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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): July 16, 2024
ARTIFICIAL
INTELLIGENCE TECHNOLOGY SOLUTIONS INC. |
(Exact
name of registrant as specified in its charter) |
Nevada |
|
000-55079 |
|
27-2343603 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
10800
Galaxie Avenue
Ferndale,
MI 48220 |
(Address
of principal executive offices) |
(877)
787-6268 |
(Registrant’s
telephone number, including area code) |
Not
Applicable |
(Former
name or former address, if changed since last report.) |
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
N/A |
|
N/A |
|
N/A |
When
used in this Current Report on Form 8-K, unless otherwise indicated, the terms the “Company,” “our,” or “we”
refer to Artificial Intelligence Technology Solutions Inc. and its subsidiaries.
Item
2.02 Results of Operations and Financial Condition
On
July 16, 2024, we will be issuing a press release titled “AITX Announces Q1 FY2025 Financial Results in Latest 10-Q Filing, Exceptional
Growth in Revenue and Market Value”, which press release is attached hereto as Exhibit 99.1.
Item
8.01 Other Events
The
information set forth under Item 2.02 of this Current Report on Form 8-K is incorporated by reference herein.
The
information in this Current Report on Form 8-K with respect to Item 8.01 (including the press release attached hereto as Exhibit 99.1)
is being furnished pursuant to Item 8.01 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18
of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that section,
nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
This current report on Form 8-K (including Exhibit 99.1) will not be deemed an admission as to the materiality of any information contained
herein.
ITEM
9.01. EXHIBITS
Exhibit
No. |
|
Description |
|
|
|
99.1 |
|
July 16, 2024 Press Release |
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date:
July 16, 2024 |
ARTIFICIAL
INTELLIGENCE TECHNOLOGY SOLUTIONS INC. |
|
|
|
|
|
/s/
Steven Reinharz |
|
Name: |
Steven
Reinharz |
|
Title: |
Chief
Executive Officer |
Exhibit
99.1
AITX
Announces Q1 FY2025 Financial Results in Latest 10-Q Filing, Exceptional Growth in Revenue and Market Value
Company
Achieves 312% Revenue Growth and Nearly Triples Market Value in Q1 FY2025
Detroit,
Michigan, July 16, 2024 — 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 its financial results for the first quarter of fiscal year 2025, which ended on May 31, 2024. The Company
reported a 312% increase in revenue over the prior year’s quarter, reaching $1,182,800, and nearly tripled its market value to
approximately $74.7 million.
Management
encourages all AITX investors, fans, and followers to thoroughly review the full SEC filing at https://tinyurl.com/aitxq1fy25
and wishes to highlight three critical areas of performance:
1.
Strong Revenue Growth:
AITX
reported total revenue growth of 312% for the three months ended May 31, 2024, reaching $1,182,800, compared to $385,208 for the same
period in 2023. This growth is attributed to both rental revenue and direct sales of goods and services. Rental (SaaS/RMR) revenue saw
a 412% increase, totaling $980,536, up from $238,149. Direct sales of goods and services grew by 38%, amounting to $202,264, compared
with $147,059 for the previous year.
Steve
Reinharz, CEO and CTO of AITX, commented, “Our significant revenue growth is a testament to the growing market demand for our innovative
AI-powered solutions and the combined efforts of our dedicated team. While these numbers are trending in the right direction, I am far
from satisfied. We are raising our targets because we believe in pushing our boundaries and setting new benchmarks. I anticipate a substantial
increase in order intake in the second half of the fiscal year. More importantly, I am excited about the upcoming new and enhanced solutions
that we will be launching later this fiscal year, such as RADCam. These innovations will not only broaden our current offerings, but
also redefine industry standards. Our commitment to excellence drives us forward, and I am eager to see how these advancements will shape
our future.”
2.
Growth in Gross Profit:
AITX
achieved a gross profit of $887,207 for the three months ended May 31, 2024, representing a 237% increase over the $373,866 reported
for the same period in 2023. This growth highlights the Company’s operational efficiency and ability to manage costs while expanding
its revenue base.
3.
Market Value and Share Price Appreciation:
The
Company’s market value nearly tripled, reaching approximately $74.7 million as of May 31, 2024, compared to $26.3 million on February
29, 2024. This growth reflects not only the financial strength of AITX but also the increasing market recognition of the Company’s
strategic direction and innovative product offerings.
Additionally,
AITX’s share price rose significantly, from $0.0029 on February 29, 2024, to $0.0072 on May 31, 2024. This 150% increase in share
price underscores the strong investor confidence in AITX’s vision and execution. The consistent upward trend in share price is
indicative of the market’s positive response to the Company’s growth trajectory and future potential.
Reinharz
added, “The surge in our market value and share price is a clear indicator that the market believes in our mission and the value
we bring through our solutions. We are committed to maintaining this momentum by continuing to innovate and deliver high-quality products
that meet the evolving needs of our customers. Our focus remains on creating long-term value for our shareholders and stakeholders.”
The
Company’s rental revenue is classified as Recurring Monthly Revenue (RMR), which provides a stable and predictable income stream.
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.
AITX,
through its subsidiary, Robotic Assistance Devices, Inc. (RAD), is redefining the $25 billion (US) security and guarding services
industry through its broad lineup of innovative, AI-driven Solutions-as-a-Service business model. RAD solutions are specifically designed
to provide cost savings to businesses of between 35%-80% when compared to the industry’s existing and costly manned security guarding
and monitoring model. RAD delivers these tremendous cost savings via a suite of stationary and mobile robotic solutions that complement,
and at times, directly replace the need for human personnel in environments better suited for machines. All RAD technologies, AI-based
analytics and software platforms are developed in-house.
RAD
has a prospective sales pipeline of over 35 Fortune 500 companies and numerous other client opportunities. RAD expects to continue to
attract new business as it converts its existing sales opportunities into deployed clients generating a recurring revenue stream. Each
Fortune 500 client has the potential of making numerous reorders over time.
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-R, 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 staff 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, www.stevereinharz.com, www.radgroup.ai, www.raddog.ai,
and www.radlightmyway.com, or follow Steve Reinharz on Twitter @SteveReinharz.
CAUTIONARY
DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
The
information contained in this publication does not constitute an offer to sell or solicit an offer to buy securities of Artificial Intelligence
Technology Solutions, Inc. (the “Company”). This publication contains forward-looking statements, which are not guarantees
of future performance and may involve subjective judgment and analysis. As such, there are no assurances that the Company will meet its
expectations with respect to its future sales volume or becoming cash flow positive or having a substantial increase in order intake
in the second half of the fiscal year. The information provided herein is believed to be accurate and reliable, however the Company makes
no representations or warranties, expressed or implied, as to its accuracy or completeness. The Company has no obligation to provide
the recipient with additional updated information. No information in this publication should be interpreted as any indication whatsoever
of the Company’s future revenues, results of operations, or stock price.
###
Steve
Reinharz
949-636-7060
@SteveReinharz
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