Revenue volatility remains a primary concern, with the company reporting a 2026Q1 operating margin of -161.6% and inconsistent gross margins that have swung as low as 23.6% in recent periods.
MultiSensor AI Holdings, Inc. (MSAI) annual income statement — 5-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Sales/Revenue | 6.27M | 5.55M | 7.4M | 5.43M | 7.27M | 28.79M |
| Revenue Growth % | 12.16% | -25.01% | 36.32% | -25.29% | -74.75% | - |
| Cost of Goods Sold | 2.7M | 2.64M | 2.58M | 2.3M | 4.96M | 10.28M |
| COGS % of Revenue | - | 47.52% | 34.88% | 42.3% | 68.3% | 35.72% |
| Gross Profit | 3.57M | 2.91M | 4.82M | 3.13M | 2.3M | 18.5M |
| Gross Margin % | 56.99% | 52.48% | 65.12% | 57.7% | 31.7% | 64.28% |
| Gross Profit Growth % | - | -39.56% | 53.85% | 35.98% | -87.55% | - |
| Operating Expenses | 12.36M | 14.45M | 23.7M | 24.61M | 14.32M | 14.44M |
| OpEx % of Revenue | - | 260.24% | 320.2% | 453.22% | 197.06% | 50.16% |
| Selling, General & Admin | 10.77M | 13.15M | 19.04M | 22.11M | 13.61M | 14.12M |
| SG&A % of Revenue | - | 236.84% | 257.19% | 407.09% | 187.2% | 49.05% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 1.58M | 1.3M | 4.66M | 2.5M | 716K | 318K |
| Operating Income | -8.78M | -11.53M | -18.88M | -21.48M | -12.02M | 4.07M |
| Operating Margin % | -140.07% | -207.76% | -255.08% | -395.52% | -165.36% | 14.12% |
| Operating Income Growth % | - | 38.92% | 12.09% | -78.71% | -395.57% | - |
| EBITDA | -7.38M | -10.23M | -17.74M | -20.61M | -11.46M | 4.38M |
| EBITDA Margin % | -117.73% | -184.36% | -239.68% | -379.47% | -157.64% | 15.23% |
| EBITDA Growth % | 59.49% | 42.31% | 13.9% | -79.85% | -361.34% | - |
| D&A (Non-Cash Add-back) | 1.4M | 1.3M | 1.14M | 872K | 561K | 318K |
| EBIT | -8.92M | -11.74M | -21.9M | -21.97M | -11.97M | 3.75M |
| Net Interest Income | 359K | 77K | -1.62M | -94K | -115K | -315K |
| Interest Income | 359K | 77K | -1.55M | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 63K | 94K | 115K | 315K |
| Other Income/Expense | -133K | -212K | -3.08M | -583K | -67K | -635K |
| Pretax Income | -8.92M | -11.74M | -21.96M | -22.06M | -12.09M | 3.43M |
| Pretax Margin % | -142.19% | -211.58% | -296.68% | -406.26% | -166.28% | 11.92% |
| Income Tax | -31K | -32K | -465K | 208K | 1.21M | 1.12M |
| Effective Tax Rate % | 0.35% | 0.27% | 2.12% | -0.94% | -9.97% | 32.59% |
| Net Income | -8.89M | -11.71M | -21.5M | -22.27M | -13.29M | 2.31M |
| Net Margin % | -141.7% | -211.01% | -290.39% | -410.09% | -182.86% | 8.04% |
| Net Income Growth % | 53.08% | 45.51% | 3.47% | -67.55% | -674.58% | - |
| Net Income (Continuing) | -8.89M | -11.71M | -21.5M | -22.27M | -13.29M | 2.31M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -9.52 | -12.40 | -42.80 | -142.40 | -44.40 | 7.60 |
| EPS Growth % | 68.31% | 71.03% | 69.94% | -220.72% | -684.21% | - |
| EPS (Basic) | - | -12.40 | -42.80 | -142.40 | -44.40 | 7.60 |
| Diluted Shares Outstanding | 933.72K | 933.72K | 502.98K | 156.44K | 298.92K | 298.92K |
| Basic Shares Outstanding | 933.72K | 933.72K | 502.98K | 156.44K | 298.92K | 298.92K |
| Dividend Payout Ratio | - | - | - | - | - | 2.29% |
Quick answers to the most common questions about buying MSAI stock.
