MSAI MultiSensor AI Holdings, Inc.

Overview and Growth

Fiscal 2025 results for MultiSensor AI Holdings, Inc. combined $5.55M of revenue with net loss of $11.71M and an operating cash outflow of $8.02M. The $5.55M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 25.0% below fiscal 2024 revenue of $7.40M, marking a top-line contraction. The company reported diluted EPS of -$0.31, adding a shareholder-level measure to the absolute income figures considered below. Diluted shares averaged 37.35M; this is the reported share base over which the company’s diluted per-share earnings were spread. The company employed $35.47M of total assets, the balance-sheet base supporting its current operating and cash-flow results. The revenue-to-assets relationship was 0.16x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

After reported cost of revenue, the company retained $2.91M as gross profit before recognizing operating expenses and other items. Gross profit represented 52.5% of revenue, showing how much of the top line remained after direct costs. Operations produced a $12.01M operating loss before non-operating and tax effects. An operating margin of -216.4% reflected costs exceeding revenue-level gross profit by 216.4% of sales. The company ended the period with a net loss of $11.71M, extending the operating result through all remaining items. Net margin was -211.0%, reflecting a loss equal to 211.0% of reported revenue. Negative EBITDA totaled $10.71M, confirming that the earnings deficit remained before depreciation and amortization. The company reported a pretax loss of $11.74M, before the effect of income taxes. The pretax loss equaled 211.6% of revenue, measuring the pre-tax deficit against sales. The reported tax benefit was $32.00K, favorably bridging the pretax and after-tax results. The net loss equaled 36.6% of period-end equity, showing the deficit relative to book capital. Relative to total assets, the net loss represented 33.0%. The bottom-line deficit decreased from $21.50M in fiscal 2024 to $11.71M.

Liquidity and Capital Structure

Total assets were $35.47M, supported by $3.44M of liabilities and $32.03M of shareholder equity. At period end, current assets of $30.88M compared with current liabilities of $2.65M, defining the company’s short-term resource position. Current assets covered current liabilities by 11.66x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $24.36M, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 920.1%, excluding receivables and other current assets. Book equity represented 90.3% of total assets, quantifying the balance-sheet share supported by shareholder capital. The liabilities-to-assets relationship was 9.7%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 68.7%, comparing reported cash and equivalents with the full positive asset balance. Compared with $15.48M in fiscal 2024, the current asset base moved 129.2% and finished higher. Book equity was 160.7% higher than fiscal 2024 equity of $12.29M, showing how shareholder capital changed year over year. Compared with $4.36M in fiscal 2024, the current cash balance moved 459.1% and finished higher.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $8.02M, rather than cash generation from operations. The company spent $1.63M on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. Operating cash flow and capital spending combined to leave a $9.65M cash deficit after capital spending. Relative to revenue, the post-investment cash deficit represented 173.9%. Relative to total assets, the post-investment cash deficit measured 27.2%. Cash absorbed by operations decreased from $15.57M in fiscal 2024 to $8.02M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.