AITX announces Q1 FY2025 financial results

DETROIT — Artificial Intelligence Technology Solutions (AITX), along with its wholly owned subsidiary, Robotic Assistance Devices (RAD), have 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.AITX noted that the full SEC filing can be found online at https://tinyurl.com/aitxq1fy25 in particular the company highlighted 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.The Company’s rental revenue is classified as Recurring Monthly Revenue (RMR), which provides a stable and predictable income stream.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 2023.3. 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.Additionally, AITX’s share price rose significantly, from $0.0029 on February 29, 2024, to $0.0072 on May 31, 2024. AITX said that the consistent upward trend in share price is indicative of the market’s positive response to its 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.”