Issue 003 | U.S. Pilot | US

MSAI

MultiSensor AI Holdings, Inc.

Screen state: Passing Source state: Verified 10-Q | 2026-05-13 Filing currency: USD

Open Filing Back to Register Report a correction

Internal NCAV Discount 61.5%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets: 28,443,000USD
Total Liabilities: 3,116,000USD
NCAV: 25,327,000USD
Cash: 22,552,000USD
NCAV per share: 12.59USD/share
Evidence: 5 annual | 25 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated: 12
Triggered: 2
Unavailable: 7

Requires inspection Negative OCF -1,688,000

Latest: -1,688,0002026-03-31
Comparison: n/a
Change: n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 10-Q 2026-03-31 · 0001104659-26-060325

Supporting observation Current Ratio > 1.5 12.99

Latest: 12.992026-03-31
Comparison: 1.5
Change: n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 10-Q 2026-03-31 · 0001104659-26-060325

7 unavailable checks — inspect missing inputs

High Debt (short-term debt + long-term debt) / ordinary equity >= 50%

Low Debt (short-term debt + long-term debt) / ordinary equity < 20%

Material 1Y Share Increase 1Y share change >= +2% using the same share-count source

NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive

No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source

Non-Positive Equity ordinary shareholders equity <= 0

Share Count Reduced 1Y share change <= -2% using the same share-count source

Business Profile

Published only when a substantive filing-text profile has been prepared for this issue.

Not available for this issue.

A substantive filing-text profile was not prepared for this company. Financial statement evidence and filing links remain available above for direct inspection.

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: normalize_to_latest_verified_split_basis | quality: verified

Display basis Normalized to latest verified split basis As reported in each filing

Metric	2026-03-31 10-Q Open filing	2025-12-31 10-K Open filing	2025-09-30 10-Q Open filing	2025-06-30 10-Q Open filing	2025-03-31 10-Q Open filing	2024-12-31 10-K Open filing	2024-09-30 10-Q Open filing	2024-06-30 10-Q Open filing	2024-03-31 10-Q Open filing	2023-12-31 10-K Open filing	2023-09-30 10-Q Open filing	2023-06-30 10-Q Open filing	2023-03-31 10-Q Open filing	2022-12-31 10-K Open filing	2022-09-30 10-Q Open filing	2022-06-30 10-Q Open filing	2022-03-31 10-Q Open filing	2021-12-31 10-K Open filing	2021-09-30 10-Q Open filing
Period-end Shares Outstanding	n/an/a	2,007,61380,304,531	867,78734,711,465	851,84634,073,852	823,94132,957,641	763,15130,526,052	761,03030,441,203	346,74413,869,744	323,15712,926,296	298,92111,956,823	n/an/a	n/an/a	n/an/a	88,7503,550,000	n/an/a	88,7503,550,000	88,7503,550,000	88,7503,550,000	71,8752,875,000
Weighted-average Basic Shares	2,012,2412,012,241	933,71537,348,581	862,38034,495,208	838,78533,551,398	818,14132,725,633	502,97920,119,161	606,70524,268,186	342,04213,681,678	299,17311,966,928	156,4376,257,476	n/an/a	n/an/a	287,50011,500,000	n/an/a	287,50011,500,000	287,50011,500,000	287,50011,500,000	89,2243,568,966	62,5002,500,000
Weighted-average Diluted Shares	2,012,2412,012,241	933,71537,348,581	862,38034,495,208	838,78533,551,398	818,14132,725,633	502,97920,119,161	606,70524,268,186	342,04213,681,678	299,17311,966,928	156,4376,257,476	204,3888,175,512	209,8788,395,122	287,50011,500,000	287,50011,500,000	287,50011,500,000	287,50011,500,000	287,50011,500,000	89,2243,568,966	62,5002,500,000
Basic EPS	-1-1	-0-0	-0-0	-0-0	-0-0	-1-1	-1-1	-1-1	-0-0	-4-4	-10-10	-7-7	-6-6	-3-3	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a
Diluted EPS	-1-1	-0-0	-0-0	-0-0	-0-0	-1-1	-1-1	-1-1	-0-0	-4-4	-10-10	-7-7	-6-6	-3-3	n/an/a	n/an/a	n/an/a	n/an/a	00
Basic-to-Diluted Share Difference	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	Insufficient evidence	Insufficient evidence	0.0%	Insufficient evidence	0.0%	0.0%	0.0%	0.0%	0.0%
Net Share Count Change	115.5%	131.3%	1.9%	3.4%	8.0%	0.3%	119.5%	7.3%	8.1%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	0.0%	0.0%	0.0%	23.5%	Insufficient evidence
Ownership Claim Change	-53.6%	-56.8%	-1.8%	-3.3%	-7.4%	-0.3%	-54.4%	-6.8%	-7.5%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	0.0%	0.0%	0.0%	-19.0%	Insufficient evidence

