olivLaw · US equity research
MultiSensor AI Holdings, Inc. MSAI
Optical Instruments & Lenses · SIC 3827 · Vertical: Optical Instruments & Lenses (SIC 3827)
MultiSensor AI (MSAI) builds SaaS platforms that combine thermal, visual and acoustic sensors for continuous monitoring of industrial equipment and early fault detection. The company is shifting toward recurring software revenue, and quarterly revenue rose in 2026, though losses remain large, with annual revenue of about 5.6 million USD in 2025.
At the close of 04 Nov 2026, MultiSensor AI Holdings, Inc. (MSAI) stock was 3.17 USD (−0.31% on the day), with market capitalisation 7.0 m USD, beta 1.41, 52-week range 3.17–53.60 USD. Latest reported quarter (Q2 2026): revenue of 1.7 m USD (+19.5% YoY), net income of -2.5 m USD, diluted EPS -1.19 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 23.0
- oversold (≤ 30)
- Bollinger (20, 2)
- 2.83 – 4.97
- in the lower half of the band · %B 0.16 · band width 54.9%
- SMA 50 / 200
- 4.48 / 6.88
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.40 / -0.34
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −31.1% | −1.1% | −30.0 pp | — |
| 3 months | −39.7% | −0.5% | −39.3 pp | — |
| 6 months | −48.8% | +4.4% | −53.2 pp | — |
| Year to date | −72.5% | +12.3% | −84.8 pp | — |
| 1 year | −94.1% | +13.5% | −107.6 pp | +7.6% |
| 3 years | unavailable | +76.4% | unavailable | +119.4% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.6 m | 1.4 m | 1.2 m | 1.4 m | 1.6 m | 1.4 m | 1.6 m | 1.7 m |
| Cost of revenue | 533.0 k | 342.0 k | 476.0 k | 1.1 m | 566.0 k | 512.0 k | 700.0 k | 919.0 k |
| SG&A | 6.1 m | 3.6 m | 4.1 m | 2.9 m | 2.2 m | 2.3 m | 3.0 m | 2.8 m |
| Operating income | -8.7 m | -2.8 m | -4.6 m | -3.3 m | -1.7 m | -2.4 m | -2.6 m | -2.6 m |
| Pre-tax income | -8.6 m | -3.1 m | -4.4 m | -3.3 m | -1.7 m | -2.3 m | -2.4 m | -2.5 m |
| Income tax | -395.0 k | -114.0 k | 8.0 k | 10.0 k | -11.0 k | -39.0 k | 33.0 k | -14.0 k |
| Net income | -8.2 m | -3.0 m | -4.4 m | -3.3 m | -1.7 m | -2.3 m | -2.5 m | -2.5 m |
| Diluted EPS | -0.34 | -0.10 ≈ | -5.42 | -3.96 | -0.05 | -0.05 ≈ | -1.23 | -1.19 |
| Operating cash flow | -12.7 m ≈ | -3.1 m | -3.2 m | -804.0 k ≈ | -1.8 m ≈ | -2.2 m | -1.7 m | -2.4 m ≈ |
| Capex | 488.0 k ≈ | 1.1 m | 435.0 k | 494.0 k ≈ | 339.0 k ≈ | 363.0 k | 121.0 k | 251.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 7.3 m | 5.4 m | 7.4 m | 5.6 m |
| Revenue YoY | unavailable | −25.3% | +36.3% | −25.0% |
| Net income | -13.3 m | -22.3 m | -21.5 m | -11.7 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -2.51 | -3.56 | -1.07 | -0.31 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | -182.9% | -410.1% | -290.4% | -211.0% |
| Free cash flow | -4.8 m | -6.1 m | -18.2 m | -9.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 24.4 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 32.0 m USD
- Total assets
- 35.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 11.66x
- ROE
- -52.9%
- ROA
- -46.0%
- FCF margin
- -173.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 7.3 m | 5.4 m | 7.4 m | 5.6 m | SEC (XBRL)· 19 Mar 2026verified |
| Cost of revenue | 5.0 m | 2.3 m | 2.6 m | 2.6 m | SEC (XBRL)· 19 Mar 2026verified |
| Gross profit | 2.3 m ≈ | 3.1 m ≈ | 4.8 m ≈ | 2.9 m ≈ | SEC (XBRL)· 19 Mar 2026derived |
