MultiSensor AI (MSAI) posts Q1 2026 growth with sharply reduced net loss
Rhea-AI Filing Summary
MultiSensor AI Holdings reported first quarter 2026 revenue of $1,614,000, up from $1,170,000 a year earlier, showing solid top-line growth. Net loss narrowed to $2,471,000 compared with $4,436,000, helped by much lower selling, general and administrative expenses and reduced share-based compensation.
Operating loss improved to $2,594,000 from $4,617,000, while net loss per share improved to $1.23 from $5.42, reflecting the reverse stock split adjustment. Net cash used in operating activities was $1,688,000, an improvement from $3,176,000, and cash and cash equivalents stood at $22,552,000 as of March 31, 2026, providing liquidity to support ongoing growth initiatives.
Positive
- Revenue growth and loss improvement: Q1 2026 revenue rose to $1.614M from $1.170M while net loss narrowed to $2.471M from $4.436M, reflecting better cost control and improved operating efficiency.
Negative
- None.
Insights
Q1 2026 shows strong revenue growth and a much smaller loss, supported by tighter cost control.
MultiSensor AI generated Q1 2026 revenue of $1.614M, up from $1.170M, indicating increased adoption of its condition monitoring software. Operating loss improved to $2.594M from $4.617M as spending came down.
Selling, general and administrative expense dropped to $2.989M from $4.139M, and share-based compensation fell to $182k from $907k, driving a net loss reduction to $2.471M from $4.436M. Net cash used in operating activities improved to $1.688M, and cash of $22.552M at March 31, 2026 offers a buffer as the company continues to scale.
8-K Event Classification
Key Figures
Key Terms
contract liabilities financial
additional paid-in capital financial
accumulated deficit financial
forward-looking statements regulatory
reverse stock split financial
Earnings Snapshot
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
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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:
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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 May 13, 2026, MultiSensor AI Holdings, Inc., a Delaware corporation (the “Company”), issued a press release announcing its financial results for the first fiscal quarter ended March 31, 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 of Form 8-K, 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, 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 May 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: May 13, 2026 | By: | /s/ Robert Nadolny |
| Name: | Robert Nadolny |
| Title: | Chief Financial Officer and Corporate Secretary |
Exhibit 99.1
MultiSensor AI Announces First Quarter 2026 Results
Houston, TX, May 13, 2026 – MultiSensor AI Holdings, Inc. (NASDAQ: MSAI) (the “Company”, “MultiSensor AI” or “MSAI”) today announced financial results for the first quarter ended March 31, 2026.
“Over the last quarter, we continued to sharpen our strategic focus and strengthen the leadership foundation required to scale the business,” said Asim Akram, Chief Executive Officer. “The additions of James Newman as Senior Director of Product Enablement and Todd McKellar as Vice President of Sales bring deep reliability, industrial operations, and go-to-market expertise to the Company. Their leadership has already helped us translate our strategy into more differentiated solutions, stronger customer engagement, and higher-quality commercial opportunities across both existing and prospective accounts.”
Robert Nadolny, Chief Financial Officer, continued, “In the first quarter, we delivered continued growth in our software revenue, reflecting increased adoption of MultiSensor AI’s solutions across our customer base. At the same time, disciplined expense management and improving operating efficiency contributed to a narrower net loss year-over-year, demonstrating our progress toward scaling the business while maintaining financial discipline.”
