MultiSensor AI Holdings, Inc. (MSAI)

Nasdaq: MSAI · Optical Instruments & Lenses · Houston, TX · filing with the SEC since 2021

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Grade2.7

◀ Past 1.1● Present 2.3▶ Future 4.7

1 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of MultiSensor AI Holdings, Inc.

Nine metrics read from its own filings, by tense

Headline grade

2.7/10

◀ Past1.130% of the headline

● Present2.340% of the headline

▶ Future4.730% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

1.1/1030% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

1.0/10

Has it survived what it has been through?

14 warning events since 2021; the latest 2025-06-06.

weight 33% of this tense · 10th percentile among 24 sector filers · read for itself

From the record

MultiSensor AI Holdings, Inc.'s filings since 2021 show 14 warning events of 3 kinds: a notice about its exchange listing (8-K item 3.01, 5 times, the latest 2025-05-16); an auditor change (8-K item 4.01, 3 times, the latest 2025-06-06); a late-report notice (Form NT 10-K or NT 10-Q, 6 times, the latest 2023-11-14) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

1.6/10

What has it actually done, year after year?

-8.6% a year over 4 filed years; profitable in 0 of 4.

weight 45% of this tense · 16th percentile among 23 sector filers · read for its customers

From the record

MultiSensor AI Holdings, Inc.'s 4 filed years say what it did: revenue went from $7 million in fiscal 2022 to $6 million in fiscal 2025, down 8.6% a year; it rose in 1 of 3 years; the deepest fall was 25% from fiscal 2022 to fiscal 2023; net income was positive in 0 of 4 of those years (its annual reports).

What it rests on

revenue growth over the filed span-8.6%bottom 7% of its family
the share of years revenue rosebottom 17% of its family
the share of filed years with a profitbottom 9% of its family
the deepest fall from a revenue peak25.3%bottom 33% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

0.2/10

How has it treated the people who own it?

SI estimate 0.2/10, confidence 35 of 100 (one part).

weight 22% of this tense · 2nd percentile among 24 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 2% of 24 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 24 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: MultiSensor AI Holdings, Inc.'s shareholder treatment is put at 0.2 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 2% of 24 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

2.3/1040% of the headline grade · 3 of 3 filed

Financial health

as filed

4.1/10

Is it financially healthy right now?

ROE -37%: lost 37¢ per shareholder dollar. Leverage 10%: owes 10¢ per asset dollar.

weight 45% of this tense · 41st percentile among 24 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, MultiSensor AI Holdings, Inc. lost about 37 cents for every dollar of shareholders' money. Leverage: it owed about 10 cents per dollar of assets, and net share issuance: its share count grew 85.6% over the year (the filed statements).

What it rests on

what it owes per dollar of assetstop 2% of its family
return on equitybottom 23% of its family
the share count against the year beforebottom 2% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

0.7/10

How strong is its position in its industry?

bottom 7% of 23 in its family; net margin -211%.

weight 33% of this tense · 7th percentile among 23 sector filers · read for its customers

From the record

MultiSensor AI Holdings, Inc.'s standing among 23 graded names in its industry family: revenue of $6 million in fiscal 2025 ranks in the bottom 2% by size; a net margin of -211% ranks in the bottom 7%; revenue growth of -8.6% a year over the last 3 filed years ranks in the bottom 11% (its annual reports).

What it rests on

revenue against the family$5.6Mbottom 2% of its family
net margin-211.0%bottom 7% of its family
three-year revenue growth-8.6%bottom 11% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed

1.2/10

What are the people in charge doing?

bottom 12% of 18 in its family for leadership; chief executive since 2025.

weight 22% of this tense · 12th percentile among 18 sector filers · read for its shareholders

From the record

MultiSensor AI Holdings, Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Akram, Asim (Chief Executive Officer, as filed), filing under that title since 2025-07-03, 1.4 years (bottom 21% of its family); most of the 8 officers and directors filing now have filed since the record of its people begins (2023-12-19), a floor of 2.6 years the record cannot see past, so that part is not read; 9 officer or director changes were reported on Form 8-K since 2023-11-13, against the 8 people in charge now (bottom 3%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

officer and director changes on Form 8-K, against the people in charge9 in three years among 8 peoplebottom 3% of its family
the chief executive's years on the record1.4 yearsbottom 21% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

4.7/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed

5.2/10

How much room does it have to grow?

top 48% of 23 in its family for room to expand.

weight 45% of this tense · 52nd percentile among 23 sector filers · read for itself

From the record

MultiSensor AI Holdings, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $24 million against no long-term debt tagged leaves 69% of its assets as net cash, top 2% of its family; cash from operations less capital spending is -173.9% of revenue (bottom 7%) (its annual report).

What it rests on

cash less debt against assets69.0%top 2% of its family
cash from operations less capital spending against revenue-173.9%bottom 7% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

4.0/10

What could actually drive growth from here?

bottom 40% of 23 in its family for growth drivers.

weight 33% of this tense · 40th percentile among 23 sector filers · read for its customers

From the record

MultiSensor AI Holdings, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew -8.6% a year over the last three filed years against -8.6% over all 4, speeding up (top 33% of its family); the newest year grew -25% (bottom 2%); capital spending grew 0.6% a year (top 50%) (its annual reports). MultiSensor AI Holdings, Inc. reported 3 product lines in fiscal 2025: Product at $3 million (58%), Technology Service at $2 million (34%), Ancillary Services at $453 thousand (8%); 1 of 3 grew against the year before (its annual report).

What it rests on

three-year growth against the whole span+0.0 points a yeartop 33% of its family
the newest year's revenue growth-25.0%bottom 2% of its family
three-year growth of capital spending0.6%top 50% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

4.9/10

Did its newest year beat what its own record pointed to?

bottom 49% of 22 in its family for expectations against reality.

weight 22% of this tense · 49th percentile among 22 sector filers · read for its shareholders

From the record

MultiSensor AI Holdings, Inc.'s newest year against its own record: revenue of $6 million in fiscal 2025 came in 25.7% below the $7 million its prior three years' pace pointed to (bottom 2% of its family); net income of $12 million against a prior three-year average of $19 million (top 43%); a net margin of a loss larger than its revenue against losses larger than its revenue before (top 11%) (its annual reports).

What it rests on

revenue against the prior three years' pace-25.7%bottom 2% of its family
net income against the prior three years' average+38%top 43% of its family
net margin against its prior average+83.4 pointstop 11% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton MSAI · research, not advice