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Artificial Intelligence Technology Solutions Inc (AITX-8.33%). has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing reports total revenue of $1,750,968 for the quarter, an increase from $596,980 in the same quarter the previous year. This growth is attributed to an increase in rental activities.
Gross profit for the quarter was $1,173,830, up from $347,236 in the previous year. The gross profit margin increased to 67% from 58% due to higher-margin rental activities.
Operating expenses for the quarter totaled $3,476,728, up from $2,732,187 in the previous year. The increase is primarily due to higher general and administrative expenses.
The company reported a net loss of $3,703,974 for the quarter, compared to a net loss of $3,966,484 in the previous year. The reduction in net loss is attributed to higher gross profit and lower other expenses.
For the nine months ended November 30, 2024, total revenue was $4,277,951, an increase from $1,368,551 in the previous year. The increase is driven by new deployments of revenue-earning devices.
Gross profit for the nine-month period was $2,860,255, up from $729,743 in the previous year, with a gross profit margin of 67%.
Operating expenses for the nine-month period were $10,610,283, compared to $9,108,923 in the previous year. This increase is mainly due to higher general and administrative expenses.
The company reported a net loss of $11,828,656 for the nine months ended November 30, 2024, compared to a net loss of $13,281,405 in the previous year.
As of November 30, 2024, the company had a cash balance of $84,231 and current liabilities of $41,294,464. Management indicates the need for additional financing to continue operations.
The filing also discusses related party transactions, including deferred compensation for the CEO and research and development fees paid to a company partially owned by a principal shareholder.
Management acknowledges material weaknesses in internal controls over financial reporting, specifically in the control environment and financial statement disclosure.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Artificial Intelligence Technology Solutions Inc quarterly 10-Q report dated January 14, 2025. To report an error, please email earnings@qz.com.