Multisensor AI Holdings (MSAI) AI Stock Analysis

• Market Cap: $46.33M
• Dividend Yield: N/A
• Average Volume (3M): 295.47K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.14
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 41
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): -0.10
• Shares Outstanding: 34,574,486
• 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: 0.36
• Enterprise Value/Revenue: 3.00
• Enterprise Value/Gross Profit: 5.32
• Enterprise Value/Ebitda: -0.92
• 1Y Price Target: $3.00
• Price Target Upside: 123.88% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: $1.50 ▲(11.94% Upside)

The overall stock score for MSAI is primarily impacted by its weak financial performance, characterized by declining revenues and substantial losses. While technical indicators suggest some bullish momentum, the stock's valuation remains poor due to negative earnings. The absence of earnings call insights and corporate events means these factors do not influence the score.

Multisensor AI Holdings Business Overview & Revenue Model

Company Description

Infrared Cameras Holdings (MSAI) specializes in advanced thermal imaging technology, focusing on the development and manufacturing of high-performance infrared cameras and related systems. The company serves various sectors, including industrial, security, medical, and automotive, providing innovative solutions for monitoring, inspection, and diagnostics. With a commitment to quality and cutting-edge technology, Infrared Cameras Holdings aims to enhance operational efficiency and safety for its clients through its comprehensive product offerings.

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

Infrared Cameras Holdings is facing significant financial challenges, with declining revenues and substantial losses impacting profitability. While the company maintains a low level of debt, its negative return on equity and cash flow issues highlight operational inefficiencies. The high gross profit margin is a positive aspect, but overall financial health is weak, requiring strategic improvements to stabilize performance.

Income Statement

The company has experienced a significant decline in revenue over the TTM period, with a negative revenue growth rate of -11.21%. Gross profit margin remains relatively high at 70%, but the net profit margin is deeply negative at -349.52%, indicating substantial losses. EBIT and EBITDA margins are also negative, reflecting operational challenges.

Balance Sheet

The balance sheet shows a very low debt-to-equity ratio of 0.0077, suggesting minimal leverage. However, the return on equity is negative at -207.78%, indicating poor profitability relative to equity. The equity ratio is not explicitly calculated, but the company has a reasonable level of stockholders' equity compared to total assets.

Cash Flow

The company has negative operating cash flow and free cash flow, with a slight growth in free cash flow over the TTM period. The operating cash flow to net income ratio is negative, indicating cash flow challenges. The free cash flow to net income ratio is slightly positive, suggesting some ability to cover net losses with free cash flow.

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

Multisensor AI Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.34
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• 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 Positive. The current price of 1.34 is above the 20-day moving average (MA) of 0.96, above the 50-day MA of 0.79, and above the 200-day MA of 0.89, indicating a bullish trend. The MACD of 0.18 indicates Negative momentum. The RSI at 52.39 is Neutral, neither overbought nor oversold. The STOCH value of 28.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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%
MSAI	48 Neutral	$46.33M	-2.00	-335.10%	―	―	―
INTZ	47 Neutral	$35.22M	―	-111.75%	―	25.86%	85.97%
BNAI	46 Neutral	$19.03M	-0.62	-200.90%	―	30.55%	43.63%
ARBE	45 Neutral	$170.36M	―	-116.76%	―	-60.93%	10.46%
RVYL	41 Neutral	$9.29M	―	-2201.06%	―	-33.86%	74.09%
DTSS	39 Underperform	$15.19M	―	-374.57%	―	198.70%	78.41%

Multisensor AI Holdings Corporate Events

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.

The most recent analyst rating on (MSAI) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Multisensor AI Holdings stock, see the MSAI Stock Forecast page.

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.

The most recent analyst rating on (MSAI) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Infrared Cameras Holdings stock, see the MSAI Stock Forecast page.

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.

The most recent analyst rating on (MSAI) stock is a Hold with a $0.50 price target. To see the full list of analyst forecasts on Infrared Cameras Holdings stock, see the MSAI Stock Forecast page.

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.

The most recent analyst rating on (MSAI) stock is a Buy with a $2.50 price target. To see the full list of analyst forecasts on Infrared Cameras Holdings stock, see the MSAI Stock Forecast page.