Financial Highlights:
| ● | First quarter revenue was $1.6 million, representing an increase of $0.4 million or 38%, as compared to $1.2 million in the first quarter of 2025. |
| ● | Software revenue grew to $0.7 million in the first quarter of 2026, representing an increase of $0.4 million, or 169%, as compared to $0.3 million in the first quarter of 2025. |
| ● | Gross margin was 57% in the first quarter of 2026, representing a decrease of 2% as compared to 59% for the first quarter of 2025. |
| ● | First quarter net loss was $2.5 million, representing a decrease of $1.9 million, or 44%, as compared to net loss of $4.4 million in the first quarter of 2025. |
Strategic Business Highlights:
| ● | During the first quarter of 2026, we completed initial deployments at Manchester Airport and a global direct-to-consumer food solutions provider, further validating the applicability of our solutions across complex, mission-critical operations. We also continued expanding our relationship with a large global distribution customer, which recently approved additional projects focused on monitoring rooftop solar infrastructure and distribution facilities, with installations expected throughout the remainder of fiscal year 2026. |
| ● | We successfully deployed two pilot projects within the data center sector, marking an important step in expanding MSAI’s presence in critical infrastructure environments. Initial customer feedback has been positive, and we are actively engaged in discussions to broaden these deployments and pursue additional opportunities across other data center facilities. |
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). 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
MSAI delivers condition monitoring and continuous early threat detection through a multi-sensor condition intelligence platform for high-throughput, automation-rich, and power-dense industrial facilities. Through a unified edge-to-cloud architecture, MSAI Connect provides a multi-sensor condition intelligence layer that bridges critical visibility gaps,
strengthens system reliability, and improves asset performance. By integrating thermal, visual, vibration, and environmental sensing into a single platform, MSAI detects early signs of mechanical and electrical degradation - enabling organizations to proactively protect uptime, enhance safety, and extend critical asset lifespan.
For more information or to request a demo, please 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, Section 21E of the Securities Exchange Act of 1934, 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 and 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 March 31, | ||||
| | 2026 | | 2025 | ||
Revenue, net | | $ | 1,614 | | $ | 1,170 |
Cost of goods sold (exclusive of depreciation) | | | 700 | | | 476 |
Operating expenses: | |
| | |
| |
Selling, general and administrative | |
| 2,989 | |
| 4,139 |
Share-based compensation expense | | | 182 | | | 907 |
Depreciation | |
| 352 | |
| 280 |
Loss (gain) on asset disposal | | | (15) | | | (15) |
Total operating expenses | | | 3,508 | | | 5,311 |
Operating loss | | | (2,594) | | | (4,617) |
Interest expense (income), net | |
| (155) | |
| (4) |
Other expense (income), net | |
| (1) | |
| (185) |
Loss before income taxes | | | (2,438) | | | (4,428) |
Income tax expense (benefit) | | | 33 | | | 8 |
Net loss | | $ | (2,471) | | $ | (4,436) |
Weighted-average shares outstanding, basic and diluted | |
| | |
| |
Basic | |
| 2,012,241 | |
| 818,141 |
Diluted | |
| 2,012,241 | |
| 818,141 |
Net loss per share, basic and diluted | |
| | |
| |
Basic | | $ | (1.23) | | $ | (5.42) |
Diluted | |
| (1.23) | |
| (5.42) |
MultiSensor AI Holdings, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(Amounts in thousands of U.S. dollars, except share and per share data)
| | March 31, 2026 | | December 31, 2025 | ||
Assets | | | | | | |
Current assets | | | |
| | |
Cash and cash equivalents | | $ | 22,552 | | $ | 24,365 |
Trade accounts receivable, net of allowance for credit losses of $28 and $17, respectively | |
| 1,190 | |
| 1,670 |
Inventories, current | |
| 3,794 | |