| SG&A | 13.6 m | 8.0 m | 15.7 m | 11.5 m | SEC (XBRL)· 19 Mar 2026verified |
| Operating income | -12.0 m | -21.5 m | -18.9 m | -12.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Interest expense | — | 94.0 k | 63.0 k | — | SEC (XBRL)· 28 Mar 2025verified |
| Pre-tax income | -12.1 m | -22.1 m | -22.0 m | -11.7 m | SEC (XBRL)· 19 Mar 2026verified |
| Income tax | 1.2 m | 208.0 k | -465.0 k | -32.0 k | SEC (XBRL)· 19 Mar 2026verified |
| Net income | -13.3 m | -22.3 m | -21.5 m | -11.7 m | SEC (XBRL)· 19 Mar 2026verified |
| Diluted EPS | -2.51 | -3.56 | -1.07 | -0.31 | SEC (XBRL)· 19 Mar 2026verified |
| Weighted average diluted shares | 5.3 m | 6.3 m | 20.1 m | 37.3 m | SEC (XBRL)· 19 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 654.0 k | 1.2 m | 4.4 m | 24.4 m | SEC (XBRL)· 19 Mar 2026verified |
| Receivables | 1.5 m | 2.4 m | 838.0 k | 1.7 m | SEC (XBRL)· 19 Mar 2026verified |
| Inventories | 9.6 m | 6.9 m | 4.2 m | 4.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Current assets | 14.9 m | 12.5 m | 10.5 m | 30.9 m | SEC (XBRL)· 19 Mar 2026verified |
| Property, plant & equipment, net | 2.4 m | 3.1 m | 4.0 m | 4.1 m | SEC (XBRL)· 19 Mar 2026verified |
| Total assets | 17.5 m | 16.4 m | 15.5 m | 35.5 m | SEC (XBRL)· 19 Mar 2026verified |
| Accounts payable | 1.4 m | 2.6 m | 825.0 k | 291.0 k | SEC (XBRL)· 19 Mar 2026verified |
| Long-term debt | — | 8.2 m | — | — | SEC (XBRL)· 29 Mar 2024verified |
| Current liabilities | 7.0 m | 10.8 m | 3.0 m | 2.6 m | SEC (XBRL)· 19 Mar 2026verified |
| Total liabilities | 25.7 m | 16.6 m | 3.2 m | 3.4 m | SEC (XBRL)· 19 Mar 2026verified |
| Equity | -8.2 m | -268.0 k | 12.3 m | 32.0 m | SEC (XBRL)· 19 Mar 2026verified |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -3.2 m | -4.6 m | -15.6 m | -8.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Capex | 1.6 m | 1.5 m | 2.7 m | 1.6 m | SEC (XBRL)· 19 Mar 2026verified |
| Free cash flow | -4.8 m ≈ | -6.1 m ≈ | -18.2 m ≈ | -9.7 m ≈ | SEC (XBRL)· 19 Mar 2026derived |
| Investing cash flow | -1.6 m | -1.5 m | -2.7 m | -1.6 m | SEC (XBRL)· 19 Mar 2026verified |
| Financing cash flow | 2.1 m | 6.6 m | 21.6 m | 29.6 m | SEC (XBRL)· 19 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 7.0 m USD
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -141.7% | 0 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -8.6% | 0 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 7.2x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -131.5% | 0 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MultiSensor AI Holdings, Inc. (MSAI). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 5.6 m USD in 2025; YoY growth -25.0%; net margin -141.7%; ROE -46.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 7.2x
What contradicts it
- Net margin: -141.7%
- Revenue CAGR 3Y: -8.6%
- FCF yield: -131.5%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Optical Instruments & Lenses (SIC 3827) · same industry (4-digit SIC) · compared with 6 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| KLACKla Corporation | 195.2 bn | 7.8 | 91.4% | 36.2% | +11.7% | +27% / +175% |
| COHRCoherent Corp. | 38.4 bn | 40.5 | 11.2% | 12.2% | +22.5% | +19% / +430% |
| NVMINova Ltd. | 8.6 bn | 37.1 | 23.1% | 29.4% | +31.0% | −6% / +130% |
