MSAI

MKT CAP:$5M

MultiSensor AI Holdings, Inc.

Market Cap

$5M

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$6.16+$5.85 (+1893.53%)

Apr 22, 2026

Company Details

MultiSensor AI Holdings, Inc. manufactures and distributes multi-sensor systems for thermographic and other use in various industrial applications in the United States and internationally. The company offers sensor devices ranging from smal...

CEO

Asim Akram

IPO Date

Nov 16, 2021

Website

www.multisensorai.com

Key Metrics TTM

Revenue

$6M

-25.0% YoY

Net Income

-$12M

EPS (Diluted)

-$0.32

Free Cash Flow

-$10M

Revenue / Share

$0.15

Gross Margin

19.9%

Operating Margin

-217.0%

Net Margin

-211.0%

FCF Margin

-173.9%

P/S

0.9x

P/E

—

Earnings Reports

Q1 2026

May 12, 2026

PENDING

FY 2025

Mar 19, 2026

$6M-25.0%EPS -$0.31

Q4 2025

Mar 19, 2026

$1M-0.9%EPS -$0.03

Q3 2025

Nov 13, 2025

$2M-1.7%EPS -$0.05

Q2 2025

Aug 13, 2025

$1M-33.2%EPS -$0.10

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$1M	$353.0K	-$3M
Q2 22	$0	$0	-$314.4K
Q3 22	$0	$0	-$254.0K
Q4 22	$2M	$204.0K	-$5M
Q1 23	$980.0K	$515.0K	-$3M
Q2 23	$1M	-$608.0K	-$3M
Q3 23	$1M	$1M	-$2M
Q4 23	$2M	$490.0K	-$13M
Q1 24	$2M	$1M	-$3M
Q2 24	$2M	$2M	-$5M
Q3 24	$2M	$1M	-$9M
Q4 24	$1M	$1M	-$3M
Q1 25	$1M	$694.0K	-$5M
Q2 25	$1M	$335.0K	-$3M
Q3 25	$2M	$666.0K	-$2M
Q4 25	$1M	-$592.0K	-$2M

Valuation

Quarter	P/S	P/E
Q1 22	129.9x	—
Q2 22	130.8x	—
Q3 22	131.5x	—
Q4 22	38.6x	—
Q1 23	41.4x	—
Q2 23	28.8x	—
Q3 23	16.5x	—
Q4 23	7.7x	—
Q1 24	4.6x	—
Q2 24	3.0x	—
Q3 24	8.7x	—
Q4 24	7.8x	—
Q1 25	4.8x	—
Q2 25	3.5x	—
Q3 25	3.9x	—
Q4 25	2.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$720.7K	-$720.7K
Q2 22	$0	$0
Q3 22	-$186.7K	-$186.7K
Q4 22	-$300.0K	-$502.0K
Q1 23	-$418.0K	-$955.0K
Q2 23	$120.0K	-$346.0K
Q3 23	-$1M	-$2M
Q4 23	-$3M	-$3M
Q1 24	$492.0K	-$79.0K
Q2 24	-$303.0K	-$844.0K
Q3 24	-$13M	-$13M
Q4 24	-$3M	-$4M
Q1 25	-$3M	-$4M
Q2 25	-$804.0K	-$1M
Q3 25	-$2M	-$2M
Q4 25	-$2M	-$3M

