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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) 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.
Artificial Intelligence Technology Solutions (OTCPK:AITX) announced that its subsidiary Robotic Assistance Devices (RAD) has signed EPIC Security Works as an authorized dealer and secured a 4 unit ROSA order. EPIC Security, based in San Francisco, plans to deploy the units in a downtown park to enhance security operations. Deployment is expected by mid-January 2022. The ROSA units feature AI-driven analytics for enhanced security monitoring, including human and vehicle detection.
Artificial Intelligence Technology Solutions, Inc. (AITX) announced a significant increase in sales activity for its subsidiary, Robotic Assistance Devices, Inc. (RAD). The company reported its largest sales week recently, with two new dealer signings and orders for six RAD units. Notable orders include two AVA devices from a global retail clothing firm and two ROSA units for a California property management company. AITX's President indicated that these developments confirm the effectiveness of their sales strategies, projecting continued momentum into Q4.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced an order from Civitas PSG, a major security firm in Romania, for the ROAMEO 2.0 security robot. This marks RAD's first deployment of ROAMEO in Europe, following a previous Letter of Intent for up to three units. The order highlights a successful promotional tour for ROAMEO, which was showcased at major events like the IAAPA Expo. CEO Steve Reinharz emphasized that this order will broaden RAD's market exposure and future opportunities.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced that its subsidiary, Robotic Assistance Devices Inc. (RAD), won the 2021 AST ‘ASTORS’ Award for its security robot ROSA. Recognized for Best Robotic Perimeter Protection and Motion Detection Solution, this award reflects RAD's innovative technology in autonomous security. CEO Steve Reinharz emphasized the growing industry recognition and customer interest in ROSA, which features AI-driven security analytics and rapid deployment capabilities.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced that its subsidiary Robotic Assistance Devices Inc. (RAD) received orders for 14 units of its ROSA security device from clients in the property management and construction sectors. These units are expected to be deployed within six weeks and are the newly released ROSA 3.0 models. AITX's CEO, Steve Reinharz, described the orders as indicative of the growing adoption of RAD's technology, further emphasizing the momentum in the robotics and AI security market.
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