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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.
AITX, through its subsidiary Robotic Assistance Devices (RAD), has partnered with SekurCorp as an authorized dealer, marking a significant step in expanding its market reach. SekurCorp, based in Canada, has placed an order for RAD's AVA device, which enhances security operations by replacing traditional guarding staff with advanced technology. CEO Steve Reinharz emphasized the need for AI solutions in the wake of workforce changes, while RAD's president expressed optimism for ongoing business opportunities. This partnership underlines RAD's commitment to innovation in security services.
Artificial Intelligence Technology Solutions has announced that a major US regional airport plans to deploy two SCOT security devices from its subsidiary Robotic Assistance Devices (RAD). This deployment is aimed at enhancing airport security in busy areas, including baggage claims and curbside pickups. The airport serves approximately 15 million passengers annually. The SCOT devices perform various security and concierge functions, providing critical information and emergency response capabilities. Future deployment announcements are anticipated.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) filed its quarterly report on Form 10-Q for the period ended November 30, 2021. The report highlights a remarkable 315% revenue growth with an increase of over $800,000 compared to the previous year. AITX raised $9.4 million from debt and $8.5 million from common shares, enhancing its liquidity with a current ratio improvement from 0.27 to 0.96. The company significantly boosted R&D spending by 912%, totaling $2.1 million, and its device parts inventory surged by 1,980% to $1.3 million.
Artificial Intelligence Technology Solutions (AITX) announced significant updates from its subsidiary, Robotic Assistance Devices (RAD), regarding sales growth and team expansion. The company has entered a Memorandum of Understanding with a major vehicle retailer for deploying security robots, indicating strong market demand. Two ROSA units have been ordered for deployment at a leading online retailer's facility, and a test unit will be introduced at a Fortune 500 company’s distribution center. Additionally, RAD expanded its sales team and development staff to enhance business operations.
Artificial Intelligence Technology Solutions (AITX) announced a partnership with a leading North American communications company to private label RAD's security solutions. This agreement is anticipated to yield a significant opening order, aimed at equipping retail stores with RAD devices for demonstration. CEO Steve Reinharz emphasized the potential of this deal to become a major contract within the next few years. A coordinated marketing rollout is expected in the first half of 2022, targeting thousands of device sales through multiple retail outlets.
Artificial Intelligence Technology Solutions (OTCPK:AITX) has filed a Form 8-K with the SEC regarding a corporate charter amendment. This amendment confirms the company will not conduct a reverse stock split before January 1, 2024, unless uplisting to NASDAQ or NYSE. CEO Steve Reinharz emphasized the commitment to transparency and investor trust, expressing gratitude for community support. The press release also includes cautionary statements about forward-looking risks, particularly concerning operational financing and market competition.
Artificial Intelligence Technology Solutions (OTCPK: AITX) successfully completed its SOC 2 Type 1 examination, affirming its commitment to high standards of data security and protection. Conducted by Geels Norton LLC, the audit confirms AITX's adherence to stringent security, availability, and confidentiality standards. CEO Steve Reinharz emphasized that this marks a significant transition for the company, enhancing trust among Fortune 500 clients. The firm aims for SOC 2 Type 2 certification in 2022, demonstrating its ongoing commitment to data protection and compliance.
On December 17, 2021, Artificial Intelligence Technology Solutions announced that its subsidiary, Robotic Assistance Devices, received an order for 10 ROSA security devices from Vista Security Group. This order signals significant growth for RAD as VSG aims to integrate ROSA devices in a large urban facility affected by theft and vandalism. The latest ROSA 3.0 models will be deployed in January, enhancing RAD's reputation for innovative security solutions that reduce costs while maintaining effective surveillance.
Artificial Intelligence Technology Solutions announced that its subsidiary, Robotic Assistance Devices Mobile, will produce a new autonomous delivery vehicle utilizing the ROAMEO platform. This vehicle aims to meet the growing demand for reliable delivery solutions, especially as the global delivery robot market is projected to reach $300.2 million by 2021, growing at a CAGR of 30.3% through 2030. The company plans to unveil partnerships and deliver the vehicle by the end of 2022, emphasizing that it will significantly enhance last-mile delivery capabilities with reduced reliance on human labor.
Artificial Intelligence Technology Solutions (AITX) announces a significant order from a California casino operator for its ROAMEO 2.0 mobile security robot.
The order follows a successful demonstration at the IAAPA Expo in November 2021, highlighting strong interest from the gaming industry in advanced security solutions. The ROAMEO will patrol parking lots, enhance security and customer service for casino guests. AITX's RAD subsidiary is experiencing a robust sales pipeline, reinforcing its position in the robotics market.
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