Completed business combination with SportsMap Tech Acquisition Corp. and began trading on December 20, 2023
Demonstrated strong momentum in sales pipeline saturated with global blue-chip companies
BEAUMONT, TX / ACCESSWIRE / April 1, 2024 /MultiSensor AI Holdings, Inc. (NASDAQ:MSAI), a pioneer in AI-powered industrial predictive maintenance and process control solutions, today announced results for the fourth quarter and full year ended December 31, 2023.
Strategic Business Highlights:
Completed business combination agreement with SportsMap Tech Acquisition Corp
Executed a corporate rebrand changing the Company's name to MultiSensor AI which aligns with the Company's goals to provide AI-driven multi-sensor software solutions in the predictive maintenance market
Unveiled new SmartIR 2.0 software platform which added new sensor modalities and AI-powered analytic capabilities to its existing platform
Subsequent to quarter end, the Company announced the waiver of earnout share issuances and release of lock-up restrictions
David Gow, Multisensor AI's chairman, commented, "I am pleased to report the results of Multisensor AI's first quarter as a public company. Within the quarter, our primary focus was executing the business combination agreement. As a result of this, the process included a number of one-time expenses, which adversely affected the quarter's results. Despite these costs, we experienced strong sales momentum in the latter half of the quarter, as we increased our presence among blue-chip customers and supplemented our pipeline. Additionally, we remain focused on further establishing our ARR base, which, as it expands, will significantly contribute to margin enhancement and bottom-line growth.
David Gow continued, "Looking forward, we are both opportunistic and enthusiastic about the direction of this Company in 2024 and beyond. Primarily, we will continue expanding our customer base, optimizing sales operations, refining and improving our product offerings, and identifying new growth opportunities. While there is much still to be done, we have confidence we can broaden our strong presence in this high-growth market and deliver sustainable, profitable growth for our stakeholders."
About MultiSensor AI
MultiSensor AI provides turnkey predictive maintenance and process control solutions, which combine cutting edge imaging and sensing technologies with AI-powered enterprise software. Powered by AWS, MSAI's software leverages a continuous stream of data from thermal imaging, visible imaging, acoustic imaging, vibration sensing, and laser sensing devices to provide comprehensive, real-time condition monitoring for a customer's critical assets, processes, and manufactured outputs. This full-stack solution measures heat, vision, vibration, and gas in the surrounding environment, helping companies gain predictive insights to efficiently and proactively manage their asset reliability and manufacturing processes. MSAI's cloud and edge solutions are deployed by organizations to protect critical assets across a wide range of industries including distribution & logistics, manufacturing, utilities, and oil & gas.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by words such as "will," "believe," "anticipate," "expect," "estimate," "intend," "plan," or their negatives or variations of these words, or similar expressions. All statements contained in this press release that do not strictly relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the combined company management's expectations regarding its financial outlook, strategic priorities and objectives, future plans, business prospects and financial performance, ability to satisfy the initial listing criteria of Nasdaq, ability to deliver value to its stakeholders and grow as a public company. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, our ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of the combined company to grow and manage growth profitably following the business combination; costs related to the business combination; changes in applicable laws or regulations; our ability to implement business plans, forecasts, and other expectations after the completion of the business combination, and identify and realize additional opportunities; the risk of downturns and the possibility of rapid change in the highly competitive industry in which we operate; the risk that we and our current and future collaborators are unable to successfully develop and commercialize our products or services, or experience significant delays in doing so; the risk that we may never achieve or sustain profitability; the risk that we will need to raise additional capital to execute our business plan, which may not be available on acceptable terms or at all; the risk that we experience difficulties in managing our expected growth and expanding operations; the risk that third party suppliers and manufacturers are not able to fully and timely meet their obligations; the risk that we are unable to secure or protect our intellectual property; the possibility that we may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties discussed under the "Risk Factors" section of SportsMap Tech Acquisition Corp.'s prospectus in the registration statement on Form S-1/A filed with the Securities and Exchange Commission on December 18, 2023, and the combined company's other periodic filings with the SEC. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. Any forward-looking statement made in this press release is based only on information currently available and speaks only as of the date on which it is made. Except as required by applicable law, the combined company expressly disclaims any obligations to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
