Here are a few brief analogies to describe MultiSensor AI (MSAI):

• Palantir for industrial sensor data.
• Splunk for physical infrastructure monitoring.

• AI-driven Predictive Maintenance: Provides software and analytical services to predict industrial equipment failures, optimizing maintenance schedules and reducing downtime.
• Asset Performance Management (APM) Solutions: Offers AI-powered platforms to monitor, analyze, and optimize the operational efficiency and lifespan of critical industrial assets.
• Edge AI Solutions: Delivers AI models and processing capabilities directly to industrial devices for real-time data analysis and decision-making at the data source.
• Sensor Fusion Technology: Develops and integrates systems that combine data from multiple types of industrial sensors for comprehensive asset monitoring and diagnostics.

Upon reviewing publicly available information, including stock exchange listings and SEC filings, a public company named "MultiSensor AI" with the stock symbol MSAI does not appear to exist as of my last update. It is possible this is a fictional company for the purpose of this request, a private company, or a public company operating under a different name or symbol.

However, if "MultiSensor AI" (MSAI) were a public company with a name suggesting its focus on artificial intelligence applied to multi-sensor data, its primary customers would most likely be other companies (B2B) rather than individual consumers (B2C). Such a company would typically provide advanced AI platforms, software, or integrated solutions for complex applications.

Based on this hypothetical business model and the company's name, its major customers would plausibly fall into sectors that heavily utilize multi-sensor data processing and AI for their core operations. Here are three categories of potential major customers and illustrative examples of public companies that might be clients:

• Automotive and Autonomous Vehicle Manufacturers: These companies developing self-driving cars, advanced driver-assistance systems (ADAS), and connected vehicles require sophisticated AI to process data from cameras, LiDAR, radar, and other sensors to enable safe and efficient operation.
  • General Motors Company (NYSE: GM)
  • Ford Motor Company (NYSE: F)
• Industrial Automation and Smart Manufacturing Solutions Providers: Businesses focused on Industry 4.0, smart factories, and predictive maintenance would integrate MultiSensor AI's technology to monitor equipment, ensure quality control, and optimize operations using real-time sensor data for anomaly detection and efficiency improvements.
  • Siemens AG (ETR: SIE / OTC: SIEGY)
  • Honeywell International Inc. (NASDAQ: HON)
• Defense and Aerospace Contractors: For applications in surveillance, reconnaissance, intelligent weapon systems, and autonomous defense platforms, multi-sensor fusion and AI are critical for enhancing situational awareness, target tracking, and decision-making in complex environments.
  • Lockheed Martin Corporation (NYSE: LMT)
  • Raytheon Technologies Corporation (NYSE: RTX)

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Asim Akram, Chief Executive Officer and President

Asim Akram was appointed CEO and President of MultiSensor AI, effective June 23, 2025. He brings over two decades of experience in Software as a Service (SaaS), industrial Internet of Things (IoT), manufacturing, and data-driven technology platforms. Mr. Akram founded and scaled Orion, a SaaS platform company, where he built a recurring-revenue model and led its expansion across North America. His career also includes executive roles at Honeywell, where he was responsible for global businesses and M&A integration efforts. Most recently, he led ORBCOMM's transportation business.

Robert Nadolny, Chief Financial Officer

Robert Nadolny was promoted to Chief Financial Officer of MultiSensor AI on January 6, 2025, previously serving as VP-Controller since August 2024. Mr. Nadolny has 13 years of experience in assurance services from Ernst & Young (EY), where he worked with a diverse range of clients from startups to Fortune 50 multinational corporations. He is a Certified Public Accountant (CPA) in Texas and California and holds a Bachelor's and Master's degree in Professional Accounting from the University of Texas at Austin McCombs School of Business.

Stuart V. Flavin III ("Trip"), Director (formerly Interim Chief Executive Officer and President)

Stuart V. Flavin III served as the Interim Chief Executive Officer and President of MultiSensor AI, a role he transitioned out of on June 23, 2025, to continue as an active member of the Board of Directors. He was appointed Interim CEO in November and Interim President on January 6, 2025. Mr. Flavin was instrumental in guiding the company through a period of leadership transition.

