MSAI · Infrared Cameras Holdings, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.61M | - | $1.57M | $1.42M | $1.17M | - | $1.60M | $1.34M | $2.27M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $2.99M | - | $2.16M | $2.91M | $4.14M | - | $2.85M | $2.81M | $3.16M | - |
| Total Operating Expenses | $3.51M | - | $7.71M | $6.43M | $3.44M | - | $7.71M | $6.43M | $3.44M | - |
| D&A | $352.0K | - | $342.0K | $330.0K | $280.0K | - | $223.0K | $221.0K | $273.0K | - |
| Operating Income | ($2.59M) | - | ($1.69M) | ($3.32M) | ($4.62M) | - | ($8.68M) | ($4.85M) | ($2.56M) | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $33.0K | - | ($11.0K) | $10.0K | $8.0K | - | ($395.0K) | $12.0K | $31.0K | - |
| Net Income | ($2.47M) | - | ($1.68M) | ($3.32M) | ($4.44M) | - | ($8.20M) | ($6.39M) | ($3.92M) | - |
| EPS - Basic | ($1.23) | - | ($2.00) | ($4.00) | ($5.60) | - | ($139.20) | ($18.80) | ($13.20) | - |
| EPS - Diluted | ($1.23) | - | ($2.00) | ($4.00) | ($5.60) | - | ($13.60) | ($48.40) | ($13.20) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $22.55M | $24.36M | $1.06M | $3.19M | $4.75M | $4.36M | $8.63M | $234.0K | $491.0K | $1.16M |
| Accounts Receivable | $1.19M | $1.67M | $760.0K | $891.0K | $848.0K | $838.0K | $785.0K | $1.04M | $677.0K | $2.44M |
| Inventory | $3.79M | $4.02M | $4.29M | $4.36M | $4.58M | $4.18M | $4.26M | $6.32M | $5.56M | $6.93M |
| Accounts Payable | $429.0K | $291.0K | $727.0K | $1.27M | $1.37M | $825.0K | $764.0K | $1.13M | $4.22M | $2.63M |
| Current Assets | $28.44M | $30.88M | $6.81M | $9.38M | $11.19M | $10.52M | $14.31M | $9.00M | $9.09M | $12.51M |
| Total Assets | $32.84M | $35.47M | $11.87M | $14.63M | $16.42M | $15.48M | $18.89M | $16.41M | $14.11M | $16.37M |
| Current Liabilities | $2.19M | $2.65M | $3.38M | $4.72M | $3.33M | $3.02M | $3.08M | $14.57M | $10.75M | $10.76M |
| Long-term Debt | - | - | - | - | - | - | - | $642.0K | $2.78M | $8.20M |
| Total Liabilities | $3.12M | $3.44M | $3.59M | $4.88M | $3.50M | $3.19M | $3.28M | $14.86M | $12.75M | $16.64M |
| Stockholders' Equity | $29.72M | $32.03M | $8.28M | $9.75M | $12.92M | $12.29M | $15.61M | $1.55M | $1.36M | ($268.0K) |
| Retained Earnings | ($68.81M) | ($66.34M) | ($64.06M) | ($62.38M) | ($59.06M) | ($54.63M) | ($51.64M) | ($43.45M) | ($37.05M) | ($33.13M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($1.69M) | - | - | - | ($3.18M) | - | - | - | $492.0K | - |
| Investing Cash Flow | ($101.0K) | - | - | - | ($420.0K) | - | - | - | ($571.0K) | - |
| Financing Cash Flow | ($24.0K) | - | - | - | $3.98M | - | - | - | ($585.0K) | - |
| CapEx | $121.0K | - | - | - | $435.0K | - | - | - | $571.0K | - |
| Free Cash Flow | ($1.81M) | - | - | - | ($3.61M) | - | - | - | ($79.0K) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | -160.7% | - | -107.6% | -233.8% | -394.6% | - | -541.5% | -362.5% | -112.7% | - |
| EBITDA margin | -138.9% | - | -85.9% | -210.6% | -370.7% | - | -527.6% | -346.0% | -100.7% | - |
| Net margin | -153.1% | - | -106.5% | -234.1% | -379.1% | - | -511.5% | -478.2% | -172.4% | - |
| Free cash flow margin | -112.1% | - | - | - | -308.6% | - | - | - | -3.5% | - |
| FCF / Net income | 0.73 | - | - | - | 0.81 | - | - | - | 0.02 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 185.2% | - | 137.5% | 205.0% | 353.8% | - | 177.8% | 210.2% | 139.0% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -7.5% | - | -14.1% | -22.7% | -27.0% | - | -43.4% | -39.0% | -27.8% | - |
| Return on equity | -8.3% | - | -20.3% | -34.1% | -34.3% | - | -52.5% | -411.9% | -288.2% | - |
| Return on invested capital | - | - | - | - | - | - | - | -174.5% | -48.9% | - |
| Liquidity | ||||||||||
| Current ratio | 12.99 | 11.66 | 2.02 | 1.99 | 3.36 | 3.49 | 4.66 | 0.62 | 0.85 | 1.16 |
| Quick ratio | 11.26 | 10.14 | 0.75 | 1.06 | 1.98 | 2.10 | 3.27 | 0.18 | 0.33 | 0.52 |
| Cash ratio | 10.30 | 9.20 | 0.31 | 0.68 | 1.43 | 1.44 | 2.81 | 0.02 | 0.05 | 0.11 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | 0.41 | 2.04 | -30.60 |
| Debt / Assets | - | - | - | - | - | - | - | 0.04 | 0.20 | 0.50 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.10 | 1.11 | 1.43 | 1.50 | 1.27 | 1.26 | 1.21 | 10.57 | 10.37 | -61.09 |
| Liabilities / Assets | 0.09 | 0.10 | 0.30 | 0.33 | 0.21 | 0.21 | 0.17 | 0.91 | 0.90 | 1.02 |
| Efficiency | ||||||||||
| Asset turnover | 0.05 | - | 0.13 | 0.10 | 0.07 | - | 0.08 | 0.08 | 0.16 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 269d | - | 176d | 229d | 265d | - | 179d | 283d | 109d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 0.6x | - | 107.5x | 82.3x | 94.3x | - | 134.3x | 22.8x | 794.9x | - |
| P / S | 11.5x | - | 565.4x | 565.6x | 1040.5x | - | 1308.8x | 26.5x | 475.5x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 37.9% | - | -1.7% | 6.1% | -48.6% | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 43.8% | - | 80.5% | 31.5% | -80.0% | - | -2018.6% | -1021.1% | -393.1% | - |
| Net income growth (YoY) | 44.3% | - | 79.5% | 48.0% | -13.1% | - | -782.4% | -566.5% | - | - |
| EPS growth (YoY) | 78.0% | - | 85.3% | 91.7% | 57.6% | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 49.9% | - | - | - | -4470.9% | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 130.1% | 160.7% | -47.0% | 528.3% | 849.0% | - | - | - | - | 96.7% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$5.55M totalProduct$3.21M · 57.9%
Technology Service$1.88M · 33.9%
Ancillary Services$453.0K · 8.2%
Geographic
$5.55M totalUS$3.75M · 67.6%
Non Us$1.80M · 32.4%
Peer comparison
Same SIC group: Optical Instruments & Lenses
Comparing Infrared Cameras Holdings against the 5 most active filers in the same SIC group.