Artificial Intelligence Technology Solutions Inc. reported first-quarter 2026 results with revenue of $1.83M and a net loss that widened year-over-year; diluted EPS was $(0.02) for the quarter.
Financial Highlights
- Revenue: $1.83M for Q1 2026, down from $1.85M in the year-ago quarter ((1.3%)).
- Net income: Net loss of $(5.72M) for Q1 2026, versus net loss of $(4.59M) in the year-ago quarter (widened loss YoY).
- Diluted EPS: $(0.02) for Q1 2026, compared with $(0.03) in the year-ago quarter.
Business Highlights
- Total revenue slipped about 1% year-over-year to $1.83M, primarily due to lost volume from a major customer offset by new client wins.
- Customer concentration improved: largest customer contribution fell from 48% to 21%, and the top-two customers now represent 36% versus 65% in the prior quarter.
- Device rentals remain the core of sales, accounting for roughly 88% of revenue; the company plans a capital-intensive, gradual rollout of new mobile products and software beginning in Q2.
- Operating expenses declined about 12% year-over-year driven by lower R&D and G&A spending, while subcontractor costs rose to support delivery requirements.
- Management expects revenue growth from the new product and software rollouts over time as the mobile strategy scales.
Original SEC Filing:
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