MultiSensor AI (MSAI) makes and sells an integrated condition monitoring and predictive maintenance platform called MSAI Connect. The platform continuously monitors industrial equipment — conveyor systems, electrical panels, cooling systems, and backup power infrastructure — using thermal/infrared cameras, acoustic imagers, and vibration sensors, processing the data through edge and cloud software to surface anomaly alerts before equipment failures occur. MSAI targets three verticals: distribution and logistics, data centers, and manufacturing. MSAI sells primarily through a direct enterprise sales force, supplemented by distributors and channel partners. MSAI is transitioning from a transactional hardware vendor to a subscription SaaS platform company. Revenue comes from SaaS subscriptions (12-to-48-month contracts), on-premises software licenses, hardware sales, and services. Hardware is increasingly treated as an entry point to the software platform rather than a standalone product. MSAI has also narrowed its services footprint, discontinuing training and inspection services in 2025 to focus on core offerings. The key economic drivers are software attach rates — converting hardware customers to recurring SaaS subscriptions — and expanding within existing accounts by adding more monitored assets and sites. As of end of FY25, MSAI had roughly 730 active sensors connected to the platform. Customer concentration is a notable risk, with one distribution and logistics customer accounting for 36% of total revenue in FY25. MSAI has sharpened its market focus, exiting oil and gas, metals and mining, and drone-related products to concentrate on its three core verticals in the U.S., Canada, EU, and UK.