2024 Q1 Form 10-K Financial Statement

#000141057824000361 Filed on March 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $2.275M $1.614M $5.430M
YoY Change
Cost Of Revenue $1.404M $1.124M $2.297M
YoY Change
Gross Profit $871.0K $490.0K $3.133M
YoY Change
Gross Profit Margin 38.29% 30.36% 57.7%
Selling, General & Admin $3.163M $13.33M $22.11M
YoY Change -9.91% 62.47%
% of Gross Profit 363.15% 2719.39% 705.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $273.0K $248.0K $872.0K
YoY Change 51.67% 55.44%
% of Gross Profit 31.34% 50.61% 27.83%
Operating Expenses $3.163M $13.57M $22.11M
YoY Change 508.05% 2200.27% 1495.37%
Operating Profit -$2.565M -$13.08M -$21.53M
YoY Change 393.09% 1454.09%
Interest Expense -$450.0K $465.0K $1.071M
YoY Change -135.05% -51.63% -38.42%
% of Operating Profit
Other Income/Expense, Net -$876.0K -$3.995M $44.00K
YoY Change -168.22% -97.47%
Pretax Income -$3.891M -$16.61M -$22.06M
YoY Change -609.39% -4574.52% -6339.18%
Income Tax $31.00K $217.0K $208.0K
% Of Pretax Income
Net Earnings -$3.922M -$16.83M -$22.27M
YoY Change -876.34% -10006.99% -60510.73%
Net Earnings / Revenue -172.4% -1042.75% -410.09%
Basic Earnings Per Share -$0.33 -$3.56
Diluted Earnings Per Share -$0.33 -$1.41 -$3.56
COMMON SHARES
Basic Shares Outstanding 11.96M 5.185M 6.257M
Diluted Shares Outstanding 11.97M 6.257M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $491.0K $1.155M $1.155M
YoY Change 3412.16% 419.64% 419.64%
Cash & Equivalents $491.0K $1.155M $1.155M
Short-Term Investments
Other Short-Term Assets $1.824M $1.931M $1.892M
YoY Change 6180.99% 1084.81% 1060.88%
Inventory $5.564M $6.930M $6.930M
Prepaid Expenses $592.0K $683.0K
Receivables $677.0K $2.440M $2.440M
Other Receivables $39.00K $39.00K $96.00K
Total Short-Term Assets $9.093M $12.51M $12.51M
YoY Change 21037.66% 3148.06% 3148.02%
LONG-TERM ASSETS
Property, Plant & Equipment $3.383M $3.084M $3.213M
YoY Change 27.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.000K $3.000K $646.0K
YoY Change
Total Long-Term Assets $5.020M $3.859M $3.859M
YoY Change -95.81% -96.75% -96.75%
TOTAL ASSETS
Total Short-Term Assets $9.093M $12.51M $12.51M
Total Long-Term Assets $5.020M $3.859M $3.859M
Total Assets $14.11M $16.37M $16.37M
YoY Change -88.23% -86.26% -86.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.217M $2.630M $2.630M
YoY Change 93.38%
Accrued Expenses $2.257M $3.543M $3.681M
YoY Change 543.55% 1382.3% 1440.04%
Deferred Revenue $916.0K $1.944M
YoY Change 577.35%
Short-Term Debt $612.0K $1.397M $1.397M
YoY Change 1630.77% 6440.26% 6440.26%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.75M $10.76M $10.76M
YoY Change 1164.29% 1844.5% 1844.5%
LONG-TERM LIABILITIES
Long-Term Debt $1.695M $5.695M $5.695M
YoY Change
Other Long-Term Liabilities $258.0K $170.0K $170.0K
YoY Change
Total Long-Term Liabilities $1.953M $5.865M $5.865M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $10.75M $10.76M $10.76M
Total Long-Term Liabilities $1.953M $5.865M $5.865M
Total Liabilities $12.75M $16.64M $16.64M
YoY Change 1399.46% 2907.94% 2907.95%
SHAREHOLDERS EQUITY
Retained Earnings -$37.05M -$33.13M
YoY Change 10551.91% 8685.9%
Common Stock $1.000K $1.000K
YoY Change 180.9% 180.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.361M -$268.0K -$268.0K
YoY Change
Total Liabilities & Shareholders Equity $14.11M $16.37M $16.37M
YoY Change -88.23% -86.26% -86.26%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$3.922M -$16.83M -$22.27M
YoY Change -876.34% -10006.99% -60510.73%
Depreciation, Depletion And Amortization $273.0K $248.0K $872.0K
YoY Change 51.67% 55.44%
Cash From Operating Activities $492.0K -$3.031M -$4.551M
YoY Change -241.51% 600.73% 347.87%
INVESTING ACTIVITIES
Capital Expenditures $571.0K $116.0K $1.542M
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $30.00K
YoY Change -100.0% -90.23%
Cash From Investing Activities -$571.0K -$116.0K -$1.512M
YoY Change -509.65% -137.77% -592.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -585.0K 3.789M 6.564M
YoY Change -267.14%
NET CHANGE
Cash From Operating Activities 492.0K -3.031M -4.551M
Cash From Investing Activities -571.0K -116.0K -1.512M
Cash From Financing Activities -585.0K 3.789M 6.564M
Net Change In Cash -664.0K 642.0K 501.0K
YoY Change 218.79% -611.96% -170.66%
FREE CASH FLOW
Cash From Operating Activities $492.0K -$3.031M -$4.551M
Capital Expenditures $571.0K $116.0K $1.542M
Free Cash Flow -$79.00K -$3.147M -$6.093M
YoY Change

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CY2023 us-gaap Increase Decrease In Accrued Liabilities
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CY2022 us-gaap Increase Decrease In Accrued Liabilities
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CY2023 us-gaap Increase Decrease In Other Operating Capital Net
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CY2022 us-gaap Increase Decrease In Other Operating Capital Net
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CY2023 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023 us-gaap Payments To Acquire Productive Assets
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CY2022 us-gaap Payments To Acquire Productive Assets
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CY2023 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2023 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Proceeds From Issuance Of Commercial Paper
