Multisensor AI Holdings (MSAI) AI Stock Analysis

• Market Cap: $22.58M
• Dividend Yield: N/A
• Average Volume (3M): 295.47K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.40
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 41
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): -0.05
• Shares Outstanding: 52,874,447
• 10 Day Avg. Volume: 545,820
• 30 Day Avg. Volume: 295,474
• PEG Ratio: 0.02
• Price to Book (P/B): 3.01
• Price to Sales (P/S): 5.00
• P/FCF Ratio: -2.03
• Enterprise Value/Market Cap: 0.74
• Enterprise Value/Revenue: 3.02
• Enterprise Value/Gross Profit: 6.10
• Enterprise Value/Ebitda: -1.48
• 1Y Price Target: $3.00
• Price Target Upside: 597.67% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: $0.57 ▲(33.49% Upside)

The overall stock score is primarily impacted by the company's poor financial performance and weak technical indicators. However, recent corporate events involving capital raises provide a positive outlook for future strategic growth, slightly improving the score.

Positive Factors

Capital Raise

The recent capital raise of $13.6M is intended for working capital and strategic growth, enhancing operational capabilities and market positioning.

Debt Reduction

Reduced leverage improves financial stability and flexibility, allowing for better allocation of resources towards growth initiatives.

Recurring Revenue Model

A diverse revenue model with recurring income from service agreements provides stability and predictability in cash flows, supporting long-term growth.

Negative Factors

Revenue Decline

Significant revenue decline indicates challenges in market demand or competitive positioning, impacting overall financial health and growth prospects.

Profitability Issues

Decreasing profit margins suggest cost management issues or pricing pressures, which could hinder sustainable profitability and investment capacity.

Cash Flow Strain

Negative cash flows indicate financial strain, limiting the company's ability to invest in growth and potentially affecting its operational sustainability.

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.

How the Company Makes Money

Infrared Cameras Holdings generates revenue primarily through the sale of its infrared camera systems and associated software solutions. The company has established a diverse revenue model that includes direct sales to end-users, partnerships with distributors, and collaborations with industry-specific integrators. Key revenue streams include government contracts for security and surveillance applications, sales to industrial clients for predictive maintenance and equipment monitoring, and partnerships with healthcare organizations for thermal imaging solutions. Additionally, the company benefits from recurring revenue through service agreements and software updates, which provide ongoing support and enhancements to its products.

Multisensor AI Holdings Financial Statement Overview

Summary

Multisensor AI Holdings is facing significant financial challenges, with declining revenues and profitability. The company has made progress in reducing leverage, but cash flow issues persist. The overall financial health is concerning, with negative growth trends and profitability metrics.

Income Statement

Multisensor AI Holdings has experienced significant revenue decline, with a TTM revenue growth rate of -50.1%. The company is operating at a loss, as indicated by negative net profit and EBIT margins. The gross profit margin has decreased from 64.2% in 2021 to 37.5% in the TTM period, reflecting reduced profitability.

Balance Sheet

The company has improved its debt-to-equity ratio to 0.0 in the TTM period, indicating reduced leverage. However, the return on equity remains negative at -114.9%, signaling inefficiency in generating returns from equity. The equity ratio is relatively stable, but the company has faced challenges in maintaining positive equity levels in recent years.

