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MultiSensor AI Holdings, Inc.
MSAIWCIK 0001863990NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthOptical Instruments & LensesDelawareFY ends Dec 31
Period
FY 2025
Revenue
$5.55M
Net Income
$-11.71M
Total Assets
$35.47M
Equity
$32.03M
Shares Out
80.49M
Op. Cash Flow
$-8.02M
Business
MultiSensor AI Holdings, Inc. builds and deploys intelligent multi-sensing platforms that integrate edge and cloud software with AI to monitor and analyze industrial assets. It offers high-resolution thermal, visible and acoustic imagers, vibration sensors, laser spectroscopy sensors, handheld and fixed-mount devices, UAV/UGV payloads, and its MSAI Edge (on-premise) and MSAI Connect (cloud) software. The business is organized around integrated hardware and software solutions serving continuous condition monitoring, predictive maintenance and safety use cases. Sales are conducted globally via direct sales and a network of channel partners, with cloud services hosted on AWS.
Summary from filing dated 2025-03-28
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Revenue, net | 6 | 7 | — | — | |
| Cost of goods sold (exclusive of depreciation) | 3 | 3 | 2 | 5 | |
| Inventory impairment | 511,000 | 2 | 2 | — | |
| Selling, general and administrative | 11 | 16 | 8 | 14 | |
| Share-based compensation expense | 2 | 3 | 14 | — | |
| Depreciation | 1 | 1 | 872,000 | 561,000 | |
| Loss (gain) on asset disposal | −33,000 | 322,000 | −56,000 | — | |
| Other loss | 0 | 930,000 | — | — | |
| Total operating expenses | 14 | 21 | 23 | — | |
| Operating loss | −12 | −19 | −21 | −12 | |
| Interest expense (income), net | −77,000 | 63,000 | — | — | |
| Change in fair value of convertible notes | 0 | 475,000 | −970,000 | — | |
| Change in fair value of warrants liabilities | 0 | −39,000 | −195,000 | — | |
| Loss on financing transaction | 0 | 2 | 4 | — | |
| Other expense (income), net | −189,000 | 1 | 12,000 | −48,000 | |
| Total income (or loss) before income tax expense (or benefit) | −12 | −22 | −22 | −12 | |
| Income tax expense (benefit) | −32,000 | −465,000 | 208,000 | 1 | |
| Net loss | −12 | −21 | −22 | −13 | |
| Basic (in shares) | 37 | 20 | 6 | 5 | |
| Diluted (in shares) | 37 | 20 | 6 | 5 | |
| Basic (in dollars per shares) | −0.31 | −1.07 | −3.56 | −2.51 | |
| Diluted (in dollars per shares) | −0.31 | −1.07 | −3.56 | −2.51 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 24 | 4 | 1 | 654,000 | 931,271 | |
| Trade accounts receivable, net of allowance for credit losses of $17 and $35, respectively | 2 | 838,000 | 2 | 2 | — | |
| Inventories, current | 4 | 4 | 7 | 10 | — | |
| Other current assets | 826,000 | 1 | 2 | 3 | — | |
| Total current assets | 31 | 11 | 13 | 15 | 1 | |
| Property, plant and equipment, net | 4 | 4 | 3 | 2 | — | |
| Right-of-use assets, net | 0 | 134,000 | 129,000 | 103,000 | — | |
| Inventories, noncurrent | 379,000 | 865,000 | 643,000 | — | — | |
| Other noncurrent assets | 129,000 | 0 | 3,000 | 3,000 | — | |
| Total assets | 35 | 15 | 16 | 17 | 119 | |
| Accounts payable | 291,000 | 825,000 | 3 | 1 | — | |
| Income taxes payable | 0 | 59,000 | 991,000 | 511,000 | — | |
| Accrued expense | 981,000 | 1 | 4 | 3 | — | |
| Contract liabilities | 1 | 483,000 | 2 | 287,000 | — | |
| Legacy SMAP promissory notes | 0 | 172,000 | — | — | — | |
| Right-of-use liabilities, current | 0 | 138,000 | 138,000 | — | — | |