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CY2023 us-gaap Repayments Of Commercial Paper
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CY2022 us-gaap Repayments Of Commercial Paper
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CY2023 us-gaap Proceeds From Convertible Debt
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CY2022 us-gaap Proceeds From Convertible Debt
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CY2023 msai Proceeds From Financing Transaction
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CY2023 msai Proceeds From Merger Recapitalization
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CY2023 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023 us-gaap Interest Paid Net
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CY2022 us-gaap Interest Paid Net
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CY2023 us-gaap Income Taxes Paid Net
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CY2022 us-gaap Income Taxes Paid Net
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CY2023 us-gaap Conversion Of Stock Amount Converted1
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CY2023 us-gaap Stock Issued1
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CY2023 us-gaap Debt Conversion Converted Instrument Amount1
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CY2023 msai Proceeds From Issue Or Sale Of Non Cash Investing And Financing Transaction Shares
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CY2023 us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Note 1 — Organization and Business Operations</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">MultiSensor AI Holdings, Inc. (“MSAI”, “the Company”, “we” or “our”) and its wholly owned subsidiaries manufacture and distribute multi-sensor systems (hardware and software) for thermographic and other use in a variety of industrial applications. The Company also provides on-prem and cloud-based software and services, including training, calibration, and repairs for its customers. The Company’s customers operate in the distribution and logistics, manufacturing, utility and oil and gas sectors. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company is domiciled in Delaware and is a C corporation for tax purposes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Business Prior to the Business Combination</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Prior to the Business Combination, the Company as a corporate entity was SportsMap Tech Acquisition Corp. (“Legacy SMAP”), and the Company’s sponsor was SportsMap, LLC (the “Sponsor”). The registration statement for Legacy SMAP’s initial public offering (“IPO”) was declared effective on October 18, 2021 (the “Effective Date”). On October 21, 2021, Legacy SMP consummated the IPO of 11,500,000 units (the “Units” and, with respect to the Common stock included in the Units being offered, the “public shares”) at $10.00 per Unit, including the full exercise of the underwriters’ over-allotment of 1,500,000 units, generating gross proceeds to Legacy SMAP of $115,000.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Simultaneously with the consummation of the IPO, Legacy SMAP consummated the private placement of 675,000 Units at a price of $10.00 per Unit to the Sponsor and the representative of the underwriters and/or certain of their designees or affiliates, generating gross proceeds to Legacy SMAP of $6,750. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Transaction costs for Legacy SMAP’s IPO amounted to $2,823, consisting of $2,300 of underwriting commissions and $523 of other offering costs. Of these transaction costs, $2,687 was charged to temporary equity and $137<span style="white-space:pre-wrap;"> was charged to additional paid-in capital. All activity for the period from October 21, 2021 (inception) through December 18, 2023 related to the Company’s formation and IPO, subsequent to closing of the IPO, and identifying a target company for an initial business combination, and consummating the Business Combination (described below). Legacy SMAP generated non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the IPO.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Business Combination Agreement and Related Financing</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">On December 19, 2023, Legacy SMAP, through its subsidiary ICH Merger Sub Inc. (“Merger Sub”), and Infrared Cameras Holdings Inc (“Legacy ICI”), all of them Delaware corporations, consummated the closing of the transactions contemplated by the Business Combination Agreement, initially entered on December 5, 2022, by and among Legacy SMAP, Legacy ICI, and Merger Sub (the “Business Combination”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Pursuant to the terms of the Business Combination Agreement, a merger of Legacy SMAP and Legacy ICI was effected by the merger of Merger Sub with and into Legacy ICI, with Legacy ICI surviving the Merger as a wholly-owned subsidiary of Legacy SMAP. As a result of the consummation of the Business Combination, Legacy SMAP changed its name from “SportsMap Tech Acquisition Corp.” to “Infrared Cameras Holdings, Inc.” (“ICI”). In February 2024, ICI changed its name to MultiSensor AI Holdings, Inc.”