AITX’s RAD Announces Booked January Annual Recurring Revenue Up 476% Year Over Year

January 2024 booked sales are on pace with the approximate 400% increased revenue bookings the Company has enjoyed since the summer of 2023.

In January 2023, the Company booked six units with 12-month contracts, and another six units for pilot projects and dealer demonstration units. The 12-month contracts produced approximately $54,000 in annual recurring revenue.

In contrast, the 26 RAD devices booked in January 2024, all of which are on a minimum 12-month contract, are set to produce approximately $258,000 in annual recurring revenue, when fully deployed.

Among the January orders, three orders totaling 8 units are for existing clients expanding their RAD deployments, demonstrating continued trust and satisfaction in RAD’s solutions. A significant new client in Hawaii has ordered their first 4 ROSA™ units, marking what potentially could be the beginning of an extensive, lucrative relationship. Additionally, 12 units, a combination of ROSA and RIO™ units, are fulfilling the previously announced order for a Midwest grocery chain. The final 2 units, concluding a 12-month negotiation process through one of RAD’s large dealers, further exemplifying the Company’s growing market reach and penetration.

Troy McCanna, Sr. Vice President of Revenue Operations at RAD, commented, “We’re seeing an unprecedented level of orders awaiting final client signature. This reflects not only the growing demand for our solutions, but also the confidence clients are placing in our technology.”

Mark Folmer, CPP, PSP, FSyI, President of RAD, added, “The advancement in discussions for larger-scale rollouts with key customers is moving at an encouraging pace. This is indicative of our growing footprint in the security solutions market and the effectiveness of our offerings.”

Steve Reinharz, CEO of AITX and RAD, stated, “We are committed to making careful investments in sales and R&D while watching revenues grow as we work to control core SG&A expenses. Our primary focus remains on balancing competing needs to achieve positive operational cash flow, a milestone that will mark a significant achievement for the Company.”

This impressive start to CY 2024 represents RAD’s commitment to innovation and customer satisfaction, setting a positive tone for the year ahead and reinforcing the Company’s trajectory towards operational profitability.

ROSA is a multiple award-winning, compact, self-contained, portable, security and communication solution that can be installed and activated in about 15 minutes. ROSA’s AI-driven security analytics include human, firearm, vehicle detection, license plate recognition, responsive digital signage and audio messaging, and complete integration with RAD’s software suite notification and autonomous response library. Two-way communication is optimized for cellular, including live video from ROSA’s high-resolution, full-color, always-on cameras. RAD has published five Case Studies detailing how ROSA has helped eliminate instances of theft, trespassing and loitering at hospital campuses, multi-family communities, car rental locations and construction sites across the country.