MultiSensor AI (MSAI) grows Q2 2026 revenue but remains loss-making with $21M cash
Rhea-AI Filing Summary
MultiSensor AI Holdings, Inc. reported results for the quarter ended June 30, 2026. Quarterly revenue was $1.7 million, up from $1.4 million a year earlier, while the company recorded a net loss of $2.5 million versus a $3.3 million loss in the prior-year quarter.
Operating expenses declined year over year, with total operating expenses at $3.4 million compared with $3.7 million, contributing to a narrower operating loss of $2.6 million. For the first six months of 2026, revenue was $3.3 million and the net loss was $4.9 million, improved from a $7.8 million loss in the same period of 2025.
Cash and cash equivalents were $21.0 million at June 30, 2026, down from $24.4 million at year-end, with net cash used in operating activities of $4.1 million in the first half. The company highlights growth in recurring software subscriptions and a leaner cost structure and notes that all share data reflect a 1-for-40 reverse stock split completed on April 13, 2026.
Positive
- Revenue growth with narrowing losses: Q2 2026 revenue rose to $1.7 million from $1.4 million, while the quarterly net loss improved to $2.5 million from $3.3 million, indicating higher sales and lower losses versus the prior-year quarter.
- Reduced operating expenses: Total operating expenses for the first six months of 2026 decreased to $6.9 million from $9.0 million, helping shrink the six‑month operating loss to $5.2 million from $7.9 million.
Negative
- Continuing net losses and cash burn: The company posted a Q2 2026 net loss of $2.5 million and used $4.1 million in cash for operating activities in the first half, reducing cash and cash equivalents to $21.0 million from $24.4 million at December 31, 2025.
Filing Explained
As of June 30, issued and outstanding common shares were 2,205,648, reducing existing holders’ percentage ownership absent offsetting changes.
The
Its June 30 balance sheet lists 2,205,648 common shares issued and outstanding, versus 2,007,613 at December 31, 2025; the higher outstanding share count reduces existing holders’ percentage ownership absent offsetting changes.
The six-month cash-flow statement reports proceeds of
8-K Event Classification
Key Figures
Key Terms
reverse stock split financial
contract liabilities financial
Additional paid-in capital financial
Operating loss financial
Earnings Snapshot
FAQ
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AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | | Trading Symbol(s) | | Name of each exchange |
The | ||||
The |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02Results of Operations and Financial Condition.
On August 13, 2026, MultiSensor AI Holdings, Inc., a Delaware corporation (the “Company”), issued a press release announcing its financial results for the second fiscal quarter ended June 30, 2026. A copy of the press release is furnished hereto as Exhibit 99.1 and is incorporated herein by reference.
The information in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities under that section and is not incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such filing.
Item 7.01Regulation FD Disclosure.
As disclosed in the press release, the Company has posted an updated investor presentation to the Investor Relations section of the Company’s website, www.multisensorai.com. From time to time, the Company may post additional important information, including updated investor presentations, news releases, announcements and other statements about its business on the Investor Relations section of the Company’s website, www.multisensorai.com, and on the Company’s LinkedIn page at www.linkedin.com/company/multisensorai, as a means for complying with the Company’s disclosure obligations under Regulation FD. Investors should monitor the Investor Relations section of the Company’s website and the Company’s social media channels, including its LinkedIn page, in addition to following the Company’s press releases, filings with the Securities and Exchange Commission (the “SEC”), and any public conference calls and webcasts. The Company’s website and LinkedIn page addresses are included in this Current Report on Form 8-K as inactive textual references only; information contained on, or accessible through, the Company’s website or LinkedIn page is not incorporated by reference into this Current Report on Form 8-K.
The information in this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to liabilities under that section and is not incorporated by reference into any filing of the Company under the Securities Act or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such filing.
Forward-Looking Statements
The information posted to the Company’s website, including press releases and investor presentations, and the Company’s social media channels may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act, 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 therein 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 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.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits
Exhibit | | Description |
99.1 | Press Release of MultiSensor AI Holdings, Inc., dated August 13, 2026 (furnished pursuant to Item 2.02). | |
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline Instance XBRL document |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MultiSensor AI Holdings, Inc. | |
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Date: August 13, 2026 | By: | /s/ Robert Nadolny |
| Name: | Robert Nadolny |
| Title: | Chief Financial Officer and Corporate Secretary |
Exhibit 99.1
MultiSensor AI Announces Second Quarter 2026 Results
Houston, TX, August 13, 2026 – MultiSensor AI Holdings, Inc. (NASDAQ: MSAI) (the “Company”, “MultiSensor AI” or “MSAI”) today announced financial results for the second quarter ended June 30, 2026.
