MultiSensor AI Announces Third Quarter 2026 Results

Rhea-AI Summary

MultiSensor AI (MSAI) reported third-quarter 2026 revenue of $1.505 million, down from the same period a year earlier. Software revenue rose 43% to $0.9 million, representing 58% of quarterly revenue, while lower hardware revenue and discontinued services offset that growth. Net loss widened to $1.949 million from $1.677 million, although loss per share narrowed to $0.88 from $1.94.

Nine-month revenue increased 16% to $4.814 million, and net loss narrowed to $6.880 million from $9.435 million. Operating cash use fell to $4.467 million from $5.783 million. Cash totaled $20.402 million at September 30, versus $24.365 million at year-end; the company reported no debt. Customer activity included a 14-site North American rollout, subsequent orders for nine additional solar-monitoring sites and an expansion at Manchester Airport. An Australian deployment began, while a data-center pilot advanced.

17 points · 1 major

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Rhea-AI Sentiment measures something else, the tone of the wording.

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1 major · 9 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointCommon-stock issuance proceeds provided $1.046 million during the first nine months of 2026. 14% of market cap
• Moderate pointSoftware revenue rose 43% year over year to $0.9 million in Q3, representing 58% of revenue.
• Moderate pointNine-month software revenue increased 81% to $2.3 million.
• Moderate pointNine-month revenue increased 16% to $4.814 million from $4.163 million.
• Moderate pointNine-month net loss narrowed to $6.880 million from $9.435 million.
• Moderate pointOperating cash use decreased to $4.467 million from $5.783 million over nine months.
• Moderate point14-site North American rollout began for a global distributor; hardware deliveries and installations started in October 2026.

10 minor points

• Minor pointQ3 loss per share narrowed to $0.88 from $1.94, basic and diluted.
• Minor pointNine-month loss per share narrowed to $3.28 from $11.25, basic and diluted.
• Minor pointNo debt was reported by the company.
• Minor pointNine additional solar-monitoring sites received customer purchase orders after quarter-end; installations are expected in November 2026.
• Minor pointManchester Airports Group orders received after quarter-end expand the Manchester Airport deployment to an additional screening area.
• Minor pointAustralian deployment began at a national distribution center, extending the company's presence into Asia-Pacific.
• Minor pointData-center pilot advanced with a global cloud infrastructure provider.
• Minor pointNine-month selling, general and administrative expenses fell to $8.350 million from $9.212 million.
• Minor pointShare-based compensation expense fell to $195,000 from $205,000 in Q3 and $564,000 from $1.535 million over nine months.
• Minor pointNine-month capital expenditures decreased to $588,000 from $1.268 million.

Negative

• Major pointOutstanding common shares increased to 2,218,278 at September 30, 2026, from 2,007,613 at December 31, 2025.
• Moderate pointQ3 net loss widened to $1.949 million from $1.677 million.
• Moderate pointOperating loss widened to $2.105 million from $1.694 million in Q3; nine-month loss narrowed to $7.300 million from $9.629 million.
• Moderate pointCash and cash equivalents declined to $20.402 million at September 30, 2026, from $24.365 million at December 31, 2025.
• Moderate pointShareholders' equity declined to $26.738 million at September 30, 2026, from $32.032 million at December 31, 2025.

4 minor points

• Minor pointQ3 revenue declined to $1.505 million from $1.574 million as hardware weakness and discontinued services offset software growth.
• Minor pointQ3 selling, general and administrative expenses increased to $2.528 million from $2.164 million.
• Minor pointDepreciation increased to $354,000 from $342,000 in Q3 and $1.066 million from $952,000 over nine months.
• Minor point. Forward-looking: it has not happened yet and may not happen.Data-center expansion remains a submitted proposal covering additional electrical infrastructure and additional facilities.

News Explained

The higher outstanding share count reduces existing holders’ percentage ownership absent offsetting changes.

MultiSensor AI has reported results for the quarter ended September 30, 2026; common shares outstanding were 2,218,278 at that date versus 2,007,613 on December 31, 2025, and the higher count reduces existing holders’ percentage ownership absent offsetting changes.

MultiSensor AI says its share and per-share amounts were adjusted retroactively for the April 13, 2026 1-for-40 reverse split; a reverse split reduces share count and proportionally raises per-share price, while leaving company value unchanged by the split itself.

