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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 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.
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.
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