Artificial Intelligence Technology Solutions Inc. (AITX) reported significant financial growth in its latest 10-K filing for the fiscal year ending February 28, 2025. The company achieved total revenues of $6.13 million, marking a 175% increase from $2.23 million in the previous fiscal year. This growth was primarily driven by a 211% rise in device rental activities, which generated $5.05 million, and an 80% increase in direct sales of goods and services, totaling $1.08 million. Despite this revenue surge, AITX reported a net loss of $18.94 million, a slight improvement from the $20.71 million loss recorded in the prior year.
The company’s gross profit also saw a substantial increase, rising to $3.74 million from $565,817, resulting in a gross profit margin of 61%, up from 25% the previous year. This improvement was attributed to a higher proportion of rental activities in the product mix and a reduction in inventory provisions for discontinued products. However, operating expenses increased by 22% to $17.69 million, driven by higher general and administrative costs, including stock-based compensation and increased staffing.
Strategically, AITX has focused on expanding its product offerings and customer base, with nearly 1,000 devices deployed across various sectors, including healthcare, logistics, and retail. The company has also made strides in enhancing its technology, particularly through its Agentic AI platform, SARA, which powers its autonomous security solutions. AITX's workforce has grown to 116 employees, reflecting its commitment to scaling operations and improving service delivery.
Looking ahead, AITX management expressed optimism about future growth, citing plans to raise additional capital and expand its market presence. The company has entered into an equity financing agreement to raise up to $30 million, which it believes will support ongoing operations and product development. However, the filing also highlighted concerns regarding the company's ability to maintain positive cash flow and meet its financial obligations, emphasizing the need for continued revenue growth and effective cost management to achieve profitability.
About Artificial Intelligence Technology Solutions Inc.
About 10-K Filings
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