Key Figures

Q3 software revenue: $0.9 million, up 43% Software share of revenue: 58% Nine-month software revenue: $2.3 million, up 81% +5 more

Q3 software revenue

$0.9 million, up 43%

Third quarter 2026 vs. third quarter 2025

Software share of revenue

58%

Third quarter 2026

Nine-month software revenue

$2.3 million, up 81%

Nine months ended September 30, 2026

Q3 revenue

$1.5 million vs. $1.6 million

Third quarter 2026 vs. third quarter 2025

Nine-month revenue

$4.8 million, up 16%

Nine months ended September 30, 2026

Q3 net loss

$1.9 million vs. $1.7 million

Third quarter 2026 vs. third quarter 2025

Nine-month net loss

$6.9 million, decreased 27%

Nine months ended September 30, 2026

Cash and cash equivalents

$20.4 million

As of September 30, 2026

Previous Earnings,AI Reports

2 past events · Latest: Aug 13

Same Type 2 events

1. Aug 13

   Q2 2026 earnings

   24h Move

   -9.5%

   Revenue and software grew year over year, and net loss narrowed; the 24-hour reaction was -9.53%.

2. Nov 13

   Q3 2025 earnings

   24h Move

   -17.7%

   Revenue was flat and software revenue rose, while net loss improved; the 24-hour reaction was -17.73%.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

form 10-q, reverse stock split, contract liabilities, share-based compensation

4 terms

form 10-q regulatory

"The Company's Quarterly Report on Form 10-Q"

A Form 10-Q is a detailed report that publicly traded companies are required to file with regulators three times a year, providing an update on their financial health and business activities. It is important for investors because it offers timely insights into a company's performance, helping them make informed decisions about buying or selling stocks. Think of it as a regular check-up report that shows how well a company is doing.

reverse stock split financial

"reflect the 1-for-40 reverse stock split on April 13, 2026"

A reverse stock split reduces a company's number of outstanding shares while raising the price per share proportionally, so the total value of each investor's holding is unchanged; a 1-for-10 split turns 100 shares worth $1 each into 10 shares worth $10 each. Companies often do this to regain compliance with an exchange's minimum price rule or to attract investors who avoid very low-priced stocks.

contract liabilities financial

"Contract liabilities, noncurrent"

Contract liabilities are amounts a company has been paid in advance for goods or services it still owes to customers — think of them like gift cards or prepaid subscriptions the company must fulfill later. For investors, they show promised future work or deliveries that will turn into revenue over time, reveal cash already collected, and help assess whether a firm has a backlog of obligations that could affect future earnings and cash flow.

share-based compensation financial

"Share-based compensation expense"

Share-based compensation is when a company pays employees, executives or directors with its own stock or rights to buy stock instead of, or in addition to, cash. Think of it like receiving store gift cards instead of extra paycheck — it can motivate staff to boost the company’s value, but it also increases the number of shares outstanding and can shrink each existing owner’s slice of profits and voting power. Investors watch it because it affects reported earnings, share count and the alignment between management and shareholders.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Alpharetta, Georgia--(Newsfile Corp. - November 12, 2026) - MultiSensor AI Holdings, Inc. (NASDAQ: MSAI) (the "Company", "MultiSensor AI" or "MSAI") today announced financial results for the third quarter ended September 30, 2026.

Asim Akram, Chief Executive Officer, said, "Our relationship with our largest distribution customer shows how we believe this business scales. Programs that began in Europe continue to grow, with solar performance monitoring now extending to additional European sites, and have led to that customer's first 14-site rollout in North America. Each step has been built on results their maintenance teams have seen in their own facilities, and we are seeing that same path open up with customers like Manchester Airports Group."

Robert Nadolny, Chief Financial Officer, continued, "Our revenue mix is shifting the way we intended. Software subscriptions are now the majority of our revenue for the quarter, and recurring revenue continues to grow, which gives us better visibility into the periods ahead. We paired that with disciplined spending, and with help from strong collections our cash use slowed meaningfully in the third quarter. With no debt, we have the balance sheet to keep investing in recurring revenue."

Financial Highlights:

• Software revenue was $0.9 million in the third quarter of 2026, compared to $0.6 million in the third quarter of 2025, an increase of 43%, and represented 58% of total revenue. Software revenue for the nine months ended September 30, 2026 increased 81% to $2.3 million.

• Revenue was $1.5 million in the third quarter of 2026, compared to $1.6 million in the third quarter of 2025, as lower hardware revenue and the discontinuation of inspection and training services in August 2025 offset software growth. Revenue for the nine months ended September 30, 2026 increased 16% to $4.8 million.

