Record Quarterly Sales Intake for AITX’s Subsidiary Robotic Assistance Devices

343% Increase in Number of Units Sold Paints a Positive Picture for AITX

Detroit, Michigan, Sept. 06, 2023 (GLOBE NEWSWIRE) -- Artificial Intelligence Technology Solutions, Inc., (the “Company”) (OTCPK:AITX), a global leader in AI-driven security and productivity solutions along with its wholly owned subsidiary, Robotic Assistance Devices, Inc. (RAD), today announced that Q2 of FY 2024 saw a record number of devices ordered.

For the quarter ended August 31, 2023, RAD booked 155 devices on order, a 343% increase over the number of devices ordered in Q1 of FY2024. The Company’s FY 2024 will end February 29, 2024.

"All engines are firing, and this RAD rocket has entered a new orbit,” said Steve Reinharz, CEO of AITX and RAD. "I am so pleased to be able to share these incredible results with our investor community. The product mix sold and sales channel mix that are ideal. Now let’s add some more fuel and keep this going."

Sales intake statistics of interest during the quarter include:

• 90% of all units ordered were a version of RAD’s award-winning ROSA
  • 59 ROSA standalone units
  • 51 RIO 360 units
    RIO 360 is a dual-ROSA configured solar powered security tower
  • 30 RIO 180 units
    RIO 180 is also a solar powered security tower configured with a single ROSA
• RAD’s AVA (14 units ordered), and SCOT (1 unit ordered) made up the difference
• 59% of all orders were facilitated by RAD’s dealer channel

Reinharz added, “The RMR that we expect to soon realize on these 155 units is more than $170,000 per month. That number, plus the RMR that we are already generating from the hundreds of units in the field could, if sustainable, could put us on a run-rate towards $10 million to $12 million in annual revenue.”

Recurring Monthly Revenue (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.

“RIO has proven to be a towering success,” said Mark Folmer, CPP, PSP, FSyI, President of RAD. Dealer and corporate end-user demand has exceeded our once-ambitious forecasts, and the more RIOs that get deployed, the greater the likelihood of expansion orders.”

As stated, sitting atop a standard RIO 360 configuration are dual ROSA units. ROSA is a multiple award-winning, compact, self-contained, portable, security and communication solution that can be installed and activated in about 15 minutes. ROSA’s AI-driven security analytics include human, firearm, vehicle detection, license plate recognition, responsive digital signage and audio messaging, and complete integration with RAD’s software suite notification and autonomous response library. Two-way communication is optimized for cellular, including live video from ROSA’s high-resolution, full-color, always-on cameras. RAD has published four Case Studies detailing how ROSA has helped eliminate instances of theft, trespassing and loitering at multi-family communities, car rental locations and construction sites across the country.