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MSAIW

MultiSensor AI Holdings, Inc.

MSAIW

MultiSensor AI Holdings, Inc. • NASDAQ
$0.12 ▲ 24.03% (+0.02)
Market Cap $4.09 M
52w High $0.13
52w Low $0.11
Dividend Yield 0%
P/E 0
Volume 22.94K
Outstanding Shares 32.72M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.574M ▲ $2.369M ▼ $-1.677M ▲ -106.544% ▲ $-0.05 ▲ $-1.346M ▲
Q2-2025 $1.419M ▲ $3.653M ▼ $-3.322M ▲ -234.109% ▲ $-0.099 ▲ $-2.997M ▲
Q1-2025 $1.17M ▼ $5.311M ▲ $-4.436M ▼ -379.145% ▼ $-0.14 ▼ $-4.148M ▼
Q4-2024 $1.4M ▼ $3.852M ▼ $-2.985M ▲ -213.214% ▲ $-0.098 ▲ $-2.837M ▲
Q3-2024 $1.602M $9.744M $-8.195M -511.548% $-0.6 $-8.283M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.164M ▼ $11.871M ▼ $3.592M ▼ $8.279M ▼
Q2-2025 $3.192M ▼ $14.629M ▼ $4.878M ▲ $9.751M ▼
Q1-2025 $4.747M ▲ $16.416M ▲ $3.5M ▲ $12.916M ▲
Q4-2024 $4.358M ▼ $15.478M ▼ $3.19M ▼ $12.288M ▼
Q3-2024 $8.633M $18.892M $3.279M $15.613M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.677M ▲ $-1.803M ▼ $-339K ▲ $-36K ▲ $-2.178M ▼ $-2.142M ▼
Q2-2025 $-3.322M ▲ $-804K ▲ $-485K ▼ $-266K ▼ $-1.555M ▼ $-1.298M ▲
Q1-2025 $-4.436M ▼ $-3.176M ▼ $-420K ▲ $3.985M ▲ $389K ▲ $-3.611M ▲
Q4-2024 $-2.985M ▲ $-3.057M ▲ $-1.067M ▼ $-1K ▼ $-4.125M ▼ $-4.124M ▲
Q3-2024 $-8.195M $-12.699M $-488K $21.586M $8.399M $-13.187M

Revenue by Products

Product Q3-2024Q4-2024Q2-2025Q3-2025
Ancillary Services
Ancillary Services
 $0 ▲$0 ▲$0 ▲$0 ▲
Product
Product
 $0 ▲$0 ▲$0 ▲$0 ▲
Technology Service
Technology Service
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement MultiSensor AI is still at a very early commercial stage. Revenue is tiny and has been flat to down over the past few years, while operating losses have become more pronounced. This suggests the business is still in “build and invest” mode rather than in a mature, scaling phase. Profitability that briefly showed up earlier has given way to consistent net losses, which is typical for a young technology platform but also means the business depends on future growth to justify its spending. Overall, the income statement points to a company with a promising technology story but not yet a proven, repeatable revenue engine.

Balance Sheet

Balance Sheet The balance sheet is very small and quite thin. Total assets are modest, reported cash is essentially negligible, and debt has been reduced but is still a consideration relative to the company’s size. Equity has recently turned slightly positive after a period of negative equity, which hints at some balance sheet repair or fresh capital. However, the financial cushion remains limited, leaving the company more exposed to bumps in its operating performance and funding environment than a larger, better-capitalized peer would be.

Cash Flow

Cash Flow Cash generation is currently a weakness. Operating cash flow has turned clearly negative, and free cash flow is also negative, with effectively no meaningful investment in physical assets. This pattern indicates that cash is being used mostly to fund ongoing operations and growth efforts, not yet producing self-sustaining cash inflows. With little cash on hand, the company’s ability to continue investing at the current pace likely depends on access to external financing or improved revenue traction. In short, the technology roadmap is being funded by cash burn rather than by internal profits at this stage.

Competitive Edge

Competitive Edge Competitively, MultiSensor AI sits in an attractive but crowded niche: AI-driven predictive maintenance and industrial monitoring. Its strengths include an end-to-end solution that combines sensors, AI software, and inspection services, plus long-standing expertise in thermography. The sensor-agnostic MSAI Connect platform and integration into maintenance and asset-management systems can reduce friction for customers and make switching costs higher once embedded. Case studies showing meaningful downtime and cost reductions help validate the value proposition. On the other hand, the company is small and competes against large industrial and software players with deeper pockets, extensive sales channels, and established customer relationships. The key question is whether MultiSensor AI can scale its specialized offering fast enough to secure a durable foothold before bigger competitors close the gap.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of the story. The company’s multi-sensor fusion approach, enhanced AI analytics, and recent MSAI Connect 2.0 release show an emphasis on smarter, more automated predictive maintenance rather than simple monitoring. Features like disturbance detection, automated work orders, and support for third-party sensors help turn raw data into practical, day-to-day maintenance actions. The "CBM Superstore" adds a digital sales channel and positions the company as a one-stop marketplace for condition-based monitoring tools, not just a single-product vendor. Partnerships in Europe and with sensor makers broaden both technology and market reach. The flip side is that continued leadership will likely require ongoing, meaningful R&D spending, particularly in AI models, integration with more sensors, and deeper workflow automation—efforts that consume cash before they translate into stable revenue.

Summary

Overall, MultiSensor AI looks like a classic early-stage industrial AI platform: strong on technical vision, differentiated by multi-sensor capabilities and AI-driven insights, but still very small and loss-making financially. The income statement and cash flow profile indicate an investment-heavy phase with limited current revenue and ongoing cash burn, supported by a thin balance sheet. Strategically, its integrated hardware–software–services model, sensor-agnostic platform, and validated customer case studies give it a credible position in the growing predictive maintenance market. Key things to watch going forward are: clear evidence of recurring software revenue growth, improvement in cash burn and balance sheet strength, traction of the CBM Superstore as a scalable channel, and the company’s ability to defend its niche as larger industrial and software players intensify their focus on AI-driven asset monitoring. The opportunity is meaningful, but so are the execution and funding risks.