For fiscal year 2025, MultiSensor AI Holdings, Inc. (MSAI) reported total revenue of $5.6M. This represents a 80.7% decline compared to $28.8M in 2021.
MultiSensor AI Holdings, Inc. (MSAI) reported a net loss of $11.7M for the fiscal year ending 2025.
MultiSensor AI Holdings, Inc. (MSAI) reported an operating income of $-11.5M, resulting in an operating profit margin of -207.8%. This margin reflects the operational efficiency of the business before interest and taxes.
MultiSensor AI Holdings, Inc. (MSAI) generated $2.9M in gross profit for the year, representing a gross profit margin of 52.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High cash burn rate
Metrics are mathematically derived from official filings.
Top Line Volatility Persists
As evidenced by the quarterly financial data, MSAI has experienced significant revenue inconsistency, with recent periods showing a marked inability to sustain growth, culminating in a 25.01% year-over-year contraction that highlights the challenges of transitioning from a hardware-centric model to a recurring software-based revenue stream.
The erratic revenue performance suggests that the company's reliance on project-based hardware sales creates a lumpy and unpredictable top-line profile. Investors should monitor whether the current contraction reflects a strategic pivot away from low-margin legacy products or a fundamental erosion of the firm's competitive position in the industrial IoT market.
Gross Margin Volatility Indicates Instability
According to the reported income statements, MSAI's gross margins have fluctuated wildly between 23.6% and 75.6%, suggesting that the company lacks the pricing power or cost consistency required to maintain a stable margin profile in its specialized thermographic hardware and software-integrated sensing business.
This extreme variability in gross profitability implies that the product mix is highly sensitive to individual contract terms or potential inventory write-downs. Such instability makes it difficult to forecast long-term profitability and suggests that the company's value proposition may not yet be sufficiently differentiated to command premium, consistent pricing.
Operating Leverage Remains Severely Constrained
Based on the provided financial figures, MSAI's operating margin of -207.76% indicates that the company is currently unable to achieve the necessary scale to cover its fixed corporate overhead, resulting in a persistent disconnect between gross profit generation and the high costs of operating as a public entity.
The substantial SG&A expenses relative to revenue suggest that the company is over-investing in its sales and administrative infrastructure relative to its current market penetration. Without a significant increase in revenue volume or a drastic reduction in operating expenses, the firm appears to be trapped in a cycle of high cash burn that threatens its long-term viability.
Earnings Quality Obscured by Expenses
As reported in recent filings, the company's net income is consistently negative, with significant quarterly losses that are exacerbated by non-operating items and stock-based compensation, which complicates the assessment of the underlying operational health of the business for potential investors.
The presence of substantial stock-based compensation in earlier periods suggests that reported losses may be partially driven by non-cash accounting charges related to the company's transition to a public entity. Analysts should focus on stripping out these non-recurring items to determine the true cash-burn rate and the sustainability of the current business model.
Sustainability of Business Model Challenged
While management may view the current revenue decline as a strategic transition, the data suggests a more concerning trend where the company's high fixed-cost structure is not being supported by a growing, recurring revenue base, leaving the firm exposed to significant liquidity risks in the near term.
Short-sellers would likely focus on the widening gap between the company's cash reserves and its ongoing operating losses, which may necessitate dilutive financing. The lack of a clear path to profitability suggests that the market's current valuation may be overly optimistic regarding the company's ability to successfully pivot to a software-first model.