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MultiSensor AI Holdings Inc. (MSAI-3.17%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $7.4 million for 2024, an increase from $5.4 million in the previous year. This increase was primarily driven by higher unit sales, although offset by significant sales returns.
Cost of goods sold for the year was $2.6 million, up from $2.3 million in 2023, attributed to increased sales and a change in product mix.
The company recorded an inventory impairment of $2.3 million, primarily related to thermal cameras designed for medical applications.
Selling, general, and administrative expenses increased to $15.7 million from $8.0 million, largely due to higher professional and legal expenses associated with compliance as a public company.
Share-based compensation expense decreased significantly to $3.4 million from $14.1 million in the prior year.
The company reported a net loss of $21.5 million for 2024, compared to a net loss of $22.3 million in 2023.
Cash used in operating activities was $15.6 million, an increase from $4.6 million in 2023, due to payments made to reduce liabilities.
The company raised $21.6 million in cash from financing activities, including proceeds from a public offering and a private placement.
MultiSensor AI Holdings Inc. has expressed substantial doubt about its ability to continue as a going concern due to recurring losses and negative cash flows from operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MultiSensor AI Holdings Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.