Artificial Intelligence Technology Solutions, Inc. (AITX) announced its financial results for the second quarter of fiscal year 2025, which ended on August 31, 2024, on October 16, 2024. The company reported a total revenue of $1,344,183, marking an impressive 348% increase compared to $386,363 for the same period in 2023.
Gross profit for Q2 FY2025 reached $559,218, a 301% increase over the $139,437 reported in the prior-year quarter, with the gross profit margin standing at 41% of revenue. This growth is primarily driven by a substantial increase in monthly recurring rental revenue, reflecting improved operational efficiency.
AITX's market capitalization increased by 43% over Q2 FY2024, reaching approximately $26.3 million, indicating rising investor confidence. The company also recorded its largest order intake during the quarter, with 172 units ordered on September 3, 2024, projected to generate $212,000 in recurring monthly revenue upon full deployment.
CEO Steve Reinharz highlighted the growing demand for AITX's AI-driven solutions and the company's aggressive target to achieve $1 million in contracted and deployed recurring monthly revenue (RMR) by February 28, 2025, the end of its fiscal year. Deliveries of RADCam are expected to begin in December, further boosting year-end numbers.
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