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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) recently announced the release of a new e-book titled ‘Navigating the New Economy: Jobs & Automation, Challenges & Opportunities’, authored by CEO Steve Reinharz. The book, available for free download, addresses the challenges businesses face in the post-COVID economy and presents AI-driven automation solutions. Reinharz emphasizes the critical need for companies to adopt automation to manage costs effectively. Additionally, AITX plans to file for listing on the OTCQB following its upcoming 10-K filing, expected in May.
Artificial Intelligence Technology Solutions (OTCPK: AITX) announced the signing of its first authorized dealer in the UK for its ROSA security robot. This order marks RAD's expansion into a new market, reflecting strong market similarities between the UK and North America. The dealer network now includes 40 dealers across the US, Canada, the UK, and the EU. CEO Steve Reinharz highlights the potential for significant growth in the European market, paralleling the size of the US market. The company aims to list on the OTCQB following its upcoming 10-K filing.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced plans to launch a new residential security solution based on its popular ROSA technology. This product targets the growing US home security market, valued at $17.6 billion in 2022. Initial production is set for Q4 2022, with the release of 1,000 to 2,500 units. Key components include ‘RADPACK-mini’ for analytics and ‘RADCam’ for advanced AI processing. Additionally, AITX plans to file for OTCQB listing soon, enhancing its market presence.
Artificial Intelligence Technology Solutions (OTCPK: AITX) announced an order for 2 ROSA security robots from Premier Protective Security. This pilot program will take place at a leading travel center, showcasing ROSA's capabilities in preventing trespassing and loitering. The partnership is seen as a significant step forward, with CEO Raleigh Taylor of Premier emphasizing the innovative approach to security. Additionally, AITX plans to file for an OTCQB listing shortly after submitting its YE2022 10-K report this May.
Artificial Intelligence Technology Solutions (OTCPK: AITX) has launched its first TV advertisement in a limited nationwide marketing campaign. The campaign, beginning in late May for about 90 days, aims to promote RAD Light My Way, a personal safety solution from its subsidiary Robotic Assistance Devices. The ads are set to air on major networks including CNBC and CNN, under the theme 'We Can Do Better'. Additionally, RAD Light My Way recently won two awards, enhancing its credibility in the market.
Artificial Intelligence Technology Solutions, Inc. (AITX) announced that its subsidiary, Robotic Assistance Devices, Inc. (RAD), secured multiple sales during the week of May 9, 2022, including two AVA units, one Wally device, and four ROSAs. RAD has expanded its dealer network to 39 across the US, Canada, and EU. CEO Steve Reinharz noted that sales efforts from ISC West are yielding positive results. AITX plans to file for OTCQB listing shortly after submitting its YE2022 10-K in May. RAD's solutions aim to enhance security and operational efficiency for various industries.
AI Technology Solutions (AITX) announced that its subsidiary Robotic Assistance Devices (RAD) has secured an order for 2 AVA and 1 Wally security robots from a top global logistics company. This undisclosed client, a leader in supply chain management, will deploy the robots at a logistics center in June, bringing the total units deployed to 30. CEO Steve Reinharz highlighted the strong partnership and cost-saving benefits of RAD’s offerings. AITX plans to file for OTCQB listing shortly after its YE2022 10-K submission.
Artificial Intelligence Technology Solutions (AITX) announced the addition of Global Guardian as an authorized dealer of its subsidiary, Robotic Assistance Devices (RAD). The deal includes an initial order for a ROSA security robot, which will serve demonstration purposes for Global Guardian's diverse global clientele. RAD's dealer network has now expanded to 38 partners. AITX plans to file for listing on the OTCQB within 10 days of its year-end 2022 filing, indicating continued growth in the automated security sector.
Artificial Intelligence Technology Solutions (AITX) announced that its subsidiary, Robotic Assistance Devices (RAD), is awaiting final approval for two significant orders. The initial deployment will involve 8 ROSA units as a pilot program at a major retailer, with potential expansion to thousands of locations. Additionally, RAD is in discussions with a casino operator for an order of 20 ROSA units and one SCOT. RAD Light My Way has recently won two awards, reflecting its innovative safety solutions. AITX plans to file for OTCQB listing within 10 days of its YE2022 10-K filing.
Artificial Intelligence Technology Solutions, Inc. (OTCPK: AITX) announced a collaboration with Nightingale Security to integrate their security robots with autonomous aerial drones. This pioneering integration will enable ground-based security robots, like ROAMEO, to autonomously deploy drones for enhanced surveillance. Both companies intend to leverage existing sales channels to market this solution in the coming months. AITX plans to file for OTCQB listing shortly after its YE2022 10-K filing.
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