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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) has announced that its subsidiary, Robotic Assistance Devices, Inc. (RAD), has signed Premier Protective Security, Inc. as its first minority-owned dealer. The partnership includes an order for a ROSA security robot for demonstration purposes to clients. This signing reflects RAD's expanding dealer network, now totaling 34 dealers across the US, Canada, and the EU. RAD's ROSA robot offers advanced security features, including AI-driven analytics and two-way communication.
AI Technology Solutions announced the launch of RAD Light My Way, a cutting-edge facility and campus safety solution, enhancing security for users like employees and students. This system allows control over lighting and security conditions in outdoor environments, especially at night. Recognized with the 2021 Best Workplace Experience Award, RAD Light My Way integrates AI-driven security technology, including high-resolution cameras and two-way communication, aiming to transform traditional security measures and improve user safety.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced the receipt of an order for a ROSA autonomous security robot from Pro Security Group, a security services dealer in Texas. This marks the third ROSA unit sold to the dealer since it became an authorized partner in May 2021. AITX's CEO, Steve Reinharz, noted increased activity among channel partners, anticipating further opportunities at the upcoming ISC West trade show. The ROSA robot, known for its AI-driven analytics, can be deployed quickly and integrates various security functions.
Artificial Intelligence Technology Solutions (OTCPK: AITX) announced fundraising efforts for Ukrainian humanitarian relief through a newly minted NFT and a GoFundMe campaign, established by CEO Steve Reinharz. The NFT features the Ukrainian-themed ROAMEO image and will be auctioned online, while the GoFundMe provides an alternative for donations. Reinharz emphasized the company's commitment to support Ukraine amid the ongoing conflict, aiming to help displaced and injured civilians.
Artificial Intelligence Technology Solutions (OTCPK:AITX) has announced a partnership with Prudential Alarm, which has become a new authorized dealer for Robotic Assistance Devices (RAD). RAD has received an order for multiple security robots from Prudential, marking its third dealer announcement in a week. Prudential serves various sectors, including government and automotive manufacturing, enhancing RAD’s dealer network to 33. The collaboration is projected to expand RAD’s market reach, as Prudential sees significant potential for using RAD’s AI-driven security solutions in their client operations.
Artificial Intelligence Technology Solutions (AITX) announced an order for three ROSA security robots from Dunbar Security Solutions. This follows an earlier press release where Dunbar placed an additional order for a demonstration unit. Dunbar's COO noted that the security robots meet their clients' needs for cost-effective deterrents against trespassing and vandalism. AITX's CEO expressed excitement about this new partnership and confirmed that these units will be deployed rapidly to a major retail client. The ROSA units offer advanced AI-driven security features.
Artificial Intelligence Technology Solutions has placed a significant order for 1,000 units of its ROSA 3.0 plastic enclosure, transitioning from CNC machining to injection molding. This change is expected to reduce costs by 88%, from $350 to $75 per unit, enhancing mass production capabilities. The move aligns with the growing sales pipeline and anticipated demand for RAD's security solutions. CEO Steve Reinharz expressed optimism for fiscal year 2023, indicating it may be their most exhilarating year yet, aiming for nearly instant deployment of ROSA units to customers.
Artificial Intelligence Technology Solutions (AITX) announced its subsidiary, Robotic Assistance Devices (RAD), has partnered with Apex3 Systems as a new dealer and received an order for a ROSA security robot. This expands RAD's dealer network to 32 across the US, Canada, and the EU. The partnership is viewed positively by Apex3, who believes RAD's solutions will greatly benefit their clients.
RAD has seen a surge in inquiries, indicating increasing demand, and plans to launch RAD Light My Way soon, which is expected to further enhance its momentum.
Artificial Intelligence Technology Solutions (OTCPK: AITX) announced an order for 5 ROSA units from Cancom Security Services, a First Nations-owned security company in Canada. This order, expected to ship by the end of February, will see 3 ROSAs deployed at a retail center and 2 at a commercial business park. The ROSA device, known for its AI-driven security features, is designed to reduce costs compared to traditional manned guards. The integration of ROSA into Cancom's remote monitoring services enhances security capabilities and operational efficiency.
Artificial Intelligence Technology Solutions (AITX) announced the deployment of its ROAMEO mobile security robot at Red Hawk Casino in Placerville, California. This deployment follows increasing industry interest in ROAMEO, which is designed for autonomous patrolling and guest interaction. A series of online videos documenting the manufacturing and deployment process will be released. The ROAMEO stands nearly 7 ft. tall, weighs over 700 lbs, and features dual web-connected touch screens for guest services.
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