AITX reports 2.7x growth in recurring revenue, extends $10.8M debt maturity

Artificial Intelligence Technology Solutions Inc.

RMR for Q3 FY24 reached $416,062, up 2.7x from $154,628 in Q3 FY23.
SG&A expenses decreased 9% to $9.04M for nine months ended Nov 30, 2023 vs $9.93M prior year.
Extended maturity of ~$10.8M debt by two years; reclassified to long-term with no additional compensation.
Management plans to add two salespeople to accelerate sales growth.
No full income statement disclosed; net income or EPS not provided in this release.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Artificial Intelligence Technology Solutions Inc. reported financial results for the three months ended November 30, 2023.

Period: the three months ended November 30, 2023
Result: reported results

Exact text from the filing

On January 17, 2024, we will be issuing a press release titled "AITX Announces Strong Financial Growth with 2.7x Increase in Recurring Revenue, SG&A Expense Reduction and Debt Extensions in Latest 10-Q Filing", which press release is attached hereto as Exhibit 99.1.

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Source: SEC EDGAR

accession 0001493152-24-002555

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