• Net loss was $1.9 million in the third quarter of 2026, compared to $1.7 million in the third quarter of 2025. Net loss for the nine months ended September 30, 2026 decreased 27% to $6.9 million.

• Cash and cash equivalents were $20.4 million as of September 30, 2026, compared to $24.4 million as of December 31, 2025.

Strategic Business Highlights:

• Began the first North American rollout of our solution for a large global distributor across 14 sites. Hardware was delivered to sites in October 2026 and installations commenced. Subsequent to quarter end, we also received purchase orders from this customer to extend our solar monitoring solution to nine additional sites, with installations expected in November 2026.

• Subsequent to quarter end, we received purchase orders from Manchester Airports Group to expand our deployment at Manchester Airport to an additional screening area, building on the initial deployment completed earlier in 2026.

• Began an initial proof-of-value deployment at a national distribution center of a major Australian supply chain and logistics provider, expanding our presence to the Asia-Pacific region.

• Advanced our data center pilot with a leading global cloud infrastructure provider, focused on continuous monitoring of high-voltage electrical switch rooms and mechanical pump rooms, and submitted a proposal to expand our deployment across additional electrical infrastructure at the pilot facility and to additional facilities.

The Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 is filed with the Securities and Exchange Commission (the "SEC"), and is available at www.sec.gov as well as in the Investor Relations section of the Company's website (www.multisensorai.com). More information about the Company and its business, including an updated investor presentation, also is available on the Investor Relations section of MSAI's website. All share and per share amounts presented have been adjusted retroactively to reflect the 1-for-40 reverse stock split on April 13, 2026.

About MultiSensor AI

MultiSensor AI is a multi-sensor condition intelligence solution for high-throughput and highly automated industrial operations. By unifying thermal, vibration, and visual sensor data in a single solution, MultiSensor AI enables reliability teams to proactively protect uptime, reduce maintenance costs, enhance safety, and extend the useful life of their most critical assets. For more information, visit www.multisensorai.com.

Forward Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "plan," "will," "would" or their negatives or variations of these words, or similar expressions. All statements contained in this press release that do not strictly relate to matters of historical fact should be considered forward-looking statements, including, without limitation, management's expectations regarding its strategic priorities and objectives, future plans and business prospects. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including those identified in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in the Company's other filings with the SEC. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. Any forward-looking statement made in this press release is based only on information currently available and speaks only as of the date on which it is made. Except as required by applicable law, the Company expressly disclaims any obligations to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

MSAI Contact:
e-mail: ir@multisensorai.com
website: www.multisensorai.com

Source: MultiSensor AI Holdings, Inc.

MultiSensor AI Holdings, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(Amounts in thousands of U.S. dollars, except share and per share data)

		Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
Revenue, net		$	1,505		$	1,574		$	4,814		$	4,163
Cost of goods sold (exclusive of depreciation)			533			566			2,152			2,126
Operating expenses:
Selling, general and administrative			2,528			2,164			8,350			9,212
Share-based compensation expense			195			205			564			1,535
Depreciation			354			342			1,066			952
Loss (gain) on asset disposal			-			(9	)		(18	)		(33	)
Total operating expenses			3,077			2,702			9,962			11,666
Operating loss			(2,105	)		(1,694	)		(7,300	)		(9,629	)
Interest expense (income), net			(141	)		(5	)		(438	)		(20	)
Other expense (income), net			(6	)		(1	)		8			(181	)
Loss before income taxes			(1,958	)		(1,688	)		(6,870	)		(9,428	)
Income tax expense (benefit)			(9	)		(11	)		10			7
Net loss		$	(1,949	)	$	(1,677	)	$	(6,880	)	$	(9,435	)
Weighted-average shares outstanding, basic and diluted
Basic			2,205,648			862,380			2,096,483			838,858
Diluted			2,205,648			862,380			2,096,483			838,858
Net loss per share, basic and diluted
Basic		$	(0.88	)	$	(1.94	)	$	(3.28	)	$	(11.25	)
Diluted			(0.88	)		(1.94	)		(3.28	)		(11.25	)

 

MultiSensor AI Holdings, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(Amounts in thousands of U.S. dollars, except share and per share data)

