subsidiary Robotic Assistance Devices (RAD) is set to receive an order for at least 8 ROSA security robots from a new authorized dealer. Located in Detroit, the dealer has strong ties with the automotive industry, marking RAD's second major auto manufacturer client. RAD's dealer network has now expanded to 41 across multiple regions, and AITX plans to file for OTCQB listing soon after releasing its YE2022 10-K report in May. The ROSA robot offers advanced security solutions with rapid deployment capabilities.
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