| 4,020 |
Other current assets | |
| 907 | |
| 826 |
Total current assets | | $ | 28,443 | | $ | 30,881 |
Property, plant and equipment, net | |
| 3,859 | |
| 4,085 |
Inventories, noncurrent | |
| 331 | |
| 379 |
Other noncurrent assets | |
| 202 | |
| 129 |
Total assets | | $ | 32,835 | | $ | 35,474 |
Liabilities and shareholders’ equity | |
| | |
| |
Current liabilities | |
| | |
| |
Accounts payable | | $ | 429 | | $ | 291 |
Income taxes payable | |
| 1 | |
| — |
Accrued expense | |
| 820 | |
| 981 |
Contract liabilities | |
| 893 | |
| 1,255 |
Other current liabilities | |
| 46 | |
| 121 |
Total current liabilities | | $ | 2,189 | | | 2,648 |
Contract liabilities, noncurrent | |
| 854 | |
| 751 |
Warrants | | | 10 | | | 10 |
Deferred tax liabilities, net | |
| 63 | |
| 33 |
Total liabilities | | $ | 3,116 | | $ | 3,442 |
Commitments and contingencies (Note 13) | |
| | |
| |
Shareholders’ equity | |
| | |
| |
Common stock, $0.0001 par value; 300,000,000 shares authorized as of March 31, 2026 and December 31, 2025, and 2,012,293 and 2,007,613 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | |
| — | |
| — |
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of March 31, 2026 and December 31, 2025, respectively and no shares issued or outstanding as of March 31, 2026 and December 31, 2025, respectively | | | — | | | — |
Additional paid-in capital | |
| 98,529 | |
| 98,371 |
Accumulated deficit | |
| (68,810) | |
| (66,339) |
Total shareholders’ equity | | $ | 29,719 | | | 32,032 |
Total liabilities and shareholders’ equity | | $ | 32,835 | | $ | 35,474 |
MultiSensor AI Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
(Amounts in thousands of U.S. dollars)
| | Three months ended March 31, | ||||
| | 2026 | | 2025 | ||
Operating Activities: | | | | | | |
Net loss | | $ | (2,471) | | $ | (4,436) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |
| | |
| |
Depreciation | |
| 352 | |
| 280 |
Non-cash lease activity | |
| — | |
| 35 |
Bad debt expenses (recoveries) | | | 17 | | | — |
Deferred income tax (income) expense | |
| 30 | |
| 6 |
Share-based compensation | |
| 182 | |
| 907 |
Loss (gain) on disposal of equipment | | | (15) | | | (15) |
Increase (decrease) in cash resulting from changes in: | |
| | |
| |
Trade accounts receivable | |
| 463 | |
| (10) |
Inventories | |
| 274 | |
| (375) |
Other current assets | |
| (81) | |
| 126 |
Other noncurrent assets | | | (73) | | | (37) |
Trade accounts payable | |
| 128 | |
| 404 |
Income taxes payable | |
| 1 | |
| (59) |
Contract liabilities | |
| (362) | |
| (263) |
Other current liabilities | |
| (75) | |
| (162) |
Right of use liabilities | |
| — | |
| (35) |
Accrued expenses | |
| (161) | |
| 468 |
Contract liabilities, noncurrent | | | 103 | | | (10) |
Net cash provided by (used in) operating activities | | $ | (1,688) | | $ | (3,176) |
Investing Activities: | |
| | |
| |
Capital expenditures | |
| (121) | |
| (435) |
Proceeds from sale of equipment | | | 20 | | | 15 |
Net cash provided by (used in) investing activities | | $ | (101) | | $ | (420) |
Financing Activities: | |
| | |
| |
Proceeds from issuances of common stock | | | — | | | 4,657 |
Tax payments associated with equity-based compensation transactions | | | (24) | | | (500) |
Repayment of Legacy SMAP promissory note | | | — | | | (172) |
Net cash provided by (used in) financing activities | | $ | (24) | | $ | 3,985 |
Net increase/(decrease) in cash, cash equivalents, and restricted cash equivalents | |
| (1,813) | |
| 389 |
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 | | $ | 22,652 | | $ | 4,897 |
| | | | | | |
Reconciliation of cash, cash equivalents and restricted cash equivalents at end of period: | | | | | | |
Cash and cash equivalents | | $ | 22,552 | | $ | 4,747 |
Restricted cash equivalents included in other current assets | | | 100 | | | 150 |
Cash, cash equivalents, and restricted cash equivalents end of the period | | $ | 22,652 | | $ | 4,897 |
| | | | | | |
Supplemental cash flow information: | |
| | |
| |
Interest paid | | $ | — | | $ | — |
Income tax paid, net of refunds received | |
| 10 | |
| 110 |
| | | | | | |