		September 30, 2026			December 31, 2025
Assets
Current assets
Cash and cash equivalents		$	20,402		$	24,365
Trade accounts receivable, net of allowance for credit losses of $4 and $17, respectively			1,086			1,670
Inventories, current			4,144			4,020
Other current assets			1,201			826
Total current assets		$	26,833		$	30,881
Property, plant and equipment, net			3,616			4,085
Right-of-use assets, net			104			-
Inventories, noncurrent			262			379
Other noncurrent assets			205			129
Total assets		$	31,020		$	35,474
Liabilities and shareholders' equity
Current liabilities
Accounts payable		$	313		$	291
Income taxes payable			10			-
Accrued expense			599			981
Contract liabilities			2,462			1,255
Right-of-use liabilities, current			72			-
Other current liabilities			39			121
Total current liabilities		$	3,495		$	2,648
Contract liabilities, noncurrent			723			751
Right-of-use liabilities, noncurrent			32			-
Warrants			-			10
Deferred tax liabilities, net			32			33
Total liabilities		$	4,282		$	3,442
Commitments and contingencies
Shareholders' equity
Common stock, $0.0001 par value; 300,000,000 shares authorized as of September 30, 2026 and December 31, 2025, and 2,218,278 and 2,007,613 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively			-			-
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of September 30, 2026 and December 31, 2025, respectively and no shares issued or outstanding as of September 30, 2026 and December 31, 2025, respectively			-			-
Additional paid-in capital			99,957			98,371
Accumulated deficit			(73,219	)		(66,339	)
Total shareholders' equity		$	26,738		$	32,032
Total liabilities and shareholders' equity		$	31,020		$	35,474

 

MultiSensor AI Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
(Amounts in thousands of U.S. dollars)

		Nine Months Ended September 30,
		2026			2025
Operating Activities:
Net loss		$	(6,880	)	$	(9,435	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation			1,066			952
Non-cash lease activity			6			108
Bad debt expenses (recoveries)			27			(1	)
Deferred income tax (income) expense			(1	)		(7	)
Share-based compensation			564			1,535
Loss (gain) on asset disposal			(18	)		(33	)
Other (income) expenses, net			(10	)		-
Increase (decrease) in cash resulting from changes in:
Trade accounts receivable			557			79
Inventories			(7	)		51
Other current assets			(425	)		391
Other noncurrent assets			(76	)		(55	)
Trade accounts payable			17			(47	)
Income taxes payable			10			(57	)
Contract liabilities			1,207			1,192
Other current liabilities			(82	)		(114	)
Right-of-use liabilities, current			(6	)		(110	)
Accrued expenses			(388	)		(279	)
Contract liabilities, noncurrent			(28	)		47
Net cash provided by (used in) operating activities		$	(4,467	)	$	(5,783	)
Investing Activities:
Capital expenditures			(588	)		(1,268	)
Proceeds from sale of equipment			20			24
Net cash provided by (used in) investing activities		$	(568	)	$	(1,244	)
Financing Activities:
Proceeds from issuances of common stock			1,046			4,773
Tax payments associated with equity-based compensation transactions			(24	)		(918	)
Repayment of Legacy SMAP promissory note			-			(172	)
Net cash provided by (used in) financing activities		$	1,022		$	3,683
Net increase/(decrease) in cash, cash equivalents, and restricted cash equivalents			(4,013	)		(3,344	)
Cash, cash equivalents, and restricted cash equivalents beginning of period			24,465			4,508
Cash, cash equivalents, and restricted cash equivalents end of the period		$	20,452		$	1,164
Reconciliation of cash, cash equivalents and restricted cash equivalents at end of period:
Cash and cash equivalents		$	20,402		$	1,064
Restricted cash equivalents included in other current assets			50			100
Cash, cash equivalents, and restricted cash equivalents end of the period		$	20,452		$	1,164
Supplemental cash flow information:
Interest paid		$	-		$	-
Income tax paid, net of refunds received			10			110
Non-cash investing and financing transactions:
Settlement of vendor liability with share issuance		$	-		$	36

 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/323786

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were MultiSensor AI's third-quarter 2026 revenue and net loss?

MultiSensor AI reported $1.505 million in revenue and a $1.949 million net loss for the quarter ended September 30, 2026. Revenue compared with $1.574 million a year earlier, while net loss compared with $1.677 million. Basic and diluted loss per share narrowed to $0.88 from $1.94.

How much cash did MultiSensor AI have at September 30, 2026?

MultiSensor AI had $20.402 million in cash and cash equivalents at September 30, 2026, compared with $24.365 million at December 31, 2025. The company reported no debt. Operating activities used $4.467 million over the first nine months of 2026, versus $5.783 million in the comparable 2025 period.