MultiSensor AI Holdings, Inc. MSAI
We build and deploy integrated condition monitoring and early threat detection solutions that connect multiple sensor types through a unified edge-to-cloud software architecture. Our software platform integrates multiple sensing modalities such as thermal, visual and acoustic, among others. Customers deploy the MSAI Connect platform to continuously monitor critical assets and identify early degradation patterns (such as elevated operating temperatures) across electrical, mechanical, and environmental systems. This allows teams to intervene early and convert potential failures into planned maintenance before downtime, safety incidents, or operational disruption occur.
We are focused on growing our position as a Software as a Service ("SaaS") leader in predictive maintenance. As of December 31, 2025, we had approximately 730 active sensors connected to our software platform, MSAI Connect, as compared to approximately 460 as of December 31, 2024. This represents a 59% increase year over year. We anticipate significant opportunities to drive increased recurring revenues with our solutions.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $5.6M | $7.4M | $5.4M | $7.3M | — | — |
| SG&A | $11.5M | $15.7M | $8.0M | $13.6M | — | — |
| Total operating expenses | $14.4M | $21.4M | $22.9M | — | — | — |
| Operating income | -$12.0M | -$18.9M | -$21.5M | -$12.0M | — | — |
| Interest expense | — | $63.0K | $94.0K | — | — | — |
| Pre-tax income | -$11.7M | -$22.0M | -$22.1M | -$12.1M | — | — |
| Income tax | $32.0K | $465.0K | $208.0K | $1.2M | — | — |
| Net income | -$11.7M | -$21.5M | -$22.3M | -$13.3M | — | — |
| EPS, basic | -0.31 | -1.07 | -3.56 | -2.51 | — | — |
| EPS, diluted | -0.31 | -1.07 | -3.56 | -2.51 | — | — |
| Shares, diluted (wtd. avg.) | 37.3M | 20.1M | 6.3M | 5.3M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $24.4M | $4.4M | $1.2M | $654.0K | $3.4M | $0 |
| Receivables | $1.7M | $838.0K | $2.4M | $1.5M | — | — |
| Inventory | $4.0M | $4.2M | $6.9M | $9.6M | — | — |
| Total current assets | $30.9M | $10.5M | $12.5M | $14.9M | $1.3M | — |
| Property, plant and equipment | $4.1M | $4.0M | $3.1M | $2.4M | — | — |
| Total assets | $35.5M | $15.5M | $16.4M | $17.5M | $118.7M | — |
| Accounts payable | $291.0K | $825.0K | $2.6M | $1.4M | — | — |
| Total current liabilities | $2.6M | $3.0M | $10.8M | $7.0M | — | — |
| Long-term debt | — | — | $8.2M | — | — | — |
| Total liabilities | $3.4M | $3.2M | $16.6M | $25.7M | $200.3K | — |
| Retained earnings | -$66.3M | -$54.6M | -$33.1M | -$10.9M | -$414.0K | — |
| Total equity | $32.0M | $12.3M | -$268.0K | -$8.2M | $4.4M | $0 |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$8.0M | -$15.6M | -$4.6M | -$3.2M | — | — |
| Depreciation and amortisation | $1.3M | $1.1M | $872.0K | $561.0K | — | — |
| Stock-based compensation | $1.7M | $3.4M | $14.1M | $644.0K | — | — |
| Capital expenditure | $1.6M | $2.7M | $1.5M | $1.6M | — | — |
| Investing cash flow | -$1.6M | -$2.7M | -$1.5M | -$1.6M | — | — |
| Financing cash flow | $29.6M | $21.6M | $6.6M | $2.0M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-032148.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | — | — | $7.3M | $5.4M | $7.4M | $5.6M |
| Gross profit | — | — | — | — | — | — |
| Net income | — | — | -$13.3M | -$22.3M | -$21.5M | -$11.7M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Unregistered share sale Item 3.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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