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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) 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.
Artificial Intelligence Technology Solutions announced a 6-unit order of ROSA180 units from a major US airport authority, enhancing its presence in the security sector. The ROSA180 units offer AI-driven security analytics and can be deployed rapidly. CEO Steve Reinharz expressed excitement over the deal, which could lead to further opportunities in airports worldwide, potentially impacting over 350 million passengers annually. This order is expected to bolster RAD's standing as a provider of innovative security solutions, catering to organizations aiming to enhance security while cutting costs.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced that its subsidiary, Robotic Assistance Devices (RAD), has secured orders for twelve units from three clients. Deployments include the first RAD unit in Alaska and additional units for Midway Auto. A new property management client ordered eight ROSAs and one SCOT, with expectations for hundreds more deployments in the coming year. CEO Steve Reinharz highlighted the efficiency of their new business development managers in securing sales. Future announcements are expected to detail new deployments and high-profile client orders.
Artificial Intelligence Technology Solutions (OTCPK:AITX) filed its quarterly report for Q1 FY2022, showcasing a significant revenue increase of 785% compared to the same period last year. Revenues for this quarter surpassed the total from the previous fiscal year by 55%. AITX expanded its sales funnel with new hires and began production in a new manufacturing facility in Ferndale, Michigan, enhancing its capacity to meet rising demand. The company anticipates higher revenues for FY2022 based on this growth momentum.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced Mark Folmer as President and COO of its subsidiary Robotic Assistance Devices, Inc. (RAD) at the close of RAD's RADCON conference. Folmer, previously COO and Vice President, will oversee manufacturing, operations, and sales. The company also launched its 'Road to 500' sales campaign, aiming for 500 units deployed by February 28, 2022. This initiative highlights RAD's commitment to growth and innovation in robotic security solutions.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced the appointment of Jeffrey Slotnick as Chairman of the Board of Advisors for its subsidiary Robotic Assistance Devices, Inc. (RAD). This announcement was made following RAD's inaugural RADCON conference at their new manufacturing facility, REX, in metro Detroit. Slotnick, a recognized expert in Enterprise Security Risk Management, will guide RAD during its market expansion. CEO Steve Reinharz expressed confidence in Slotnick's leadership as essential for navigating this new phase.
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