HENDERSON, Nevada, August 3, 2020 — Artificial Intelligence Technology Solutions, Inc., (OTCPK:AITX), today announced that its wholly-owned subsidiary Robotic Assistance Devices (RAD) had an increase in recurring monthly revenue (RMR) of 27% when comparing the anticipated August 2020 invoicing to May 2020 invoicing.
Recurring monthly revenue is the monthly subscription charges net of one-time revenue such as delivery and implementation. RMR is a critical performance measurement and analytic for RAD’s growth and customer retention.
“The RAD production and implementation team may achieve Q2 RMR gains of up to 50% over Q1 depending on final production,” said Steve Reinharz, President of RAD. “Orders in hand at this moment give RAD a further Q3 revenue increase of up to 35% over Q2, and as we have not entered that quarter yet we may substantially outperform that increase.”
Based on orders currently in hand, RAD will finish Q3, 2020 with approximately 100% increase in RMR over Q1, 2020.
“Given our growing sales funnel, the recent tripling of our sales staff, and new solution launches, I expect continued double-digit RMR growth on a quarterly basis for the foreseeable future,” Reinharz continued.
RAD’s face mask detection analytic and Wally 2.0 with Health Screening are gaining awareness in the market, and the company expects to share updated information related to its mobile ROAMEO product in fiscal Q3, 2020.
RAD has a sales pipeline of over 35 Fortune 500 companies and numerous other potential clients. RAD expects to continue to attract new business as it converts its existing sales pipeline into paying customers. Each new Fortune 500 Customer has the potential of making numerous reorders over time.
The company may post important information about its subsidiary RAD on its website at www.radsecurity.com and through tweets from RAD President and CEO Steve Reinharz (https://twitter.com/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 whatsoever that the Company will meet its expectations with respect to its future revenues, sales volume, recurring monthly revenue growth, and operational cash flow positivity. 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.
For purposes of the Company's disclosures, "Artificial Intelligence" refers to machine-based systems designed to operate with varying levels of autonomy that, for a given set of human defined objectives, can make predictions, recommendations, or decisions influencing real or virtual environments. In the context of the Company's business, Artificial Intelligence is deployed primarily within the security services and property management industries to support functions such as detection, analysis, prioritization, communication, and response related to safety, security, and operational events.
The Company delivers these capabilities principally through its SARA™ (Speaking Autonomous Responsive Agent) platform, which serves as the Company's primary agentic artificial intelligence system. SARA is designed to receive and process video, audio, and other sensor data, apply automated analysis and inference, and support actions in accordance with predefined operational objectives and human oversight.
Further note that the Company's Board of Directors oversees the Company's deployment of Artificial Intelligence.