| Other current liabilities | 121,000 | 245,000 | 114,000 | 224,000 | — | |
| Total current liabilities | 3 | 3 | 11 | 7 | — | |
| Contract liabilities, noncurrent | 751,000 | 83,000 | 121,000 | 10,000 | — | |
| Warrants | 10,000 | 10,000 | 49,000 | — | — | |
| Deferred tax liabilities, net | 33,000 | 80,000 | 18,000 | 90,000 | — | |
| Total liabilities | 3 | 3 | 17 | 26 | 200,274 | |
| Commitments and contingencies (Note 14) | — | — | — | — | — | |
| Common stock, $0.0001 par value; 300,000,000 shares authorized as of December 31, 2025 and December 31, 2024, and 80,304,531 and 30,526,052 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 8,000 | 3,000 | 1,000 | 356 | 356 | |
| Additional paid-in capital | 98 | 67 | 33 | 3 | 2 | |
| Accumulated deficit | −66 | −55 | −33 | −11 | −413,954 | |
| Total shareholders' equity | 32 | 12 | −268,000 | −8 | 1 | |
| Total liabilities and shareholders' equity | 35 | 15 | 16 | 17 | 119 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Net loss | −12 | −21 | −22 | 36,861 | |
| Inventory impairment | 511,000 | 2 | 2 | 0 | |
| Non-cash lease activity | 134,000 | 154,000 | −26,000 | 102,000 | |
| Bad debt expenses (recoveries) | 15,000 | 41,000 | 194,000 | 158,000 | |
| Deferred income tax (income) expense | −47,000 | 62,000 | −72,000 | 1 | |
| Share-based compensation | 2 | 3 | 14 | 644,000 | |
| Change in fair value of warrants liabilities | 0 | −39,000 | — | — | |
| Other income (expense), net | 0 | 1 | — | — | |
| Trade accounts receivable | −847,000 | 2 | −928,000 | −211,000 | |
| Inventories | 135,000 | 256,000 | 372,000 | 284,000 | |
| Other current assets | 264,000 | 68,000 | 1 | 1 | |
| Other noncurrent assets | −129,000 | 3,000 | — | −1,000 | |
| Trade accounts payable | −263,000 | −1 | −14,000 | 461,000 | |
| Income taxes payable | −59,000 | −932,000 | 480,000 | 511,000 | |
| Contract liabilities | 772,000 | −1 | 2 | 212,000 | |
| Other current liabilities | −124,000 | 131,000 | −110,000 | −14,000 | |
| Right of use liabilities | −138,000 | −159,000 | −163,000 | −105,000 | |
| Accrued expenses | −130,000 | −3 | −3 | 2 | |
| Contract liabilities, noncurrent | 668,000 | −38,000 | 111,000 | — | |
| Net cash provided by (used in) operating activities | −8 | −16 | −5 | −3 | |
| Capital expenditures | −2 | −3 | −2 | −2 | |
| Proceeds from sale of equipment | 24,000 | 0 | 30,000 | — | |
| Net cash provided by (used in) investing activities | −2 | −3 | −2 | −2 | |
| Proceeds from issuances of common stock and Pre-funded warrants | 31 | 23 | — | — | |
| Tax payments associated with equity-based compensation transactions | −1 | 0 | — | — | |
| Repayments of lines of credit | 0 | −622,000 | −925,000 | — | |
| Net cash provided by (used in) financing activities | 30 | 22 | 7 | 2 | |
| Net increase/(decrease) in cash, cash equivalents, and restricted cash equivalents | 20 | 3 | 501,000 | −3 | |
| Interest paid | 0 | 63,000 | 52,000 | 29,000 | |
| Income tax paid, net of refunds received | 73,000 | 2 | 6,000 | 33,000 | |
| Settlement of vendor liability with share issuance | 36,000 | 0 | — | — | |
| Sale of equipment | 11,000 | 0 | — | — | |
| Conversion of convertible notes | 0 | 6 | 2 | — | |
| Conversion of Legacy SMAP promissory loan into common stock | 0 | 200,000 | — | — | |
| Shares issued for Equity Line of Credit commitment fee | 0 | 500,000 | 1 | — | |
| Inducement shares from Financing Transaction | 0 | 1 | 5 | — |
Filings
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