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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.
Robotic Assistance Devices (RAD), a subsidiary of Artificial Intelligence Technology Solutions (OTCPK:AITX), has announced a significant milestone in its mission to revolutionize the security industry. The company projects that its AI-powered security solutions will deliver an estimated $10 million in human guarding cost savings to its clients in August 2024 alone.
RAD's autonomous security devices are currently deployed in 34 states, including the District of Columbia, and are operating in 105 cities. These deployments have demonstrated the capability to deliver substantial cost savings within a single month. RAD estimates that its devices have deterred thousands of potentially criminal or dangerous incidents.
The company has refined its marketing strategy, introducing the 'Deter, Observe, Report — Better' badge and plans to launch Autonomous Intelligent Response (AIR™) technology across its product line, starting with RADCam™ in September.
Robotic Assistance Devices (RAD), a subsidiary of Artificial Intelligence Technology Solutions (OTCPK:AITX), has been awarded the 2024 Technology Innovation Leadership Award by Frost & Sullivan. This recognition highlights RAD's revolutionary impact in the autonomous robotics industry.
The award acknowledges RAD's innovative approach to integrating human oversight with autonomous operations, setting a new standard for efficiency in security measures. Frost & Sullivan's analysis emphasizes RAD's sophisticated human-machine collaboration, which enhances overall effectiveness and reduces response times.
Steve Reinharz, CEO/CTO of AITX and RAD, expressed honor in receiving the award, stating it affirms their commitment to revolutionizing the security industry with AI-driven technologies. The award also noted RAD's scalable technology, offering flexibility and configurability to support timely decision-making for customers.
Artificial Intelligence Technology Solutions Inc. (OTCPK:AITX) has updated its revenue guidance for RADCam, an advanced residential and small business security solution developed by its subsidiary RAD Residential, Inc. The company projects first-year revenues between $1 million to $2 million, up from previous estimates of $200,000 to $800,000. This forecast includes a recurring monthly revenue (RMR) of $150,000 to $400,000 and is based on anticipated sales of 6,000 to 16,000 units.
RADCam aims to outperform legacy competitors like Arlo, Ring, and Nest with advanced features such as enhanced AI-driven analytics and superior data privacy measures. The company's marketing strategy includes engaging 125 beta testers to refine the product and generate customer feedback. RADCam will be the first product to feature AITX's autonomous intelligent response (AIR™) software platform, positioning it as a next-generation smart solution in the security camera market.
Artificial Intelligence Technology Solutions (AITX) forecasts significant revenue growth for FY 2025, projecting between $5.5 million and $6.5 million, excluding RADCam™ contributions. RADCam is expected to add $200,000 to $800,000 in gross revenues. As of August 1, 2024, AITX has grown to approximately $625,000 in recurring monthly revenue (RMR), with an additional $150,000 in expected RMR once the current backlog is deployed.
The company's subsidiary, Robotic Assistance Devices (RAD), is projected to achieve cash flow break-even at an RMR between $700,000 and $800,000. RAD forecasts an increase in RMR by March 1, 2025, to between $900,000 and $1.1 million. AITX identifies four major revenue streams: RAD stationary security solutions, mobile security and surveillance solutions, RADCam for residential and small business security, and remote monitoring contracts.
Robotic Assistance Devices (RAD), a subsidiary of Artificial Intelligence Technology Solutions (OTCPK:AITX), has announced the renewal of a contract for two RIO™ units from one of its largest clients. This marks the first of many expected renewals, highlighting RAD's strong customer retention. The company reports a year-to-date attrition rate of less than 3% for deployed and revenue-producing units, outperforming their target of less than 5% per quarter.
RAD's RIO units feature dual ROSA™ (Responsive Observation Security Agent) systems, which offer AI-driven security analytics including human, firearm, and vehicle detection. The company plans to provide a year-to-date sales summary and full-year SaaS and revenue guidance on August 1, 2024. RAD's innovative AI-driven Solutions-as-a-Service model aims to reduce security costs for businesses by 35%-80% compared to traditional manned security services.
Robotic Assistance Devices (RAD), a subsidiary of Artificial Intelligence Technology Solutions (OTCPK:AITX), is set to expand a major nationwide deployment for a Fortune 50 client. The company will build an additional 57 RIO™ units, expected to generate over $90,000 in monthly recurring revenue plus over $17,000 per month in remote monitoring revenue.
This expansion order is anticipated to increase RAD's Software as a Service (SaaS) Annual Recurring Revenue (ARR) by approximately $1 million. The deployment showcases RAD's ability to provide scalable security solutions for large national corporations. CEO Steve Reinharz believes this strategic deployment will help push RAD towards becoming cash flow positive this fiscal year.
Artificial Intelligence Technology Solutions (OTCPK:AITX) has announced a significantly improved equity financing agreement, expected to be in effect the week of July 22, 2024. The new agreement is estimated to increase the amount of money received per share sold by 25-35%, reducing share dilution for investors.
Key improvements include:
- Purchase price set at 95% of the lowest 5-day VWAP, up from 80% of the lowest 9-day traded price
- Potential for 25-35% increase in net cash per share purchase
- Enhanced financial flexibility for growth and innovation
AITX, through its subsidiary Robotic Assistance Devices (RAD), is revolutionizing the $25 billion security industry with AI-driven Solutions-as-a-Service, offering businesses 35-80% cost savings compared to traditional manned security models.
Artificial Intelligence Technology Solutions (OTCPK:AITX) announces an upcoming 'Ask Me Anything' session with CEO Steve Reinharz, hosted by Buffalo Fireside Chats on July 21, 2024. The discussion will cover Q1 results, fiscal year outlook, and new solution developments. Reinharz will address questions about operations, sales pipeline growth, production backlog, and the path to potential cash flow positivity.
AITX, through its subsidiary Robotic Assistance Devices (RAD), is revolutionizing the $25 billion security industry with AI-driven Solutions-as-a-Service, offering 35%-80% cost savings compared to traditional manned security. The company has a prospective sales pipeline of over 35 Fortune 500 companies and aims to convert opportunities into recurring revenue streams.
Artificial Intelligence Technology Solutions (OTCPK:AITX) reported exceptional growth in its Q1 FY2025 financial results. The company achieved a 312% increase in revenue, reaching $1,182,800, compared to $385,208 in the same period last year. Notably, rental (SaaS/RMR) revenue saw a 412% increase, totaling $980,536. AITX's market value nearly tripled to approximately $74.7 million, with the share price rising by 150% from $0.0029 to $0.0072.
The company's gross profit grew by 237% to $887,207. CEO Steve Reinharz expressed satisfaction with the growth but emphasized the need to push boundaries further. He anticipates a substantial increase in order intake in the second half of the fiscal year and is excited about upcoming new solutions like RADCam.
Robotic Assistance Devices (RAD), a subsidiary of Artificial Intelligence Technology Solutions (OTCPK:AITX), has joined ZeroNow as an Industry Partner to enhance school safety. RAD offers cost-effective AI-based security solutions that improve situational awareness in schools. This partnership aims to leverage RAD's expertise in autonomous monitoring and response to address vulnerabilities in educational institutions.
RAD's commitment to school safety is further demonstrated through its Bailey's Gift campaign, which donates advanced firearm detection devices to underfunded K-12 schools. By collaborating with ZeroNow, RAD seeks to expand its efforts in creating safer learning environments. This alliance brings together law enforcement, school security, education members, and technology partners to combat school violence and ensure student safety.
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