MultiSensor AI Holdings, Inc.
For the period ended Dec 31, 2025. Filed Mar 19, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 19, 2026
MSAI$3.05-4.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(Amounts in thousands of U.S. dollars)
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Year ended December 31, | ||||||
| · · 2025 · · 2024 | ||||||
| Operating Activities: | | | | | | |
| Net loss | | $(11,713) | | $(21,495) | ||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | | | | | ||
| Depreciation | | 1,299 | | 1,140 | ||
| Inventory impairment | | | 511 | | | 2,272 |
| Non-cash lease activity | | 134 | | 154 | ||
| Bad debt expenses (recoveries) | | | 15 | | | 41 |
| Deferred income tax (income) expense | | (47) | | 62 | ||
| Share-based compensation | | 1,665 | | 3,382 | ||
| Loss (gain) on disposal of equipment | | | (33) | | | 322 |
| Loss on financing transaction | | — | | 1,553 | ||
| Change in fair value of warrants liabilities | | | — | | | (39) |
| Other (income) expense, net | | | — | | 1,430 | |
| Change in fair value of convertible notes | | — | | 475 | ||
| Increase (decrease) in cash resulting from changes in: | | | | | ||
| Trade accounts receivable | | (847) | | 1,561 | ||
| Inventories | | 135 | | 256 | ||
| Other current assets | | 264 | | 68 | ||
| Other noncurrent assets | | | (129) | | | 3 |
| Trade accounts payable | | (263) | | (1,479) | ||
| Income taxes payable | | (59) | | (932) | ||
| Contract liabilities | | 772 | | (1,461) | ||
| Other current liabilities | | (124) | | 131 | ||
| Right of use liabilities | | (138) | | (159) | ||
| Accrued expenses | | (130) | | (2,814) | ||
| Contract liabilities, noncurrent | | | 668 | | | (38) |
| Net cash provided by (used in) operating activities | | $(8,020) | | $(15,567) | ||
| Investing Activities: | | | | | ||
| Capital expenditures | | (1,631) | | (2,667) | ||
| Proceeds from sale of equipment | | | 24 | | | — |
| Net cash provided by (used in) investing activities | | $(1,607) | | $(2,667) | ||
| Financing Activities: | | | | | ||
| Proceeds from issuances of common stock and Pre-funded warrants | | | 30,872 | | | 22,784 |
| Tax payments associated with equity-based compensation transactions | | | (1,116) | | | — |
| Repayments of promissory notes | | | (172) | | | (575) |
| Repayments of lines of credit | | | — | | | (622) |
| Net cash provided by (used in) financing activities | | $29,584 | | $21,587 | ||
| Net increase/(decrease) in cash, cash equivalents, and restricted cash equivalents | | 19,957 | | 3,353 | ||
| Cash, cash equivalents, and restricted cash equivalents beginning of period | | 4,508 | | 1,155 | ||
| Cash, cash equivalents, and restricted cash equivalents end of the period | | $24,465 | | $4,508 | ||
| | | | | | | |
| Reconciliation of cash, cash equivalents and restricted cash equivalents at end of period: | | | | | | |
| Cash and cash equivalents | | $24,365 | | $4,358 | ||
| Restricted cash equivalents included in other current assets | | | 100 | | | 150 |
| Cash, cash equivalents, and restricted cash equivalents end of the period | | $24,465 | | $4,508 | ||
| | | | | | | |
| Supplemental cash flow information: | | | | | ||
| Interest paid | | $— | | $63 | ||
| Income tax paid, net of refunds received | | 73 | | 2,331 | ||
| | | | | | | |
| Non-cash investing and financing activities: | | | | | | |
| Settlement of vendor liability with share issuance | | $36 | | $— | ||
| Sale of equipment | | | 11 | | | — |
| Conversion of convertible notes | | | — | | | 6,170 |
| Conversion of Legacy SMAP promissory loan into common stock | | | — | | | 200 |
| Shares issued for Equity Line of Credit commitment fee | | | — | | | 500 |
| Inducement shares from Financing Transaction | | | — | | | 1,381 |
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