AITX Updates RADCam Revenue Guidance, Positioning for Market Leadership Over Legacy Competitors

Detroit, Michigan, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Artificial Intelligence Technology Solutions Inc. (the “Company”) (OTCPK:AITX), a global leader in AI-driven security and productivity solutions, today announced updated revenue guidance for its upcoming RADCam product, developed by wholly owned subsidiary RAD Residential, Inc. (RAD-R). This advanced residential and small business security solution is set to redefine market standards, potentially outpacing legacy competitors such as Arlo¹, Ring², and Nest³ with cutting-edge features and technology.

Competitive Landscape and Market Context

Existing security camera competitors like Arlo, Ring, and Nest have long dominated the home security camera market, with significant revenue growth over recent years. For instance, Arlo reported annual revenues of $408.3 million in 2021, while Ring and Nest, part of Amazon and Google respectively, have leveraged their parent companies' ecosystems to achieve substantial market penetration and customer loyalty. Arlo has claimed more than 4 million subscribers in their last SEC filings, and it is estimated that Nest has 15 million subscribers. Despite their success, these companies have largely relied on conventional technologies, leaving room for innovation and disruption.

RADCam's Market Positioning and Projections

RADCam is poised to introduce a suite of advanced features that set it apart from these incumbent providers. The product's capabilities include enhanced AI-driven analytics, with performance designed to severely limit false or redundant notifications, and superior data privacy measures. These innovations, and more, are expected to position RADCam as a next-generation smart solution, potentially rendering existing offerings from competitors as “legacy” products based on outdated technology.

Previously, AITX had issued first year revenue guidance for RADCam between $200,000 and $800,000. Based on updated market analysis and increasing demand, particularly understanding that grassroots marketing combined with targeted ad and promotional spending, the Company is comfortable increasing projections for first year revenues (November 2024 to October 2025) for RADCam to range between $1 million to $2 million. This revised forecast includes last month's recurring monthly revenue (RMR) guidance of $150,000 to $400,000. The revised projections are based on anticipated sales between 6,000 to 16,000 units and corresponding annual subscriptions to the device’s software ecosystem.