Cash Flow

Cash flow metrics indicate financial strain, with negative operating and free cash flows. The free cash flow growth rate is -49.7% in the TTM period, and the operating cash flow to net income ratio is negative, suggesting cash flow issues. The free cash flow to net income ratio is positive, indicating some efficiency in converting income to cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.56M	7.40M	5.43M	7.27M	28.79M
Gross Profit	2.75M	4.82M	3.13M	2.30M	18.50M
EBITDA	-11.33M	-20.76M	-21.09M	-11.41M	4.06M
Net Income	-12.42M	-21.50M	-22.27M	-13.29M	2.31M
Balance Sheet
Total Assets	11.87M	15.48M	16.37M	17.46M	24.70M
Cash, Cash Equivalents and Short-Term Investments	1.16M	4.36M	1.16M	654.00K	3.37M
Total Debt	28.00K	310.00K	7.23M	20.62M	18.39M
Total Liabilities	3.59M	3.19M	16.64M	25.67M	20.27M
Stockholders Equity	8.28M	12.29M	-268.00K	-8.21M	4.44M
Cash Flow
Free Cash Flow	-11.18M	-18.23M	-6.09M	-4.77M	3.00M
Operating Cash Flow	-8.84M	-15.57M	-4.55M	-3.17M	4.41M
Investing Cash Flow	-2.31M	-2.67M	-1.51M	-1.60M	-1.41M
Financing Cash Flow	3.68M	21.59M	6.56M	2.05M	-4.04M

Multisensor AI Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.43
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 0.43 is below the 20-day moving average (MA) of 0.52, below the 50-day MA of 0.78, and below the 200-day MA of 0.79, indicating a bearish trend. The MACD of -0.10 indicates Negative momentum. The RSI at 37.75 is Neutral, neither overbought nor oversold. The STOCH value of 27.10 is Neutral, 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	49 Neutral	$6.24M	-0.24	-218.30%	―	-24.72%	53.60%
MSAI	46 Neutral	$22.58M	-1.12	-103.97%	―	―	―
INTZ	42 Neutral	$25.33M	-1.99	-132.37%	―	33.49%	82.01%
ARBE	41 Neutral	$111.47M	-2.28	-142.36%	―	-34.35%	20.88%
DTSS	40 Underperform	$7.19M	-1.87	-93.31%	―	68.56%	89.48%
RVYL	39 Underperform	$6.49M	-0.12	-993.23%	―	-44.25%	82.71%

Multisensor AI Holdings Corporate Events

Multisensor AI Granted Nasdaq Compliance Extension

MultiSensor AI Holdings, Inc. has been notified by Nasdaq that its stock price has been below the required $1.00 per share for continued listing. Despite a brief period of compliance, the company has been granted an extension until May 11, 2026, to meet the requirement. If compliance is not achieved, the company plans to seek stockholder approval for a reverse stock split to maintain its Nasdaq listing.

Multisensor AI Holdings Raises $13.6M in Stock Offering

On November 4, 2025, MultiSensor AI Holdings, Inc. entered into a common stock purchase agreement with an institutional investor, resulting in a registered direct offering of common stock and pre-funded warrants. The offering, which closed on November 5, 2025, raised approximately $13.6 million in net proceeds, intended for working capital and strategic growth initiatives, including the advancement of the MSAI Connect platform. Roth Capital Partners, LLC acted as the placement agent, receiving a fee of 5% of the gross proceeds. This financial move is expected to bolster MSAI’s operational capabilities and enhance its market positioning.

Infrared Cameras Holdings Secures $2.85M in Private Placement

On October 24, 2025, MultiSensor AI Holdings, Inc. announced a private placement agreement to raise $14 million through the sale of common stock and warrants, with Roth Capital Partners acting as the placement agent. The initial closing occurred on October 30, 2025, raising $2.85 million, with the remaining funds expected in December 2025, pending stockholder approval. The proceeds will be used for working capital and strategic growth initiatives, including the development of the MSAI Connect platform. The agreement includes a ‘most favored nation’ provision for investors, ensuring they receive any preferable terms from future offerings.

Infrared Cameras Holdings Amends CFO’s Stock Awards

On September 26, 2025, MultiSensor AI Holdings, Inc. and its CFO, Robert Nadolny, agreed to cancel a previous award of 48,076 performance stock units granted to Mr. Nadolny. Subsequently, on September 29, 2025, they amended Mr. Nadolny’s employment agreement to grant him 100,000 restricted stock units and 400,000 performance stock units under the company’s 2023 Incentive Award Plan. These units will be divided between grants in September 2025 and January 2027, with vesting conditions based on time and performance goals.