MultiSensor AI Holdings, Inc. adjusted the terms of previously issued warrants after completing a 1-for-40 reverse stock split of its common stock. The reverse split became effective on April 13, 2026, converting every forty shares into one share without changing par value.
The warrants were originally issued in October 2025 for up to 68,459,652 shares at an exercise price of $0.409 per share, with anti-dilution features tied to share combination events. Following the reverse split and the related adjustment period, the warrant exercise price was reset to $5.98 per share and the total number of shares issuable under the warrants was proportionately adjusted to 4,682,273.85 shares, effective as of the close of trading on April 17, 2026.
KITSOS PETROS reported acquisition or exercise transactions in this Form 4 filing.
MultiSensor AI Holdings director Petros Kitsos reported an equity grant of company stock. On March 31, 2026, he received 47,619 restricted stock units, each equal to one share of common stock, under the company’s 2023 Incentive Award Plan. The RSUs vested in full on the grant date, increasing his direct holdings to 136,707 common shares. This was a compensation-related award at a stated price of $0.00 per share, not an open-market purchase or sale.
Gow David reported acquisition or exercise transactions in this Form 4 filing.
MultiSensor AI Holdings director David Gow received an equity grant of 47,619 shares of common stock as compensation. The award was made on March 31, 2026 as restricted stock units under the company’s 2023 Incentive Award Plan, and the RSUs vested in full on the grant date. Following this grant, Gow directly holds 844,163 shares of MultiSensor AI Holdings common stock.
MultiSensor AI Holdings, Inc. director Flavin Stuart V received an equity award rather than making an open-market trade. On March 31, 2026, he was granted 47,619 restricted stock units (RSUs), each representing one share of common stock under the company’s 2023 Incentive Award Plan. The RSUs vested in full on the grant date, and following this award he directly holds 150,072 shares of common stock. This is a compensation-related share acquisition, not a purchase or sale on the market.
Chu Margaret M reported acquisition or exercise transactions in this Form 4 filing.
MultiSensor AI Holdings, Inc. director Margaret M. Chu received an equity award of 47,619 shares of common stock on March 31, 2026, in the form of restricted stock units granted under the company’s 2023 Incentive Award Plan. The RSUs vested in full on the grant date, bringing her directly held position to 136,707 shares of common stock.
FRIEDBERG DANIEL M. reported acquisition or exercise transactions in this Form 4 filing.
MultiSensor AI Holdings, Inc. reported that director designee Daniel M. Friedberg received an award of 95,238 shares of common stock, bringing his reported direct holdings to 245,345 shares. Under an arrangement with 325 Capital and its affiliates, any equity awards to Mr. Friedberg in his director capacity are held for, transferred to, or monetized for the benefit of 325 or its affiliates, so he does not have a direct pecuniary interest in these securities.
The filing, made jointly by 325 Capital Master Fund LP, 325 Capital GP, LLC, 325 Capital LLC and related individuals, also lists large indirect positions in common stock and warrants exercisable at $0.409 per share. These warrants are exercisable from the date of stockholder approval and expire five years from issuance. A Maximum Ownership Limitation of 49.5% restricts any holder’s beneficial ownership, with excess exercisability shifting into Series A Convertible Preferred Stock instead of additional common shares.
MultiSensor AI Holdings, Inc. reported full-year 2025 revenue of $5.6 million, down from $7.4 million in 2024 as it shifts from hardware sales toward subscription solutions. The company’s net loss narrowed to $11.7 million from $21.5 million, reflecting lower operating expenses.
Operating cash outflow improved to $8.0 million from $15.6 million. MultiSensor AI strengthened its balance sheet by raising $30.9 million from issuances of common stock and pre-funded warrants, helping increase cash and cash equivalents to $24.4 million at December 31, 2025, compared with $4.5 million a year earlier.
MultiSensor AI Holdings, Inc. provides integrated condition monitoring and early threat detection solutions that link thermal, visual, acoustic and other sensors to its MSAI Connect software platform, delivered as SaaS and on-premises. The company targets automation‑intensive sites such as distribution hubs, manufacturing plants and data centers.
As of December 31, 2025, about 730 sensors were connected to MSAI Connect, up from roughly 460 a year earlier, a 59% increase. Management estimates a 2025 total addressable market of $9.0 billion across its three focus sectors, where its market share is under 0.1%. Strategy centers on growing recurring software revenue, expanding within large enterprise accounts and using contract manufacturing to scale.
The business remains loss‑making as it shifts from standalone hardware to a platform model, with a net loss of approximately $11.7 million for 2025 versus $21.5 million in 2024. Risks highlighted include customer concentration – one distribution and logistics customer represented 36% of 2025 revenue – dependence on a small workforce, reliance on cloud providers such as Amazon Web Services, exposure to component suppliers in China, long sales cycles and the need for additional capital to support growth. The company also notes it has realigned away from oil and gas, metals and mining, drone offerings, and certain service lines to focus on core SaaS‑centric markets.
MultiSensor AI Holdings, Inc. terminated two stock financing arrangements effective February 2, 2026. The company ended a Common Stock Purchase Agreement with B. Riley Principal Capital II that had allowed sales of up to $25.0 million of common stock. Before termination, it sold 1,814,731 shares for cash proceeds of approximately $4.7 million and incurred no termination penalties.
The company also ended an at-the-market issuance Sales Agreement with B. Riley Securities that had permitted up to $8.6 million of common stock sales. Under this agreement, it sold 151,072 shares for cash proceeds of approximately $115,793, again with no termination penalties.
Form 144 notice for MultiSensor AI Holdings, Inc. (MSAIW) reports a proposed sale of 40,438 shares of Common Stock through Charles Schwab with an aggregate market value of $26,927.66. The filing states approximately 34,574,485 shares outstanding and an approximate sale date of 09/04/2025 on NASDAQ. The shares were acquired on 12/19/2023 in an exchange of shares of Infrared Cameras Holdings Inc from the issuer. The filer also discloses multiple sales by Gary Eugene Strahan during the past three months, with individual transactions dated between 06/04/2025 and 07/28/2025, listing amounts and gross proceeds for each trade. The filer affirms no undisclosed material adverse information.