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How MultiSensor AI Holdings (MSAI) makes money

MultiSensor AI Holdings (MSAI) made $1.7M of revenue in the second quarter 2026 (Q2 2026), +19% from a year earlier. Hardware brought in $930K (55%); Software brought in $739K (44%); Ancillary Services brought in $26K (2%).

Drawing the Sankey…

MultiSensor AI Holdings revenue by segment, Q2 2026MultiSensor AI Holdings revenue by segment, Q2 2026Hardware$930KSoftware$739KAncillary Services$26K
MultiSensor AI Holdings: revenue by line, Q4 2024 to Q2 2026MultiSensor AI Holdings: revenue by line, Q4 2024 to Q2 2026HardwareSoftwareAncillary ServicesHardware: $930K latest$930KSoftware: $739K latest$739KAncillary Services: $26K latestQ4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
Software went from 11% of revenue in Q4 2024 to 44% in Q2 2026, the largest shift in the mix.
MultiSensor AI Holdings revenue by quarterMultiSensor AI Holdings revenue by quarter$1.4MQ4 2024$1.2MQ1 2025$1.4MQ2 2025$1.6MQ3 2025$1.4MQ4 2025$1.6MQ1 2026$1.7MQ2 2026

Revenue by segment, Q2 2026

SegmentRevenueShareQ/QY/Y
Hardware$930K54.9%+2%+6%
Software$739K43.6%+9%+85%
Ancillary Services$26K1.5%0%-82%

Where each dollar of revenue goes

LineQ2 2026% of revenue
Revenue$1.7M100.0%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q2 2026$1.7M+20%
Q1 2026$1.6M+38%
Q4 2025$1.4M-0.9%
Q3 2025$1.6M-2%
Q2 2025$1.4M-33%
Q1 2025$1.2M-49%
Q4 2024$1.4M-13%

From MultiSensor AI Holdings' 10-Q filed Aug 13, 2026 (on EDGAR).

Questions

How does MultiSensor AI Holdings make money?

MultiSensor AI Holdings (MSAI) made $1.7M of revenue in the second quarter 2026 (Q2 2026), +19% from a year earlier. Hardware brought in $930K (55%); Software brought in $739K (44%); Ancillary Services brought in $26K (2%).

What is MultiSensor AI Holdings' biggest business?

Hardware: $930K in the second quarter 2026, 55% of revenue, +6% from a year earlier.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.