Capital Expenditures

Quarter	CapEx
Q4 21	$3
Q2 22	$0
Q3 22	$0
Q4 22	$202.0K
Q1 23	$537.0K
Q2 23	$466.0K
Q3 23	$423.0K
Q4 23	$116.0K
Q1 24	$571.0K
Q2 24	$541.0K
Q3 24	$488.0K
Q4 24	$1M
Q1 25	$435.0K
Q2 25	$494.0K
Q3 25	$339.0K
Q4 25	$363.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	—	+76022.8%
Q3 22	—	+846413.3%
Q4 22	—	+1492.2%
Q1 23	-14.6%	+5.8%
Q2 23	—	+1330.7%
Q3 23	—	+1321.9%
Q4 23	-20.1%	+117.5%
Q1 24	+132.1%	+16.5%
Q2 24	+58.9%	+55.0%
Q3 24	+6.9%	+184.6%
Q4 24	-13.3%	-71.5%
Q1 25	-48.6%	+19.6%
Q2 25	-33.2%	-32.1%
Q3 25	-1.7%	-68.1%
Q4 25	-0.9%	-9.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	—
Q2 22	$0	—
Q3 22	$0	—
Q4 22	$122.0K	6.0%
Q1 23	$87.0K	8.9%
Q2 23	$86.0K	6.4%
Q3 23	$89.0K	5.9%
Q4 23	$14M	855.0%
Q1 24	$0	0.0%
Q2 24	$3M	156.5%
Q3 24	$29.0K	1.8%
Q4 24	$27.0K	1.9%
Q1 25	$907.0K	77.5%
Q2 25	$423.0K	29.8%
Q3 25	$205.0K	13.0%
Q4 25	$130.0K	9.4%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 22	—	$3M	—
Q2 22	—	—	$314.4K
Q3 22	—	—	$254.0K
Q4 22	—	—	$5M
Q1 23	—	$4M	—
Q2 23	$2M	—	—
Q3 23	$3M	—	—
Q4 23	—	—	$13M
Q1 24	$3M	—	—
Q2 24	$6M	—	—
Q3 24	$6M	—	—
Q4 24	$4M	—	—
Q1 25	$5M	—	—
Q2 25	$3M	—	—
Q3 25	—	—	$2M
Q4 25	$2M	—	—

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	—	-233.1%	—
Q2 22	—	—	—
Q3 22	—	—	—
Q4 22	—	-220.2%	—
Q1 23	-14.6%	-274.7%	-289.3
Q2 23	—	-29.4%	—
Q3 23	—	-108.3%	—
Q4 23	-20.1%	-1015.2%	-1035.3
Q1 24	132.1%	-158.9%	-26.7
Q2 24	58.9%	-283.4%	-224.5
Q3 24	6.9%	-517.0%	-510.2
Q4 24	-13.3%	-202.6%	-215.9
Q1 25	-48.6%	-354.5%	-403.1
Q2 25	-33.2%	-211.2%	-244.4
Q3 25	-1.7%	-85.5%	-87.3
Q4 25	-0.9%	-162.4%	-163.2

Rule of 40

Revenue Segments

Quarter	Ancillary Services	Product	Technology Service
Q2 24	$46.0K	$2M	$356.0K
Q3 24	$238.0K	$1M	$287.0K
Q2 25	$145.0K	$874.0K	$400.0K

Revenue by Geography

Quarter	Non-US	United States
Q2 24	$1M	$979.0K
Q3 24	$80.0K	$2M
Q2 25	$262.0K	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$680.1K	$0	$680.1K
Q2 22	$534.4K	$0	$534.4K
Q3 22	$347.7K	$0	$347.7K
Q4 22	$654.0K	$0	$654.0K
Q1 23	$14.0K	$0	$14.0K
Q2 23	$255.5K	$0	$255.5K
Q3 23	$27.9K	$0	$27.9K
Q4 23	$1M	$0	$1M
Q1 24	$491.0K	$0	$491.0K
Q2 24	$234.0K	$0	$234.0K
Q3 24	$9M	$0	$9M
Q4 24	$4M	$0	$4M
Q1 25	$5M	$0	$5M
Q2 25	$3M	$0	$3M
Q3 25	$1M	$0	$1M
Q4 25	$24M	$0	$24M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	15M	0.0%	—
Q2 22	15M	0.0%	0.0%
Q3 22	15M	0.0%	0.0%
Q4 22	15M	0.0%	0.0%
Q1 23	12M	-20.6%	-20.6%
Q2 23	12M	-0.1%	-20.6%
Q3 23	12M	-1.8%	-22.1%
Q4 23	9M	-23.3%	-40.3%
Q1 24	12M	+33.1%	+0.1%
Q2 24	14M	+14.3%	+14.5%
Q3 24	24M	+77.4%	+107.0%
Q4 24	31M	+25.8%	+239.5%
Q1 25	33M	+7.2%	+173.5%
Q2 25	34M	+2.5%	+145.2%
Q3 25	34M	+2.8%	+42.1%
Q4 25	37M	+8.3%	+22.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	$34.1K	41
Q1 25	$28.5K	41
Q2 25	$34.6K	41
Q3 25	$38.4K	41
Q4 25	$66.1K	21

Revenue / Employee