| CAMTCamtek Ltd. | 4.6 bn | 97.6 | 8.7% | 10.2% | +15.6% | −4% / +60% |
| OPTXSyntec Optics Holdings, Inc. | 183.7 m | — | -11.6% | -8.3% | −1.3% | +164% / −23% |
| OPXSOptex Systems Holdings, Inc. | 62.0 m | 16.3 | 15.3% | 9.8% | +21.6% | −38% / +109% |
| MSAIMultiSensor AI Holdings, Inc. | 7.0 m | — | -46.5% | -141.7% | −25.0% | −94% / unavailable |
1- and 3-year price returns: for MSAI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
MultiSensor AI (MSAI) builds SaaS platforms that combine thermal, visual and acoustic sensors for continuous monitoring of industrial equipment and early fault detection. The company is shifting toward recurring software revenue, and quarterly revenue rose in 2026, though losses remain large, with annual revenue of about 5.6 million USD in 2025 13.
SWOT
Strengths
- A unified software platform combining several sensor modalities and radiometric data for AI analysis.
- Visible growth in software revenue and in the number of connected sensors.
- Blue-chip reference customers and renewed subscriptions with large clients.
Weaknesses
- Recurring net losses and high development and sales costs.
- Heavy dependence on one distribution and logistics customer.
- Limited track record in SaaS delivery, which makes future prospects hard to assess.
Opportunities
- Expansion into data centres and their critical infrastructure, where pilots are under way.
- Integrating new sensor modalities such as vibration could broaden the platform's value.
- Converting pilots into longer contracts could increase recurring revenue.
Threats
- Long implementation cycles and the risk of losing large programmes to competitors.
- Difficulty raising additional capital on acceptable terms.
- Risk of Nasdaq delisting if listing requirements are not restored.
Risks
- Persistent operating losseshigh
The company has reported net losses in recent years and could keep losing money until its profitability becomes sustainable.
- Dependence on one large customerhigh
A single distribution and logistics customer represented a major share of revenue in fiscal 2025, and losing it could hurt results.
- Need for additional capitalmedium
The company has set up an at-the-market share sales programme and could need further funding on unfavourable terms.
- Nasdaq listing requirementsmedium
The company was notified of non-compliance with certain listing requirements, which could lead to delisting if not remedied.
- Component defects and product liabilitylow
Manufacturing defects in sensor components or product recalls could affect reputation and financial results.
Investment thesis
What would need to be true (bull case)
- If growth in software and connected sensors continues, recurring revenue could become a larger part of the business.
- Lower costs and a narrower net loss in the second quarter of 2026 could signal better operating leverage.
- Expansion in data centres and the integration of vibration sensors could open new customer categories.
What would break the thesis
- Revenue remains small and persistent losses could require new share issues, diluting shareholders.
- Revenue concentration in one customer could make results volatile if that relationship changes.
- Long implementation cycles could delay the conversion of pilots into meaningful recurring revenue.
