MultiSensor AI Holdings, Inc. (MSAI) Balance Sheet
MSAI balance sheet, 2025
December 31, 2025 · U.S. dollars$35.5M assets = $3.4M liabilities + $32.0M equity
Both columns are drawn to the same scale: what MSAI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MSAI financial health
Descriptive bands, not a rating. Fiscal 2025.
MSAI balance sheet trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $24.7M2021 | $35.5M2025 | +9.5%/yr | |
| Total liabilities | $20.3M2021 | $3.4M2025 | −35.8%/yr | |
| Shareholders’ equity | $4.4M2021 | $32.0M2025 | +63.9%/yr | |
| Cash & short-term investments | $3.4M2021 | $24.4M2025 | +63.9%/yr | |
| Total debt | $18.4M2021 | $310,0002024 | −74.4%/yr | |
| Net cash (debt) | −$15.0M2021 | $4.0M2024 | +$19.1M | |
| Working capital | $20.3M2021 | $28.2M2025 | +$7.9M | |
| Book value per share | $24.432024 | $34.312025 | +40.4%/yr | |
| Debt / equity | 4.142021 | 0.032024 | −4.12 | |
| Shares outstanding | 503K2024 | 934K2025 | +85.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MSAI assets
MSAI liabilities and equity
MSAI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MSAI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Assets | |||||
| Cash & short-term investments | $24.4M | $4.4M | $1.2M | $654,000 | $3.4M |
| Cash & equivalents | $24.4M | $4.4M | $1.2M | $654,000 | $3.4M |
| Receivables | $2.0M | $1.6M | $2.5M | $2.6M | $3.2M |
| Inventory | $4.0M | $4.2M | $6.9M | $9.6M | $11.3M |
| Other current assets | $499,000 | $424,000 | $1.9M | $2.1M | $4.4M |
| Total current assets | $30.9M | $10.5M | $12.5M | $14.9M | $22.2M |
| Property, plant & equipment (net) | $4.1M | $4.1M | $3.2M | $2.5M | $1.4M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $508,000 | $865,000 | $646,000 | $3,000 | $1.1M |
| Total assets | $35.5M | $15.5M | $16.4M | $17.5M | $24.7M |
| Liabilities | |||||
| Accounts payable | $291,000 | $825,000 | $2.6M | $1.4M | $899,000 |
| Short-term debt | — | $310,000 | $1.5M | $2.1M | $741,000 |
| Deferred revenue | $1.3M | $483,000 | $1.9M | $287,000 | $140,000 |
| Total current liabilities | $2.6M | $3.0M | $10.8M | $7.0M | $1.9M |
| Long-term debt | $0 | $0 | $5.7M | $18.6M | $18.4M |
| Lease obligations | $0 | $138,000 | $138,000 | $103,000 | $0 |
| Other long-term liabilities | $794,000 | $173,000 | $188,000 | $100,000 | $0 |
| Total liabilities | $3.4M | $3.2M | $16.6M | $25.7M | $20.3M |
| Shareholders' equity | |||||
| Common stock & paid-in capital | $8,000 | $3,000 | $1,000 | — | $117.3M |
| Retained earnings (deficit) | −$66.3M | −$54.6M | −$33.1M | −$10.9M | $2.4M |
| Accumulated other comprehensive income | — | — | — | −$377,093 | −$413,954 |
| Total shareholders' equity | $32.0M | $12.3M | −$268,000 | −$8.2M | $4.4M |
| Key figures | |||||
| Total debt | — | $310,000 | $7.2M | $20.6M | $18.4M |
| Net cash (debt) | — | $4.0M | −$6.1M | −$20.0M | −$15.0M |
| Working capital | $28.2M | $7.5M | $1.8M | $7.9M | $20.3M |
| Tangible book value | $32.0M | $12.3M | −$268,000 | −$8.2M | $4.4M |
| Book value per share | $34.31 | $24.43 | — | — | — |
| Shares outstanding | 934K | 503K | — | — | — |
| Current ratio | 11.66 | 3.49 | 1.16 | 2.13 | 11.82 |
| Quick ratio | 9.96 | 1.96 | 0.34 | 0.46 | 3.47 |
| Debt / equity | — | 0.03 | — | — | 4.14 |
| Equity / assets | 90.3% | 79.4% | −1.6% | −47.0% | 18.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $21.0M | $22.6M | $24.4M | $1.2M | $3.2M | $4.7M | $4.4M | $8.6M | $234,000 | $491,000 | $1.2M | $513,000 |
| Cash & equivalents | $21.0M | $22.6M | $24.4M | $1.2M | $3.2M | $4.7M | $4.4M | $8.6M | $234,000 | $491,000 | $1.2M | $513,000 |
| Receivables | $3.9M | $1.5M | $2.0M | $1.0M | $1.2M | $1.1M | $1.6M | $1.4M | $1.1M | $770,000 | $2.5M | $372,000 |
| Inventory | $3.3M | $3.8M | $4.0M | $4.3M | $4.4M | $4.6M | $4.2M | $4.3M | $6.3M | $5.6M | $6.9M | $6.6M |
| Other current assets | $855,000 | $639,000 | $499,000 | $259,000 | $669,000 | $716,000 | $424,000 | $41,000 | $1.3M | $1.8M | $1.9M | $6.2M |
| Total current assets | $29.1M | $28.4M | $30.9M | $6.7M | $9.4M | $11.2M | $10.5M | $14.3M | $9.0M | $8.6M | $12.5M | $13.7M |
