AITX’s RAD On Track to Break $10 Million Annual Recurring Revenue Run Rate this Fiscal Year

RAD’s Fiscal Year 3rd Quarter Order Intake on Track to be Record Breaking

Detroit, Michigan, Aug. 15, 2024 (GLOBE NEWSWIRE) -- Robotic Assistance Devices, Inc. (RAD), a subsidiary of Artificial Intelligence Technology Solutions, Inc., (the “Company”) (OTCPK:AITX), is pleased to share it has been told it will receive an additional 15 sites for RIO device placement. The design for each site has been completed and it is expected the 15 sites will use an additional 52 RIO solar-powered security trailers which will total nearly $1 million in annual recurring revenue (ARR) and over $1 million annual recurring revenue when additional remote monitoring contract fees are included.

On August 1, 2024, AITX reported that its recurring monthly revenue (RMR) had grown to approximately $625,000, factoring in both deployed units and those in various stages of deployment but excluding the expected revenue noted in the July 23, 2024 press release. The July 23 press release discussed the addition of 58 additional RIO orders and the Company noted that a subsequent press release will share the number of purchase orders received to date against those expectations. The notice received by RAD for these additional 15 sites is in addition to what was shared on July 23. That press release also highlighted a backlog of devices expected to generate additional RMR upon deployment. The Company noted additional orders have been received and it continues to expect significant contributions from other clients in the sales funnel.

The sum of deployed revenue from both the July 23 press release and the additional sites noted in this press release will, if and when deployed, accepted and invoiced, will bring RAD’s core device SaaS revenue over $800,000 in RMR. When factoring in over $100,000 in remote monitoring revenue, when deployed, will bring RAD’s annual recurring revenue run rate over $10,000,000.

The impact on this fiscal year’s financials is dependent on deployment dates; as such, the Company is not ready to change its full year forecast as described in a press release on August 1, 2024, although it is likely the Company updates this at the beginning of its fiscal year’s fourth quarter in early December.

Steve Reinharz, CEO/CTO of AITX and RAD, commented, “Delivering strong financial results is rewarding for our Company and me personally. I am thrilled with our progress and path and beyond excited when our mobility products become available en masse. Add in AIR, first to be shown running in RADCam, and RADCam’s potential and we believe our future to be bright.”