MultiSensor AI reports Q1 EPS (33c) vs. ($5.65) last year

Reports Q1 revenue $2.28M vs. $980,000 last year. David Gow, MultiSensor AI’s Chair, commented: “Our strong first quarter results are an early indication of the future prospects for MultiSensor AI. During the quarter we demonstrated significant year-over-year growth, driven primarily by greater presence within our existing customer base and the addition of new relationships. We improved our equity free float by releasing restricted shareholders early from their lock-ups. By converting our debt obligations into equity we eliminated significant future cash payments for interest and principal liabilities. And by terminating the 2.4 million share earnout provision we eliminated a potential share overhang. Having a balance sheet that is nearly all equity positions the Company well for future growth. As we progress through the remainder of the year, we remain focused on increasing our revenues through existing and new blue-chip customers. Additionally, we continue to scale our commercial capabilities, add new sensor modalities and services lines, and strengthen our implementation teams. We are excited to continue building a strong foundation of annual recurring revenue through increased sales of our MSAI Edge and MSAI Cloud software offerings.”