MultiSensor AI Announces Third Quarter 2024 Results
MultiSensor AI Holdings (NASDAQ:MSAI) reported Q3 2024 financial results showing year-to-date revenue growth of 57% to $6.0 million, and Q3 revenue increase of 7% to $1.6 million. The company significantly improved its financial position through $26.5 million in public and private equity offerings in July 2024, increasing cash position to $8.6 million from $0.2 million in Q2. Total liabilities decreased to $3.3 million from $14.9 million. MSAI also announced strategic partnerships with Seek Thermal and IndustrAI S脿rl to expand their multi-sensor solutions offerings.
MultiSensor AI Holdings (NASDAQ:MSAI) ha riportato i risultati finanziari del terzo trimestre 2024, evidenziando una crescita dei ricavi dell'anno fino ad oggi del 57% a $6,0 milioni, e un incremento dei ricavi del Q3 del 7% a $1,6 milioni. L'azienda ha notevolmente migliorato la propria posizione finanziaria grazie a $26,5 milioni in offerte di capitale pubblico e privato nel luglio 2024, aumentando la posizione di cassa a $8,6 milioni da $0,2 milioni nel Q2. Le passivit脿 totali sono diminuite a $3,3 milioni da $14,9 milioni. MSAI ha anche annunciato partnership strategiche con Seek Thermal e IndustrAI S脿rl per ampliare le proprie offerte di soluzioni multi-sensore.
MultiSensor AI Holdings (NASDAQ:MSAI) report贸 los resultados financieros del tercer trimestre de 2024, mostrando un crecimiento de los ingresos en lo que va del a帽o de 57% hasta $6.0 millones, y un aumento en los ingresos del Q3 del 7% hasta $1.6 millones. La compa帽铆a mejor贸 significativamente su posici贸n financiera a trav茅s de $26.5 millones en ofertas de capital p煤blico y privado en julio de 2024, aumentando su posici贸n de efectivo a $8.6 millones desde $0.2 millones en el Q2. Las obligaciones totales disminuyeron a $3.3 millones desde $14.9 millones. MSAI tambi茅n anunci贸 asociaciones estrat茅gicas con Seek Thermal y IndustrAI S脿rl para expandir su oferta de soluciones multi-sensoriales.
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MultiSensor AI Holdings (NASDAQ:MSAI) a report茅 les r茅sultats financiers du troisi猫me trimestre 2024, montrant une croissance des revenus de 57% depuis le d茅but de l'ann茅e, atteignant 6,0 millions de dollars, avec une augmentation des revenus au T3 de 7% 脿 1,6 million de dollars. L'entreprise a consid茅rablement am茅lior茅 sa position financi猫re gr芒ce 脿 26,5 millions de dollars d'offres de capitaux publics et priv茅s en juillet 2024, augmentant sa position de tr茅sorerie 脿 8,6 millions de dollars contre 0,2 million de dollars au T2. Les passifs totaux ont diminu茅 de 14,9 millions de dollars 脿 3,3 millions de dollars. MSAI a 茅galement annonc茅 des partenariats strat茅giques avec Seek Thermal et IndustrAI S脿rl pour 茅largir ses offres de solutions multi-capteurs.
MultiSensor AI Holdings (NASDAQ:MSAI) berichtete 眉ber die finanziellen Ergebnisse des dritten Quartals 2024 und zeigte ein Umsatzwachstum von 57% im bisherigen Jahresverlauf auf 6,0 Millionen USD sowie einen Umsatzanstieg im Q3 von 7% auf 1,6 Millionen USD. Das Unternehmen verbesserte seine finanzielle Lage erheblich durch 26,5 Millionen USD an 枚ffentlichen und privaten Kapitalangeboten im Juli 2024 und erh枚hte die Bargeldposition von 0,2 Millionen USD im Q2 auf 8,6 Millionen USD. Die Gesamtverbindlichkeiten sanken von 14,9 Millionen USD auf 3,3 Millionen USD. Dar眉ber hinaus gab MSAI strategische Partnerschaften mit Seek Thermal und IndustrAI S脿rl bekannt, um die Angebote im Bereich der Multi-Sensor-L枚sungen zu erweitern.
- 57% year-to-date revenue growth to $6.0 million
- Cash position increased to $8.6 million from $0.2 million
- Total liabilities reduced by 78% to $3.3 million
- Successful $26.5 million capital raise
- 7% year-over-year Q3 revenue growth
- Modest Q3 revenue growth of only 7% compared to strong YTD growth
Insights
MultiSensor AI's Q3 results reveal a mixed financial picture with notable strengths and challenges. The
Capital raise strengthens the Company's balance sheet positioning the Company for future growth and investment in innovation.
HOUSTON, TX / ACCESSWIRE / November 12, 2024 / (NASDAQ:MSAI) (the "Company" or "MSAI"), a pioneer in AI-powered industrial condition-based maintenance and process control solutions announced results for the third quarter ended September 30, 2024.
Financial Highlights:
Year to date revenue increased
57% year over year to$6.0 million from$3.8 million ; Q3 revenue increased7% year over year to$1.6 million from$1.5 million .Overall liquidity increased as the Company's cash position grew to
$8.6 million as of September 30, 2024, from$0.2 million as of June 30, 2024.Total liabilities decreased to
$3.3 million as of September 30, 2024, from$14.9 million as of June 30, 2024, as the Company focuses on maintaining a conservative balance sheet.
Strategic Business Highlights:
Closed on a combined
$26.5 million in public and private equity offerings in July 2024Announced strategic partner relationships with Seek Thermal and IndustrAI Sàrl, which the Company anticipates will expand the offering of MSAI's multi-sensor solutions to additional applications and geographies.