| Property, plant & equipment (net) | $3.8M | $3.9M | $4.1M | $4.3M | $4.5M | $4.3M | $4.1M | $3.6M | $3.7M | $3.5M | $3.2M | $3.2M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $487,000 | $533,000 | $508,000 | $837,000 | $715,000 | $877,000 | $865,000 | $939,000 | $3.7M | $2.0M | $646,000 | $1.7M |
| Total assets | $33.3M | $32.8M | $35.5M | $11.9M | $14.6M | $16.4M | $15.5M | $18.9M | $16.4M | $14.1M | $16.4M | $18.6M |
| Liabilities | ||||||||||||
| Accounts payable | $258,000 | $429,000 | $291,000 | $727,000 | $1.3M | $1.4M | $825,000 | $764,000 | $1.1M | $4.2M | $2.6M | $2.6M |
| Short-term debt | — | — | — | $28,000 | $60,000 | $99,000 | $310,000 | $145,000 | $699,000 | $710,000 | $1.5M | $4.2M |
| Deferred revenue | — | $893,000 | $1.3M | $1.7M | $2.2M | $220,000 | $483,000 | $693,000 | $775,000 | $916,000 | $1.9M | $337,000 |
| Total current liabilities | $4.0M | $2.2M | $2.6M | $3.4M | $4.7M | $3.3M | $3.0M | $3.1M | $14.6M | $10.8M | $10.8M | $13.2M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.7M | $1.7M | $5.7M |
| Lease obligations | — | — | $0 | $28,000 | $60,000 | $99,000 | $138,000 | $173,000 | $57,000 | $98,000 | $98,000 | $138,000 |
| Other long-term liabilities | $811,000 | $927,000 | $794,000 | $213,000 | $162,000 | $169,000 | $173,000 | $204,000 | $287,000 | $305,000 | $4.2M | $0 |
| Total liabilities | $4.9M | $3.1M | $3.4M | $3.6M | $4.9M | $3.5M | $3.2M | $3.3M | $14.9M | $12.8M | $16.6M | $13.4M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | — | — | $8,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| Retained earnings (deficit) | −$71.3M | −$68.8M | −$66.3M | −$64.1M | −$62.4M | −$59.1M | −$54.6M | −$51.6M | −$43.4M | −$37.1M | −$33.1M | −$16.3M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | — | — | — | −$2.7M |
| Total shareholders' equity | $28.5M | $29.7M | $32.0M | $8.3M | $9.8M | $12.9M | $12.3M | $15.6M | $1.6M | $1.4M | −$268,000 | $5.1M |
| Key figures | ||||||||||||
| Total debt | — | — | — | $28,000 | $60,000 | $99,000 | $310,000 | $173,000 | $699,000 | $2.4M | $7.2M | $4.2M |
| Net cash (debt) | — | — | — | $1.1M | $3.1M | $4.6M | $4.0M | $8.5M | −$465,000 | −$1.9M | −$6.1M | −$3.6M |
| Working capital | $25.1M | $26.3M | $28.2M | $3.4M | $4.7M | $7.9M | $7.5M | $11.2M | −$5.6M | −$2.1M | $1.8M | $441,000 |
| Tangible book value | $28.5M | $29.7M | $32.0M | $8.3M | $9.8M | $12.9M | $12.3M | $15.6M | $1.6M | $1.4M | −$268,000 | $5.1M |
| Book value per share | $30.51 | $31.83 | $34.31 | $9.60 | $11.63 | $15.79 | $16.10 | $25.73 | — | — | — | — |
| Shares outstanding | 934K | 934K | 934K | 862K | 839K | 818K | 763K | 607K | — | — | — | — |
| Current ratio | 7.19 | 12.99 | 11.66 | 1.99 | 1.99 | 3.36 | 3.49 | 4.66 | 0.62 | 0.80 | 1.16 | 1.03 |
| Quick ratio | 6.16 | 10.97 | 9.96 | 0.65 | 0.92 | 1.77 | 1.96 | 3.26 | 0.09 | 0.12 | 0.34 | 0.07 |
| Debt / equity | — | — | — | 0.00 | 0.01 | 0.01 | 0.03 | 0.01 | 0.45 | 1.77 | — | 0.81 |
| Equity / assets | 85.4% | 90.5% | 90.3% | 69.7% | 66.7% | 78.7% | 79.4% | 82.6% | 9.5% | 9.6% | −1.6% | 27.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 19, 2026); data from EODHD.
MSAI financial position
At the end of fiscal 2025 (December 31, 2025), MultiSensor AI had total assets of $35.5 million (up 129.2% from a year earlier), total liabilities of $3.4 million and shareholders' equity of $32.0 million. Its current ratio was 11.66. In the latest quarter (ended June 30, 2026) total assets were $33.3 million and equity $28.5 million.
Related: MSAI income statement, MSAI cash flow statement, MSAI key metrics. See the MSAI stock overview for the latest quote and news.
MSAI balance sheet FAQ
What are MultiSensor AI's total assets?
MultiSensor AI reported total assets of $35.5 million at the end of fiscal 2025 (December 31, 2025), compared with $15.5 million a year earlier.
How much cash does MultiSensor AI have?
MultiSensor AI held $24.4 million in cash and short-term investments at the end of fiscal 2025.
What is MultiSensor AI's book value?
MultiSensor AI's shareholders' equity (book value) was $32.0 million at the end of fiscal 2025, or $34.31 per share.
What is MultiSensor AI's current ratio?
MultiSensor AI had current assets of $30.9 million and current liabilities of $2.6 million, a current ratio of 11.66 (it can cover its short-term obligations).