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MultiSensor AI Holdings

MSAI on Nasdaq. Market value $10m.

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Should I look at this?

We have not checked this company yet

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Who owns it

None of the long-term investors we follow own it. 10 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • 325 CAPITAL LLC
    Insider or founder
    at least 49.5%+21.6 pts
    (filed with 5 related holders)
    Since 19 December 2025
    What they said

    Item 4 is hereby amended to add the following: On December 19, 2025, the Issuer obtained the Stockholder Approval and, thereafter, issued 13,629,466 Shares and Warrants to purchase 27,258,932 Shares to the Reporting Persons and the SMAs in connection with the Second Closing,…

    Read the filing
  • Strahan Gary Eugene
    9.9%0.0 pts
    Since 21 July 2025
  • Ayrton Capital LLC
    Passive investor
    at least 5.7%−4.3 pts
    (filed with 2 related holders)
    Since 31 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought or sold on the open market in the last 12 months.

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 2 things worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 6 later 8-Ks.

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “On June 4, 2025, the Audit Committee (the “Audit Committee”) of the Board of Directors (the “Board”) of MultiSensor AI Holdings, Inc. (the “Company”) approved the dismissal of Deloitte & Touche LLP (“Deloitte”) as the Company's independent registered public accounting firm, effective immediately.”

    From an 8-K filed 6 June 2025: Change of auditor. Read it in the filing

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 36% last year. Losing that customer would hurt.

    “For the year ended December 31, 2025, one customer in the distribution and logistics market accounted for 36% of total net revenue.”

    From the 10-K filed 19 March 2026, Item 1. Business. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.