David Gow, MultiSensor AI's Chair, commented: "The capital raise during the quarter is a significant step forward for the Company, strengthening our balance sheet and providing the resources we believe are needed to allow us to drive sustainable growth. It will enable us to invest in innovation, expand our capabilities, and seize new opportunities that align with our long-term vision. We believe we are well-positioned to deliver greater value to our stakeholders and to continue pushing the boundaries in our industry."
The Company's Quarterly Report is filed with the SEC, and is available at as well as in the Investor Relations section of the Company's website ().
About MultiSensor AI
MultiSensor AI provides turnkey predictive maintenance and process control solutions, which combine cutting edge imaging and sensing technologies with AI-powered enterprise software. Powered by AWS, MSAI's software leverages a continuous stream of data from thermal imaging, visible imaging, acoustic imaging, vibration sensing, and laser sensing devices to provide comprehensive, real-time condition monitoring for a customer's critical assets, processes, and manufactured outputs. This full-stack solution measures heat, vision, vibration, and gas in the surrounding environment, helping companies gain predictive insights to better manage their asset reliability and manufacturing processes. MSAI Cloud and MSAI Edge software solutions are deployed by organizations to protect critical assets across a wide range of industries including distribution & logistics, manufacturing, utilities, and oil & gas.
For more information, please visit
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 "will," "believe," "anticipate," "expect," "estimate," "intend," "plan," 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, statements regarding the Company's expectations regarding its financial outlook, strategic priorities and objectives, future plans, plans to expand to additional applications and geographies, business prospects and financial performance. 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, including the "Risk Factors" section of the Company's Annual Report on Form 10-Q filed with the SEC on November 12, 2024 and the Company's other periodic 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.
Media & Investor Contact:
Alpha IR Group
Mike Cummings or Griffin Morris
MSAI@alpha-ir.com
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 September 30, |
|
| Nine Months Ended September 30, |
| ||||||||||
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||
Revenue, net |
| $ | 1,602 |
|
| $ | 1,499$ |
|
| $ | 6,002 |
|
| $ | 3,816 |
|
Cost of goods sold (exclusive of depreciation) |
|
| 533 |
|
|
| 452 |
|
|
| 2,240 |
|
|
| 1,476 |
|
Inventory impairment |
|
| 2,038 |
|
|
| - |
|
|
| 2,272 |
|
|
| 1,386 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
| 6,098 |
|
|
| 2,848 |
|
|
| 12,072 |
|
|
| 8,518 |
|
Share-based compensation expense |
|
| 29 |
|
|
| 89 |
|
|
| 3,355 |
|
|
| 262 |
|
Depreciation |
|
| 307 |
|
|
| 223 |
|
|
| 878 |
|
|
| 624 |
|
Loss (gain) on asset disposal |
|
| 342 |
|
|
| (1 | ) |
|
| 342 |
|
|
| (18 | ) |
Other loss |
|
| 930 |
|
|
| - |
|
|
| 930 |
|
|
| - |
|
Total operating expenses |
|
| 7,706 |
|
|
| 3,159 |
|
|
| 17,577 |
|
|
| 9,386 |
|
Operating loss |
|
| (8,675 | ) |
|
| (2,112 | ) |
|
| (16,087 | ) |
|
| (8,432 | ) |
Interest expense |
|
| - |
|
|
| 18 |
|
|
| 4 |
|
|
| 63 |
|
Interest expense, related parties |
|
| - |
|
|
| 19 |
|
|
| 59 |
|
|
| 51 |
|
Loss (gain) in fair value of convertible notes |
|
| - |
|
|
| (266 | ) |
|
| 475 |
|
|
| (699 | ) |
Gain in fair value of warrants liabilities |
|
| - |
|
|
| - |
|
|
| (38 | ) |
|
| - |
|
Loss on Financing Transaction |
|
| - |
|
|
| - |
|
|
| 1,381 |
|
|
| - |
|
Tariff refund |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (2,401 | ) |
Other (income) expenses, net |
|
| (85 | ) |
|
| - |
|
|
| 893 |
|
|
| - |
|
Loss before income taxes |
|
| (8,590 | ) |
|
| (1,883 | ) |
|
| (18,861 | ) |
|
| (5,446 | ) |
Income tax expense (benefit) |
|
| (395 | ) |
|
| (8 | ) |
|
| (351 | ) |
|
| (11 | ) |
Net loss |
| $ | (8,195 | ) |
| $ | (1,875 | ) |
| $ | (18,510 | ) |
| $ | (5,435 | ) |
Weighted-average shares outstanding, basic and diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
| 24,268,186 |
|
|
| 539,271 |
|
|
| 16,639,114 |
|
|
| 539,271 |
|
Diluted |
|
| 24,268,186 |
|
|
| 539,271 |
|
|
| 16,639,114 |
|
|
| 539,271 |
|
Net loss per share, basic and diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
| (0.34 | ) |
|
| (3.48 | ) |
|
| (1.11 | ) |
|
| (10.08 | ) |
Diluted |
|
| (0.34 | ) |
|
| (3.48 | ) |
|
| (1.11 | ) |
|
| (10.08 | ) |
SOURCE: MultiSensor AI Holdings, Inc.
View the original on accesswire.com
FAQ
What was MultiSensor AI's (MSAI) revenue growth in Q3 2024?
How much capital did MSAI raise in July 2024?
What was MSAI's cash position as of September 30, 2024?
Which strategic partnerships did MSAI announce in Q3 2024?
