Multisensor AI Holdings (MSAI) AI Stock Analysis

• Market Cap: $21.54M
• Dividend Yield: N/A
• Average Volume (3M): 295.47K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.80
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 41
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): -0.02
• Shares Outstanding: 80,491,890
• 10 Day Avg. Volume: 545,820
• 30 Day Avg. Volume: 295,474
• PEG Ratio: 0.01
• Price to Book (P/B): 0.34
• Price to Sales (P/S): 1.94
• P/FCF Ratio: -1.11
• Enterprise Value/Market Cap: -0.67
• Enterprise Value/Revenue: -2.59
• Enterprise Value/Gross Profit: -8.49
• Enterprise Value/Ebitda: 1.70
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -0.28
• Revenue Forecast (FY): $12.60M

• Rating: 44 Neutral
• Price Target: $0.28 ▼(-19.71% Downside)
• Action: Reiterated Date: 03/20/26
• Date: Action: Reiterated 03/20/26

The score is driven primarily by weak financial performance—declining revenue, very large losses, and continued negative free cash flow—despite an improved, low-debt balance sheet. Technical indicators also point to a sustained downtrend, while valuation support is limited because the company is unprofitable and no dividend yield is provided.

Positive Factors

Balance Sheet Health

A materially lower debt load and restored positive equity reduce insolvency and refinancing risk, giving management durable flexibility to fund operations or R&D. This stronger capital base improves runway options and strategic resilience while the company works toward profitability.

Flexible Liquidity Access

The $60M at-the-market program provides an ongoing, flexible source of equity capital to shore up working capital and operational needs without a single large financing event. Structurally, this reduces near-term liquidity stress and enables opportunistic funding over coming months.

Capital-raising Execution

Management demonstrated pragmatic capital-agreement management by ending prior financing lines without penalties, reflecting negotiation capability and strategic flexibility. This reduces legacy contractual burdens and supports redeploying capital strategy to match operational needs.

Negative Factors

Persistent Cash Burn

Sustained negative operating and free cash flow indicates the business requires ongoing external funding to sustain operations. That persistent cash burn elevates execution risk, limits reinvestment capacity, and makes strategic plans contingent on continued access to capital markets.

Revenue Decline and Large Losses

A material revenue drop coupled with extremely negative margins signals structural demand or monetization issues and poor unit economics. Large recurring losses erode operating leverage, making sustained profitability a multi-period challenge and increasing dependency on financing.

Dilution Risk

Large private placements, extensive warrant overhang and the ability to issue shares via ATM create meaningful dilution risk. Structural share overhang can impair per-share metrics and investor returns, complicating recovery even if fundamentals improve operationally.

Multisensor AI 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.

Multisensor AI Holdings Financial Statement Overview

Summary

Overall fundamentals are weak: revenue declined materially in the latest year and profitability remains deeply negative with very large net losses. The balance sheet is a bright spot (minimal debt and positive equity restored), but persistent negative operating and free cash flow indicate ongoing cash burn and execution risk.

Income Statement

Revenue has been volatile and is down in the most recent year (2025 revenue fell ~22% after growth in 2024). Profitability has deteriorated sharply versus the company’s profitable 2021: net losses remain very large with deeply negative net margins (roughly -211% in 2025 and -290% in 2024). While losses narrowed in 2025 versus 2024, the business is still far from breakeven and operating profitability remains weak.

Balance Sheet

Leverage has improved materially: total debt is now minimal to none (debt-to-equity near 0% in 2024–2025), which reduces financial risk. Equity has swung from negative in 2022–2023 to strongly positive in 2024–2025, indicating a significantly strengthened capital base. The key weakness is that returns remain poor given ongoing losses, so the healthier balance sheet has not yet translated into sustainable profitability.

Cash Flow

Cash generation is a major concern: operating cash flow and free cash flow are consistently negative from 2022 through 2025, implying continued cash burn to fund operations. Cash burn improved in 2025 versus 2024 (less negative operating and free cash flow), but free cash flow remains meaningfully negative and its growth rate is still unfavorable. Overall, the company likely remains dependent on external funding until operating losses and cash burn improve further.

