The company shows strong sales growth and product line expansion amid fiscal adjustments
Detroit, Michigan, June 15, 2023 (GLOBE NEWSWIRE) — Artificial Intelligence Technology Solutions, Inc., (the “Company”) (OTCPK: AITX), a global leader in AI-based security and enterprise productivity solutions, today released its annual 10-K report series. Strategic adjustments aimed at improving overall performance and maximizing available opportunities while positioning the company for future growth.
AITX CEO Steve Reinharz said, “Last year was a period of significant wins and sales growth, and we learned what it takes to accelerate the sales process.” “We have gone through many challenges, and we have had important successes in our business. As I mentioned earlier, we have improved our understanding of the sales process and are implementing new methods to help our prospects complete. Internal sales and adoption processes lead to RAD getting purchase orders.
The company has seen its sales funnel blossom by an impressive 4x, indicating growing market demand for AITX’s product offerings and the potential for revenue growth.
Significant achievements during the fiscal year and to date include:
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New iterations based on the famous ROSA™ device.
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RIO™ 180 and RIO 360, solar powered trailers ROSA above.
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ROSA-P A solution for ROSA deployments where 24-hour power is not available.
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ROSS, Tom and Ruddog™ 2LE has been announced. This diversification of software, stationery and mobile products will lead to rapid revenue growth in the coming year.
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Limited deployment of ROMEO continues.™ 2.0. ROAMEO 3.0 is expected to be available in early 2024.
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Closed RAD first weapons detection related school opportunity deploying multiple ROSS communications and 4 ROSA devices.
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RAD’s largest client system has grown to over 45 units and expanded to hundreds of add-ons.
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Successfully secured the opportunity for a nationwide sales plan with RAD’s largest dealers.
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RAD Light My Way has successfully completed its first important healthcare application™.
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The success of FOX Network’s prime-time television series ‘Stars on Mars’ (premiering June 5, 2023, RADDOG focus) and the highly anticipated DC Comics/Warner Bros. blockbuster ‘Blue Beetle’ (premiering in theaters August 17, 2023) successfully participated in , focused on ROMEO).
Significant financial issues for the fiscal year include:
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Significant net loss decreased to $(18.1) million compared to $(62.2) million.
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RMR (recurring monthly revenue) from device subscriptions increased 29% to $754,126, compared to $592,401.
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In April 2023, the company surpassed $100,000 in monthly recurring revenue for the first time (undisclosed invoice).
Reinharz said the company has made significant technological improvements in hardware optimization, visual object recognition quality, cellular optimization and autonomous navigation.
Reinharz added, “We learned many valuable lessons last year and have acted accordingly. We have strategically expanded our team from 90 to 70 members, a move designed to achieve positive cash flow while maintaining low capital expenditures. Without compromising the quality of our work or the needs of our team, we will continue to operate our fiscal term.” Decided to match our capabilities.
“We’ve reached a milestone, and we’re extremely proud of our accomplishments,” Reinharz said. “Reflecting our commitment to expanding our knowledge and capabilities, we welcome strong and dedicated individuals like Holly Hunt to our team.”
As noted in the filing, Reinharz reiterated that he expects debt maturities to be pushed forward, as has been the case in the past.
Reinharz concluded, “We are deeply grateful to our loyal employees, shareholders and partners for aligning the company with the resources, talent and commitment necessary to win. We are confident that the actions we have taken will position AITX for a successful future.”
AITX, through its subsidiary, Robotic Assistive Devices, Inc. (RAD), is redefining the $25 billion (US) security and protection services industry with a broad array of AI-based solutions-as-a-service business models. RAD solutions are specifically designed to deliver cost savings to businesses of 35%-80% compared to the industry’s existing and costly artificial protection and monitoring model. RAD directly replaces human needs in these highly cost-saving fixed and mobile robotic solutions that complement and sometimes machine-friendly environments. All RAD technologies, AI-based analytics and software platforms are developed in-house.
RAD has a prospective sales pipeline of 35 Fortune 500 companies and many other client opportunities. RAD expects to attract new business by converting existing sales opportunities into customers who generate a recurring revenue stream. Every Fortune 500 customer has multiple repeat orders over time.
Cautionary Statement Regarding Forward-Looking Statements
The information in this publication does not constitute an offer to buy or sell securities of Artificial Intelligence Technology Solutions, Inc. (the “Company”). This publication contains forward-looking statements that are not guarantees of future performance and may involve subjective judgment and analysis. The information provided herein is believed to be accurate and reliable, but the Company makes no representations or warranties, express or implied, as to its accuracy or completeness. The Company is under no obligation to provide the Recipient with any updated information. No information in this publication should be construed as an indication of the Company’s future earnings, operating results or stock price.
About Artificial Intelligence Technology Solutions (AITX)
AITX is an innovator in delivering artificial intelligence-based solutions that enable organizations to gain new insights, solve complex problems and develop new business ideas. With next-generation robotic product offerings, AITX’s RAD, RAD-M and RAD-G portfolios help organizations streamline operations, increase ROI and strengthen business. AITX technology improves the simplicity and economics of security and protection services and allows experienced personnel to focus on more strategic tasks. Customers increase the capabilities of existing employees and gain a higher level of situational awareness, all at a significantly reduced cost. AITX solutions are suitable for use in a wide range of industries such as enterprises, government, transportation, critical infrastructure, education and healthcare. To learn more, visit www.aitx.ai; www.radsecurity.com, www.stevereinharz.com, www.radgroup.ai, www.raddog.ai and www.radlightmyway.com, or follow Steve Reinharz on Twitter. @SteveReinharz.
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Steve Reinharz
949-636-7060
@SteveReinharz
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