Despite historical erosion of shareholder value, the company has improved its liquidity position to $22.6M in cash as of 2026Q1, though this is offset by $68.8M in accumulated losses.
| Total Current Assets | 28.44M | 30.88M | 10.52M | 12.51M | 14.93M | 22.2M |
| Cash & Short-Term Investments | 22.55M | 24.36M | 4.36M | 1.16M | 654K | 3.37M |
| Cash Only | 22.55M | 24.36M | 4.36M | 1.16M | 654K | 3.37M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.19M | 1.67M | 1.55M | 2.54M | 2.58M | 3.15M |
| Days Sales Outstanding | 76.77 | 109.81 | 76.63 | 170.47 | 129.42 | 39.99 |
| Inventory | 3.79M | 4.02M | 4.18M | 6.93M | 9.63M | 11.3M |
| Days Inventory Outstanding | 467.27 | 556.22 | 590.9 | 1.1K | 708.38 | 401 |
| Other Current Assets | 907K | 826K | 150K | 0 | 0 | 77K |
| Total Non-Current Assets | 4.39M | 4.59M | 4.96M | 3.86M | 2.53M | 2.5M |
| Property, Plant & Equipment | 3.86M | 4.08M | 4.1M | 3.21M | 2.53M | 1.39M |
| Fixed Asset Turnover | 1.43x | 1.36x | 1.81x | 1.69x | 2.87x | 20.75x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 533K | 508K | 865K | 646K | -597K | 2K |
| Total Assets | 32.84M | 35.47M | 15.48M | 16.37M | 17.46M | 24.7M |
| Asset Turnover | 0.25x | 0.16x | 0.48x | 0.33x | 0.42x | 1.17x |
| Asset Growth % | 181.19% | 129.19% | -5.46% | -6.24% | -29.32% | - |
| Total Current Liabilities | 2.19M | 2.65M | 3.02M | 10.76M | 7M | 1.88M |
| Accounts Payable | 429K | 291K | 825K | 2.63M | 1.36M | 899K |
| Days Payables Outstanding | 77.08 | 40.26 | 116.62 | 417.91 | 100 | 31.91 |
| Short-Term Debt | 0 | 0 | 172K | 1.4M | 1.95M | 0 |
| Deferred Revenue (Current) | 3.89M | 0 | 483K | 1.94M | 287K | 140K |
| Other Current Liabilities | 1.76M | 2.36M | 245K | 114K | 224K | 99K |
| Current Ratio | 12.99x | 11.66x | 3.49x | 1.16x | 2.13x | 11.82x |
| Quick Ratio | 11.26x | 10.14x | 2.10x | 0.52x | 0.76x | 5.81x |
| Cash Conversion Cycle | 466.96 | 625.76 | 550.9 | 853.75 | 737.8 | 409.07 |
| Total Non-Current Liabilities | 927K | 794K | 173K | 5.88M | 18.67M | 18.39M |
| Long-Term Debt | 0 | 0 | 0 | 5.7M | 18.57M | 18.39M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 258K | 33K | 80K | 18K | 90K | 0 |
| Other Non-Current Liabilities | 864K | 10K | 10K | 49K | 0 | 0 |
| Total Liabilities | 3.12M | 3.44M | 3.19M | 16.64M | 25.67M | 20.27M |
| Total Debt | 0 | 0 | 310K | 7.23M | 20.62M | 18.39M |
| Net Debt | -22.55M | -24.36M | -4.05M | 6.08M | 19.97M | 15.01M |
| Debt / Equity | 0.00x | - | 0.03x | - | - | 4.14x |
| Debt / EBITDA | -0.00x | - | - | - | - | 4.19x |
| Net Debt / EBITDA | 2.77x | - | - | - | - | 3.42x |
| Interest Coverage | - | - | -347.57x | -233.68x | -104.09x | 11.89x |
| Total Equity | 29.72M | 32.03M | 12.29M | -268K | -8.21M | 4.44M |
| Equity Growth % | 772.08% | 160.68% | 4685.07% | 96.74% | -285.01% | - |
| Book Value per Share | 14.77 | 34.31 | 24.43 | -1.71 | -27.46 | 14.84 |
| Total Shareholders' Equity | 29.72M | 32.03M | 12.29M | -268K | -8.21M | 4.44M |
| Common Stock | 0 | 8K | 3K | 1K | 0 | 0 |
| Retained Earnings | -68.81M | -66.34M | -54.63M | -33.13M | -10.86M | 2.43M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | -377.09K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital exhaustion
According to the most recent 2026Q1 financial filings, MSAI maintains a cash balance of $22.6M, which provides a temporary liquidity buffer, though the company's historical burn rate suggests this capital may be depleted rapidly if the current negative operating margin trajectory is not corrected immediately.
The current ratio of 12.99 indicates a high level of short-term liquidity, but this is largely a function of the recent capital raise rather than operational efficiency. Investors should monitor whether this cash position is utilized to achieve a sustainable scale or if it merely delays the necessity for further dilutive financing.
As reported in the company's balance sheet data, the equity base has been significantly impacted by accumulated losses of $68.8M, reflecting a persistent erosion of shareholder value that warrants close investigation into the company's long-term ability to generate positive returns on invested capital.
The transition to a positive equity position in recent quarters appears to be driven by external capital injections rather than organic retained earnings growth. This reliance on equity financing to offset operational deficits suggests that shareholders may face continued dilution if the business model fails to reach profitability.
Based on the 2026Q1 balance sheet, MSAI's asset base is relatively lean with $3.9M in net PPE, suggesting that the company's primary value proposition is not tied to heavy physical infrastructure but rather to the proprietary software and sensor technology integrated into its industrial offerings.
The lack of significant goodwill or intangible assets on the balance sheet is a positive indicator of accounting transparency, though it also implies that the company's competitive moat is not currently being captured as a capitalized asset. The asset mix remains heavily weighted toward cash, which underscores the speculative nature of the current business model.
As evidenced by the shift from a negative equity position in 2023Q4 to $29.7M in 2026Q1, MSAI has successfully bolstered its balance sheet through capital markets activity, though this improvement masks the underlying operational challenges and the continued reliance on external funding to sustain the business.
While the balance sheet appears more stable than in previous periods, the trajectory is heavily dependent on the company's ability to convert its cash reserves into a self-sustaining revenue engine. The absence of debt is a notable strength, yet it may also reflect limited access to traditional credit markets given the company's negative profitability profile.
Quick answers to the most common questions about buying MSAI stock.
As of 2025, MultiSensor AI Holdings, Inc. (MSAI) had total assets of $35.5M including $30.9M in current assets.
MultiSensor AI Holdings, Inc. (MSAI) carries total debt of $0.0M, offset by $24.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
MultiSensor AI Holdings, Inc. (MSAI) has total shareholders' equity (book value) of $32.0M ($34.31 book value per share). Book value represents the net worth of the company belonging to common stock holders.
MultiSensor AI Holdings, Inc. (MSAI) reported a current ratio of 11.66x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.