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, Aug. 01, 2024 (GLOBE NEWSWIRE) -- 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.