$MSAI
MultiSensor AI Holdings, Inc.

2024 Q3 Form 10-Q Financial Statement

#000141057824001434 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $1.602M $2.125M $0.00
YoY Change 6.87%
Cost Of Revenue $533.0K $538.0K
YoY Change 17.92%
Gross Profit $1.069M $1.587M
YoY Change 2.1%
Gross Profit Margin 66.73% 74.68%
Selling, General & Admin $6.098M $2.810M $2.246M
YoY Change 107.63% 25.11%
% of Gross Profit 570.44% 177.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $307.0K $298.0K $221.0K
YoY Change -50.8% 34.84%
% of Gross Profit 28.72% 18.78%
Operating Expenses $6.098M $2.810M $432.3K
YoY Change 92.97% 549.97% 37.51%
Operating Profit -$8.675M -$4.847M -$432.3K
YoY Change 2018.62% 1021.12% 37.52%
Interest Expense -$51.00K -$429.6K
YoY Change -88.13% -318.85%
% of Operating Profit
Other Income/Expense, Net $85.00K -$978.0K -$429.6K
YoY Change -117.74% 127.64% -318.85%
Pretax Income -$8.590M -$6.381M -$862.0K
YoY Change 866.58% 640.29% 630.02%
Income Tax -$395.0K $12.00K $97.26K
% Of Pretax Income
Net Earnings -$8.195M -$6.393M -$959.2K
YoY Change 782.36% 566.48% 636.58%
Net Earnings / Revenue -511.55% -300.85%
Basic Earnings Per Share -$0.34 -$0.47 -$1.21
Diluted Earnings Per Share -$0.34 -$0.47 -$0.08
COMMON SHARES
Basic Shares Outstanding 23.83M 13.75M 5.185M
Diluted Shares Outstanding 24.27M 13.68M 539.3K

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.633M $234.0K $255.5K
YoY Change 1582.85% -8.4% -52.2%
Cash & Equivalents $8.633M $234.0K $255.5K
Short-Term Investments
Other Short-Term Assets $167.0K $1.351M $33.33K
YoY Change -97.26% 3953.41% -89.43%
Inventory $4.260M $6.323M
Prepaid Expenses $38.00K $359.0K $33.33K
Receivables $785.0K $1.037M
Other Receivables $126.0K $39.00K
Total Short-Term Assets $14.32M $8.996M $288.8K
YoY Change 36733.57% 3015.2% -66.01%
LONG-TERM ASSETS
Property, Plant & Equipment $3.464M $3.625M
YoY Change 6.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $17.24M
YoY Change -85.34%
Other Assets $939.0K $3.000K
YoY Change -43.4%
Total Long-Term Assets $4.577M $7.414M $17.24M
YoY Change -74.15% -56.99% -85.34%
TOTAL ASSETS
Total Short-Term Assets $14.32M $8.996M $288.8K
Total Long-Term Assets $4.577M $7.414M $17.24M
Total Assets $18.89M $16.41M $17.53M
YoY Change 6.45% -6.37% -85.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $764.0K $1.129M
YoY Change -71.16%
Accrued Expenses $1.016M $9.046M $245.0K
YoY Change -81.64% 3591.94% 66.19%
Deferred Revenue $693.0K $775.0K
YoY Change
Short-Term Debt $0.00 $642.0K $341.9K
YoY Change -100.0% 87.8% 1968.06%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.075M $14.57M $1.716M
YoY Change -76.74% 748.95% 874.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $133.0K $238.0K
YoY Change 1.53%
Total Long-Term Liabilities $133.0K $238.0K $0.00
YoY Change 1.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.075M $14.57M $1.716M
Total Long-Term Liabilities $133.0K $238.0K $0.00
Total Liabilities $3.279M $14.86M $1.716M
YoY Change 14.4% 765.68% 874.58%
SHAREHOLDERS EQUITY
Retained Earnings -$51.64M -$43.45M -$1.331M
YoY Change 1844.53% 3164.07% 82.07%
Common Stock $3.000K $1.000K $356.00
YoY Change 742.7% 180.9% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.61M $1.552M -$1.331M
YoY Change
Total Liabilities & Shareholders Equity $18.89M $16.41M $17.53M
YoY Change 6.45% -6.37% -85.2%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$8.195M -$6.393M -$959.2K
YoY Change 782.36% 566.48% 636.58%
Depreciation, Depletion And Amortization $307.0K $298.0K $221.0K
YoY Change -50.8% 34.84%
Cash From Operating Activities -$12.70M -$303.0K -$973.5K
YoY Change 6249.5% -68.87% 568.21%
INVESTING ACTIVITIES
Capital Expenditures $488.0K $541.0K
YoY Change -65.78%
Acquisitions
YoY Change
Other Investing Activities $103.1M
YoY Change
Cash From Investing Activities -$488.0K -$541.0K $103.1M
YoY Change -99.53% -100.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 21.59M 587.0K -101.9M
YoY Change -79.38% -100.58%
NET CHANGE
Cash From Operating Activities -12.70M -303.0K -973.5K
Cash From Investing Activities -488.0K -541.0K 103.1M
Cash From Financing Activities 21.59M 587.0K -101.9M
Net Change In Cash 8.399M -257.0K 241.5K
YoY Change -5011.7% -206.44% -265.75%
FREE CASH FLOW
Cash From Operating Activities -$12.70M -$303.0K -$973.5K
Capital Expenditures $488.0K $541.0K
Free Cash Flow -$13.19M -$844.0K
YoY Change 711.01%

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ProvisionForDoubtfulAccounts
191000
us-gaap Production Related Impairments Or Charges
ProductionRelatedImpairmentsOrCharges
234000
us-gaap Production Related Impairments Or Charges
ProductionRelatedImpairmentsOrCharges
1386000
msai Non Cash Lease Income Expense
NonCashLeaseIncomeExpense
77000
msai Non Cash Lease Income Expense
NonCashLeaseIncomeExpense
52000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
31000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
6000
msai Gain Loss On Financing Transaction
GainLossOnFinancingTransaction
-1381000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-38000
msai Fair Value Adjustment On Convertible Debt
FairValueAdjustmentOnConvertibleDebt
475000
msai Fair Value Adjustment On Convertible Debt
FairValueAdjustmentOnConvertibleDebt
-433000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
17000
msai Non Cash Equity Line Of Credit Commitment Fee
NonCashEquityLineOfCreditCommitmentFee
500000
us-gaap Share Based Compensation
ShareBasedCompensation
3326000
us-gaap Share Based Compensation
ShareBasedCompensation
173000
us-gaap Paid In Kind Interest
PaidInKindInterest
32000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1403000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-687000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
606000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-83000
us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
3351000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-580000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-1642000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
177000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1505000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1410000
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
308000
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
71000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
1509000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
6000
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-6000
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
39000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-1169000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-177000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-81000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-50000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
