AITX reports Q1 gross profit $293,697 (+221% YoY), margin 76%, plans $30M equity raise

Artificial Intelligence Technology Solutions Inc.

Gross profit $293,697 vs $91,433 in Q1 FY2023; gross margin up to 76% from 24%.
Operating expenses $3.24M, down 10% YoY; stock-based comp and wages reduced.
Plans to raise up to $30M via share issuance over next year for growth and debt reduction.
Orders for 29 ROSA units and 6 AVA access control solutions; added 6 dealers.
Won contract with HPS GPO covering 4,300+ members in 33 states; deployments at hospital and Fox TV show.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Artificial Intelligence Technology Solutions Inc. reported financial results for Q1 FY 2024 (three months ended May 31, 2023).

Period: Q1 FY 2024 (three months ended May 31, 2023)
Result: reported results

Exact text from the filing

today reported a gross profit of $293,697, representing a significant increase compared to the same quarter last year (Q1 FY 2023), which recorded a gross profit of $91,433. This demonstrates a year-over-year (YoY) growth of approximately 221%. AITX is a ‘fully reporting SEC company that files detailed annual and quarterly reports with the SEC. The Company’s first quarter of FY 2024 began March 1, 2023, and ended May 31, 2023.

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Source: SEC EDGAR

accession 0001493152-23-024775

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