ARTIFICIAL INTL SLTNS - AITX STOCK NEWS

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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.

02/20/2024 08:40 AM

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AITX To Discuss Exponential Growth During Upcoming ‘Ask Me Anything’

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AITX executives to participate in Buffalo Fireside Chats to discuss exponential sales and revenue growth. The AMA session will cover financial outlook, sales pipeline, and innovative technology adoption.

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02/15/2024 08:40 AM

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AITX’s RAD Announces ATM Hook & Chain Attack AI Analytic

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RAD Devices to be Equipped with the Ability to Detect and Potentially Thwart ATM Theft by introducing a new AI analytic to tackle Hook & Chain ATM attacks. This innovation aims to enhance security for financial institutions and enterprise clients facing increasing threats of theft and property damage. RAD's CEO highlights the company's commitment to innovative solutions and client needs, emphasizing cost-saving benefits. The PR also mentions the rising incidents of ATM thefts and the financial and reputational risks faced by banks, underlining the importance of advanced security measures like RAD's new analytic.

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02/12/2024 08:40 AM

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AITX’s RAD January SaaS Revenue Up 383%; Contracts In-Hand Break $500K Recurring Monthly Revenue Milestone as Strong Growth Continues

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AITX, a global leader in AI-driven security solutions, announces a significant milestone with SaaS revenue surpassing $500,000 a month. January 2024 saw a 383% increase in invoiced revenue compared to January 2023. The Company expects to add $50K in RMR deployments in February 2024, aiming for $700K RMR to achieve operational positive cash flow. RAD's innovative solutions are redefining the security industry, offering cost savings of 35%-80% compared to traditional manned security models.

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02/08/2024 08:40 AM

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AITX’s RAD Announces First Municipal RADDOG Adoption

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Robotic Assistance Devices, Inc. (RAD), a subsidiary of Artificial Intelligence Technology Solutions, Inc., announced that the Taylor City Council has approved the addition of a RADDOG™ 2LE to the Taylor Police Department, marking a historic moment as the city integrates its first robotic quadruped into the municipal police force. The City of Taylor, with a population of 63,409, recognized as the fifth most populous city in Wayne County and 17th across Michigan, is leveraging technology to enhance public safety and operational efficiency. RADDOG 2LE, designed and developed by RAD, is a state-of-the-art robotic system modeled to support law enforcement agencies in a variety of operational scenarios.

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02/05/2024 08:40 AM

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AITX’s RAD Announces that Major Order Arrives Ahead of Schedule from Fortune 50 Client

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Robotic Assistance Devices, Inc. (RAD), a subsidiary of Artificial Intelligence Technology Solutions, Inc., announced the expansion of its relationship with a Fortune 50 client, receiving orders for 34 RIO™ units and encouragement for accelerated deployment. This new order builds on the existing partnership, with potential for more orders. RAD has been ahead of schedule in delivering Phase 2 and Phase 3 of the client's deployment plan, with 34 units to be deployed across 9 new sites. RAD is on track to have its devices operational in approximately 50 of the client's sites per existing contracts.

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02/01/2024 08:40 AM

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AITX’s RAD Announces SelectBlur, a Privacy-First Surveillance Video Processing Application

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Artificial Intelligence Technology Solutions, Inc. subsidiary Robotic Assistance Devices (RAD) announces the launch of 'SelectBlur', a desktop application designed to enhance privacy and security in video distribution. SelectBlur is a user-friendly application that allows clients to selectively blur faces in video footage, ensuring the privacy of individuals who are not the focus of surveillance. The application supports almost any video format and operates entirely on the desktop, eliminating the need for cloud-based processing, further enhancing the security of sensitive data. SelectBlur was developed in response to a suggestion from a prospective client, demonstrating RAD’s agility and responsiveness to market needs. The application is expected to attract new clients while providing added value to RAD’s existing customer base. RAD is redefining the security and guarding services industry through its innovative, AI-driven Solutions-as-a-Service business model, providing cost savings of 35%-80% compared to traditional manned security guarding and monitoring models.

