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.
The quarterly revenue of $386.4 million represented a substantial growth compared to the same period last year, driven by strong demand for AIT's products and services. The company demonstrated its ability to capture market share and deliver innovative solutions to its customers. AIT's focus on research and development has enabled them to introduce cutting-edge technologies, positioning them as a leader in the industry.
AIT maintained a strong financial position during the quarter, with total assets of $7.47 million and total liabilities of $41.42 million. The company continued to invest in its growth initiatives, including the acquisition of fixed assets and the development of new technologies. AIT also secured financing through share proceeds and loans payable, providing the necessary capital to fund its operations and strategic objectives.
AIT reported a net loss per share of $0.00 for the quarter on a basic and diluted basis. The weighted average common shares outstanding for the quarter were 6.57 billion. The company's management remains focused on improving profitability and generating positive earnings in the future.
Looking ahead, AIT expects to continue its growth trajectory fueled by the increasing demand for artificial intelligence technologies. The company remains committed to investing in research and development, expanding its product portfolio, and pursuing strategic partnerships to drive its long-term success. AIT is well-positioned to capitalize on the opportunities presented by the growing market for AI solutions.
In conclusion, Artificial Intelligence Technology Solutions Inc. reported a net loss of $4.76 million for the quarter ended August 31, 2023, reflecting strong revenue growth and continued investments in research and development. Despite the loss, the company remains financially stable with a solid balance sheet and a focus on driving profitability in the future. AIT's market leadership and commitment to innovation position them well for future success.