Artificial Intelligence Technology Solutions Inc (OTC:AITX) Stock Jumps After Disclosing Spending Priorities and Strategic Investments
In recent times, investors have been highly positive about the prospects of artificial intelligence, and a company from the sector which may be worth checking out this morning is Artificial Intelligence Technology Solutions Inc (OTC:AITX). This past Friday, the company was in sharp focus after it provided a key update with regards to its strategies.
The Update
In the news release, the company noted that it continued to work on its pathway to becoming cash flow positive this year and in controlling its SG&A expenses at the same time. The lowering of those expenses will allow Artificial Intelligence Technology Solutions to turn cash flow positive while remaining at the forefront of innovation in the AI powered security and productivity solutions space.
Further Information
In order to affirm its growth strategy, the company revealed that it had also filed a 14C Information Statement with regards to raising its authorized share count to 20 billion from 15 billion. Artificial Intelligence Technology Solutions went on to announce that the move had been made with the aim of having financial flexibility so that the operations could be scaled up appropriately. It remains to be seen if the stock can get any traction today.
CEO Comment
“The demand for our solutions has never been higher, and we are making the necessary investments to capture this moment,” said Steve Reinharz, CEO/CTO of AITX. “Expanding our inventories, production capabilities, accelerating product development, and strengthening our market presence are all critical to our long-term success. We are in the midst of a land grab for the future of AI-driven security, and AITX is determined to lead.”
Fundamentals
| P/E Ratio | -1.3500 |
| PEG Ratio | – |
| Price to Book | -0.72 |
| Price to Cash Flow | – |
| Price to Free Cash Flow | – |
| Total Sales (TTM) | 5.14 M |
| Revenue per Share (TTM) | 0.00 |
| Shares Outstanding | 13.309 B |
| Share Float (%) | 13,308.60 M (100.00%) |
| % Held by Institutions | 0.00 |
