Here’s why the AITX stock price is soaring

Artificial Intelligence Technology Solutions (AITX) stock price jumped by over 13% on Tuesday after the company received a repeat order. The shares jumped to a high of $0.0040, over 100% above the lowest point in December. This rebound gives it a market cap of over $24 million.

AITX stock chart

In a statement, the company said that it had received an order for 6 ROSA security robots from an American bank with over $100 billion in assets and 800 branches. This order came after the company carried out a pilot program to protect its key assets. The bank is still considering placing more orders from AITX. In a statement, Steve Reinharz, the CEO of AITX said:

AITX hopes that its Robotic Assistance Devices subsidiary will become a major player in the security industry. Precisely, it hopes to partner with more banks to secure key assets like ATMs, which have become vulnerable in the past few years. It now has a prospective of 35 Fortune 500 customers.

AITX stock price has also jumped after some positive reports from the company recently. Last week, it said that it expects to grow its annual recurring revenue by 2x to 4x this year. Two weeks before that, it announced that its ARR had jumped to over $5 million.

The most recent financial results showed that its order intake in the third quarter jumped to $151k as the company booked 144 devices on order, a 435% increase.