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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.
Downtown Cleveland, in partnership with Robotic Assistance Devices (RAD), a subsidiary of Artificial Intelligence Technology Solutions (OTCPK:AITX), has unveiled a smart security camera system in Public Square. The AI-driven, solar-powered RIO™ 360 security system is designed to enhance safety and security in the area. Key features include:
- Detection of loitering and trespassing after hours
- Dual LED displays for public engagement
- 360-degree coverage facing Terminal Tower
- Monitored by Downtown Cleveland's Operation Center from 7 a.m. to midnight
- Connected to the City of Cleveland's crime center
This initiative is part of a broader effort to improve safety in downtown Cleveland, which also includes 24/7 police presence and clear operating hours for Public Square. The project aims to create a safer, more welcoming urban environment and serve as a model for other metropolitan areas.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) and its subsidiary Robotic Assistance Devices, Inc. (RAD) have announced that 3JS Security, a Service-Disabled Veteran-Owned Small Business, has joined RAD's network as an authorized dealer. This partnership aims to expand the deployment of RAD's AI-powered security solutions across 3JS Security's diverse client base, which includes municipalities, distribution centers, and hospitality venues.
3JS Security, led by former law enforcement and military personnel, chose RAD for its advanced technology and real-time deterrence capabilities. Keith Drummond, VP of Business Development at 3JS Security, highlighted RAD's ability to provide immediate action and crime deterrence, rather than just passive surveillance. The collaboration is expected to redefine security approaches in industries such as distribution, construction, and law enforcement.
RAD's President, Mark Folmer, and Chief Security Officer, Troy McCanna, expressed enthusiasm about the partnership, emphasizing the alignment with RAD's mission to revolutionize the security industry through AI-powered solutions like ROSA™, RIO™, and AVA™.
Artificial Intelligence Technology Solutions (AITX) has received a significant expansion order for 32 RIO 360 solar-powered security towers from a major existing client. This order represents more than 50% of the $1 million in annual recurring revenue (ARR) previously announced for this client on August 14, 2024. The RIO 360 configuration includes dual ROSA™ units, which offer AI-driven security analytics and two-way communication capabilities.
AITX, through its subsidiary Robotic Assistance Devices (RAD), is revolutionizing the $25 billion security and guarding services industry with its AI-driven Solutions-as-a-Service business model. RAD's solutions aim to provide cost savings of 35%-80% compared to traditional manned security models. The company has a prospective sales pipeline including over 35 Fortune 500 companies and expects to continue attracting new business and recurring revenue streams.
AITX's subsidiary RAD-R is now accepting online preorders for RADCam™, an AI-powered 'Talking Security Camera', at radcam.ai. Shipments are expected to begin in mid-December 2024. RADCam offers interactive capabilities, engaging with individuals approaching homes, while maintaining traditional security camera features.
Key features include:
- Interactive AI-driven personas
- Reduction in nuisance alerts
- Advanced visual analytics
- LLM-powered communication
- Porch piracy deterrence
RADCam is priced at $99.00 with a $24.99 monthly subscription for full AIR-enabled features. AITX has adjusted its revenue forecast to $1-2 million, with potential monthly subscription revenues of $150,000-$400,000.
Artificial Intelligence Technology Solutions (OTCPK: AITX) has extended its commitment to not execute a reverse stock split before January 1, 2026, with two exceptions: uplisting to NASDAQ or NYSE, or reversing authorized shares at the same rate as outstanding shares. This extension aims to reassure retail investors and maintain the company's relationship with its investing community.
AITX has also filed to increase its authorized share count to 15 billion from 12.5 billion, a 20% increase to be released incrementally. The additional funds will support growth, R&D, and normal business operations, focusing on key projects like RADCam, ROAMEO, and RADDOG. The company is on track for operational profitability this fiscal year and believes its RAD-R division can be fully profitable in its first year.
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.
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