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Artificial Intelligence Technology Solutions Inc. Reports Net Loss of $4.76 Million for the Quarter Ended August 31, 2023
Quarterly Revenue of $386.4 Million
Artificial Intelligence Technology Solutions Inc. [AITX] (AIT) announced its financial results for the quarter ended August 31, 2023. The company reported a net loss of $4.76 million for the quarter, compared to a net loss of $4.17 million in the same period last year. Quarterly revenue came in at $386.4 million, showing a strong growth compared to the previous year.
AIT's financial performance for the quarter reflected a gross profit of $297.3 million, a significant improvement from the $233.3 million in the prior year quarter. The company incurred operating expenses of $3.34 million, which included research and development expenses of $794.5 million and general and administrative expenses of $2.29 million. The increase in operating expenses was primarily due to continued investments in R&D.