3396000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1235000
msai Increase Decrease In Contract Liabilities Non Current
IncreaseDecreaseInContractLiabilitiesNonCurrent
107000
msai Increase Decrease In Contract Liabilities Non Current
IncreaseDecreaseInContractLiabilitiesNonCurrent
131000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
189000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-298000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1112000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1003000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
30000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1112000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-973000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
900000
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
200000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
100000
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
975000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
500000
msai Proceeds From Equity Line Of Credit
ProceedsFromEquityLineOfCredit
58000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1775000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-921000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
504000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1155000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
654000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
234000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1158000
us-gaap Interest Paid Net
InterestPaidNet
3000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
31000
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
18503000
us-gaap Stock Issued1
StockIssued1
6170000
msai Line Of Credit Commitment Fee
LineOfCreditCommitmentFee
500000
msai Proceeds From Issue Or Sale Of Non Cash Investing And Financing Transaction Shares
ProceedsFromIssueOrSaleOfNonCashInvestingAndFinancingTransactionShares
1381000
us-gaap Nature Of Operations
NatureOfOperations
<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-align:justify;text-indent:36pt;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-align:justify;text-indent:36pt;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;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-align:justify;text-indent:36pt;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 SMAP 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-align:justify;text-indent:36pt;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-align:justify;text-indent:36pt;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 was charged to additional paid-in capital. All activity for the period from October 21, 2021 (inception) through December 18, 2023, was related to the Company’s formation and IPO, the closing of the IPO, 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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Business Combination Agreement </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;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-align:justify;text-indent:36pt;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-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 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 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-align:justify;text-indent:36pt;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-align:justify;text-indent:36pt;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>
CY2024Q2 msai Percentage Of Coverage Count On Quarterly Basis Considered For Inventory Evaluation
PercentageOfCoverageCountOnQuarterlyBasisConsideredForInventoryEvaluation
0.80
us-gaap Use Of Estimates
UseOfEstimates
<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-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of condensed consolidated financial statements in conformity with 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 condensed consolidated financial statements include, but are not limited to revenue recognition, useful life of fixed assets, allowance for credit losses, warranty reserves, amortization 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>
CY2024Q2 us-gaap Contractual Obligation
ContractualObligation
218000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Customer Concentration</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">For the three months ended June 30, 2024, two customers accounted for 42% and 16% or $893 and $340 of total net revenue, which is recorded under the entity’s one operating segment.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">For the six months ended June 30, 2024, two customers accounted for 32% and 18% or $1,408 and $792 of total net revenue, which is recorded under the entity’s one operating segment.</p>
CY2024Q2 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2125000
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1337000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4400000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2317000
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2125000
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1337000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4400000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2317000
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
297000
CY2023 msai Contract With Customer Liability Prepayments
ContractWithCustomerLiabilityPrepayments
2552000
CY2023 msai Total Revenue Recognized From Both Beginning Balance And Current Period Increase In Contract Liability
TotalRevenueRecognizedFromBothBeginningBalanceAndCurrentPeriodIncreaseInContractLiability
784000
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2065000
CY2023Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
121000
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2065000
msai Contract With Customer Liability Prepayments
ContractWithCustomerLiabilityPrepayments
-506000
msai Total Revenue Recognized From Both Beginning Balance And Current Period Increase In Contract Liability
TotalRevenueRecognizedFromBothBeginningBalanceAndCurrentPeriodIncreaseInContractLiability
556000
CY2024Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1003000
CY2024Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
228000
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6067000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4955000
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2442000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1871000
