Artificial Intelligence Technology Solutions, Inc. (AITX), a global leader in AI-driven security and productivity solutions, has reported strong sales funnel growth and product line expansion in its annual 10-K report. The company&https://adarima.org/?aHR0cHM6Ly9tY3J5cHRvLmNsdWIvY2F0ZWdvcnJ5Lz93cHNhZmVsaW5rPXlnQTV1dFI4MlV3QXBic0NhZGZFZUZsZ2lIbmlrWkZKV1NFeHVSVUlyVEVsa09GQlJka0ZXVUM4elVUMDk-8217;s strategic adjustments aimed at improving overall performance and maximizing existing opportunities have positioned it for future growth.
According to Steve Reinharz, CEO of AITX, the past year has been a period of significant wins and sales funnel growth. The company has learned valuable lessons to increase the speed of the sales process and has implemented new tactics to help prospects complete their internal sales and adoption processes.
AITX&https://adarima.org/?aHR0cHM6Ly9tY3J5cHRvLmNsdWIvY2F0ZWdvcnJ5Lz93cHNhZmVsaW5rPXlnQTV1dFI4MlV3QXBic0NhZGZFZUZsZ2lIbmlrWkZKV1NFeHVSVUlyVEVsa09GQlJka0ZXVUM4elVUMDk-8217;s sales funnel has grown four times, indicating a growing market interest in its products and potential for revenue growth. The company has achieved significant wins, including new iterations of its popular ROSA device, such as solar-powered trailers (RIO 180 and RIO 360) and a solution for deployments where 24-hour power is not available (ROSA-P).
The company has also announced software and product diversification with the launch of ROSS, TOM, and RADDOG 2LE. The continued limited deployments of ROAMEO 2.0 are expected to be followed by the release of ROAMEO 3.0 in early 2024.
AITX has closed its first firearm detection-related school opportunity and expanded its largest client&https://adarima.org/?aHR0cHM6Ly9tY3J5cHRvLmNsdWIvY2F0ZWdvcnJ5Lz93cHNhZmVsaW5rPXlnQTV1dFI4MlV3QXBic0NhZGZFZUZsZ2lIbmlrWkZKV1NFeHVSVUlyVEVsa09GQlJka0ZXVUM4elVUMDk-8217;s system to over 45 units, with potential for hundreds more. The company has also earned the opportunity for a nationwide sales plan roll-out with one of its largest dealers and successfully completed the first significant healthcare implementation of RAD Light My Way.
Financial highlights include a significant decrease in net loss from $(62.2) million to $(18.1) million. Recurring Monthly Revenue (RMR) from device subscriptions has increased by 29% to $754,126, and the company surpassed $100,000 in monthly recurring revenue for the first time in April 2023.
AITX has made significant technological improvements in hardware optimization, visual object identification quality, cellular optimization, and autonomous navigation. These improvements contribute to the company&https://adarima.org/?aHR0cHM6Ly9tY3J5cHRvLmNsdWIvY2F0ZWdvcnJ5Lz93cHNhZmVsaW5rPXlnQTV1dFI4MlV3QXBic0NhZGZFZUZsZ2lIbmlrWkZKV1NFeHVSVUlyVEVsa09GQlJka0ZXVUM4elVUMDk-8217;s commitment to matching its fiscal commitments with operational capabilities.
Reinharz expressed gratitude to the company&https://adarima.org/?aHR0cHM6Ly9tY3J5cHRvLmNsdWIvY2F0ZWdvcnJ5Lz93cHNhZmVsaW5rPXlnQTV1dFI4MlV3QXBic0NhZGZFZUZsZ2lIbmlrWkZKV1NFeHVSVUlyVEVsa09GQlJka0ZXVUM4elVUMDk-8217;s staff, shareholders, and partners for their dedication and support. He is confident that the steps taken by AITX will lead to a successful journey ahead.
AITX, through its subsidiary Robotic Assistance Devices, Inc. (RAD), is redefining the security and guarding services industry with its AI-driven Solutions-as-a-Service business model. RAD solutions provide cost savings of 35%-80% compared to traditional manned security guarding and monitoring models. RAD has a prospective sales pipeline of over 35 Fortune 500 companies and expects to attract new business as it converts existing sales opportunities into deployed clients.
In conclusion, AITX&https://adarima.org/?aHR0cHM6Ly9tY3J5cHRvLmNsdWIvY2F0ZWdvcnJ5Lz93cHNhZmVsaW5rPXlnQTV1dFI4MlV3QXBic0NhZGZFZUZsZ2lIbmlrWkZKV1NFeHVSVUlyVEVsa09GQlJka0ZXVUM4elVUMDk-8217;s strong sales funnel growth and product line expansion, along with strategic adjustments to improve overall performance, indicate a positive outlook for the company&https://adarima.org/?aHR0cHM6Ly9tY3J5cHRvLmNsdWIvY2F0ZWdvcnJ5Lz93cHNhZmVsaW5rPXlnQTV1dFI4MlV3QXBic0NhZGZFZUZsZ2lIbmlrWkZKV1NFeHVSVUlyVEVsa09GQlJka0ZXVUM4elVUMDk-8217;s future growth. With its innovative AI-driven solutions, AITX is well-positioned to continue redefining the security and guarding services industry.
