Detroit, Michigan, Jan. 20, 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 quarterly report on Form 10-Q with the Securities and Exchange Commission for the period ended November 30, 2021. AITX is a ‘full SEC reporting’ company that files detailed annual and quarterly reports as prepared by a PCAOB registered firm and reviewed by an independent auditor.
Subsequent to the close of the quarter the company engaged with and is currently under contract with a leading investor relations, corporate communications, and digital media group. Details will be released under a separate release.
“The quarter continued great progress and growth on all fronts,” said Steve Reinharz, President and CEO of AITX. “Through the year we’ve seen revenue increase over $800,000 over the previous year, that’s a 315% increase. Plus, we’ve invested heavily in research and development and manufacturing, gearing up for the initial shipment of RAD 3.0 products and the deployment of ROAMEO.”
Key Takeaways from the 10-Q Filing
For the nine months ended November 30, 2021, the Company raised over $9.4 million from debt issuances and another $8.5 million through common shares issuances. This funding will allow the company to expand and grow its business.
The Company’s current ratio showed significant improvement from 0.27 at the end of February 2021 to 0.96 at the end of Q3, November 30, 2021. Current ratio, also known as the working capital ratio, measures a business’ ability to pay off its short-term debt obligations with its current assets. This is a significant positive trend, substantially improving the Company’s liquidity.
Device parts inventory (on hand) as of November 30, 2021 at $1,331K, up from $64K as of February 28, 2021, an increase of 1,980%. This increase supports both organic growth, inventory for fast delivery of select devices, and support for an expanding sales pipeline.
The Company invested broadly in its research and development spending $2.1M for the nine months ending November 30, 2021, a 912% increase compared to the same period the previous fiscal year. The increase supports investments in new project development, increased engineering, and programming resources. The Company has been working heavily on the development of new products such as ROAMEO™ 2.0, ROSA™ 3.0, AVA™ 3.0, STAN and TOM with other products to be released in fiscal 2023.
Robotic Assistance Devices (RAD) Sales Growth
The Company reports that its sales funnel continues its growth as its sales team has expanded to a total of 7 representatives. RAD’s reach expanded into new markets, signing 5 new authorized dealers, and opening business opportunities in the attractions, gaming, retail, and power utility industries. RAD President, Mark Folmer commented “We are now on a trajectory where we can expect upwards of $100,000 in recurring monthly revenue by the end of the next quarter.”
Expanded Marketing Activities at RAD During the Quarter
The Company embarked on several new marketing initiatives during the period. RAD personnel participated at 2 major market conferences and trade shows, each producing immediate sales results. “The RAD sales and marketing teams went on the road, showcasing the public rollout of ROAMEO 2.0 and ROSA 3.0 returning with orders and filling the sales pipeline with opportunities,” Reinharz added. “Just 3 weeks after meeting a prospect at a show in Orlando we had a new client for a ROAMEO. We’re finding that prospects love seeing the RAD solutions in person, that’s why we’ve committed to exhibit at 4, maybe more shows in 2022.”
The Company also invested in and launched a new website, under the simplified domain name radsecurity.com. “We often refer to RAD as now being in a new ‘orbit’,” Reinharz commented. “Our team has dramatically enhanced our look, our feel, our overall presentation. The RAD 3.0 device designs, our enhanced websites, our marketing, everything has been refreshed and represents us well,” Reinharz concluded.
RAD’s ROSA received 3 prestigious awards during the fiscal quarter. ROSA and the newly announced RAD Light My Way™ was named the winner of CBRE’s Innovation Challenge 2021 Best Workplace Experience Solution Award. ROSA continued its award run by taking 2 AST ASTORS Awards in the categories of Best Robotic Perimeter Protection and Best Motion Detection Solution.
The Company recommends that interested parties examine the published 10-Q to review all details and reminds readers that this press release is limited to the applicable highlights of the quarter.
Follow Steve Reinharz on Twitter @SteveReinharz for future RAD and AITX updates.
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, www.radsecurity.com and www.radlightmyway.com, or follow Steve Reinharz on Twitter @SteveReinharz.