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3625000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3084000
CY2024Q2 us-gaap Depreciation
Depreciation
298000
CY2023Q2 us-gaap Depreciation
Depreciation
221000
us-gaap Depreciation
Depreciation
571000
us-gaap Depreciation
Depreciation
401000
CY2024Q2 msai Infrared Cameras Current
InfraredCamerasCurrent
4534000
CY2023Q4 msai Infrared Cameras Current
InfraredCamerasCurrent
4955000
CY2024Q2 msai Replacement Maintenance And Spare Parts Current
ReplacementMaintenanceAndSparePartsCurrent
1789000
CY2023Q4 msai Replacement Maintenance And Spare Parts Current
ReplacementMaintenanceAndSparePartsCurrent
1975000
CY2024Q2 us-gaap Inventory Net
InventoryNet
6323000
CY2023Q4 us-gaap Inventory Net
InventoryNet
6930000
CY2024Q2 msai Infrared Cameras Non Current
InfraredCamerasNonCurrent
701000
CY2023Q4 msai Infrared Cameras Non Current
InfraredCamerasNonCurrent
389000
CY2024Q2 msai Replacement Maintenance And Spare Parts Non Current
ReplacementMaintenanceAndSparePartsNonCurrent
921000
CY2023Q4 msai Replacement Maintenance And Spare Parts Non Current
ReplacementMaintenanceAndSparePartsNonCurrent
254000
CY2024Q2 us-gaap Inventory Noncurrent
InventoryNoncurrent
1622000
CY2023Q4 us-gaap Inventory Noncurrent
InventoryNoncurrent
643000
CY2024Q2 msai Inventory Current And Non Current
InventoryCurrentAndNonCurrent
7945000
CY2023Q4 msai Inventory Current And Non Current
InventoryCurrentAndNonCurrent
7573000
us-gaap Production Related Impairments Or Charges
ProductionRelatedImpairmentsOrCharges
234000
us-gaap Production Related Impairments Or Charges
ProductionRelatedImpairmentsOrCharges
1386000
CY2023Q2 us-gaap Production Related Impairments Or Charges
ProductionRelatedImpairmentsOrCharges
1386000
CY2024Q2 us-gaap Deposits Assets Current
DepositsAssetsCurrent
953000
CY2023Q4 us-gaap Deposits Assets Current
DepositsAssetsCurrent
1209000
CY2024Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
359000
CY2023Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
683000
CY2024Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
39000
CY2023Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
39000
CY2024Q2 us-gaap Other Assets Current
OtherAssetsCurrent
1351000
CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
1931000
CY2024Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
8692000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3298000
CY2024Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
264000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
121000
CY2024Q2 us-gaap Interest Payable Current
InterestPayableCurrent
60000
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
70000
CY2024Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
30000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
54000
CY2024Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
9046000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3543000
CY2023 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
900000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
642000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
0
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
0
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
0
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
0
CY2024Q2 msai Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
0
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
642000
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
11956823
CY2024Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2024Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2024Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
500000
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
-6393000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-653000
us-gaap Net Income Loss
NetIncomeLoss
-10316000
us-gaap Net Income Loss
NetIncomeLoss
-3560000
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13681678
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
539271
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12824577
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
539271
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13681678
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
539271
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12824577
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
539271
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.47
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.21
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.80
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-6.60
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.47
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.21
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.80
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-6.60
msai Percentage Of Shares Issued Under Award Of Fully Diluted Shares As Of Business Combination
PercentageOfSharesIssuedUnderAwardOfFullyDilutedSharesAsOfBusinessCombination
0.093
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
52000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
129000
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
57000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
138000
CY2024Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
42000
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
25000
CY2024Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
14000
CY2023Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
40000
us-gaap Operating Lease Cost
OperatingLeaseCost
84000
us-gaap Operating Lease Cost
OperatingLeaseCost
51000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
29000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
55000
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y5M15D
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y10M9D
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.08
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.08
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
58000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
58000
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1000
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
57000
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12000
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
44000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0043
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0010
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0020
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0185
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2024Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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