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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) and its subsidiary, Robotic Assistance Devices (RAD), are set to participate in the Global Security Exchange (GSX) Conference from September 23-25, 2024, in Orlando, Florida. RAD's President, Mark Folmer, will join a panel discussion on future security threats and opportunities. CEO Steve Reinharz and CSO Troy McCanna will present a lecture on AI and robotics in security services.
RAD's ROSA Gen4 will be displayed at Circadian Risk's booth, showcasing their collaboration. The company will also demonstrate RADCam to select partners. This event provides AITX and RAD an opportunity to connect with clients, dealers, and partners, highlighting their AI-driven security solutions that offer significant cost savings compared to traditional manned security services.
AITX's subsidiary RAD-R has launched RADCam™, an AI-powered 'Talking Security Camera' for residential use. This innovative product combines traditional security camera features with advanced AI interactions, leveraging technologies like ChatGPT to create multiple AI personas that engage with visitors. Key features include:
- Interactive personas for context-based engagement
- Near elimination of nuisance alerts
- Advanced visual analytics
- LLM-powered communication
- Advanced porch piracy deterrence
RADCam is positioned to disrupt the residential security market, with projected annual revenues of $1-2 million and recurring monthly revenue of $150,000-$400,000. The product will be available for pre-order at $99.00 with a $24.99 monthly subscription, with deliveries expected by mid-December 2024.
Artificial Intelligence Technology Solutions (OTCPK:AITX) and its subsidiary Robotic Assistance Devices (RAD) have started Q3 FY 2025 with strong momentum. The quarter began with a multi-unit new device order and a multi-device unit deployment for an existing big-box retail client. This follows a record-breaking Q2 FY 2025, which saw 172 units ordered. RAD is experiencing accelerated growth, shorter sales cycles, and improved production times. The company aims to redefine the $25 billion US security and guarding services industry through its AI-driven Solutions-as-a-Service model, offering cost savings of 35%-80% compared to traditional manned security. RAD has a prospective sales pipeline of over 35 Fortune 500 companies and is focused on converting opportunities into recurring revenue streams.
Artificial Intelligence Technology Solutions (AITX) reported a record-breaking Q2 FY 2025 for order intake. Its subsidiary, Robotic Assistance Devices (RAD), secured contracts for 172 units, potentially generating $212,000 in recurring monthly revenue (RMR) or $2.544 million in annual recurring revenue (ARR). The company is on track to achieve $1 million in RMR by fiscal year-end, signaling strong growth potential.
RAD's product lineup, including ROSA™, RIO™, and AVA™, contributed to this success. The company's Detroit-based factory, REX, is prepared to handle the backlog efficiently. AITX aims to redefine the $25 billion US security and guarding services industry with its AI-driven Solutions-as-a-Service model, offering cost savings of 35%-80% compared to traditional manned security services.
Artificial Intelligence Technology Solutions (OTCPK:AITX) announces that its subsidiary, Robotic Assistance Devices (RAD), expects to achieve operational profitability in September 2024. RAD's core operational costs of approximately $515,000 are projected to be covered by its revenue for the first time. This milestone excludes AITX's other subsidiaries and public company expenses.
RAD's contracted backlog is about $175,000 in monthly recurring revenue. AITX continues to invest in R&D for new solutions and maintains SEC reporting compliance. The company aims to reach its first million-dollar revenue month by February 28, 2025. This achievement signifies RAD's robust business model and AITX's commitment to shareholder value, particularly significant for an OTC stock.
AITX's subsidiary RAD-R is set to launch pre-orders for its innovative RADCam™ in mid-September, aiming to revolutionize residential and small business security. This AI-powered talking camera integrates advanced communication features, potentially outpacing legacy competitors. The decision to open pre-orders comes in response to high customer interest, with the goal of delivering the product in time for the holiday shopping season.
CEO Steve Reinharz expressed excitement about entering the B2C and SMB markets, confident that RADCam will set new industry standards. The company plans to release pricing, availability, and online store details soon. AITX anticipates that RADCam's pre-orders and subscription fees could significantly contribute to its Q3 FY 2025 revenues, strengthening its recurring revenue stream.
Robotic Assistance Devices (RAD), a subsidiary of Artificial Intelligence Technology Solutions (OTCPK:AITX), has received purchase orders for 53 RIO™ units from a major Fortune 500 client. These orders, previously announced in July, are expected to generate over $1 million in annual recurring revenue (ARR) when fully deployed. This brings RAD closer to its goal of organically reaching $10 million in ARR this fiscal year.
The RIO units feature dual ROSA™ (Responsive Observation Security Agent) systems, which offer AI-driven security analytics including human, firearm, and vehicle detection, license plate recognition, and responsive digital signage. RAD has begun manufacturing and allocation in July, with deployments set to start in late August. This development aligns with CEO Steve Reinharz's expectation of a productive second half of the year in terms of orders, deployments, and technical innovation.
Robotic Assistance Devices (RAD), a subsidiary of Artificial Intelligence Technology Solutions (OTCPK:AITX), is on track to surpass a $10 million annual recurring revenue (ARR) run rate this fiscal year. The company expects to receive orders for 52 RIO™ solar-powered security trailers across 15 new sites, generating nearly $1 million in ARR. As of August 1, 2024, AITX's recurring monthly revenue (RMR) had grown to approximately $625,000. With the new orders and existing backlog, RAD's core device SaaS revenue is projected to exceed $800,000 in RMR, potentially pushing the total ARR over $10 million when including remote monitoring revenue. The company's CEO, Steve Reinharz, expressed optimism about future growth, particularly with the upcoming release of mobility products and AIR™ technology.
Robotic Assistance Devices (RAD), a subsidiary of Artificial Intelligence Technology Solutions (OTCPK:AITX), announced RADDOG's appearance at the Junior League World Series in Taylor, Michigan. The quadruped robot dog, part of the Taylor Police Department, delivered the ceremonial first pitch baseball and was broadcast live on ESPN+. RADDOG serves as both an operational asset and community ambassador, supporting law enforcement with patrols and surveillance while engaging with citizens at public events.
Troy McCanna, RAD's Chief Security Officer, highlighted RADDOG's role in bridging the gap between law enforcement tools and public perception. RAD invites law enforcement agencies to experience RADDOG's benefits firsthand. CEO Steve Reinharz mentioned plans to produce 100 enhanced V2 units by early 2025. RAD aims to redefine the $25 billion security industry with AI-driven solutions, offering cost savings of 35%-80% compared to traditional manned security models.
Robotic Assistance Devices (RAD), a subsidiary of Artificial Intelligence Technology Solutions (OTCPK:AITX), has received an order for 6 devices from a major solar farm operator. The order includes 2 stationary ROSA™ units and 4 portable RIO™ 360 solar-powered security towers. This marks RAD's second major client in the solar farm industry, demonstrating growing recognition of its technology. The devices will enhance security measures and safeguard high-value assets in solar farms.
RAD's President, Mark Folmer, highlighted the accelerating investment in their technology by the solar farm industry. Troy McCanna, RAD's Chief Security Officer, emphasized the cost-effectiveness and reliability of their units compared to human guarding for vast solar farm properties. As of August 2024, there are over 7,120 solar farm projects in the United States, indicating strong growth in the sector.
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