Artificial Intelligence Technology Solutions, Inc. Raises Q3 FY 2022 Revenue Guidance
Increase a Result of Improved Sales Pipeline Activity for Both Recurring and Non-Recurring Monthly Revenue
Artificial Intelligence Technology Solutions, Inc., a global leader in AI-driven security and productivity solutions for enterprise clients today increased its revenue guidance for its fiscal Q3 ending November 30, 2021.
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“This expected revenue growth is based on RAD’s existing sales pipeline and client reorders and does not take into consideration the totally revamped RAD 3.0 products that we will begin shipping by the end of the quarter”
As previously disclosed, AITX through its wholly owned subsidiary Robotic Assistance Devices Inc. (RAD), is expected to close October 2021 with Recurring Monthly Revenue (RMR) of over $80,000. “Sales activity has now accelerated to the pace where we can anticipate topping the $100,000 RMR milestone by the end of November 2021,” commented Mark Folmer, RAD COO and President.
“This is such exciting progress for AITX. We expect significant revenue events before Q3 closes,” said Steve Reinharz, CEO and President of AITX. “There are several opportunities that we have not announced that are expected to generate revenue that would take the company just shy $1 million in Q3 revenue,” Reinharz added.
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Highlights
- High expectations of between $550K-$600K in non-recurring revenue in Q3, FY 2022 ending November 30, 2021;
- The Company expects ending the fiscal quarter in the strongest cash position ever;
- Q3 FY 2022 is expected to exceed Q3 FY 2021 by 250%-310%;
- Q3 FY 2022 is expected to be the Company’s best quarter in its history.
“This expected revenue growth is based on RAD’s existing sales pipeline and client reorders and does not take into consideration the totally revamped RAD 3.0 products that we will begin shipping by the end of the quarter,” Reinharz commented. “These incredible RAD 3.0 solutions are expected to be more profitable for the company, and we expect even greater industry acceptance once they’re released to the market,” Reinharz concluded.
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 a 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 this tremendous costs 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.
