MultiSensor AI(MSAI) - 2024 Q2 - Quarterly Results

Revenue Growth - Second quarter revenue increased by 59% year over year, from $1.3 million to $2.1 million[2] - First half of 2024 revenue rose by 90% year over year, from $2.3 million to $4.4 million[2] - Annual recurring revenue surged approximately 500%, from $450 thousand to $2.7 million[2] Funding and Financial Position - The company raised $26.5 million through a public offering of $11.5 million and a private placement of $15 million[2] - All remaining convertible notes and other debt totaling $7.05 million were converted to equity, eliminating future liabilities[5] - The company demonstrated compliance with NASDAQ listing requirements by significantly strengthening shareholders' equity[3] Business Development - MSAI launched its Inspections business, expanding service offerings to meet enterprise customer needs[3] - A strategic channel partnership was established with Denali Advanced Integration to facilitate customer access to MSAI's solutions[3] Losses - Operating loss for Q2 2024 was $4.847 million, compared to a loss of $3.161 million in Q2 2023[9] - Net loss for the first half of 2024 was $10.316 million, compared to a loss of $3.560 million in the same period of 2023[9]