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01/29/2024 08:40 AM

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AITX’s RAD Announces Booked January Annual Recurring Revenue Up 476% Year Over Year

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Artificial Intelligence Technology Solutions, Inc. and its subsidiary, Robotic Assistance Devices, Inc., announced a significant increase in sales year over year. RAD received orders in January 2024 that will generate approximately $258,000 in annual recurring revenue, compared to $54,000 in January 2023, marking a 400% revenue increase. The orders include expansions from existing clients, new clients in Hawaii, and fulfilling a Midwest grocery chain's order. The company is focused on achieving positive operational cash flow and balancing investments in sales and R&D with controlling expenses.

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01/22/2024 08:40 AM

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AITX’s RAD Receives Multi-Location Order from Midwest Grocery Chain Continuing Its Market Expansion

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Artificial Intelligence Technology Solutions, Inc. (AITX) and its subsidiary, Robotic Assistance Devices, Inc. (RAD), have announced a significant new order from a Midwest grocery store chain. The order includes the deployment of RAD's security solutions to six grocery stores, marking a milestone in RAD's expansion into the retail sector. The deal is expected to generate an estimated $165,000 in annual recurring revenue for RAD and represents the first deployment of RAD's RIO units in a multi-location retail environment. This expansion opens up a significant market opportunity in the vast network of grocery stores across America.

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01/17/2024 08:40 AM

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AITX Announces Strong Financial Growth with 2.7x Increase in Recurring Revenue, SG&A Expense Reduction and Debt Extensions in Latest 10-Q Filing

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Artificial Intelligence Technology Solutions, Inc. (AITX) reports significant growth in Recurring Monthly Revenue (RMR) and a decrease in Selling, General, and Administrative (SG&A) expenses, along with an extension of debt maturity. RMR for the three months ended November 30, 2023, was $416,062, a 2.7x increase from the same period in 2022. SG&A expenses decreased by 9% for the nine months ended November 30, 2023, and the debt maturity was extended by approximately two years, totaling $10.8 million.

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01/09/2024 08:40 AM

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AITX Inks Bank MSA & Receives a 6 Unit ROSA Expansion Order Through its Subsidiary Robotic Assistance Devices

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Artificial Intelligence Technology Solutions, Inc. (AITX) announces expansion order of 6 ROSA™ security robots from a large regional bank with over $100 billion in assets. RAD's technology demonstrates confidence in the security services industry, with a potential roll-out to 22 branches.

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FAQ

What is the current stock price of ARTIFICIAL INTL SLTNS (AITX)?

The current stock price of ARTIFICIAL INTL SLTNS (AITX) is $0.003 as of November 25, 2024.

What is the market cap of ARTIFICIAL INTL SLTNS (AITX)?

The market cap of ARTIFICIAL INTL SLTNS (AITX) is approximately 40.5M.

What does Artificial Intelligence Technology Solutions Inc. (AITX) do?

AITX focuses on delivering AI-based security and monitoring solutions through its subsidiary Robotic Assistance Devices (RAD). Their products enhance operational efficiency and reduce reliance on human personnel.

What recent achievements has AITX accomplished?

AITX achieved a 505% increase in recurring monthly revenue in FY2024 and reduced R&D expenses significantly. They also introduced new products like RIO, which contributed significantly to their revenue growth.

How does AITX's RMR model work?

Recurring Monthly Revenue (RMR) is generated from customers who subscribe to AITX's services or products on a monthly basis, typically under a minimum 12-month contract.

What industries benefit from AITX's solutions?

AITX's solutions are used in various industries, including enterprise, government, transportation, critical infrastructure, education, and healthcare.

What are some of AITX's key products?

Some key products include ROSA, RIO, AVA, and RADDOG, which offer advanced AI analytics for security and monitoring.

What partnerships has AITX formed recently?

AITX has partnered with Nightingale Security to integrate RAD's ground-based robots with Nightingale's drones, creating a comprehensive security ecosystem.

What are AITX's plans for the future?

AITX aims to achieve cash flow positivity by FY2025 and continue developing AI-driven security solutions while forming strategic alliances.

How does AITX's technology reduce costs?

AITX's AI-driven solutions reduce costs by replacing traditional manned security with more efficient robotic and AI systems, saving businesses 35%-80%.

Where is AITX headquartered?

AITX is headquartered in Reno, Nevada.

What is the significance of AITX's 505% RMR growth?

The 505% growth in RMR reflects the increasing demand for AITX's innovative solutions and their successful deployment strategy, indicating strong market acceptance.