There is absolutely no doubt that the artificial intelligence space has been one of the biggest innovations in the field of tech in the past decade and it is a sector that is eventually going to power a wide range of industries.
Hence, it is perhaps no surprise that investors are now increasingly looking into stocks that are involved in that particular sector. If you are interested in the sector, there are now some options that you could consider and one of the stocks that could possibly be tracked at this point is that of Artificial Intelligence Technology Solutions (OTCMKTS:AITX).
It is one of the significant innovators in the artificial technology space and if you need to have a better idea about the company, it may be a good idea to take a look at some key developments in recent times.
Awaits One Final Signature on Order from Major US Regional Airport
Earlier on in the month on January 21, the company announced that a well-known domestic airport in the United States was all set to use the 2 SCOT security devices that it was going to procure from Robotic Assistance Devices, the fully owned subsidiary company of Artificial Intelligence Technology Solutions. A well-known authorized dealer of Robotic Assistance Devices is going to be involved in completing the transaction.
Reports 315% Jump in Revenue
On January 20, there was another key development that investors ought to be apprised of. On that day, the company reported its financial results for the third fiscal quarter that had ended on November 21, 2021.
The quarter proved to be a strong one for Artificial Intelligence Technology Solutions as revenues soared by as much as $800,000 year on year and reflected a rise of a staggering 315%. In addition to that, the company also noted that it had invested generously in manufacturing, research, and development in order to start shipping the Robotic Assistance Devices 3.0 products.
When you are looking into a company for the purpose of potentially investing in the stock, it is perhaps important to take a closer look at the sort of progress that is being made in terms of sales.
Update on Robotic Assistance Devices Sales Expansion and Activities
Moreover, on January 13, Artificial Intelligence Technology Solutions announced that its fully owned subsidiary company Robotic Assistance Devices had presented an update in relation to its sales activities as well as the expansion of its sales team. It was noted that the company was hiring fresh talent, new dealers and was also looking to boost sales of Robotic Assistance products.
As you can see, the company’s growth engine is intimately linked to the performance of its subsidiary company Robotic Assistance Devices. The fact that the sales team is being expanded is a significantly important piece of news for any potential investor.
It has been a fairly eventful month for Artificial Intelligence Technology Solutions so far and one of the more important developments was the announcement with regards to a collaboration that Robotic Assistance entered into.
Signs Agreement with One of North America’s Leading Communications Companies
On January 10, the company announced that its fully owned subsidiary company entered into a partnership with one of the major telecommunication companies in the North American region. Such a deal can often prove to be a massive boost for the company and hence, it is something that most investors will probably have on their minds when they consider the stock. The identity of the partner was not released at the time but it was noted that revelation was going to be made eventually.
In this context, it may also be a good time for you to remember that back in August last year Artificial Intelligence Technology Solutions had announced that it had inked a strategic relationship agreement with the company Ghost Robotics Corporation.
At the time it was noted that the agreement was going to lead to mutual collaboration and growth for the two companies. The company has been working on such relationships in order to expand its business for quite some time and it may be on the cusp of becoming a major player in the artificial intelligence industry.
Stock Action
AITX stock is trading at $0.019 by Tuesday morning, down over 5%. The stock has jumped 27% over the past month, but down 55% in the past 6-month. Technically, the stock is trading below the 50-Day moving average and 200-Day moving average of $0.0211 and $0.0432 respectively.
