MultiSensor AI Announces Second Quarter 2024 Results

Second quarter revenue grew 59% as the Company continues to scale operations

Recent capital raise and debt conversion represent meaningful inflection points, strengthening the Company's balance sheet and financial flexibility

HOUSTON, TX / ACCESSWIRE / August 14, 2024 / MultiSensor AI Holdings, Inc. (NASDAQ:MSAI), a pioneer in AI-powered industrial condition-based maintenance and process control solutions, announced results for the second quarter ended June 30, 2024.

Financial Highlights:

• First half of 2024 revenue increased 90% year over year from $2.3 million to $4.4 million; Q2 revenue increased 59% year over year from $1.3 million to $2.1 million.

• Annual recurring revenue¹ at the end of the period increased approximately 500% from approximately $450 thousand to $2.7 million.

• Subsequent to quarter end, the Company raised $26.5 million through a combination of a $11.5 million public offering and a $15 million private placement.

• During the quarter, MSAI completed the conversion of all remaining convertible notes and other debt to equity.

• Subsequent to quarter end, the Company strengthened its balance sheet by improving net working capital, decreasing current liabilities, and increasing liquidity.

Strategic Business Highlights:

• MSAI demonstrated compliance with NASDAQ listing requirements as a result of significantly strengthening its shareholders equity.

• Announced strategic channel partner relationship with Denali Advanced Integration which will make it easier for Denali's customers to purchase MSAI's multi-sensor solutions.

• MSAI launched its Inspections business, expanding service offerings to include additional sensor modalities and services to meet the needs of enterprise customers.

David Gow, MultiSensor AI's Chair, commented: "I am pleased with the recent milestones and financial strength of the business as MSAI continues to mature as a public company. We continue to position the Company for sustained growth and to expand our presence within our existing customer base. We continue to implement our commercial strategy, highlighted by the launch of our Inspections business and our strategic channel partnership with Denali Advanced Integration. These successes demonstrate the Company's commitment to continue scaling our offerings while expanding within current and new blue-chip customers. We expect these efforts to support ARR growth and momentum during the second half of 2024 and into our bright future."