Asim Akram, Chief Executive Officer, said, “Industrial customers are moving from reactive maintenance to data-driven operations. They need one platform that combines multiple sensor technologies into actionable intelligence before failures occur. During the quarter, we expanded MSAI Connect with wireless vibration monitoring, giving customers thermal and vibration intelligence in a single workflow and taking another step toward becoming the operating system for industrial asset health.”
Robert Nadolny, Chief Financial Officer, continued, “We are beginning to see the benefits of our efforts over the last year: recurring software subscriptions are growing, and our leaner cost structure is supporting improved operating leverage. With $21.0 million of cash on the balance sheet at quarter end, we are focused on continuing to build our platform and recurring revenue base.”
Financial Highlights:
| ● | Grew second quarter revenue 19% to $1.7 million, an increase of $0.3 million as compared to $1.4 million in the second quarter of 2025. |
| ● | Increased software revenue 85% to $0.7 million in the second quarter of 2026, an increase of $0.3 million as compared to $0.4 million in the second quarter of 2025. |
| ● | Reduced second quarter net loss 26% to $2.5 million, a decrease of $0.9 million as compared to net loss of $3.3 million in the second quarter of 2025. |
| ● | Ended the quarter with $21.0 million of cash and cash equivalents as of June 30, 2026, as compared to $24.4 million as of December 31, 2025. |
Strategic Business Highlights:
| ● | A large global distributor renewed its subscriptions for another year and issued purchase orders for our first rollout at 10 sites in North America, with installations expected to begin during the second half of 2026. |
| ● | In June 2026, we expanded the MSAI Connect platform through integration with Broadsens wireless vibration sensors, enabling customers to monitor both thermal and vibration data from a single interface and strengthening the Company’s multi-sensor platform strategy. |
| ● | We presented at The Reliability Conference 2026 and SupplyChainPoint 2026 during the quarter, demonstrating multi-camera thermal monitoring within MSAI Connect. |
The Company’s Quarterly Report 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 on 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 June 30, | | Six Months Ended June 30, | ||||||||
| | 2026 | | 2025 | | 2026 | | 2025 | ||||
Revenue, net | | $ | 1,695 | | $ | 1,419 | | $ | 3,309 | | $ | 2,589 |
Cost of goods sold (exclusive of depreciation) | | | 919 | | | 1,084 | | | 1,619 | | | 1,560 |
Operating expenses: | |
| | |
| | |
| | |
| |
Selling, general and administrative | |
| 2,833 | |
| 2,909 | |
| 5,822 | |
| 7,048 |
Share-based compensation expense | | | 187 | | | 423 | | | 369 | | | 1,330 |
Depreciation | |
| 360 | |
| 330 | |
| 712 | |
| 610 |
Loss (gain) on asset disposal | | | (3) | | | (9) | | | (18) | | | (24) |
Total operating expenses | |
| 3,377 | |
| 3,653 | | | 6,885 | | | 8,964 |
Operating loss | | | (2,601) | | | (3,318) | | | (5,195) | | | (7,935) |
Interest expense (income), net | |
| (142) | |
| (11) | |
| (297) | |
| (15) |
Other expense (income), net | |
| 15 | |
| 5 | |
| 14 | |
| (180) |
Loss before income taxes | | | (2,474) | | | (3,312) | | | (4,912) | | | (7,740) |
Income tax expense (benefit) | | | (14) | | | 10 | | | 19 | | | 18 |
Net loss | | $ | (2,460) | | $ | (3,322) | | $ | (4,931) | | $ | (7,758) |
Weighted-average shares outstanding, basic and diluted | |
| | |
| | |
| | |
| |
Basic | |
| 2,069,434 | |
| 838,785 | |
| 2,040,995 | |
| 826,894 |
Diluted | |
| 2,069,434 | |
| 838,785 | |
| 2,040,995 | |
| 826,894 |
Net loss per share, basic and diluted | |
| | |
| | |
| | |
| |
Basic | | $ | (1.19) | | $ | (3.96) | | $ | (2.42) | | $ | (9.38) |
Diluted | |
| (1.19) | |
| (3.96) | |
| (2.42) | |
| (9.38) |
MultiSensor AI Holdings, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(Amounts in thousands of U.S. dollars, except share and per share data)
| | June 30, 2026 | | December 31, 2025 | ||
Assets | | | | | | |
Current assets | | | |
| | |
Cash and cash equivalents | | $ | 21,005 | | $ | 24,365 |
Trade accounts receivable, net of allowance for credit losses of $2 and $17, respectively | |