Breakdown	Dec 2025	Dec 2024	Mar 2024	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.55M	7.40M	5.43M	7.27M	28.79M
Gross Profit	0.00	4.82M	3.13M	2.30M	18.50M
EBITDA	0.00	-20.76M	-21.09M	-11.41M	4.06M
Net Income	-11.71M	-21.50M	-22.27M	-13.29M	2.31M
Balance Sheet
Total Assets	35.47M	15.48M	16.37M	17.46M	24.70M
Cash, Cash Equivalents and Short-Term Investments	24.36M	4.36M	1.16M	654.00K	3.37M
Total Debt	0.00	310.00K	7.23M	20.62M	18.39M
Total Liabilities	3.44M	3.19M	16.64M	25.67M	20.27M
Stockholders Equity	32.03M	12.29M	-268.00K	-8.21M	4.44M
Cash Flow
Free Cash Flow	-9.65M	-18.23M	-6.09M	-4.77M	3.00M
Operating Cash Flow	-8.02M	-15.57M	-4.55M	-3.17M	4.41M
Investing Cash Flow	-1.61M	-2.67M	-1.51M	-1.60M	-1.41M
Financing Cash Flow	29.58M	21.59M	6.56M	2.05M	-4.04M

Multisensor AI Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.35
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• 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 0.35 is above the 20-day moving average (MA) of 0.29, above the 50-day MA of 0.30, and below the 200-day MA of 0.61, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 37.56 is Neutral, neither overbought nor oversold. The STOCH value of 7.27 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MSAI.

Multisensor AI Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
BNAI	50 Neutral	$230.33M	-1.25	-611.70%	―	-24.72%	53.60%
MSAI	44 Neutral	$21.54M	-0.92	-103.97%	―	―	―
RVYL	43 Neutral	$6.66M	-1.08	542.13%	―	-44.25%	82.71%
DTSS	42 Neutral	$9.63M	-2.78	-88.69%	―	68.56%	89.48%
INTZ	42 Neutral	$22.72M	―	-79.73%	―	33.49%	82.01%
ARBE	42 Neutral	$75.11M	-2.91	-84.58%	―	-34.35%	20.88%

Multisensor AI Holdings Corporate Events

Multisensor AI Launches $60 Million At-The-Market Program

On March 13, 2026, MultiSensor AI Holdings, Inc. entered into an at-the-market issuance sales agreement with Roth Capital Partners, LLC and H.C. Wainwright & Co., LLC, allowing the company to sell up to $60 million of its common stock from time to time through these agents on Nasdaq or other permitted trading venues. The agents will receive a commission of up to 3.0% of gross proceeds, and the company plans to use any net proceeds primarily for working capital and general corporate purposes, while the agreement can terminate once all shares are sold or by either party under its terms.

In connection with this offering, on March 12, 2026, the company and certain investors amended an existing Securities Purchase Agreement dated October 24, 2025 to permit the new at-the-market program. This capital-raising structure provides MultiSensor AI Holdings with flexible access to incremental equity financing, potentially affecting existing shareholders through ongoing share issuance while strengthening the company’s liquidity profile.

The most recent analyst rating on (MSAI) stock is a Hold with a $0.29 price target. To see the full list of analyst forecasts on Multisensor AI Holdings stock, see the MSAI Stock Forecast page.

Multisensor AI Ends Equity Financing Agreements With B. Riley

On April 16, 2024, MultiSensor AI Holdings, Inc. entered into a $25 million common stock purchase agreement with B. Riley Principal Capital II and, separately, on March 28, 2025, established an at-the-market equity offering of up to $8.6 million with B. Riley Securities as sales agent. Effective February 2, 2026, the company terminated both financing arrangements without incurring termination penalties, having raised approximately $4.7 million from the sale of 1,814,731 shares under the equity line and about $115,793 from 151,072 shares under the at-the-market program, signaling a shift away from these previously available equity funding sources for its capital needs.

The most recent analyst rating on (MSAI) stock is a Hold with a $0.29 price target. To see the full list of analyst forecasts on Multisensor AI Holdings stock, see the MSAI Stock Forecast page.

Multisensor AI Shareholders Approve Financing and Reverse Split

On October 24, 2025, MultiSensor AI Holdings, Inc. entered into a securities purchase agreement with 325 Capital, LLC and other accredited investors for a $14 million private placement consisting of 34,229,826 shares of common stock and warrants to purchase up to 68,459,652 additional shares, with an initial closing on October 30, 2025 that delivered $2.85 million in gross proceeds and placed the remaining funds in escrow pending shareholder approval. At a special meeting held on December 19, 2025, stockholders representing approximately 52.2% of the company’s voting power approved the issuance of shares in excess of 19.99% of outstanding common stock under the purchase agreement and authorized a reverse stock split at a ratio between 1-for-2 and 1-for-100 at the board’s discretion, clearing the way for release of the remaining private placement proceeds and giving the board flexibility to manage the share structure, which may affect existing shareholders through dilution and potential changes in the stock’s trading dynamics.

The most recent analyst rating on (MSAI) stock is a Hold with a $0.57 price target. To see the full list of analyst forecasts on Multisensor AI Holdings stock, see the MSAI Stock Forecast page.