Revenue: As of FY2026 Q1, the actual value is USD 1.614 M.EPS: As of FY2026 Q1, the actual value is USD -1.23, beating the estimate of USD -1.6.EBIT: As of FY2026 Q1, the actual value is USD -2.593 M.<h4>Segment Revenue</h4><ul><li>Total Revenue, net: MultiSensor AI Holdings, Inc.’s total revenue for the three months ended March 31, 2026, was $1,614 thousand, an increase of $444 thousand (38%) compared to $1,170 thousand for the same period in 2025.<ul><li>Hardware Revenue: $913 thousand for the three months ended March 31, 2026, up from $753 thousand in 2025, representing a $0.2 million or 21% increase.</li><li>Software Revenue: $675 thousand for the three months ended March 31, 2026, significantly up from $251 thousand in 2025, representing a $0.4 million or 169% increase, primarily from sales of MSAI Connect.</li><li>Services Revenue: $26 thousand for the three months ended March 31, 2026, a decrease from $166 thousand in 2025, representing a $0.1 million or 84% decrease, primarily due to the discontinuation of inspection and training services in August 2025.</li></ul></li><li>Geographical Revenue (based on customers’ shipping addresses):<ul><li>United States: $497 thousand for the three months ended March 31, 2026, down from $1,120 thousand in 2025.</li><li>International: $1,117 thousand for the three months ended March 31, 2026, significantly up from $50 thousand in 2025.</li></ul></li></ul><h4>Operational Metrics</h4><ul><li>Net Loss: MultiSensor AI Holdings, Inc. reported a net loss of - $2,471 thousand for the three months ended March 31, 2026, an improvement from a net loss of - $4,436 thousand for the same period in 2025.</li><li>Cost of Goods Sold (exclusive of depreciation): Increased to $700 thousand for the three months ended March 31, 2026, from $476 thousand in 2025, primarily due to an increase in sensor hardware sold and a change in product mix.</li><li>Selling, General and Administrative Expense: Decreased to $2,989 thousand for the three months ended March 31, 2026, from $4,139 thousand in 2025, driven by a $0.7 million reduction in professional fees and a $0.2 million reduction in payroll expenses.</li><li>Share-Based Compensation Expense: Decreased to $182 thousand for the three months ended March 31, 2026, from $907 thousand in 2025, mainly due to immediate vesting provisions for restricted stock units granted in Q1 2025.</li><li>Depreciation: Increased to $352 thousand for the three months ended March 31, 2026, from $280 thousand in 2025, primarily due to additions to property, plant, and equipment, particularly software development for MSAI Connect.</li><li>Operating Loss: Improved to - $2,594 thousand for the three months ended March 31, 2026, from - $4,617 thousand in 2025.</li><li>Interest Expense (Income), net: Resulted in income of - $155 thousand for the three months ended March 31, 2026, compared to - $4 thousand in 2025, due to higher average cash balances.</li><li>Other Expense (Income), net: Was insignificant for the three months ended March 31, 2026, compared to income of - $185 thousand in 2025, with the prior year including a one-time benefit from the resolution of an ELOC make-whole obligation.</li><li>Income Tax Expense (Benefit): Increased to $33 thousand for the three months ended March 31, 2026, from $8 thousand in 2025.</li><li>EBITDA: Was - $2,241 thousand for the three months ended March 31, 2026, compared to - $4,152 thousand in 2025.</li><li>Adjusted EBITDA: Was - $2,075 thousand for the three months ended March 31, 2026, compared to - $3,445 thousand in 2025.</li></ul><h4>Cash Flow</h4><ul><li>Net Cash Used in Operating Activities: Decreased to - $1,688 thousand for the three months ended March 31, 2026, from - $3,176 thousand in 2025, primarily due to a lower net loss and changes in working capital.</li><li>Net Cash Used in Investing Activities: Decreased to - $101 thousand for the three months ended March 31, 2026, from - $420 thousand in 2025, mainly due to reduced capital expenditures.</li><li>Net Cash Provided by (Used in) Financing Activities: Was - $24 thousand for the three months ended March 31, 2026, compared to $3,985 thousand provided in 2025, with no comparable financing activity in the current period.</li></ul><h4>Unique Metrics</h4><ul><li>Customer Concentration: For the three months ended March 31, 2026, three customers accounted for an aggregate of 77% of total net revenue ($1,250 thousand), with individual customers representing 43% ($702 thousand), 23% ($373 thousand), and 11% ($175 thousand) of total net revenue, respectively.</li></ul><h4>Future Outlook and Strategy</h4>MultiSensor AI Holdings, Inc. aims to expand its Software as a Service (SaaS) position in predictive maintenance to increase recurring revenue and leverage its multi-sensor foundation for broader use cases. The company is actively expanding relationships and deploying solutions across key markets, including approved projects for rooftop solar infrastructure and distribution facilities in fiscal year 2026. Pilot projects in the data center and manufacturing sectors are also underway, showing encouraging initial feedback, all contributing to fostering continued growth and market penetration.

MultiSensor AI | 10-Q: FY2026 Q1 Revenue: USD 1.614 M