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.
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