Infrared Cameras Holdings (MSAI) AI Stock Analysis

• Market Cap: $24.48M
• Dividend Yield: N/A
• Average Volume (3M): 120.31K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.60
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 41
• Sector: Financial
• Sector Strength: 69
• Industry: Software - Infrastructure
• EPS (TTM): -0.10
• Shares Outstanding: 34,574,486
• 10 Day Avg. Volume: 62,411
• 30 Day Avg. Volume: 120,310
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.69
• Enterprise Value/Revenue: 3.00
• Enterprise Value/Gross Profit: 5.32
• Enterprise Value/Ebitda: -0.92
• 1Y Price Target: $0.50
• Price Target Upside: -27.54% Downside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 0

• Rating: 40 Underperform
• Price Target: $0.50 ▼(-27.54% Downside)

The overall stock score is primarily driven by weak financial performance and valuation metrics. The technical analysis suggests a bearish trend, further impacting the score. While there is some positive sentiment from corporate events, it is not enough to offset the financial and technical challenges.

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 (MSAI) generates revenue primarily through the sale of its infrared cameras and imaging systems. The company offers both standard products and customized solutions tailored to the needs of different industries, allowing them to capture a diverse client base. Additionally, they generate income from licensing their proprietary technologies and software solutions. Partnerships with distributors and strategic collaborations with other technology companies also contribute to their revenue. Services such as maintenance, training, and support further enhance their earnings by providing ongoing value to their customers.

Infrared Cameras Holdings Financial Statement Overview

Summary

The company's financial performance is weak, with declining revenues and persistent losses. The balance sheet shows some improvement in leverage, but cash flow challenges persist, indicating operational inefficiencies and financial instability.

Income Statement

The company's income statement shows a declining revenue trend, with a significant drop from $28.78 million in 2021 to $6.30 million TTM (Trailing-Twelve-Months). The negative net income and EBIT margins further indicate profitability challenges. Despite a brief revenue rise in 2024, the overall trajectory has been downward, reflective of industry volatility and operational inefficiencies.

Balance Sheet

The balance sheet reflects a strengthening equity position, with stockholders' equity rising to $12.92 million TTM. However, the company's past high leverage, as seen in 2022, raises concerns about financial stability. The debt-to-equity ratio has improved significantly, indicating reduced financial risk, but the company's asset base remains relatively modest.

Cash Flow

Cash flow analysis reveals a negative free cash flow, which has deteriorated from 2021's positive figures. Operating cash flow remains negative, suggesting operational cash challenges. While financing activities have provided cash inflow, reliance on external funding poses a risk if operational improvements are not realized.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.59M	7.40M	5.43M	7.27M	28.79M
Gross Profit	3.16M	4.82M	3.13M	2.30M	18.50M
EBITDA	-18.27M	-20.76M	-21.09M	-11.41M	4.06M
Net Income	-18.94M	-21.50M	-22.27M	-13.29M	2.31M
Balance Sheet
Total Assets	14.63M	15.48M	16.37M	17.46M	24.70M
Cash, Cash Equivalents and Short-Term Investments	3.19M	4.36M	1.16M	654.00K	3.37M
Total Debt	60.00K	310.00K	7.23M	20.62M	18.39M
Total Liabilities	4.88M	3.19M	16.64M	25.67M	20.27M
Stockholders Equity	9.75M	12.29M	-268.00K	-8.21M	4.44M
Cash Flow
Free Cash Flow	-22.22M	-18.23M	-6.09M	-4.77M	3.00M
Operating Cash Flow	-19.74M	-15.57M	-4.55M	-3.17M	4.41M
Investing Cash Flow	-2.46M	-2.67M	-1.51M	-1.60M	-1.41M
Financing Cash Flow	25.30M	21.59M	6.56M	2.05M	-4.04M

Infrared Cameras Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.69
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• 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 0.69 is below the 20-day moving average (MA) of 0.77, below the 50-day MA of 0.72, and below the 200-day MA of 1.16, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 41.96 is Neutral, neither overbought nor oversold. The STOCH value of 20.11 is Neutral, 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 *	61 Neutral	C$15.82B	6.66	15.12%	5.92%	28.62%	-7.32%
VRAR	57 Neutral	$28.21M	―	-40.76%	―	-12.30%	76.19%
KPLT	55 Neutral	$65.66M	―	86.76%	―	13.23%	-1.78%
INTZ	48 Neutral	$35.82M	―	-111.75%	―	25.86%	85.97%
XBP	47 Neutral	$69.24M	―	87.90%	―	―	―
MSAI	40 Underperform	$24.48M	―	-335.10%	―	―	―
UBXG	―	$77.52M	22.08	-1.44%	―	―	―

Infrared Cameras Holdings Corporate Events

Infrared Cameras Holdings Reports Q2 2025 Financial Results

On August 13, 2025, MultiSensor AI Holdings announced its financial results for the second quarter of 2025, reporting a 33% decrease in revenue compared to the same period in 2024, primarily due to a reduction in hardware sales. However, software revenue grew by 37%, and the company has been focusing on strategic growth by recruiting industry-leading talent and expanding its target applications, particularly in data centers and automotive sectors, to drive innovation and capture growth opportunities.

Infrared Cameras Holdings Gains Strong Shareholder Support

On June 4, 2025, MultiSensor AI Holdings, Inc. held its 2025 Annual Meeting of Stockholders, where 55.16% of the company’s outstanding common stock was represented. During the meeting, all director nominees were elected, and key proposals, including the ratification of Deloitte & Touche LLP as the independent accounting firm and amendments to the 2023 Incentive Award Plan, were approved, indicating strong shareholder support for the company’s strategic decisions.

Infrared Cameras Holdings Announces Leadership Changes

On May 29, 2025, MultiSensor AI Holdings, Inc. announced the appointment of Asim Akram as its new Chief Executive Officer and President, effective June 23, 2025. Akram, who has extensive leadership experience in technology and asset management, will replace Stuart V. Flavin III, who will remain on the Board. Akram’s appointment is accompanied by an employment agreement that includes a base salary, potential bonuses, and stock awards, reflecting the company’s commitment to strategic growth and leadership stability. Additionally, Peter Baird resigned as Chief Commercial Officer on May 30, 2025, but will continue as an employee during a 90-day transition period.