MultiSensor AI Holdings, Inc. Segments Disclosure
Note 18 — Segments and geographical information
The Company has one and operating segment, the manufacturing and distributing of sensor-based systems, software, and services. The Company holds 99% of its assets within the United States. The Company derives revenue primarily in North America and manages the business activities on a consolidated basis. The following table summarizes revenue based upon the customers’ country of origin:
2024 |
| 2023 | ||||
United States | $ | 5,825 | 4,361 | |||
International |
| 1,577 |
| 1,069 | ||
Total revenue, net | $ | 7,402 | 5,430 | |||
The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer. The CODM uses consolidated net income to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the segment or
into other parts of the entity, such as for acquisitions. Net income is used to monitor budget versus actual results and to perform competitive analysis through benchmarking to competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation.
The table below summarizes the significant expense categories regularly reviewed by the CODM for the years ended December 31, 2024, and 2023:
Year Ended December 31, | ||||||
| 2024 |
| 2023 | |||
Revenue, net | $ | 7,402 |
| 5,430 | ||
Cost of goods sold (exclusive of depreciation) |
| 2,582 |
| 2,297 | ||
Inventory Impairment |
| 2,272 |
| 1,689 | ||
Operating expenses: |
|
|
|
| ||
Selling, general and administrative |
| 15,655 | 8,044 | |||
Payroll Expenses (including bonus) |
| 6,563 |
| 3,913 | ||
Professional Fees |
| 6,160 |
| 1,702 | ||
Other selling, general and administrative |
| 2,932 |
| 2,429 | ||
Other operating expenses |
| 5,774 |
| 14,877 | ||
Non-operating (income) expenses, net |
| 3,079 |
| 583 | ||
Provision for income taxes |
| (465) |
| 208 | ||
Net loss |
| (21,495) |
| (22,268) | ||
See the consolidated financial statements for other financial information regarding the Company’s operating segment.
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About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.