What to watch
- Trend in software revenue and the number of connected sensorsQ3 2026
- Timing of installations at the 10 North American sites of the global distributorsecond half 2026
- Conversion of data centre and manufacturing pilots into contracts2026
- Net loss and cash level, to assess funding needsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
MultiSensor AI Holdings, Inc. designs and deploys integrated condition monitoring and early threat detection solutions that connect multiple sensor types through a unified edge-to-cloud software architecture 1. Its main platform, MSAI Connect, is available as a cloud subscription or on-premises and processes radiometric thermal, visual and vibration data 12. The company has moved from transactional device sales toward subscription-based recurring revenue 1.
Revenue comes from three streams: hardware (sensors and infrared cameras, also sold standalone), software (MSAI Connect licences and subscriptions) and installation, calibration and maintenance services 1. In fiscal 2025, hardware revenue fell while software revenue rose 88% year over year 1. The company cut costs and stopped its drone, training and inspection activities to focus on its software platform 1.
Segments
MSAI Connect software
Software is the main growth driver, with fiscal 2025 software revenue of 1.9 million USD and an 85% rise in software revenue in the second quarter of 2026 13. Subscription revenue is recognised ratably over 12 to 48 months, which could stabilise cash flows over time 1.
Services
Installation, configuration and calibration services declined to 0.5 million USD in fiscal 2025 after training and inspections were discontinued 1.
Market context
The company estimates its total addressable market in its target markets (distribution and logistics, manufacturing and data centres in the US, Canada, EU and UK) was about 9.0 billion USD in 2025, of which 2.4 billion USD is software and services 1. Distribution and logistics was estimated at 3.9 billion USD and manufacturing at 2.7 billion USD 1. Its market share in each segment was below 0.1% 1.
TAM estimates rely on third-party sources and internal assumptions, and the company notes these are subject to limitations and that target industries may be reprioritised 1. If adoption of continuous monitoring accelerates, the addressable value could grow, but this depends on maintenance programmes converting into actual purchases 1.
Trends
- Shift from periodic inspection to continuous monitoringtailwind
Industry is moving manual inspections toward continuous monitoring, and thermal and acoustic sensors are getting cheaper, which could widen adoption of the platform 1.
- Demand from data centrestailwind
Growing AI workloads and higher rack power density could create demand for predictive monitoring of critical infrastructure 1.
- Facility safety regulation pressuremixed
Stricter facility safety rules could support purchases in logistics, although the pace of adoption remains uncertain 1.
- Long enterprise buying cyclesheadwind
Large logistics and manufacturing customers implement slowly, sometimes over years, which could delay recurring revenue 1.
Competitive position
The supplied sources do not explicitly name the company's competitors, but the company notes that its market may include competing products and alternative technologies, with competitive risks described in its filings 1. Competition comes from sensor suppliers and condition monitoring platforms 1.
The company's stated advantage is combining several sensor modalities in one software platform, with radiometric data for AI analysis, as opposed to manual inspections or single-sensor monitoring 12.
- Providers of manual inspection with handheld thermal cameras
Competition comes from periodic inspections with portable devices, which remain traditional in the industry 1.
- Standalone vibration and acoustic sensor vendors
Standalone sensors can compete with the integrated platform, although the company has extended integration with a partner's vibration sensors 2.
- General industrial monitoring software platforms
Single-sensor monitoring software can serve as alternatives for industrial customers 1.
- Makers of fixed thermal sensing systems
Fixed thermal camera makers may offer hardware without the company's integrated software layer 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report13 Aug 2026
- Current report13 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report20 Jul 2026Item 3.02 · Departure or appointment of officers · Financial statements and exhibits
- Current report18 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report13 May 2026
- Current report13 May 2026Results of operations · Financial statements and exhibits
- Current report29 Apr 2026Other events
- Proxy statement24 Apr 2026
- Current report21 Apr 2026Item 3.02
- Current report19 Mar 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / MultiSensor AI Holdings, Inc. · 19 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / MultiSensor AI Holdings, Inc. · 13 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / MultiSensor AI Holdings, Inc. · 13 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.