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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, Inc. (OTCPK:AITX) announced that its subsidiary, Robotic Assistance Devices Inc. (RAD), received a follow-up order from its largest dealer for two additional RAD units. This order comes less than a month after a pilot program deployment of 17 units with a global retailer. CEO Steve Reinharz sees this as a strong validation of RAD's solutions, while President Mark Folmer emphasizes the team's commitment to client satisfaction. The RAD offerings include ROSA180, a versatile AI-driven security solution.
Artificial Intelligence Technology Solutions, Inc. (AITX) announced that its subsidiary Robotic Assistance Devices Inc. (RAD) has updated its business description, revealing critical metrics about its operations. RAD currently employs 65 staff members and has deployed 139 units across the USA and Europe, with an additional 64 units pending. The company boasts 30 paying customers, including three of the Top 25 Global corporations. Their sales pipeline shows over 350 opportunities, and a new product, 'RAD 3.0,' is set for launch in October 2021, aimed at enhancing sales efficiency.
Artificial Intelligence Technology Solutions, Inc. (OTCPK: AITX) announced receiving orders for 12 units from its subsidiary, Robotic Assistance Devices (RAD). CEO Steve Reinharz highlighted a strong sales mix from both dealers and end-users, indicating a healthy demand for RAD's solutions, including 8 ROSA180 units and 6 Wally HSO solutions for a key client. The orders reflect a growing trend toward integrated guarding amid a labor shortage, which RAD addresses with cost-effective robotics. Expectations are set for future press releases detailing high-profile deployments.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) has filed a Form S-3 with the SEC to raise up to $30 million over the next 36 months. The company plans to allocate 350 million shares for this purpose, representing approximately 8.75% of existing outstanding shares. This funding aims to bolster working capital, capital expenditures, and general corporate needs. CEO Steve Reinharz indicated that the raised capital would support ongoing operational plans and potential acquisitions, ensuring continued sales growth and business progress.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced the shipment of its one-hundredth ROSA device by its subsidiary, Robotic Assistance Devices Inc. (RAD). CEO Steve Reinharz expressed satisfaction with the exponential growth in ROSA's demand, attributing it to relocating production to Detroit. The company plans to unveil the RAD 3.0 lineup next month, featuring a reengineered ROSA180 with improved functionalities. RAD's AI-driven solutions, including human detection and live video streaming, are aimed at reducing security costs for enterprise clients.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) filed a Form 8-K with the SEC, indicating that Series F preferred convertible shares cannot be converted to common shares for a minimum of two years. CEO Steve Reinharz expressed satisfaction in eliminating the risk of common share dilution from preferred shareholders. AITX, through its subsidiary Robotic Assistance Devices, aims to revolutionize the $25 billion security industry with AI-driven solutions that promise cost savings of 35%-80% compared to traditional manned security services.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced that its subsidiary, Robotic Assistance Devices (RAD), has signed a dealer agreement with BSN Security LLC, Arizona’s largest family-owned security firm. This partnership enables BSN Security to offer RAD's autonomous security solutions, addressing increasing theft in construction sites. Specific financial details of the agreement were not disclosed, but BSN Security anticipates immediate orders for RAD's products. Notably, RAD's ROSA180 unit is gaining traction for its cost-effectiveness and rapid deployment capabilities.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced a new order for ten ROSA180 security units from St. Moritz Security Services, bringing the total to sixteen units ordered within months. The ROSA180, a compact AI-driven security solution, will be deployed across three of St. Moritz’s clients, including a retail center and property management group. St. Moritz achieved over $110 million in annual revenue in 2020, making it one of the largest security companies in the U.S., and the partnership indicates potential for future collaboration and growth.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced a three-unit ROSA180 order from a major auto group in northern California, following a recent order of six units for dealership protection. CEO Steve Reinharz highlighted the success of ROSA180 in enhancing security at a lower cost than manned alternatives, leading to numerous repeat orders. Additionally, AITX will host an Investor Open House and launch RAD 3.0 on October 13, 2021. RAD's technology offers advanced security solutions, including human detection and license plate recognition, with a recent case study demonstrating its effectiveness.
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