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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 (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.
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.
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