Mon, Jul 15, 8:03 PM (54 days ago)
Artificial Intelligence Technology Solutions Inc. (AITX) reported a net loss of $4.19 million for the quarter ended May 31, 2024, a slight improvement from the $4.56 million loss in the same period in 2023. Revenue increased significantly by 207% to $1.18 million, driven primarily by a 312% rise in device rental activities. Despite this revenue growth, the company continues to face substantial financial challenges, including a negative working capital of $25.66 million and current liabilities of $28.75 million. Operating expenses rose by 12% to $3.72 million, largely due to higher general and administrative costs. Cash flow from operations was negative $3.05 million, and the company raised $3.15 million through financing activities. Management highlighted concerns over the company's ability to continue as a going concern, citing the need for additional capital and proactive expense management.