{"url_path":"/sec/msaiw/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/1863990/0001104659-26-060325-index.html","accession_number":"0001104659-26-060325","cik":"0001863990","ticker":"MSAI","issuer_name":"MultiSensor AI Holdings, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1863990/0001104659-26-060325-index.html","primary_entity_key":"0001863990","primary_entity_name":"MultiSensor AI Holdings, Inc."},"word_count":1178,"has_tables":true,"body_markdown":"MultiSensor AI Holdings, Inc._March 31, 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of Contents](#TOC)\n\n​\n\n​\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n**FORM ****10-Q**\n\n​\n\n(Mark One)\n\n☒**Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**\n\n**For the quarterly period ended****March 31, 2026**\n\n**or**\n\n☐**Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**\n\n**For the transition period from            to**\n\n**Commission File Number:****001-40916**\n\n​\n\n​\n\n**MultiSensor AI Holdings, Inc.**\n\n(Exact name of registrant as specified in its charter)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Delaware**\n\n(State or other jurisdiction of incorporation or organization)\n\n**86-3938682**\n\n(I.R.S. Employer Identification No.)\n\n​\n\n​\n\n**24 Greenway Plaza********Suite 1800********Houston****,****Texas******(Address of principal executive offices)\n\n​\n\n**77046******(Zip Code)\n\n​\n\n**(****866****)****861-0788**\n\n(Registrant’s telephone number, including area code)\n\n**N/A**\n\n(Former name, former address and former fiscal year, if changed since last report)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n​\n\n**Title of each class**\n\n**  ​ ​ ​**\n\n**Trading Symbol(s)**\n\n**  ​ ​ ​**\n\n**Name of each exchange on which registered**\n\nCommon Stock, par value $0.0001 per share\n\nWarrants to purchase common stock\n\n​\n\nMSAI\n\nMSAIW\n\n​\n\nThe Nasdaq Stock Market LLC\n\nThe Nasdaq Stock Market LLC\n\n​\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☒      No  ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ☒      No    ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n​\n\nLarge accelerated filer\n\n☐\n\nAccelerated Filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☒\n\n​\n\nEmerging growth company\n\n☒\n\n​\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes  ☐    No  ☒\n\nAs of May 6, 2026, there were 2,019,434 shares of the registrant’s common stock outstanding.\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n​\n\nTABLE OF CONTENTS\n\n​\n\nPage\n\n​\n\n​\n\n[FORWARD-LOOKING STATEMENTS](#FORWARDLOOKINGSTATEMENTS_963619)\n\n1\n\n[PART I – FINANCIAL INFORMATION](#PARTIFINANCIALINFORMATION_486180)\n\n2\n\n​\n\n[ITEM 1. FINANCIAL STATEMENTS.](#Item1FinancialStatements_271526)\n\n2\n\n​\n\n[ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.](#Item2ManagementsDiscussionandAnalysisofF)\n\n14\n\n​\n\n[ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.](#Item3QuantitativeandQualitativeDisclosur)\n\n22\n\n​\n\n[ITEM 4. CONTROLS AND PROCEDURES.](#Item4ControlsandProcedures_463181)\n\n22\n\n[PART II – OTHER INFORMATION](#PARTIIOTHERINFORMATION_593149)\n\n23\n\n​\n\n[ITEM 1. LEGAL PROCEEDINGS](#Item1LegalProceedings_612745)\n\n23\n\n​\n\n[ITEM 1A. RISK FACTORS](#Item1ARiskFactors_118607)\n\n23\n\n​\n\n[ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#Item2UnregisteredSalesofEquitySecurities)\n\n23\n\n​\n\n[ITEM 3. DEFAULTS UPON SENIOR SECURITIES](#Item3DefaultsUponSeniorSecurities_742646)\n\n23\n\n​\n\n[ITEM 4. MINE SAFETY DISCLOSURES](#Item4MineSafetyDisclosures_125404)\n\n23\n\n​\n\n[ITEM 5. OTHER INFORMATION](#Item5OtherInformation)\n\n23\n\n​\n\n[ITEM 6. EXHIBITS](#Item6Exhibits_545384)\n\n24\n\n[SIGNATURES](#SIGNATURES_301342)\n\n26\n\n​\n\nUnless otherwise indicated or the context otherwise requires, references to the “Company,” “we,” “us,” or “our” refer to MultiSensor AI Holdings, Inc. and its consolidated subsidiaries.\n\n​\n\n​\n\ni\n\n[Table of Contents](#TOC)\n\nFORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q (the “Quarterly Report”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this Quarterly Report may be forward-looking statements. Words such as “anticipates,” “believes,” “contemplates,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “targets,” or “will” or the negative of these terms or other similar expressions are intended to identify such forward-looking statements. Statements regarding our future results of operations and financial position, business strategy, and plans and objectives of management for future operations, our expected incurrence of significant expenses and continuing losses in the future, expansion of our Software as a Service (“SaaS”) capabilities and offerings, our expectations concerning the earning of subscription revenue, our expected future research and development costs and expected growth are forward-looking statements.\n\n​\n\nWe have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Such forward-looking statements are subject to certain risks, uncertainties and assumptions relating to factors that could cause actual results to differ materially from those anticipated in such statements, including, without limitation, the following:\n\n​\n\n●continued low income, net losses, negative cash flows from operations and negative net working capital;\n\n●failure to maintain competitive sales prices or reduce costs;\n\n●failure to successfully manage the expansion of our SaaS capabilities and offerings;\n\n●incurrence of substantial research and development costs;\n\n●product recalls, product liability claims and any resultant impact on our reputation;\n\n●certain of our subscriptions are subject to cancellation without advance notice;\n\n●cost and availability of capital;\n\n●the loss of large customers; and\n\n●the inability to effectively grow our sales, network of distributors, or business prospects.\n\n​\n\nFor a more detailed discussion of these and other factors that may affect our business and that could cause the actual results to differ materially from those anticipated in these forward-looking statements, see *Part I. Item 1A, “Risk Factors”* and *Part II. Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,”* in the consolidated financial statements for the fiscal year ended December 31, 2025 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (“2025 Annual Report”).\n\n​\n\nThese forward-looking statements speak only as of the date of this Quarterly Report. You should read this Quarterly Report and the documents that we reference in this Quarterly Report and have filed as exhibits to this Quarterly Report completely and with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we have no obligation and do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.\n\n​\n\n1\n\n[Table of Contents](#TOC)\n\nPART I – FINANCIAL INFORMATION"}