Artificial Intelligence Technology Solutions, Inc. (AITX) announced on September 26, 2024, that its subsidiary Robotic Assistance Devices, Inc. (RAD) received an expansion order for 32 RIO 360 solar-powered security towers from an existing client. The identity of the client and other financial specifics remain confidential due to non-disclosure agreements.
This 32-unit order represents more than 50% of the total annual revenue initially projected for this client. AITX had previously announced on August 14, 2024, that it anticipated annual recurring revenue (ARR) from this client to exceed $1 million.
The recurring monthly revenue (RMR) model, where RAD's solutions are typically offered with a minimum 12-month subscription contract, ensures a stable and predictable revenue stream for the company. This expansion order underscores the growing confidence of major clients in RAD's AI-driven security solutions and their ability to deliver value.
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