ADDED
as of June 30, 2025, the last business day of the registrant s most recently completed second fiscal quarter, based on the closing price of $0.598 per share, was approximately $ 20.4 million.
Business Overview We build and deploy integrated condition monitoring and early threat detection solutions that connect multiple sensor types through a unified edge-to-cloud software architecture.
Our software platform integrates multiple sensing modalities such as thermal, visual and acoustic, among others.
Customers deploy the MSAI Connect platform to continuously monitor critical assets and identify early degradation patterns (such as elevated operating temperatures) across electrical, mechanical, and environmental systems.
This allows teams to intervene early and convert potential failures into planned maintenance before downtime, safety incidents, or operational disruption occur.
We are focused on growing our position as a Software as a Service ( SaaS ) leader in predictive maintenance.
As of December 31, 2025, we had approximately 730 active sensors connected to our software platform, MSAI Connect, as compared to approximately 460 as of December 31, 2024.
We anticipate significant opportunities to drive increased recurring revenues with our solutions.
We focus on commercial environments where operational continuity is vital and automation intensity is high, including distribution and parcel logistics networks, data centers, and select manufacturing and industrial facilities.
We believe our solutions offer a compelling combination of performance, scalability, and cost efficiency relative to traditional inspection and monitoring approaches.
REMOVED
as of June 28, 2024, the last business day of the registrant s most recently completed second fiscal quarter, based on the closing price of $1.64 per share, was approximately $ 5.6 million.
Business Overview We build and deploy intelligent multi-sensing platforms incorporating edge and cloud software solutions that leverage artificial intelligence ( AI ).
We are a provider of sensing systems built around high-resolution thermal imagers, visible and acoustic imagers, as well as vibration and laser spectroscopy sensors, that perceive and measure heat, sound, vibration, and gas in industrial assets and the surrounding environment, helping companies gain insight to protect and manage their most important assets and infrastructure.
We believe our platform is high performing and attractively priced across each of our primary target markets: distribution and logistics; manufacturing; and oil and gas.
We also offer a wide range of form factors for our sensor devices, including, among other form factors, small to large handheld designs with built-in displays and controls, fixed-mounted single- and multi-sensor camera sensor systems, with or without displays and controls, and mobile multi-sensor payload and gimbal systems for unmanned aerial vehicles ( UAVs ).
We believe that our digital multi-sensor software technology platform positions us to become a leader in thermal and related sensing as the introduction of continuous streaming thermal data alongside other adjacent sensor data, coupled with automated insights, replaces intermittent manual thermal and physical inspections.
Additionally, our cloud-connected thermal, visible, acoustic, vibration, and spectroscopy big data capture enables artificial intelligence and machine learning ( AI/ML ) opportunities to elevate critical asset management to a new level and provide differentiated insight.
In partnering with several blue-chip multinational customers throughout the development process, we have illustrated several high-value use cases for our MSAI Edge and MSAI Connect software across our three target markets, as described below.
Industry Background A Brief History of Applied Infrared Technology Thermal imaging and sensing technologies were first discovered and leveraged in the early part of the 19th century.
Originally used for radiation detection, the technology began being used in military applications for night vision, as well as in scientific and astronomical applications throughout the early portions of the 20th century.