The road to increasing revenue and by extension a profitable business -
Detroit, Michigan, April 05, 2023 (GLOBE NEWSWIRE) -- Artificial Intelligence Technology Solutions, Inc., (the "Company" (OTCPK:AITX), a global leader in AI-driven security and productivity solutions today shared recent company changes and updated its path to attainment of potential profitability.
AITX and RAD CEO Steve Reinharz recently held a companywide town hall meeting where he announced that the Company had implemented measures to save over $100,000 a month, with the potential to reach total savings of $200,000 a month in the coming months. This is being accomplished through a variety of methods, including the elimination of non-core projects, improving team resources, delaying projects related to RAD 4.0, and reducing expenses and enhancing operational efficiency.
As part of the cost-saving plan, the Company has terminated several projects, such as the AITX eSports team initiative and limited lobbying efforts. The Company 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.
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.
The CEO 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.
Reinharz concluded by encouraging all team members to be intentional in their actions and to keep in mind the industry and investor support driving the Company's growth.
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.
RAD has a prospective sales pipeline of over 35 Fortune 500 companies and numerous other client opportunities. RAD expects to continue to attract new business as it converts its existing sales opportunities into deployed clients generating a recurring revenue stream. Each Fortune 500 client has the potential of making numerous reorders over time.
Read More: https://investorshangout.com/post/view?id=655...z7yfuhJ2Kl
Detroit, Michigan, April 05, 2023 (GLOBE NEWSWIRE) -- Artificial Intelligence Technology Solutions, Inc., (the "Company" (OTCPK:AITX), a global leader in AI-driven security and productivity solutions today shared recent company changes and updated its path to attainment of potential profitability.
AITX and RAD CEO Steve Reinharz recently held a companywide town hall meeting where he announced that the Company had implemented measures to save over $100,000 a month, with the potential to reach total savings of $200,000 a month in the coming months. This is being accomplished through a variety of methods, including the elimination of non-core projects, improving team resources, delaying projects related to RAD 4.0, and reducing expenses and enhancing operational efficiency.
As part of the cost-saving plan, the Company has terminated several projects, such as the AITX eSports team initiative and limited lobbying efforts. The Company 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.
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.
The CEO 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.
Reinharz concluded by encouraging all team members to be intentional in their actions and to keep in mind the industry and investor support driving the Company's growth.
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.
RAD has a prospective sales pipeline of over 35 Fortune 500 companies and numerous other client opportunities. RAD expects to continue to attract new business as it converts its existing sales opportunities into deployed clients generating a recurring revenue stream. Each Fortune 500 client has the potential of making numerous reorders over time.
Read More: https://investorshangout.com/post/view?id=655...z7yfuhJ2Kl
Artificial Intelligence Technology Solutions Inc. (AITX) Stock Research Links
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