Artificial Intelligence Technology Solutions Inc. Reports Net Loss of $18.1 Million for the Year Ended February 28, 2023

Artificial Intelligence Technology Solutions Inc. (AITX ), a leading provider of AI technology solutions, has relea sed its consolidated financial statements for the year ended February 28, 2023. The company reported a net loss of $18.1 million for the fiscal year, reflecting the challenges faced in the competitive AI market. Despite the loss, AITX generated $1.3 million in revenue, demonstrating its ability to secure contracts and deliver innovative solutions to its clients.

Net Loss of $18.1 Million

AITX's financial statements revealed a net loss of $18.1 million for the year ended February 28, 2023. The loss can be attributed to various factors, including increased operating expenses, research and development costs, and the amortization of debt discounts. The company's commitment to investing in research and development is evident, with expenses in this area reaching $3.6 million for the fiscal year.

Revenue of $1.3 Million