AITX - AITX to hit 'operational profitability' by August 2024
2024-03-14 13:23:37 ET
Artificial Intelligence Technology Solutions Inc (OTCMKTS: AITX) says it will achieve “operational profitability” by August of 2024. The AI stock is still in the red at writing.
AITX is revenue is growing fast
AITX drove that confidence from “sustained momentum” in its growth trajectory.
The Michigan-based company has billed more than $349,000 this month (to date) versus $61,790 only in March of 2023.
Artificial Intelligence Technology Solutions no longer relies that much on “additional funding to sustain operations” either, as per its CEO Steve Reinharz who also heads Robotic Assistance Devices Inc (RAD) – a wholly owned subsidiary of the AI company.
AITX shares are currently going for 2.5 cents only on the over-the-counter markets.
is using capital effectively
AITX has increased the number of authorised shares by only 67% in the trailing twelve months which demonstrates “effective use of capital”, as per its press release today.
Eliminating the need for external funding and making operations self-sufficient “would be a significant milestone” for Artificial Intelligence Technology Solutions – added CEO Reinharz on Thursday.
He also confirmed that the AI firm is on track to deploying more than “$500K of recurring monthly revenue” before May of 2024.
The news arrives only a day after “RAD” expanded its footprint in oil and gas industry as it received the first order for its recently announced access control device.
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