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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), secured an order from a top U.S. electric utility for two security devices: an Autonomous Verified Access (AVA) and a Responsive Operating Security Agent (ROSA). This client manages a significant electricity transmission system, delivering power to over five million customers. RAD's technology is poised to enhance physical security at power stations, addressing vulnerabilities in the nation's power grid.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) has raised its revenue guidance for fiscal Q3 ending November 30, 2021, anticipating over $1 million in total revenue. The company projects over $80,000 in recurring monthly revenue (RMR) and expects to surpass $100,000 by the end of November. Non-recurring revenue is estimated between $550K-$600K in Q3 FY 2022, marking a 250%-310% growth compared to Q3 FY 2021. AITX also aims for its strongest cash position to date, driven by a robust sales pipeline and the upcoming launch of RAD 3.0 products.
Artificial Intelligence Technology Solutions (AITX) announced a significant order from a leading attractions industry operator through its subsidiary, Robotic Assistance Devices (RAD). This marks RAD's first deployment into the attractions sector, comprising 25 units including ROAMEO mobile security robots and ROSA180 stationary devices. CEO Steve Reinharz highlights the potential for industry expansion and high visibility of the deployment. The end user will be disclosed in the coming weeks, with expectations for further marketing collaboration.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) has filed its quarterly report for the period ended August 31, 2021, revealing significant growth in sales and revenues. Key highlights include a 69% increase in device subscription revenues and an impressive 404% rise in total revenues year-over-year. The company has effectively reduced its dilutive financial instruments and significantly increased its inventory and R&D spending. Additionally, AITX announced its new RAD 3.0 device lineup, enhancing its product offerings in the AI-driven security industry.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) will unveil its RAD 3.0 product lineup during an Investors Open House on October 13, 2021. This event will be live-streamed at 4 PM ET from RAD's facility near Detroit. Key highlights include the introduction of the upgraded ROSA 3.0 and AVA 3.0 devices, as well as a new RADPak Mini component aimed at enhancing performance and reducing costs. The announcement underscores AITX's innovation in the security solutions market, aiming to attract investors and clients alike.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced that its subsidiary, Robotic Assistance Devices Inc. (RAD), received an order for a ROSA180 unit from a significant regional financial institution. This marks RAD's entry into the financial services sector. CEO Steve Reinharz expressed optimism about the potential for numerous deployments in this market. The ROSA180 offers AI-driven security solutions with capabilities such as human and vehicle detection, license plate recognition, and live video monitoring. This deployment is significant, given the 76,837 commercial bank branches and 470,000 ATM locations in the U.S.
Artificial Intelligence Technology Solutions, Inc. (AITX) announced an updated Board of Advisors for its subsidiary, Robotic Assistance Devices (RAD). The restructured Board includes 28 experts from security, law enforcement, and technology sectors. Under Chairman Jeffrey Slotnick, the Board aims to enhance RAD's strategic direction and market penetration, facilitating growth and operational advice. The inaugural meeting is set for early October. AITX is known for its AI-driven solutions that reduce security costs while improving effectiveness across various industries.
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.
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