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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 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.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced the launch of RADCON 2021, its first global sales and marketing conference, at the RAD Excellence Center in Detroit. CEO Steve Reinharz emphasized the significance of this event, noting RAD's exponential growth during a 15-month remote operation. The recently operational REX manufacturing plant will enhance production capabilities. The conference will focus on strategies to achieve their 'Road to 500' goal, aiming for 500 unit deployments by March next year.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announces the development of RADCore, a new Compute & Control hardware controller by its subsidiary, Robotic Assistance Devices Group, Inc. This innovation aims to reduce costs and enhance production, service, and implementation times. The RADCore will replace multiple processors in RAD devices, starting with the ROSA270. CEO Steve Reinharz states RADCore marks a significant step towards creating new revenue streams and advancing their offerings in the $50 billion US security market.
Artificial Intelligence Technology Solutions announced the resignation of Garett Parsons from its Board of Directors, effective June 22, 2021, due to personal health reasons. The company will provide additional details in a related 8-K filing. CEO Steve Reinharz expressed well wishes for Parsons' recovery and future endeavors. The announcement signals a potential leadership shift, which might affect company strategy and operations as AITX continues to deliver AI-based solutions across various industries.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced that its subsidiary, Robotic Assistance Devices (RAD), has signed L&P Global Security as an authorized dealer. L&P Global Security, a premier security guard service in Texas, will represent RAD's security robot solutions. They plan to deploy RAD's ROSA unit at a major retailer in Texas, addressing client needs for automated security solutions that reduce costs. The collaboration is expected to lead to hundreds of deployments in Texas due to increasing demand for innovative security alternatives.
Robotic Assistance Devices (RAD) has appointed Artur Tchoukanov as its new Industrial Designer. Tchoukanov brings 18 years of experience, having previously worked for notable firms like Pininfarina and collaborated with major brands such as Cisco and Philips Lighting. His hiring marks a significant milestone as RAD aims to redefine its product design in what the company terms RAD 3.0, promising innovative, world-class designs. Tchoukanov expressed enthusiasm about contributing to RAD's future, aligning with RAD's vision to enhance security solutions through advanced robotics.
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