</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt;">Pursuant to the Business Combination Agreement, at the effective time of the Business Combination, (i) each outstanding share of Legacy ICI common stock was converted into the right to receive a number of shares of Company common stock equal to the Exchange Ratio (as defined below), and (ii) each Legacy ICI option, restricted stock unit, restricted stock award that was outstanding immediately prior to the closing of the Business Combination (and by its terms did not terminate upon the closing of the Business Combination) remained outstanding and (x) in the case of options, represented the right to purchase a number of shares of Company common stock equal to the number of shares of Legacy ICI’s common stock subject to such option multiplied by the Exchange Ratio used for Legacy ICI common stock (rounded down to the nearest whole share) at an exercise price per share equal to the exercise price per share for such option divided by the Exchange Ratio (rounded up to the nearest whole cent) and (y) in the case of restricted stock units and restricted stock awards, represented a number of shares of Company common stock equal to the number of shares of Legacy </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">ICI’s common stock subject to such restricted stock unit or restricted stock award multiplied by the Exchange Ratio (rounded down to the nearest whole share). </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Exchange Ratio was 10.2776 of a share of Company common stock per fully diluted share of Legacy ICI common stock.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">On December 19, 2023, the Company received $2,137 held in Legacy SMAP’s trust account net of redemptions. Transaction costs related to the issuance of the trust shares were $3,910.</p>
CY2023 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosures of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are adjusted to reflect actual experience when necessary. Significant estimates reflected in these consolidated financial statements include, but are not limited to revenue recognition, useful life of fixed assets, allowance for doubtful accounts receivable, capitalization of internal-use software, share-based compensation, estimation of contingencies and estimation of income taxes. The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates.</p>
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
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CY2023Q4 msai Warrants Issued In Connection With Business Combination
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CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
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CY2023Q4 msai Warrants Issued In Connection With Business Combination
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CY2023 us-gaap Number Of Operating Segments
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CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Customer Concentration</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">For the year ended December 31, 2023, one customer accounted for 82% or $2,011 of accounts receivables and one customer accounted for 44% or $2,374 of revenue.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">For the year ended December 31, 2022, two customers accounted for 21% or $317 and 10% or $151, respectively of accounts receivables and two customers accounted for 11% or $799 and 6%or $436, respectively of revenue.</p>
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CY2023Q4 us-gaap Restricted Cash
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CY2023 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
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CY2023 msai Transaction Costs
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CY2023Q4 msai Percentage Of Coverage Count On Quarterly Basis Considered For Inventory Evaluation
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CY2023Q1 msai Proceeds From Insurance Recoveries
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CY2022 us-gaap Inventory Write Down
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CY2023 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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CY2023 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
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CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2023Q4 us-gaap Share Price
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CY2023Q4 us-gaap Share Price
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CY2023 msai Threshold Revenue Considered For Earnout Provision
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CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022 msai Total Revenue Recognized From Both Beginning Balance And Current Period Increase In Contract Liability
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CY2023 msai Total Revenue Recognized From Both Beginning Balance And Current Period Increase In Contract Liability
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CY2023Q4 us-gaap Revenue Remaining Performance Obligation
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CY2023Q4 us-gaap Revenue Remaining Performance Obligation
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2023 msai Allowance For Doubtful Accounts Receivable Reversal Of Expense
