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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 subsidiary Robotic Assistance Devices (RAD) received a two-unit ROSA order from a key Southern California construction company for deployment at a luxury car dealer site. RAD's May sales are on track to hit a record, with significant backlogs and plans for expansion. The company anticipates more important orders across new markets soon. ROSA, an AI-driven security solution, has proven effective in reducing security concerns at various locations.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced a six-unit order of its ROSA security robots from a major auto group in Northern California. The deployment aims to enhance security at a site servicing three dealerships. ROSA, known for its cost-effectiveness compared to traditional security, addresses loitering and theft. RAD's sales pipeline suggests potential for hundreds of units in the coming year. ROSA technology offers advanced security features, including vehicle detection and live video, enhancing operational efficiency for clients.
Artificial Intelligence Technology Solutions (AITX) announced a significant order of 17 units from its subsidiary Robotic Assistance Devices (RAD) through a major dealer. The order includes 15 ROSA and 2 SCOT units for a pilot program at a well-known global retailer with over 15,000 US locations. These units will deter illegal activities outside the retailer's stores and provide customer information services. Successful deployment could lead to up to 300 additional units in the next year. RAD aims to enhance security in retail environments through its advanced robotics technology.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced that Robotic Assistance Devices, Inc. (RAD) achieved its highest monthly production total of 15 units in April, with over 20 units expected in May. RAD is also expanding operations with a new 30,000 square foot facility in Detroit, expected to open on June 28, promising increased production capacity and lower costs. Production lead-times have improved significantly, dropping from over 90 days to under 45 days, projected to reach 21 days or less with the new facility.
Artificial Intelligence Technology Solutions, Inc. (OTCPK: AITX) announced the receipt of an order for three ROSA systems from an authorized dealer. The end user, a leading luxury automobile manufacturer, aims to combat rising theft and trespassing at its distribution site. The ROSA units, known for their rapid deployment and advanced AI security features, have gained traction in recent months. RAD expects additional installations at the end user's facilities following this initial order, set for May deployment, indicating a robust sales pipeline and growing acceptance of their solutions.
Artificial Intelligence Technology Solutions (OTCPK: AITX) announced the appointment of Anthony Brenz as Chief Financial Officer of its subsidiary, Robotic Assistance Devices (RAD). With 20 years of experience in finance and operations, Brenz is expected to contribute significantly to RAD's growth strategy and evaluation of uplisting options. RAD aims to enhance shareholder value through Brenz's expertise in corporate strategy and capital market transactions. He will oversee accounting, treasury, and financial planning within the company.
Artificial Intelligence Technology Solutions announced that its subsidiary, Robotic Assistance Devices, has secured a 5-unit order from St. Moritz Security Services, an authorized dealer. The purchase includes three ROSA units and two AVA units, to be deployed at a logistics warehouse and a HOA community. St. Moritz, a significant player with over $100 million in revenue in 2019, is optimistic about future collaborations. RAD’s technologies aim to enhance security operations, integrating advanced features such as AI-driven human and vehicle detection.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced a multi-unit Proof of Concept order from a major US airport authority for its subsidiary Robotic Assistance Devices Inc. (RAD). The order includes SCOT (Security Control Observation Tower) and ROSA (Responsive Observation Security Agent) units aimed at enhancing airport security operations. RAD President Steve Reinharz highlighted the potential impact of these units on airport security practices, aiming to set a precedent for nationwide adoption of similar technologies.
Artificial Intelligence Technology Solutions (OTCPK: AITX) announced that its subsidiary, Robotic Assistance Devices (RAD), received an order for eight ROSA units and two AVA systems from Titan Security Technologies. This 10-unit order indicates a strong demand for RAD solutions among diverse clients, including HOA communities and high-end resorts. The units will be deployed across several endpoint users beginning in early May. RAD focuses on innovative security solutions, enhancing operational efficiency and situational awareness for organizations while reducing costs.
Artificial Intelligence Solutions, Inc. (OTCPK:AITX) has entered into an Employment Agreement with its founder and CEO, Steven Reinharz. Highlights include:
- 10 million cashless stock options at $0.15, exercisable when AITX reaches $0.30
- 30 million cashless stock options at $0.25, exercisable when AITX hits $0.50
- Base salary of $20K/month deferred until at least FY 2023
Reinharz has not drawn a salary since the company's inception in 2016, showcasing a significant commitment to AITX's growth.
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