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Side-by-side financial comparison of MultiSensor AI Holdings, Inc. (MSAI) and Pineapple Financial Inc. (PAPL). Click either name above to swap in a different company.
MultiSensor AI Holdings, Inc. is the larger business by last-quarter revenue ($1.4M vs $707.3K, roughly 2.0× Pineapple Financial Inc.). MultiSensor AI Holdings, Inc. runs the higher net margin — -164.1% vs -2756.2%, a 2592.1% gap on every dollar of revenue. On growth, MultiSensor AI Holdings, Inc. posted the faster year-over-year revenue change (-0.9% vs -4.8%). MultiSensor AI Holdings, Inc. produced more free cash flow last quarter ($-2.6M vs $-3.3M). Over the past eight quarters, Pineapple Financial Inc.'s revenue compounded faster (-2.0% CAGR vs -21.9%).
Figure AI, Inc. is an American robotics company developing AI-powered humanoid robots. The company was founded in 2022 by Brett Adcock, also known for founding Archer Aviation and Vettery.
MSAI vs PAPL — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.4M | $707.3K |
| Net Profit | $-2.3M | $-19.5M |
| Gross Margin | — | 48.9% |
| Operating Margin | -171.6% | -2518.8% |
| Net Margin | -164.1% | -2756.2% |
| Revenue YoY | -0.9% | -4.8% |
| Net Profit YoY | 23.7% | -3174.1% |
| EPS (diluted) | $-0.02 | $-1.21 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $707.3K | ||
| Q4 25 | $1.4M | $721.7K | ||
| Q3 25 | $1.6M | $730.5K | ||
| Q2 25 | $1.4M | $746.9K | ||
| Q1 25 | $1.2M | $743.3K | ||
| Q4 24 | $1.4M | $766.1K | ||
| Q3 24 | $1.6M | $598.3K | ||
| Q2 24 | $2.1M | $736.4K |
| Q1 26 | — | $-19.5M | ||
| Q4 25 | $-2.3M | $-6.4M | ||
| Q3 25 | $-1.7M | $-1.8M | ||
| Q2 25 | $-3.3M | $-557.7K | ||
| Q1 25 | $-4.4M | $-595.4K | ||
| Q4 24 | $-3.0M | $-656.9K | ||
| Q3 24 | $-8.2M | $-1.7M | ||
| Q2 24 | $-6.4M | $-848.6K |
| Q1 26 | — | 48.9% | ||
| Q4 25 | — | 49.6% | ||
| Q3 25 | — | 27.8% | ||
| Q2 25 | — | 67.6% | ||
| Q1 25 | — | 43.4% | ||
| Q4 24 | — | 45.9% | ||
| Q3 24 | — | 43.2% | ||
| Q2 24 | — | 44.2% |
| Q1 26 | — | -2518.8% | ||
| Q4 25 | -171.6% | -909.1% | ||
| Q3 25 | -107.6% | -131.3% | ||
| Q2 25 | -233.8% | -93.3% | ||
| Q1 25 | -394.6% | -80.6% | ||
| Q4 24 | -199.6% | -90.5% | ||
| Q3 24 | -541.5% | -232.8% | ||
| Q2 24 | -228.1% | -121.7% |
| Q1 26 | — | -2756.2% | ||
| Q4 25 | -164.1% | -891.6% | ||
| Q3 25 | -106.5% | -250.3% | ||
| Q2 25 | -234.1% | -74.7% | ||
| Q1 25 | -379.1% | -80.1% | ||
| Q4 24 | -213.2% | -85.7% | ||
| Q3 24 | -511.5% | -283.9% | ||
| Q2 24 | -300.8% | -115.2% |
| Q1 26 | — | $-1.21 | ||
| Q4 25 | $-0.02 | $-4.79 | ||
| Q3 25 | $-0.05 | $-0.93 | ||
| Q2 25 | $-0.10 | $-0.05 | ||
| Q1 25 | $-0.14 | $-1.73 | ||
| Q4 24 | $0.07 | $-2.60 | ||
| Q3 24 | $-0.34 | $-11.10 | ||
| Q2 24 | $-0.47 | $-0.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $24.4M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $32.0M | $27.1M |
| Total Assets | $35.5M | $48.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $24.4M | — | ||
| Q3 25 | $1.1M | — | ||
| Q2 25 | $3.2M | — | ||
| Q1 25 | $4.7M | — | ||
| Q4 24 | $4.4M | — | ||
| Q3 24 | $8.6M | — | ||
| Q2 24 | $234.0K | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $642.0K | — |
| Q1 26 | — | $27.1M | ||
| Q4 25 | $32.0M | $-5.5M | ||
| Q3 25 | $8.3M | $906.7K | ||
| Q2 25 | $9.8M | $842.6K | ||
| Q1 25 | $12.9M | $739.7K | ||
| Q4 24 | $12.3M | $1.3M | ||
| Q3 24 | $15.6M | $1.3M | ||
| Q2 24 | $1.6M | $2.0M |
| Q1 26 | — | $48.9M | ||
| Q4 25 | $35.5M | $10.6M | ||
| Q3 25 | $11.9M | $5.4M | ||
| Q2 25 | $14.6M | $4.7M | ||
| Q1 25 | $16.4M | $4.0M | ||
| Q4 24 | $15.5M | $4.1M | ||
| Q3 24 | $18.9M | $4.1M | ||
| Q2 24 | $16.4M | $4.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.41× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-2.2M | $-3.3M |
| Free Cash FlowOCF − Capex | $-2.6M | $-3.3M |
| FCF MarginFCF / Revenue | -187.3% | -462.7% |
| Capex IntensityCapex / Revenue | 26.2% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-9.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-3.3M | ||
| Q4 25 | $-2.2M | $-489.7K | ||
| Q3 25 | $-1.8M | $-507.6K | ||
| Q2 25 | $-804.0K | $397.0K | ||
| Q1 25 | $-3.2M | $-172.6K | ||
| Q4 24 | $-3.1M | $-663.6K | ||
| Q3 24 | $-12.7M | $-264.7K | ||
| Q2 24 | $-303.0K | $123.0K |
| Q1 26 | — | $-3.3M | ||
| Q4 25 | $-2.6M | $-491.7K | ||
| Q3 25 | $-2.1M | — | ||
| Q2 25 | $-1.3M | — | ||
| Q1 25 | $-3.6M | — | ||
| Q4 24 | $-4.1M | — | ||
| Q3 24 | $-13.2M | $-264.7K | ||
| Q2 24 | $-844.0K | $122.7K |
| Q1 26 | — | -462.7% | ||
| Q4 25 | -187.3% | -68.1% | ||
| Q3 25 | -136.1% | — | ||
| Q2 25 | -91.5% | — | ||
| Q1 25 | -308.6% | — | ||
| Q4 24 | -294.6% | — | ||
| Q3 24 | -823.2% | -44.2% | ||
| Q2 24 | -39.7% | 16.7% |
| Q1 26 | — | 0.0% | ||
| Q4 25 | 26.2% | 0.3% | ||
| Q3 25 | 21.5% | — | ||
| Q2 25 | 34.8% | — | ||
| Q1 25 | 37.2% | — | ||
| Q4 24 | 76.2% | — | ||
| Q3 24 | 30.5% | 0.0% | ||
| Q2 24 | 25.5% | 0.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
