MultiSensor AI Q3 net loss widens to $1.95M
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
MultiSensor AI Holdings, Inc. (MSAI) reported third-quarter revenue of $1.505 million for the three months ended September 30, 2026, versus $1.574 million a year earlier, and a net loss of $1.949 million versus $1.677 million. For the first nine months, revenue was $4.814 million versus $4.163 million, while net loss narrowed to $6.880 million from $9.435 million. Net cash used in operating activities for the nine months was $4.467 million, compared with $5.783 million.
Chief Executive Officer Asim Akram said the largest distribution customer's European programs led to its first 14-site North American rollout, while solar performance monitoring expanded to additional European sites. Chief Financial Officer Robert Nadolny said software subscriptions made up a majority of quarterly revenue, recurring revenue continued to grow, and cash use slowed in the quarter, citing disciplined spending and strong collections; he also said the company had no debt. Cash and cash equivalents were $20.402 million at September 30, 2026. Share and per-share amounts were adjusted retroactively for the April 13, 2026 1-for-40 reverse split.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNine-month revenue rose to $4.814 million from $4.163 million.
- Moderate pointNine-month net loss narrowed to $6.880 million from $9.435 million.
- Moderate pointNine-month operating cash use fell to $4.467 million from $5.783 million.
Negative
- Moderate pointQuarterly net loss widened to $1.949 million from $1.677 million.
Filing Explained
The filing reports 2,218,278 common shares outstanding at
8-K Event Classification
Key Figures
Key Terms
contract liabilities financial
right-of-use assets financial
restricted cash equivalents financial
Earnings Snapshot
FAQ
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What was MSAI's revenue in the third quarter of 2026?
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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):
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of | (Commission File Number) | (I.R.S. Employer |
|
|
(
(Registrant’s telephone number, including area code)
(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 November 12, 2026, MultiSensor AI Holdings, Inc., a Delaware corporation (the “Company”), issued a press release announcing its financial results for the third fiscal quarter ended September 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 9.01Financial Statements and Exhibits.
(d) Exhibits
Exhibit | | Description |
99.1 | Press Release of MultiSensor AI Holdings, Inc., dated November 12, 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. | |
|
|
|
Date: November 12, 2026 | By: | /s/ Robert Nadolny |
| Name: | Robert Nadolny |
| Title: | Chief Financial Officer and Corporate Secretary |
Exhibit 99.1
MultiSensor AI Announces Third Quarter 2026 Results
Alpharetta, GA, 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 |