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AITX Implements Strategies for Potential Profitability
Artificial Intelligence Technology Solutions, Inc., (the “Company”) (OTCPK:AITX), a global leader in AI-driven security and productivity solutions, has recently implemented changes to improve its path to potential profitability. These changes were announced by AITX and RAD CEO, Steve Reinharz, during a town hall meeting.
Cost-saving Measures Implemented
AITX has implemented measures to save over $100,000 per month, with the potential to reach total savings of $200,000 per month in the coming months. The measures include the elimination of non-core projects, improving team resources, delaying projects related to RAD 4.0, and reducing expenses and enhancing operational efficiency.
The Company has terminated several projects such as the AITX eSports team initiative and limited lobbying efforts as part of the cost-saving plan. It is also working to reduce device deployment and activation costs through better planning. These changes have led to a reduction in the Company’s full-time equivalent team member count from 90 to 82.
Investing in Core Team Members
Reinharz emphasized the importance of investing in core team members to unlock additional productivity and results while scaling up deployments and revenues. He stated that the market response to AITX and RAD’s solutions has been overwhelmingly positive, and the Company’s sales funnel and 90-day deployment schedule could also contribute to potentially increasing monthly recurring revenue.
Expecting Monthly Profitability
Reinharz expects the combination of these changes and RAD’s strong sales funnel to result in monthly profitability within the next 9 to 15 months. While the Company has prepared forecasts aiming for positive cash flow by December 31, 2024, there are no guarantees that this target will be achieved. The Company has also stated that any necessary expansion of production and deployment teams will remain within budget.
About 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. AITX’s RAD, RAD-M, and RAD-G companies help organizations streamline operations, increase ROI, and strengthen businesses through their next-generation robotic product offerings. AITX’s technology improves the simplicity and economics of patrolling and guard services by allowing experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staffs 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.