Verified split events: reverse 40.0 on 2026-04-13

Known Unknowns

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric	2025-12-31 10-K USD	2024-12-31 10-K USD	2023-12-31 10-K USD	2022-12-31 10-K USD	2021-12-31 10-K USD
Revenue	5,551,000	7,402,000	5,430,000	7,268,000	n/a
Operating Income	-12,011,000	-18,881,000	-21,533,000	-1,385,573	-424,882
Net Income	-11,713,000	-21,495,000	-22,268,000	36,861	-413,954
Cash From Operations	-8,020,000	-15,567,000	-4,551,000	-1,016,150	-720,792
Capex	-1,631,000	-2,667,000	-1,542,000	-1,600,000	n/a
Free Cash Flow	-9,651,000	-18,234,000	-6,093,000	-2,616,150	n/a
Cash And Equivalents	24,365,000	4,358,000	1,155,000	222,266	931,271
Accounts Receivable	1,670,000	838,000	2,440,000	1,508,000	n/a
Inventory	4,020,000	4,180,000	6,930,000	9,634,000	n/a
Total Current Assets	30,881,000	10,516,000	12,513,000	385,245	1,316,001
Total Assets	35,474,000	15,478,000	16,372,000	119,128,173	118,738,383
Total Current Liabilities	2,648,000	3,017,000	10,757,000	6,999,000	n/a
Total Liabilities	3,442,000	3,190,000	16,640,000	553,203	200,274
Shareholders Equity	32,032,000	12,288,000	-268,000	120,383	1,238,109
Shares Outstanding	80,304,531	30,526,052	11,956,823	3,550,000	3,550,000
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	37,348,581	20,119,161	6,257,476	5,292,384	n/a
Weighted Avg Shares Basic	37,348,581	20,119,161	6,257,476	5,292,384	n/a
Net Share Count Change (Normalized)	131.3%	0.3%	Insufficient evidence	Insufficient evidence	23.5%
Ownership Claim Change (Normalized)	-56.8%	-0.3%	Insufficient evidence	Insufficient evidence	-19.0%

Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Metric	2026-03-31 10-Q USD	2025-12-31 10-K USD	2025-12-31 10-K USD	2025-09-30 10-Q USD	2025-06-30 10-Q USD	2025-03-31 10-Q USD	2024-12-31 10-K USD	2024-12-31 10-K USD	2024-09-30 10-Q USD	2024-06-30 10-Q USD	2024-03-31 10-Q USD	2023-12-31 10-K USD	2023-12-31 10-K USD	2023-09-30 10-Q USD	2023-09-30 10-Q USD	2023-06-30 10-Q USD	2023-06-30 10-Q USD	2023-03-31 10-Q USD	2023-03-31 10-Q USD	2022-12-31 10-K USD	2022-12-31 10-K USD	2022-09-30 10-Q USD	2022-06-30 10-Q USD	2022-03-31 10-Q USD	2021-09-30 10-Q USD
Revenue	1,614,000	1,388,000	1,388,000	1,574,000	1,419,000	1,170,000	1,400,000	1,400,000	1,602,000	2,125,000	2,275,000	1,614,000	1,614,000	1,499,000	1,499,000	1,337,000	1,337,000	980,000	980,000	n/a	n/a	n/a	n/a	n/a	n/a
Operating Income	-2,594,000	-2,382,000	-2,382,000	-1,694,000	-3,318,000	-4,617,000	-2,794,000	-2,794,000	-8,675,000	-4,847,000	-2,565,000	-20,171,017	-20,171,017	-409,464	-409,464	-432,334	-432,334	-520,185	-520,185	-590,057	-590,057	-253,954	-314,387	-227,175	-30
Net Income	-2,471,000	-2,278,000	-2,278,000	-1,677,000	-3,322,000	-4,436,000	-2,985,000	-2,985,000	-8,195,000	-6,393,000	-3,922,000	-19,925,994	-20,885,216	-1,887,976	-928,754	-959,222	-959,222	505,192	505,192	169,875	169,875	184,106	-130,227	-186,893	-30
Cash From Operations	-1,688,000	-2,237,000	-2,237,000	-1,803,000	-804,000	-3,176,000	-3,057,000	-3,057,000	-12,699,000	-303,000	492,000	-3,065,755	-3,065,755	-164,129	-164,129	-973,445	-973,445	-347,671	-347,671	-432,550	-432,550	-186,718	-145,680	-251,202	n/a
Capex	-121,000	n/a	-363,000	-339,000	-494,000	-435,000	n/a	-1,067,000	-488,000	-541,000	-571,000	n/a	-116,000	n/a	-423,000	n/a	-466,000	n/a	-537,000	n/a	n/a	n/a	n/a	n/a	n/a
Free Cash Flow	-1,809,000	n/a	-2,600,000	-2,142,000	-1,298,000	-3,611,000	n/a	-4,124,000	-13,187,000	-844,000	-79,000	n/a	-3,181,755	n/a	-587,129	n/a	-1,439,445	n/a	-884,671	n/a	n/a	n/a	n/a	n/a	n/a
Cash And Equivalents	22,552,000	24,365,000	24,365,000	1,064,000	3,192,000	4,747,000	4,358,000	4,358,000	8,633,000	234,000	491,000	1,155,000	1,155,000	27,900	27,900	255,452	255,452	13,981	13,981	222,266	222,266	347,671	534,389	680,069	24,991
Total Current Assets	28,443,000	30,881,000	30,881,000	6,809,000	9,377,000	11,189,000	10,516,000	10,516,000	14,315,000	8,996,000	9,093,000	12,513,000	12,513,000	38,864	38,864	288,778	288,778	43,018	43,018	385,245	385,245	569,682	849,577	1,107,285	24,991
Total Liabilities	3,116,000	3,442,000	3,442,000	3,592,000	4,878,000	3,500,000	3,190,000	3,190,000	3,279,000	14,858,000	12,752,000	16,640,000	16,640,000	2,866,156	2,866,156	1,716,347	1,716,347	850,440	850,440	553,203	553,203	253,325	176,111	125,855	287,816
Shares Outstanding	2,012,293	80,304,531	80,304,531	34,711,465	34,073,852	32,957,641	30,526,052	30,526,052	30,441,203	13,869,744	12,926,296	11,956,823	11,956,823	n/a	n/a	n/a	n/a	15,050,000	15,050,000	3,550,000	3,550,000	n/a	3,550,000	3,550,000	2,875,000
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	2,012,241	37,348,581	48,480,312	34,495,208	33,551,398	32,725,633	20,119,161	30,401,268	24,268,186	13,681,678	11,966,928	6,257,476	23,249,424	539,271	539,271	539,271	539,271	514,946	514,946	5,292,384	5,292,384	n/a	n/a	n/a	2,500,000
Weighted Avg Shares Basic	2,012,241	37,348,581	48,480,312	34,495,208	33,551,398	32,725,633	20,119,161	30,401,268	24,268,186	13,681,678	11,966,928	6,257,476	23,249,424	539,271	539,271	539,271	539,271	514,946	514,946	5,292,384	5,292,384	n/a	n/a	n/a	2,500,000
Net Share Count Change (Normalized)	115.5%	131.3%	131.3%	1.9%	3.4%	8.0%	0.3%	0.3%	119.5%	7.3%	8.1%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	0.0%	0.0%	0.0%	Insufficient evidence
Ownership Claim Change (Normalized)	-53.6%	-56.8%	-56.8%	-1.8%	-3.3%	-7.4%	-0.3%	-0.3%	-54.4%	-6.8%	-7.5%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	0.0%	0.0%	0.0%	Insufficient evidence

Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input	Value	Source concept	Filing period	Confidence	Provenance
Current Assets	28,443,000USD	us-gaap:AssetsCurrent	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001863990/companyfacts.json Data Vault \| sec/companyfacts/cik=0001863990/companyfacts.json
Total Liabilities	3,116,000USD	us-gaap:Liabilities	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001863990/companyfacts.json Data Vault \| sec/companyfacts/cik=0001863990/companyfacts.json
Cash	22,552,000USD	us-gaap:CashAndCashEquivalentsAtCarryingValue	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001863990/companyfacts.json Data Vault \| sec/companyfacts/cik=0001863990/companyfacts.json
Shares Outstanding	2,012,293	us-gaap:CommonStockSharesOutstanding	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001863990/companyfacts.json Data Vault \| sec/companyfacts/cik=0001863990/companyfacts.json
NCAV	25,327,000USD	derived	2026-03-31	n/a	company-evidence-v1 \| total_current_assets - total_liabilities
NCAV per share	12.59USD	derived	2026-03-31	n/a	company-evidence-v1 \| NCAV / shares_outstanding
Internal NCAV Discount	61.5%	derived	2026-03-31	n/a	gnni_publication_pack \| internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source: Data Vault
Data Vault Root: Local evidence | The Data Vault
CIK: 0001863990
Company ID: n/a
Selected Annual Source: Data Vault | sec/companyfacts/cik=0001863990/companyfacts.json
Selected Quarterly Source: Data Vault | sec/companyfacts/cik=0001863990/companyfacts.json
Statement Extractor: companyfacts-screener-v1
View Extractor: companyfacts-screener-v1
Source Accession Count: 19
Imported At: 2026-08-15T12:52:29+00:00
Rendered At: 2026-08-16T03:29:48+00:00

Run Audit

Mary Run: 8f67c1da7de642feb640d04491409c50
Mary As Of: 2026-07-25
Accession: 0001104659-26-060325
CIK: 0001863990
Mary Filing Date: 2026-05-13
Filing Currency: USD
Internal Discount: 61.5%
Source State: Verified
Market Context: Not Displayed
Market Policy: internal_only_not_redistributed
Share Trend: Not Evaluated
Dilution: Needs Review

mary_run=8f67c1da7de642feb640d04491409c50; mary_as_of=2026-07-25; mary_filing_date=2026-05-13; mary_accession=0001104659-26-060325; mary_cik=0001863990; gnni_supporting_filing_date=2026-05-13; internal_discount=0.61545; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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