- Artificial Intelligence & Robotic Solutions for Industry, Schools, and Government.
- Expanding Sales of Multiple Security Units to New and Repeat Customers.
- $4 Million Funding Raised Through Note Issuance & Preferred Share Warrants.
- AITX Q2 Filing Reposts Subscription Revenue Increases 85% Over Prior Year.
- In Person and On-Line Investor and Technology, Open House Planned for December 7th 2022.
Artificial Intelligence Technology Solutions(OTC: AITX) is an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges, and fuel new business ideas. Through its next-generation robotic product offerings, the AITX RAD, RAD-M, and RAD-G companies help organizations streamline operations, increase ROI, and strengthen the business.
AITX technology improves the simplicity and economics of patrolling and guard services and allows experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staffs and gain higher levels of situational awareness, all at drastically reduced cost. AITX solutions are well suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare.
Video presentations of AITX advancements in AI and Robotics are available via YouTube.
Click here: https://www.youtube.com/c/AITX-RAD/videos.
- Expansion Order from Global Small Box Retailer and Major Power Utility
On November 3rd AITX announced it has been notified by the Company’s largest authorized dealer that an existing small box retailer continues to expand their RAD deployments. This order is for 5 ROSA security robots. Also received from this dealer is an order for 1 AVA secure access control device for a top-five utility company.
- CEO Raises $4 Million in Funding Through Note Issuance and Issuance of Preferred Share Warrants
On November 2nd AITX announced that it issued a $4 million note to its largest single investor thereby securing a loan that matures in 4 years, bears interest at 15% per annum, has an original issue discount of $500,000, provides cash proceeds to the Company of $3.5 million, and includes warrants to acquire additional preferred equity shares (the “Fundraise”).
The net effect of the Fundraise does not materially affect AITX common stock shareholders or common shareholders’ equity percentage since Steve Reinharz, AITX Founder and CEO, has effectively reduced his stake by approximately 20% (from fully diluted ownership of 65% to 54%) to achieve the funding without any further dilution to common shareholders.
- AITX Files 10-Q For 2nd Fiscal Quarter
Significant Number of Warrants Are Off the Books Among Other Improvements
On October 24th AITX filed its quarterly report on Form 10-Q for the 3 and 6 months ended August 31, 2022, with the SEC for its Q2 of fiscal year 2023.
Subscription Revenue Increases 85% Over Prior Year
Total subscription revenue of $228,145 for the three months year ended August 31, 2022 increased over the prior year’s quarter ended August 31, 2022, by $123,375 or 85%. The majority of AITX revenue is derived from subscription-based contracts. Gross profit percentage stabilized at 87% margin in Q2 after stabilizing from the inventory adjustments in Q1 and resulted in an unusually low 23% gross profit percentage. Through October 21dt AITX, received approximately $4M in share proceeds net of issuance costs. AITX expects to raise an additional $4M to $6M through the issuance of additional shares over the fiscal year, which it plans to use for its growth and debt reduction.
Proceeds on Common Share Issuances
Through October 21, 2022, AITX received approximately $4M in share proceeds net of issuance costs. AITX expects to raise an additional $4M to $6M through the issuance of additional shares over the fiscal year, which it plans to use for its growth and debt reduction.
Reduction in Warrants
AITX eliminated 955 million warrants to purchase common stock at an average price of $0.008, in exchange for $3M in debt maturing in 2 years at an interest rate of 15%. The execution of such warrants would have diluted the value of AITX stock, so reducing the number of outstanding warrants and thereby increasing the value of the common stock to both current and future shareholders.
Solutions Development
AITX and its subsidiaries announced and/or launched several new solutions during the second quarter of the fiscal year. These solutions leverage the AITX platform to provide unique ‘security-in-a-box’ solutions that can be deployed in minutes and provide innovative solutions such as firearm detection and much more. Added to the AITX award-winning line up during the quarter were RIO, ROSA-P, TOM, ROSS, plus enhancements to RAD’s software suite.
- Continued Expansion of Sales Funnel and Opportunities AITX sales funnel continued to substantially grow through its established dealer channel and direct end-users opportunities. The AITX dealer network expanded to 46, adding six new dealers in the fiscal quarter. Sales opportunities were added through AITX participation at several nationwide and regional industry conferences, multiple dealer meetings, end-user meetings, and demonstrations at the REX facility.
- AITX’s Receives Surge of 33 Security Robots Placed on Order
On October 19th AITX announced it has received multiple orders, totaling 33 units, to be delivered to four different clients. The product mix of the 33 security devices ordered since the previous public announcement is 28 ROSAs and five TOMs.
The AITX ROSA has received industry recognition for its autonomous ability to detect and deter instances of trespassing and other property intrusions without the need for manned guarding assistance.
- AITX Dealer Seeing Momentum Accelerate with AVA Deployments
On October 13th AITX announced that one of its authorized dealers, St. Moritz Security Services, Inc. is experiencing success with deployments of AVA at gated communities. St. Moritz has also placed their fifth AVA order to be deployed at a community in southern Florida.
St. Moritz achieved over $140 million in annual sales in 2022 which ranks them as one of the largest American-owned security companies in the U.S. and in the top 2% of all security companies worldwide. St. Moritz has thirty offices nationwide and covers the entire U.S. and Canada.
- AITX to Host Investor and Technology Open House
AITX will host an Investor and Technology Open House on Wednesday, December 7, 2022. The event will be held at the Company’s manufacturing facility, the REX, located in Ferndale, Michigan. At the event, attendees can expect to see a live demonstration of RADDOG, built by RAD-M and powered by RAD-G, and sold by AITX.
Those interested in attending the AITX Investor and Technology Open House can register online at tinyurl.com/2xv94nbw. For those unable to attend the event in person, it will be live-streamed at 4:30 pm ET on AITX’s YouTube channel www.youtube.com/aitxrad.
- AITX’s Subsidiary Robotic Assistance Devices Provides Detailed Examples of Lengthy Sales Cycles to Fortune 500 Clients
On October 5th AITX announced it has received an order for one ROSA security robot. The sales order has been identified as being an example of the complexities and extensive undertaking involved in selling advanced technological solutions to B2B clients.
The order for this ROSA unit was recommended by CBRE, the facility management company for the end-user, with Grainger handling order processing and fulfillment responsibilities.
According to a report by Gartner, the typical buying group for a complex B2B solution involves six to ten decision makers‚ each armed with four or five pieces of information they’ve gathered independently and must deconflict with the group.
DISCLAIMER: This article is purely for informational purposes and is not a recommendation in any way for buying or selling stocks.
Media Contact
Company Name: Artificial Intelligence Technology Solutions Inc.
Contact Person: Steve Reinharz
Email: Send Email
Phone: 702-990-3271
City: Township
State: Michigan
Country: United States
Website: https://aitx.ai/home-ca/