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CY2022 msai Allowance For Doubtful Accounts Receivable Reversal Of Expense
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CY2022 us-gaap Provision For Doubtful Accounts
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CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2022Q4 us-gaap Other Assets Current
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q4 us-gaap Property Plant And Equipment Net
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2023 us-gaap Depreciation
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CY2022 us-gaap Depreciation
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CY2022Q4 us-gaap Deposits Assets Current
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CY2022Q4 us-gaap Prepaid Expense Current
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CY2022Q4 us-gaap Other Receivables Net Current
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CY2023Q4 us-gaap Accrued Liabilities Current
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CY2022Q4 us-gaap Accrued Liabilities Current
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CY2023Q4 msai Infrared Cameras Current
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CY2022Q4 msai Infrared Cameras Current
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5904000
CY2023Q4 msai Replacement Maintenance And Spare Parts Current
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CY2022Q4 msai Replacement Maintenance And Spare Parts Current
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3730000
CY2023Q4 us-gaap Inventory Net
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CY2022Q4 us-gaap Inventory Net
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CY2023Q4 msai Infrared Cameras Non Current
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CY2023Q4 msai Replacement Maintenance And Spare Parts Non Current
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CY2023Q4 us-gaap Inventory Noncurrent
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CY2023Q4 msai Inventory Current And Non Current
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CY2022Q4 msai Inventory Current And Non Current
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CY2022 us-gaap Inventory Write Down
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CY2023 us-gaap Production Related Impairments Or Charges
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CY2022Q4 us-gaap Employee Related Liabilities Current
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2023Q4 us-gaap Long Term Debt
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CY2023Q4 us-gaap Preferred Stock Shares Authorized
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CY2023Q4 us-gaap Common Stock Shares Issued
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CY2023Q4 us-gaap Preferred Stock Shares Outstanding
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CY2022 us-gaap Net Income Loss
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CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023 us-gaap Earnings Per Share Basic
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CY2022 us-gaap Earnings Per Share Basic
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CY2023 us-gaap Earnings Per Share Diluted
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CY2022 us-gaap Earnings Per Share Diluted
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CY2023 msai Percentage Of Shares Issued Under Award Of Fully Diluted Shares As Of Business Combination
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CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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CY2022Q4 us-gaap Operating Lease Liability Current
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103000
CY2023 us-gaap Operating Lease Cost
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CY2022 us-gaap Operating Lease Cost
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CY2023 us-gaap Short Term Lease Cost
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CY2022 us-gaap Short Term Lease Cost
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CY2023 us-gaap Operating Lease Expense
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CY2022 us-gaap Operating Lease Expense
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225000
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CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023 us-gaap Operating Lease Payments
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CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2023 us-gaap Short Term Lease Payments
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CY2022 us-gaap Short Term Lease Payments
ShortTermLeasePayments
124000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q4 us-gaap Operating Lease Liability
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CY2023 us-gaap Current Federal Tax Expense Benefit
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CY2023 us-gaap Current State And Local Tax Expense Benefit
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CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
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CY2023 us-gaap Current Federal State And Local Tax Expense Benefit
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