| 3,624 | |
| 1,670 |
Inventories, current | |
| 3,332 | |
| 4,020 |
Other current assets | |
| 1,142 | |
| 826 |
Total current assets | | $ | 29,103 | | $ | 30,881 |
Property, plant and equipment, net | |
| 3,759 | |
| 4,085 |
Inventories, noncurrent | |
| 306 | |
| 379 |
Other noncurrent assets | |
| 181 | |
| 129 |
Total assets | | $ | 33,349 | | $ | 35,474 |
Liabilities and shareholders’ equity | |
| | |
| |
Current liabilities | |
| | |
| |
Accounts payable | | $ | 258 | | $ | 291 |
Income taxes payable | |
| 7 | |
| — |
Accrued expense | |
| 772 | |
| 981 |
Contract liabilities | |
| 2,950 | |
| 1,255 |
Other current liabilities | |
| 59 | |
| 121 |
Total current liabilities | | $ | 4,046 | | $ | 2,648 |
Contract liabilities, noncurrent | |
| 768 | |
| 751 |
Warrants | | | — | | | 10 |
Deferred tax liabilities, net | |
| 43 | |
| 33 |
Total liabilities | | $ | 4,857 | | $ | 3,442 |
Commitments and contingencies (Note 13) | |
| | |
| |
Shareholders’ equity | |
| | |
| |
Common stock, $0.0001 par value; 300,000,000 shares authorized as of June 30, 2026 and December 31, 2025, and 2,205,648 and 2,007,613 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | |
| — | |
| — |
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025, respectively and no shares issued or outstanding as of June 30, 2026 and December 31, 2025, respectively | | | — | | | — |
Additional paid-in capital | |
| 99,762 | |
| 98,371 |
Accumulated deficit | |
| (71,270) | |
| (66,339) |
Total shareholders’ equity | | $ | 28,492 | | $ | 32,032 |
Total liabilities and shareholders’ equity | | $ | 33,349 | | $ | 35,474 |
MultiSensor AI Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
(Amounts in thousands of U.S. dollars)
| | Six Months Ended June 30, | ||||
| | 2026 | | 2025 | ||
Operating Activities: | | | | | | |
Net loss | | $ | (4,931) | | $ | (7,758) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |
| | |
| |
Depreciation | |
| 712 | |
| 610 |
Non-cash lease activity | |
| — | |
| 77 |
Bad debt expenses (recoveries) | | | 22 | | | (1) |
Deferred income tax (income) expense | |
| 10 | |
| 9 |
Share-based compensation | |
| 369 | |
| 1,330 |
Loss (gain) on disposal of equipment | | | (18) | | | (24) |
Other (income) expenses, net | | | (25) | | | — |
Increase (decrease) in cash resulting from changes in: | |
| | |
| |
Trade accounts receivable | |
| (1,976) | |
| (52) |
Inventories | |
| 761 | |
| (14) |
Other current assets | |
| (366) | |
| 204 |
Other noncurrent assets | | | (52) | | | (14) |
Trade accounts payable | |
| (49) | |
| 245 |
Income taxes payable | |
| 7 | |
| (59) |
Contract liabilities | |
| 1,695 | |
| 1,732 |
Other current liabilities | |
| (62) | |
| (121) |
Right of use liabilities | |
| — | |
| (78) |
Accrued expenses | |
| (194) | |
| (46) |
Contract liabilities, noncurrent | | | 17 | | | (20) |
Net cash provided by (used in) operating activities | | $ | (4,080) | | $ | (3,980) |
Investing Activities: | |
| | |
| |
Capital expenditures | |
| (372) | |
| (929) |
Proceeds from sale of equipment | | | 20 | | | 24 |
Net cash provided by (used in) investing activities | | $ | (352) | | $ | (905) |
Financing Activities: | |
| | |
| |
Proceeds from issuances of common stock | | | 1,046 | | | 4,739 |
Tax payments associated with equity-based compensation transactions | | | (24) | | | (848) |
Repayment of Legacy SMAP promissory note | | | — | | | (172) |
Net cash provided by (used in) financing activities | | $ | 1,022 | | $ | 3,719 |
Net increase/(decrease) in cash, cash equivalents, and restricted cash equivalents | |
| (3,410) | |
| (1,166) |
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 | | $ | 21,055 | | $ | 3,342 |
| | | | | | |
Reconciliation of cash, cash equivalents and restricted cash equivalents at end of period: | | | | | | |
Cash and cash equivalents | | $ | 21,005 | | $ | 3,192 |
Restricted cash equivalents included in other current assets | | | 50 | | | 150 |
Cash, cash equivalents, and restricted cash equivalents end of the period | | $ | 21,055 | | $ | 3,342 |
| | | | | | |
Supplemental cash flow information: | |
| | |
| |
Interest paid | | $ | — | | $ | — |
Income tax paid, net of refunds received | |
| 10 | |
| 110 |
| | | | | | |