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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 the hiring of Christopher Almonrode as Vice President of Security & Industry at its subsidiary, Robotic Assistance Devices (RAD). He brings extensive experience in security initiatives and leadership, expected to support RAD's growth and client acquisition. Almonrode previously held positions at CBRE and G4S, enhancing security solutions for Fortune 500 companies. His appointment is seen as a strategic move to reinforce RAD's presence in the Autonomous Response Services sector.
Artificial Intelligence Technology Solutions, Inc. (OTCPK: AITX) announced that its subsidiary, Robotic Assistance Devices (RAD), has released a case study on its client Midway Car Rental. This case study highlights the significant positive impact of RAD’s ROSA devices on security and safety at Midway’s facilities. RAD's technology has effectively reduced theft and vandalism issues, confirming the company's innovative approach. Midway plans to deploy additional ROSA units, indicating growth potential in the security solutions market for automotive businesses.
Artificial Intelligence Technology Solutions (OTCPK:AITX) announced an order for two Wally HSO (Health Screening Option) systems from dealer DSI Security Services, intended for a national nonprofit agency. This autonomous solution replaces the need for security guards to conduct temperature scans, promoting cost savings and efficiency. The Wally HSO provides touchless temperature assessments, access control functions, and AI-driven facial recognition. The initial installation is planned for April, with potential for additional units based on user feedback.
Artificial Intelligence Technology Solutions, Inc. (OTCPK: AITX) has announced a partnership with EAGL Technology to integrate its Gunshot Detection System (GDS) into all Robotic Assistance Devices (RAD). This GDS technology, leveraging patented FireFly® sensors, will enhance RAD's mobile and stationary security solutions, addressing rising demand across sectors such as law enforcement and retail. The global gunshot detection market is projected to grow from $1.41 billion in 2019 to $8 billion by 2027. Pricing details for the new integration have not been disclosed.
Artificial Intelligence Technology Solutions, Inc. (OTCPK: AITX) has announced a 10-year lease for a new 30,000 SqFt facility in Royal Oak Township, Michigan, to support the expansion of its subsidiary, Robotic Assistance Devices (RAD). Set to take possession on May 1, the new location will host manufacturing, assembly, testing, and shipping operations previously based in California. The move aims to enhance operations with a larger space, create approximately 75 local jobs, and establish a testing track for mobile devices and drones.
Artificial Intelligence Technology Solutions (OTCPK: AITX) announced a case study showcasing its subsidiary Robotic Assistance Devices (RAD) success with Citrus Construction, part of The Richman Group. The study reports significant cost savings and a reduction in crime on job sites due to the deployment of RAD’s ROSA security robots, which outperform traditional guards. The Richman Group intends to share these results across its managed properties, highlighting the potential for RAD's solutions within the $1.36 trillion U.S. construction market.
Artificial Intelligence Technology Solutions, Inc. (OTCPK: AITX) announced a partnership between its subsidiary Robotic Assistance Devices (RAD) and DSI Security Services, a top security firm with over 4,500 employees and $100 million in annual revenue. The agreement allows DSI to offer RAD’s autonomous security solutions to its clients, enhancing DSI's service portfolio. While specific financial terms were undisclosed, both companies anticipate unique deployments of RAD’s technology in the future, marking a significant step in RAD’s growth within the security industry.
Artificial Intelligence Technology Solutions (OTCPK: AITX) announced the launch of its subsidiary's 'QuickShip' order process, designed for quicker delivery using enhanced procurement systems at its new manufacturing facility in Irvine, California. The initiative has been well-received, with two clients already benefiting and placing subsequent orders. RAD plans a large-scale manufacturing expansion due to rising demand for its entry-level devices. QuickShip currently caters to ROSA units, with AVA and Wally expected to join soon.
Artificial Intelligence Technology Solutions, Inc. (OTCPK: AITX) announced a partnership between its subsidiary Robotic Assistance Devices (RAD) and St. Moritz Security Services, a top security firm in North America. This agreement will enable St. Moritz to offer RAD’s autonomous remote security solutions, such as the ROSA and AVA units, enhancing their service portfolio. St. Moritz reported over $100 million in annual revenue in 2019 and will deploy these solutions at distribution centers for a nationwide furniture retailer. Further details will follow in future announcements.
Artificial Intelligence Technology Solutions (OTCPK: AITX) announced a significant order from a Fortune 10 global tech company through a Fortune 500 logistics client. The order includes seven units: four AVA devices for vehicle access control and three Wally units for monitoring personnel at a one-million square foot distribution center. These units are expected to boost Q1 revenue as they will be delivered within 60 days. Additionally, an earlier order for two Wally HSO units brings total orders to eleven for a Fortune 500 client, signaling growing demand for AITX's robotics solutions.
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