AITX News

AITX stock price had a terrible performance in 2022 as concerns about technology companies continued. Shares of Artificial Intelligence Technology Solutions tumbled to a record low of $0.0057, which was about 62% lower than where it started the year and almost 100% below its all-time high. The firm has a market cap of about $30 million. AITX orders fail to ameliorate the pain AITX, the artificial intelligence company, had a difficult year in 2022. In October, the company bagged multiple orders for 33 security robots for four different clients. Some of those orders came froma RAD dealer that was expanding into the auto sector. The firm also announced other orders from other dealers. In a statement, the firm’s CEO said: “RAD’s dealer network has expanded nicely, the sales funnel is full of great opportunities, the product mix is ideal, and the response to our newest products RIO and ROSA-P has been outstanding.” The most recent results showed that AITX’s subscription revenue rose by 85% on a year-on-year basis. It reached a record high of $228k for the three months to August 31. The company’s gross profit margin rose to 87%. AITX also worked to boost its balance sheet. It received $4 million in share sale proceeds as part of another $10 million fundraising. It also eliminated 955 million warrants to purchase common stock purchases in exchange of $3 million in debt. The borrowing will mature in 2 years at an interest rate of 15%. So, will the AITX stock price recover in 2022? With the shares trading at an all-time low, there are concerns about whether it will rebound in 2023. I suspect that the company will continue seeing more orders during the year. In a statement in December, the firm said that RAD had deployed 280 units and had about 250 units of backorders. It has also received 200 commitments from about 38 companies. Still, the concern for AITX is about profitability and more dilution. I suspect that the company will struggle to become profitable in 2023. AITX stock price forecast The 4H chart shows that the AITX share price has been in a strong bearish trend in the past few months. It managed to move below the important support at $0.0060, the lowest level in October. The shares have plunged below all moving averages while the Relative Strength Index (RSI) is approaching the oversold level. Therefore, the penny stock will likely continue falling as sellers target the next key support level at $0.0045. A move above the resistance point at $0.0060 will invalidate the bearish view.

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