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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): August 1, 2024
ARTIFICIAL
INTELLIGENCE TECHNOLOGY SOLUTIONS INC. |
(Exact
name of registrant as specified in its charter) |
Nevada |
|
000-55079 |
|
27-2343603 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
10800
Galaxie Avenue
Ferndale,
MI 48220 |
(Address
of principal executive offices) |
(877)
787-6268 |
(Registrant’s
telephone number, including area code) |
Not
Applicable |
(Former
name or former address, if changed since last report.) |
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
N/A |
|
N/A |
|
N/A |
When
used in this Current Report on Form 8-K, unless otherwise indicated, the terms the “Company,” “our,” or “we”
refer to Artificial Intelligence Technology Solutions Inc. and its subsidiaries.
Item
2.02 Results of Operations and Financial Condition
On
August 1, 2024, we will be issuing a press release titled “AITX Forecasts Approximately 300% Revenue Growth for FY 2025”,
which press release is attached hereto as Exhibit 99.1.
Item
8.01 Other Events
The
information set forth under Item 2.02 of this Current Report on Form 8-K is incorporated by reference herein.
The
information in this Current Report on Form 8-K with respect to Item 8.01 (including the press release attached hereto as Exhibit 99.1)
is being furnished pursuant to Item 8.01 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18
of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that section,
nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
This current report on Form 8-K (including Exhibit 99.1) will not be deemed an admission as to the materiality of any information contained
herein.
ITEM
9.01. EXHIBITS
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date:
August 1, 2024 |
ARTIFICIAL
INTELLIGENCE TECHNOLOGY SOLUTIONS INC. |
|
|
|
|
|
/s/
Steven Reinharz |
|
Name: |
Steven
Reinharz |
|
Title: |
Chief
Executive Officer |
Exhibit
99.1
AITX
Forecasts Approximately 300% Revenue Growth for FY 2025
Strong
Revenue Growth and Strategic Investments Position AITX for Continued Success Throughout FY 2025
Detroit,
Michigan, August 1, 2024 — Artificial Intelligence Technology Solutions, Inc.
(the “Company”) (OTCPK:AITX), a global leader in AI-driven security and productivity solutions for enterprise clients,
is pleased to announce its forecast for the fiscal year ending February 28, 2025, with projections for the current fiscal year.
FY
2025 Revenue Projections
For
fiscal year 2025, which will close February 28, 2025, the Company anticipates a significant increase in total revenues, projecting between
$5.5 million and $6.5 million, excluding contributions from RADCam™. RADCam, a product from subsidiary RAD Residential Inc.,
is forecasted to contribute an additional $200,000 to $800,000 in gross revenues in FY 2025.
As
of August 1, 2024, AITX has grown to approximately $625,000 in recurring monthly revenue (RMR), which includes units that are
deployed and invoicing, units deployed but not yet invoicing, and units that are contracted, but not yet deployed. This includes backlog
of devices to be built, equating to an additional $150,000 in expected RMR once deployed. When this backlog is cleared and deployed,
the Company expects to generate approximately an additional $85,000 per month from remote monitoring service contracts.
Steve
Reinharz, CEO/CTO of AITX, commented, “I am pleased with AITX’s financial trajectory. Our revenue growth and increasing recurring
monthly revenue demonstrate improving market acceptance of our solutions. This solid foundation allows us to continue investing in innovative
technologies and expanding our product offerings, keeping us at the forefront of the security industry.”
Robotic
Assistance Devices, Inc. (RAD), a key subsidiary, is projected to achieve cash flow break-even at an RMR between $700,000 and $800,000.
This adjustment reflects an increase in selling, general, and administrative (SG&A) expenses due to staffing needs associated with
ROAMEO and the resources required to support the expanding product line. Assuming that all projected units are deployed and generating
RMR, a full year’s revenue run rate would approach $10 million, given today’s low attrition rate.
RAD
forecasts an increase in RMR by March 1, 2025, to between $900,000 and $1.1 million.
Reinharz
added, “We’re excited to see RAD achieve operational positive cash flow this fiscal year as we continue to spend and develop
new solutions, including the further development of ROAMEO, RADDOG, RADPack, RAM, and RADCam.”
The
Company identifies four major revenue streams:
|
1. |
RAD
stationary security solutions, including RIO™, ROSA™ and AVA™ |
|
2. |
Mobile
security and surveillance solutions including ROAMEO™ and RADDOG™ |
|
3. |
RADCam
for residential and small business security applications |
|
4. |
Remote
monitoring contracts in support of all Company security solutions |
RAD’s
stationary solutions continue to be the primary revenue drivers for the Company, while the mobile solutions and RADCam show significant
potential for future growth, justifying their continued R&D investments. Remote monitoring revenue, despite being largely a pass-through
to third party partners, is expected to reach a $1 million annual recurring revenue (ARR) run rate this fiscal year, contributing a significant
gross profit margin.
Reinharz
concluded, “We are only five months into the fiscal year with seven months to go, and I am excited about the progress we are making.
I look forward to providing further updates as we continue to execute our strategy and drive growth for the Company.”
RMR
is money earned from customers who pay for a subscription to a service or product. RAD’s solutions are generally offered as a recurring
monthly subscription, typically with a minimum 12-month subscription contract.
AITX,
through its primary 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 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 these tremendous cost 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.
RAD
has a prospective sales pipeline of over 35 Fortune 500 companies and numerous other client opportunities. RAD expects to continue to
attract new business as it converts its existing sales opportunities into deployed clients generating a recurring revenue stream. Each
Fortune 500 client has the potential of making numerous reorders over time.
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, RAD-R, 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 staff 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, www.radsecurity.com, www.stevereinharz.com, www.radgroup.ai, www.raddog.ai, and
www.radlightmyway.com, or follow Steve Reinharz on Twitter @SteveReinharz.
CAUTIONARY
DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
The
information contained in this publication does not constitute an offer to sell or solicit an offer to buy securities of Artificial Intelligence
Technology Solutions, Inc. (the “Company”). This publication contains forward-looking statements, which are not guarantees
of future performance and may involve subjective judgment and analysis. As such, there are no assurances that the Company will meet its
expectations with respect to its future sales volume, becoming cash flow positive, ARR or RMR. The information provided herein is believed
to be accurate and reliable, however the Company makes no representations or warranties, expressed or implied, as to its accuracy or
completeness. The Company has no obligation to provide the recipient with additional updated information. No information in this publication
should be interpreted as any indication whatsoever of the Company’s future revenues, results of operations, or stock price.
###
Steve
Reinharz
949-636-7060
@SteveReinharz
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