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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): August 5, 2024
ARTIFICIAL
INTELLIGENCE TECHNOLOGY SOLUTIONS INC. |
(Exact
name of registrant as specified in its charter) |
Nevada |
|
000-55079 |
|
27-2343603 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
10800
Galaxie Avenue
Ferndale,
MI 48220 |
(Address
of principal executive offices) |
(877)
787-6268 |
(Registrant’s
telephone number, including area code) |
Not
Applicable |
(Former
name or former address, if changed since last report.) |
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
N/A |
|
N/A |
|
N/A |
When
used in this Current Report on Form 8-K, unless otherwise indicated, the terms the “Company,” “our,” or “we”
refer to Artificial Intelligence Technology Solutions Inc. and its subsidiaries.
Item
2.02 Results of Operations and Financial Condition
On
August 5, 2024, we will be issuing a press release titled “AITX Updates RADCam™ Revenue Guidance, Positioning for Market
Leadership Over Legacy Competitors”, which press release is attached hereto as Exhibit 99.1.
Item
8.01 Other Events
The
information set forth under Item 2.02 of this Current Report on Form 8-K is incorporated by reference herein.
The
information in this Current Report on Form 8-K with respect to Item 8.01 (including the press release attached hereto as Exhibit 99.1)
is being furnished pursuant to Item 8.01 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18
of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that section,
nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
This current report on Form 8-K (including Exhibit 99.1) will not be deemed an admission as to the materiality of any information contained
herein.
ITEM
9.01. EXHIBITS
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date:
August 5, 2024 |
ARTIFICIAL
INTELLIGENCE TECHNOLOGY SOLUTIONS INC. |
|
|
|
|
|
/s/
Steven Reinharz |
|
Name: |
Steven
Reinharz |
|
Title: |
Chief
Executive Officer |
Exhibit
99.1
AITX
Updates RADCam™ Revenue Guidance, Positioning for Market Leadership Over Legacy Competitors
Detroit,
Michigan, August 5, 2024 – Artificial Intelligence Technology Solutions Inc. (the “Company”) (OTCPK:AITX),
a global leader in AI-driven security and productivity solutions, today announced updated revenue guidance for its upcoming RADCam product,
developed by wholly owned subsidiary RAD Residential, Inc. (RAD-R). This advanced residential and small business security solution is
set to redefine market standards, potentially outpacing legacy competitors such as Arlo®1, Ring®2, and
Nest™3 with cutting-edge features and technology.
Competitive
Landscape and Market Context
Existing
security camera competitors like Arlo, Ring, and Nest have long dominated the home security camera market, with significant revenue growth
over recent years. For instance, Arlo reported annual revenues of $408.3 million in 2021, while Ring and Nest, part of Amazon and Google
respectively, have leveraged their parent companies’ ecosystems to achieve substantial market penetration and customer loyalty.
Arlo has claimed more than 4 million subscribers in their last SEC filings, and it is estimated that Nest has 15 million subscribers.
Despite their success, these companies have largely relied on conventional technologies, leaving room for innovation and disruption.
RADCam’s
Market Positioning and Projections
RADCam
is poised to introduce a suite of advanced features that set it apart from these incumbent providers. The product’s capabilities
include enhanced AI-driven analytics, with performance designed to severely limit false or redundant notifications, and superior data
privacy measures. These innovations, and more, are expected to position RADCam as a next-generation smart solution, potentially rendering
existing offerings from competitors as “legacy” products based on outdated technology.
Previously,
AITX had issued first year revenue guidance for RADCam between $200,000 and $800,000. Based on updated market analysis and increasing
demand, particularly understanding that grassroots marketing combined with targeted ad and promotional spending, the Company is comfortable
increasing projections for first year revenues (November 2024 to October 2025) for RADCam to range between $1 million to $2 million.
This revised forecast includes last month’s recurring monthly revenue (RMR) guidance of $150,000 to $400,000. The revised
projections are based on anticipated sales between 6,000 to 16,000 units and corresponding annual subscriptions to the device’s
software ecosystem.
Steve
Reinharz, CEO/CTO of AITX, commented, “RADCam represents a significant leap forward in the security camera market, offering features
and capabilities that outshine those of legacy competitors. We are excited to bring this innovative product to market and confident in
our ability to capture a substantial share of the market.”
1 Arlo®
is a registered trademark of Arlo Technologies, Inc.
2 Ring®
is a registered trademark of Amazon Technologies, Inc.
3 Nest®
is a registered trademark of Google LLC.
Strategic
Marketing and Beta Testing
To
support this ambitious growth, the Company has developed a comprehensive marketing plan designed to accelerate sales and build market
momentum. An important component of this strategy involves engaging 125 beta testers to refine the product and generate initial customer
feedback, as well as developing legitimate end-user testimonials. These early adopters will play a pivotal role in fine-tuning RADCam’s
feature set and ensuring a seamless user experience upon full launch.
Reinharz
concluded, “RADCam will be the first product released to feature our autonomous intelligent response, aka AIR™, software
platform. The realization of this technical solution, whether at home or securing a small business will be capable of features we could
have only imagined just a few years ago.”
RMR
is money earned from customers who pay for a subscription to a service or product. Most of the Company’s solutions are generally
offered as a recurring monthly subscription, typically with a minimum 12-month subscription contract.
About
Artificial Intelligence Technology Solutions (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. Through its next-generation robotic product offerings, AITX’s RAD, RAD-M, RAD-R, and RAD-G
companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and
economics of patrolling and guard services and allows experienced personnel to focus on more strategic tasks. Customers augment the capabilities
of existing staff 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. To learn
more, visit www.aitx.ai, www.radsecurity.com, www.stevereinharz.com, www.radgroup.ai, www.raddog.ai,
and www.radlightmyway.com, or follow Steve Reinharz on Twitter @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 that the Company will meet its
expectations with respect to its future sales volume, becoming cash flow positive, ARR or RMR. 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.
###
Steve
Reinharz
949-636-7060
@SteveReinharz
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