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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 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.
Artificial Intelligence Technology Solutions, Inc. (OTCPK: AITX) has announced a record nine-unit order for its Wally HSO solution from a Fortune 500 client, with the end-user being a Fortune 50 global company. Seven units are already confirmed, with two expected shortly. This order marks the highest dollar value order in RAD's history and is likely to positively impact Q1 revenue and earnings. Additionally, further orders and dealer activities are anticipated, demonstrating growing demand for RAD's solutions in safety screening operations.
Artificial Intelligence Technology Solutions, Inc. (OTCPK: AITX) announced favorable sales activity from its subsidiary, Robotic Assistance Devices (RAD), as 2021 begins. RAD has confirmed reorders for two additional ROSA units from a large construction company, signaling strong demand in that sector. Additionally, RAD received an AVA order aimed at the logistics industry, enhancing efficiency. The company signed two new dealers and is expanding into Europe, marking significant growth. CEO Steve Reinharz expects to close the fiscal year with increased gross revenue compared to the previous year.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced that its subsidiary, Robotic Assistance Devices (RAD), has secured a purchase agreement with Civitas PSG, a major security company in Romania, for two RAD devices. CEO Rene Pasculescu expressed enthusiasm about the interest generated and potential future orders. The RAD SCOT and ROSA units, which provide autonomous security functions, are expected to be delivered within 60–90 days. This partnership marks RAD's entry into the EU market, indicating strategic expansion.
Artificial Intelligence Technology Solutions (OTCPK: AITX) announced receiving an order for five RAD units through a key North American dealer. This order includes SCOT, Wally, and ROSA units designed to create a fully-integrated autonomous system for a secured distribution warehouse. The solution is projected to save the client hundreds of thousands of dollars annually compared to traditional methods. Deployment is expected before the end of February 2021, with the company optimistic about further sales opportunities in 2021.
Artificial Intelligence Technology Solutions, Inc. (OTCPK: AITX) announced that its subsidiary Robotic Assistance Devices (RAD) has appointed Protos Security as a dealer for its entire product range. Protos Security is a leader in security guard management, helping clients improve security operations and reduce costs. The agreement will see RAD provide an initial unit to Protos, with further orders expected. This collaboration aims to leverage RAD’s innovative security solutions to benefit clients across North America.
Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) announced a significant order from a major dealer of its subsidiary, Robotic Assistance Devices (RAD), for five units of RAD solutions. These autonomous security systems will be deployed for a Fortune 500 client with over 10 distribution centers in the U.S. and Puerto Rico. The deal, expected to save hundreds of thousands of dollars compared to legacy solutions, has been in the works for nearly 18 months. Contracts are anticipated by year-end, with implementation set for Q1 2021.
Artificial Intelligence Technology Solutions (OTCPK:AITX) has announced a partnership with Civitas PSG, a major security firm in Romania, to integrate RAD’s autonomous security solutions into Civitas's service offerings. The agreement encompasses all RAD devices, including the mobile ROAMEO robot and the Wally HSO, which supports health monitoring and compliance. This collaboration is part of AITX's strategic expansion into the European market, which is expected to significantly contribute to RAD’s financial success.
Artificial Intelligence Technology Solutions (OTCPK: AITX) announced the restructuring of 85% of its debt, converting convertible debentures into non-convertible notes, enhancing financial stability and reducing dilution. The total restructured amount is $7,141,110, now consisting of non-convertible promissory notes with a 36-month maturity and 12% annual interest. AITX aims to redefine the $25 billion security industry with AI-driven services, promising businesses savings of 35%-80% compared to traditional security models. AITX is poised for future growth with additional financing plans.
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