AITX touts ‘beauty’ of model ‘I believe we’re going to finish this year between $6 (million) and $6.5 million dollars in revenue,’ CEO says

By Ken Showers, Managing Editor
Updated 1:36 PM CST, Wed January 22, 2025

DETROIT — Artificial Intelligence Technology Solutions (AITX), along with subsidiary Robotic Assistance Devices, Inc. (RAD-I), has its eye on doubling or tripling its revenue and increasing its workforce in 2025.
During a recent investor presentation to discuss financial results for the third quarter of fiscal year 2024, AITX highlighted continued significant revenue growth among its accomplishments for the quarter.
“Our theme for 2025 is, ‘security of everything’,” said AITX CEO Steve Reinharz.
For the nine months ended Nov. 30, 2024, AITX recorded revenues of $4.28 million, representing a 213% increase over the same period in 2023. For the three months ended Nov. 30, 2024, total rental revenue reached $1.75 million, a 30% increase compared to $1.34 million in the prior quarter.
This marks the third consecutive quarter of strong revenue growth, AITX officials say.
“The beauty of our financial model being SaaS, means that we get a customer, we build the products, we pay for the products once, and the customer continues to rent that product from us over years,” Reinharz said. “I want you guys to have that information because it’s amazing, and I believe we’re going to finish this year between $6 (million) and $6.5 million dollars in revenue.”
When AITX enters its next fiscal year on March 1, 2025, Reinharz said he is expecting two- to three-times revenue growth, with full-year results to be somewhere between $12 million and $18 million. He also alluded to growing the company's sales team to match its momentum, which is driven in part by its new RADCam residential security product.
“It’s security that doesn’t just watch, it acts,” said newly hired RAD-R President Steve Danelon.
Other highlights from the quarter include the company’s transition to its fourth-gen platform, which AITX officials say, represents a significant technological leap, with numerous benefits for the company’s products, including enhanced capabilities, reduced hardware weight and faster production times.
“The transition to Gen 4 is a critical milestone that sets the stage for future success,” said Mark Folmer, CPP, PSP, FSyI, president of RAD-I. “We’ve built a strong foundation for scalable growth, while delivering even greater value to our clients.”
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