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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) 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.
Artificial Intelligence Technology Solutions announced that its subsidiary, Robotic Assistance Devices (RAD), signed a new authorized dealer and received an order for a ROSA security robot. This expands RAD's dealer network to 31 across the US, Canada, and the EU. The order is for the ROSA 3.0 model, which has been RAD's top-selling unit with over 150 deployments to date. RAD is expecting further orders as the new dealer seeks to address security needs for its clients. The ROSA robot features AI-driven security analytics and rapid deployment capabilities.
Artificial Intelligence Technology Solutions announced the launch of a public portal for sharing images of devices manufactured by its subsidiary, Robotic Assistance Devices (RAD). The CEO, Steve Reinharz, noted that the initiative aims to foster community engagement as many RAD devices are deployed in public locations. With nearly 250 devices currently operational across North America and Europe, the portal is expected to become a repository for thousands of images. The initiative reflects RAD's commitment to transparency and community interaction in the conservative security industry.
Artificial Intelligence Technology Solutions (OTCPK: AITX) announced a new order for its Wally security robotic device from a Fortune 500 logistics provider. This marks RAD's fifth partnership with a Fortune 500 company in the logistics sector. The deployment is set to enhance operational efficiency at the client’s Midwest distribution center by automating repetitive tasks, potentially saving $1 million in labor costs by replacing five workers with Wally units. Future announcements of additional sales are expected shortly.
Artificial Intelligence Technology Solutions, Inc. (AITX) announced that its subsidiary, Robotic Assistance Devices (RAD), will ship at least 18 units this week. This includes various models like SCOT, ROSA, and ROAMEO, targeting multiple markets including airports and public parks. CEO Steve Reinharz highlighted the favorable shift in the security industry's adoption of technology, predicting increased visibility for RAD’s units. The company has been actively utilizing its 30,000 sq. ft. REX manufacturing center to fulfill orders.
Artificial Intelligence Technology Solutions, through its subsidiary Robotic Assistance Devices, Inc. (RAD), will exhibit at ISC West from March 22-25 in Las Vegas. CEO Steve Reinharz announced a 50% increase in booth size, showcasing products like ROAMEO and ROSA 3.0. The event emphasizes the shift in the security industry toward AI-driven technology due to economic conditions. Reinharz will also present on the evolution of security technology, and RAD has submitted three products for the 2022 SIA New Products & Solutions Awards.
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