Artificial Intelligence Technology Solutions, Inc
Revenue Increases 400% Over Prior Year
Detroit, Michigan, June 01, 2022 (GLOBE NEWSWIRE) — Artificial Intelligence Technology Solutions, Inc., (OTCPK:AITX), a global leader in AI-driven security and productivity solutions for enterprise clients, filed its annual report on Form 10-K with the Securities and Exchange Commission for its fiscal year 2022 ended February 28, 2022. AITX is a ‘full SEC reporting’ company that files detailed annual and quarterly reports.
“So much was accomplished in fiscal year 2022,” said Steve Reinharz, CEO of AITX. “Beyond the outstanding revenue growth is the structural growth that has put AITX and its RAD subsidiaries in a fantastic position. I expect that this will catapult us in the future.”
Key Takeaways from the FY 2022 10-K Filing
Revenue Increases 400% Of Prior Year’s
Total revenue for the year ended February 28, 2022, was $1,447,109, which represented an increase of $1,086,221 compared to total revenue of $360,888 for the year ended February 28, 2021. The company seeks to meet this growth rate for this fiscal year.
Cash Flows from Financing Activities
Cash increased to $4,648,146 on February 28, 2022, from $1,044,418 on February 28, 2021.The Company received over $12.5 million in share proceeds and over $9.4 million in new loans, mostly long term. Not only did this influx of cash improve liquidity it allowed the Company to fund its operations and growth.
Company Growth & Harmony
Headcount on February 28, 2022, and 2021 of 75 and 23, respectively, represents a 226% increase. Current employee count is 83. This growth is in support of the necessary infrastructure build (Administration, Business Development, Engineering, Production) to achieve the Company’s growth objectives and meet future sales demands. Rapid growth and creation of departments and teams can create significant challenges and set back the company if not completed successfully.
AITX and its subsidiaries announced and/or launched several new solutions during the fiscal year and in the first quarter of the current year. These solutions leverage the RAD platform to provide unique ‘security-in-a-box’ solutions that can be deployed in less than 30 minutes and provide innovative solutions such as weapons detection and more. Introduced in FY 2022 was the award-winning line up of ROSA 3.0, AVA 3.0, RAD Light My Way, ROAMEO 2.0, plus several enhancements to RAD’s software suite.
Significant Expansion of Sales Funnel and Potential
RAD’s sales funnel grew substantially in both quantity and quality. Technically the qualified opportunity count increased over 100%, but when the improved quality and depth is considered, the funnel increases could be considered closer to 300%. Furthermore, the RAD dealer network almost doubled during the fiscal year which further substantiates our target market’s acceptance and excitement. Management feels that new deployed devices in the subsequent fiscal year can be between 250 and 1250, representing 100% to 500% growth. There remains potential for even larger device rollouts although management cannot estimate or guarantee with further specifics.
Additional key takeaways from the 10-K filing can be found via this link.
“FY 2022 will prove to be a catalyst year for AITX. We built on our momentum to grow our business and reach into new markets with new solutions,” Reinharz added. “As we look forward, the strong demand for our solutions, the execution of our sales strategy, and the constant advancements to our technology leads me to believe that we could see significant growth, up to 20 times, in our recurring monthly revenue run rates at the end of current fiscal year ending February 28, 2023,” Reinharz concluded.
The Company expects to file for uplisting to the OTC QB by June 10, 2022.
Follow Steve Reinharz on Twitter @SteveReinharz for future AITX and RAD updates.
AITX through its subsidiary, Robotic Assistance Devices, Inc. (RAD), is redefining the $25 billion (US) security and guarding services industry through its broad lineup of innovative, AI-driven Solutions-as-a-Service business model. RAD solutions are specifically designed to provide a cost savings to businesses of between 35%-80% when compared to the industry’s existing and costly manned security guarding and monitoring model. RAD delivers this tremendous costs savings via a suite of stationary and mobile robotic solutions that complement, and at times, directly replace the need for human personnel in environments better suited for machines. All RAD technologies, AI-based analytics and software platforms are developed in-house.
CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are “forward-looking statements” that are based on current expectations and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of Artificial Intelligence Technology Solutions to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, to meet business and financial goals including projections and forecasts, and other risks. Artificial Intelligence Technology Solutions undertakes no duty to update any forward-looking statement(s) and/or to confirm the statement(s) to actual results or changes in Artificial Intelligence Technology Solutions expectations.
About Artificial Intelligence Technology Solutions (AITX)
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, AITX’s RAD, RAD-M and RAD-G companies help organizations streamline operations, increase ROI, and strengthen 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. To learn more, visit www.aitx.ai, stevereinharz.com, www.radsecurity.com and www.radlightmyway.com, or follow Steve Reinharz on Twitter @SteveReinharz.