Peter Baird, Former Chief Financial Officer and Chief Commercial Officer

Peter Baird transitioned from Chief Financial Officer to Chief Commercial Officer at MultiSensor AI on January 6, 2025, to focus on developing commercial relationships and accelerating sales initiatives. He was integral in establishing MultiSensor AI's financial foundation. Mr. Baird resigned as CCO effective May 30, 2025.

Shuaib Hanief, VP - Engineering and Innovation

Shuaib Hanief brings over two decades of experience in engineering to his role as VP - Engineering and Innovation at MultiSensor AI. He has a background in building and scaling teams at companies such as Solmation LLC and has co-founded companies. His engineering approach has focused on integrating IoT frameworks and data-driven maintenance strategies to optimize reliability and asset performance.

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• Expansion of North American Footprint: MultiSensor AI is expanding its presence in North America through new deployments of its multi-sensor condition monitoring and predictive maintenance solutions. For example, the company announced initial U.S. deployments with a global distribution and e-commerce leader in October 2025, with additional sites planned across the U.S.. This indicates growth in its customer base and market penetration.
• Strategic Partnerships: The company has formed strategic partnerships, such as those announced in November 2024 with Seek Thermal and IndustrAI Sàrl. These collaborations are anticipated to broaden the applications and geographical reach of MSAI's multi-sensor solutions, thereby expanding its market opportunities and customer acquisition.
• Growth and Advancement of MSAI Connect Platform: MultiSensor AI is experiencing increased adoption of its MSAI Connect platform, evidenced by a 500% year-over-year increase in active sensors connected to the platform as of March 31, 2025, reaching approximately 550 sensors. The company also secured significant subscription renewals, including a $2.1 million renewal from its largest customer to be recognized over 12 months starting June 2025. Recent capital raises in 2025 are also aimed at advancing this platform, suggesting continued investment and growth in this core offering.
• Shift to a Hardware-Agnostic Business Model: MultiSensor AI is strategically pivoting towards a hardware-agnostic business model, focusing on selling its "intelligence" rather than requiring clients to purchase specific sensors. This approach aims to reduce capital expenditure for customers, potentially attracting a wider client base and expanding its addressable market. This is supported by a 25% increase in software revenue in Q1 2025.
• Investment in Innovation and Enhanced Capabilities: Through capital raises in 2024 and 2025, including a $26.5 million offering in July 2024 and additional funding in October and November 2025, MultiSensor AI plans to invest in innovation, expand its capabilities, and pursue new opportunities. These investments are expected to lead to the development of new products, services, or improved features that will contribute to future revenue growth.

Share Issuance

• MultiSensor AI executed a securities purchase agreement on November 4, 2025, for a registered direct offering to raise approximately $14.4 million in gross proceeds through the sale of 4,595,000 shares of common stock and pre-funded warrants to purchase 6,100,000 shares.
• The company announced a private placement on October 24, 2025, to raise approximately $14.0 million gross by selling 34,229,829 common shares and warrants to purchase 68,459,658 shares. An initial closing of approximately $2.8 million occurred on October 27, 2025, with the balance subject to stockholder approval in December 2025.
• In July 2024, MultiSensor AI closed on a combined $26.5 million in public and private equity offerings.

Inbound Investments

• A single new fundamental institutional investor participated in the registered direct offering announced on November 4, 2025, contributing to the approximately $14.4 million in gross proceeds.
• The private placement announced on October 24, 2025, which aims to raise approximately $14.0 million, was anchored by 325 Capital, LLC, and included other existing and new investors.
• As of February 18, 2025, 325 Capital held 9,375,000 shares, representing 30.80% ownership of the company.

Capital Expenditures

• For the six months ended June 30, 2025, net cash provided by financing activities increased, with a decrease noted in cash paid for capital expenditures.
• Proceeds from recent offerings, including the $14.4 million registered direct offering in November 2025 and the $14.0 million private placement in October 2025, are intended for working capital and general corporate purposes, including driving strategic growth initiatives and advancing the MSAI Connect platform. These initiatives suggest future capital allocation towards development.