Infrared Cameras Holdings (MSAI) AI Stock Analysis

• Market Cap: $26.03M
• Dividend Yield: N/A
• Average Volume (3M): 69.70K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.55
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 41
• Sector: Financial
• Sector Strength: 82
• Industry: Software - Infrastructure
• EPS (TTM): -1.23
• Shares Outstanding: 32,957,640
• 10 Day Avg. Volume: 68,904
• 30 Day Avg. Volume: 69,698
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): 5.16
• Price to Cash Flow (P/CF): -0.80
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $2.50
• Price Target Upside: 212.50% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1

Infrared Cameras Holdings is currently underperforming due to significant financial challenges, including negative EBIT, net margins, and cash flow issues. Although the company has reduced its debt and announced positive corporate events, technical indicators suggest bearish momentum, and the valuation remains unattractive due to a negative P/E ratio. Overall, the company must improve its operational efficiencies and financial stability to enhance stock attractiveness.

Infrared Cameras Holdings Business Overview & Revenue Model

Company Description

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 small to large handheld designs with built-in displays and controls, fixed-mounted pan-tilt-zoom single- and multi-sensor camera standalone systems, and mobile multi-sensor payload and gimbal systems for unmanned aerial vehicles and unmanned ground vehicles. It also provides on-prem and cloud-based software and services, including training, calibration, and repairs for its customers operating in the distribution and logistics, manufacturing, utility, and oil and gas sectors. The company was founded in 1995 and is headquartered in Beaumont, Texas.

How the Company Makes Money

Infrared Cameras Holdings generates revenue through the sale of its infrared imaging products and solutions. The company's key revenue streams include direct product sales to industries requiring thermal imaging for maintenance, safety, and quality assurance, as well as specialized sectors like healthcare for diagnostic imaging. Additionally, MSAI may engage in partnerships with other technology firms to integrate its infrared technologies into broader systems, further expanding its market reach. The company also potentially earns income from service contracts, offering maintenance and support for its products, thereby ensuring sustained client relationships and recurring revenue.

Infrared Cameras Holdings Financial Statement Overview

Summary

Infrared Cameras Holdings faces significant financial challenges across income, balance sheet, and cash flow statements. While the gross profit margin is high, operational inefficiencies lead to negative EBIT and net margins. The balance sheet shows improvement with debt reduction, but past financial distress is evident. Cash flow management remains a concern, with negative trends in free cash flow. Overall, the company must address operational inefficiencies and improve cash management to stabilize its financial position.

Income Statement

The company's income statement shows weak financial performance with negative EBIT and net income over recent years. Revenue growth is inconsistent, with a decline observed in 2024 compared to 2021. The gross profit margin remains high as gross profit equals total revenue, but the EBIT and net profit margins are negative, indicating operational challenges and inefficiencies.

Balance Sheet

Infrared Cameras Holdings has improved its balance sheet by reducing total liabilities and increasing stockholders' equity in 2024. The debt-to-equity ratio improved significantly from negative to zero as the company eliminated its debt, enhancing financial stability. However, the negative equity in previous years highlights past financial distress, and the equity ratio remains modest.

Cash Flow

The cash flow statement reveals significant cash flow challenges, with negative operating and free cash flows. Although there is a substantial increase in financing cash flow in 2024, indicating external funding, the negative free cash flow growth rate and low operating cash flow to net income ratio suggest cash management issues.

Breakdown
TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement		Total Revenue
7.62M	7.40M	5.43M	7.27M	28.79M
	Gross Profit
3.45M	7.40M	1.44M	2.30M	18.50M
	EBIT
-29.17M	-14.03M	-21.53M	-12.02M	4.07M
	EBITDA
-34.30M	0.00	-21.09M	-11.41M	4.06M
	Net Income Common Stockholders
-35.34M	-21.50M	-22.27M	-13.29M	2.31M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
931.27K	4.36M	1.16M	654.00K	3.37M
	Total Assets
118.74M	15.48M	16.37M	17.46M	24.70M
	Total Debt
0.00	0.00	7.23M	20.62M	18.39M
	Net Debt
-931.27K	-4.36M	6.08M	19.97M	15.01M
	Total Liabilities
200.27K	3.19M	16.64M	25.67M	20.27M
	Stockholders Equity
118.54M	12.29M	-268.00K	-8.21M	4.44M
Cash Flow		Free Cash Flow
-17.26M	-18.23M	-6.09M	-4.77M	3.00M
	Operating Cash Flow
-15.54M	-15.57M	-4.55M	-3.17M	4.41M
	Investing Cash Flow
-1.72M	-2.67M	-1.51M	-1.60M	-1.41M
	Financing Cash Flow
25.38M	21.59M	6.56M	2.05M	-4.04M

Infrared Cameras Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MSAI, the sentiment is Negative. The current price of 0.8 is below the 20-day moving average (MA) of 0.90, below the 50-day MA of 1.12, and below the 200-day MA of 1.63, indicating a bearish trend. The MACD of -0.10 indicates Negative momentum. The RSI at 34.87 is Neutral, neither overbought nor oversold. The STOCH value of 16.30 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MSAI.

Infrared Cameras Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$12.06B	9.31	8.10%	79.51%	12.80%	-4.67%
VRAR	47 Neutral	$22.10M	―	-39.89%	―	-21.53%	79.10%
INTZ	46 Neutral	$20.49M	―	-336.97%	―	2.85%	83.13%
KPLT	42 Neutral	$33.82M	―	86.76%	―	11.25%	34.57%
MSAI	40 Underperform	$26.03M	―	-226.35%	―	―	―
XBP	38 Underperform	$34.92M	―	87.90%	―	―	―

Infrared Cameras Holdings Corporate Events

Infrared Cameras Holdings Announces Stock Issuance Agreement

On March 28, 2025, MultiSensor AI Holdings announced an at-market issuance sales agreement with B. Riley Securities to offer and sell up to $8,625,000 of common stock, with proceeds intended for working capital and general corporate purposes. The company also reported a 36% revenue increase for 2024, with significant growth in connected sensors and deployment sites, reflecting strong market traction and strategic execution. The appointment of new leadership aims to strengthen its position as a SaaS leader in predictive maintenance.