Multisensor Ai Holdings, Inc. · NASDAQ:MSAI
Multisensor Ai — Sportsmap Tech Acquisition — SPAC Merger (December 2022)
25 slides from Multisensor Ai's SPAC merger presentation, Dec 19, 2022
Slide 1: Investor Presentation December 2022
Investor Presentation December 2022
Slide 2: Disclaimer and Forward-Looking Statements
This presentation (the “ Presentation ”) is provided for information purposes only and has been prepared to assist interested parties in making their own evaluatio n w ith respect to a potential business combination between SportsMap Tech Acquisition Corp. (“ SportsMap ”) and Infrared Cameras Holdin
Slide 3: Financial Information; Non-GAAP Financial Measures
Financial Information; Non - GAAP Financial Measures The financial information and data contained in this Presentation is unaudited and does not conform to Regulation S - X. According ly, such information and data may not be included in, may be adjusted in or may be presented differently in, the pro
Slide 4: Transaction Overview
Earnout Strong incentive structure facilitated by an earnout provision whereby 2.4 million additional shares will be released to ICI based on a share price performance target and 2024E revenue target Valuation T ransaction implies a $ 143.3 million pro forma enterprise value Equates to 7.0x 2023E re
Slide 5: Our Team
Gary Strahan CEO Peter Baird CFO Our Team 5 Jeff Guida CIO David Gow Chairman & CEO Steve Winch President
Slide 6: Executive Summary
Executive > Summary
Slide 7: ICI Overview
ICI Overview 7 ICI Combines Best - in - Class Thermal Sensing Devices & Proprietary, State - of - the - Art Firmware & Software to Protect Critical Industrial Assets Fully - integrated, AI / ML powered cloud - based solution Converts localized data into actionable intelligence Transitions standalone
Slide 8: Investment Highlights
Investment Highlights 8 Full - stack SaaS & sensor solution Suited for complex & demanding environments where high accuracy is paramount Superior sensing thermal technology Creates actionable intelligence from always - on, high fidelity data stream & seamlessly marries devices & software >$16 billio
Slide 9: Thermal Infrared Technology Explained
Thermal Infrared Technology Explained 9 x Infrared radiation is electromagnetic radiation whose wavelength is longer than that of visible light (400 - 700 nm) x Every object gives off thermal radiation, which is energy that can be viewed with an infrared camera x Infrared thermography is the acquisi
Slide 10: Our Technology
Our Technology 10 Battery Monitoring Pressure Vessel Monitoring Cloud Broad device portfolio paired with Edge + Cloud software creates transformational solutions Methane Leak Detection Belt System Monitoring Edge Software Platform
Slide 11: Redefining the Market Opportunity
11 Redefining the Market Opportunity ICI is positioned to define and tap into multiple large and growing markets Distribution & Logistics x Conveyor system anomaly detection x Hot spot detection x Process automation x Predictive maintenance x Failure avoidance Oil & Gas Manufacturing Utilities x Gas
Slide 12: Why This Opportunity Exists Now
Why This Opportunity Exists Now 12 90% price reduction over the last 20 years in the cost of infrared thermal components Sensor size decreases support proliferation of use cases SaaS cloud adaptation enabling complex solutions Introduction of Artificial intelligence & big data Reduction of complexit
Slide 13: Translating Commercialization Strategy Into Opportunities
Translating Commercialization Strategy Into Opportunities 13 Convert Existing Customers & Upsell SaaS Target New Customers Execute on Existing Customer Conversion & Win New Opportunities
Slide 14: Financial Summary
Financial Summary ‘ N ICI | INFRARED CAMERAS INC
Slide 15: Illustrative Per Unit Economics Support Commercial Strategy
Illustrative Per Unit Economics Support Commercial Strategy 15 Note: Represents 2022E unit economics for new customers; assumes 100% attachment rate from Devices to SaaS device sold a verage selling p rice a verage r evenue per device sold 1 $5,000 $5,000 a verage cost of device gross profit per dev
Slide 16: Financial Outlook
Financial Outlook 16 Gross Margin 47% 53% 69% 69% 69% Notes: Amounts reflected for historical periods were subject to audits performed under AICPA standards and do not conform to Reg ulation S - X; amounts to be included in the proxy statement relating to the transaction may differ as a result of au
Slide 17: Inventory / Cash-Free COGS
Inventory / “Cash - Free COGS” 17 ▪ ICI has a large inventory balance of finished goods devices and components ▪ Allows for superior delivery times on competitive devices (2 - 3 days vs. 4 - 6 weeks for competitors) ▪ Provides significant flexibility on device pricing and bundling with SaaS (without
Slide 18: Transaction Overview
Transaction Overview
Slide 19: Proposed Transaction Summary: Pro Forma Capitalization
Pro forma capitalization Shares outstanding 25.8 Price per share $10.00 Equity value $257.6 ( - ) Cash to balance sheet $124.3 (+) Debt 1 $10.0 Enterprise value $143.3 Pro forma ownership SPAC shareholders 11.5 Existing ICI shareholders 10.0 Sponsor shares 3.6 Fees & expenses 2 0.7 Total shares 25.8
Slide 20: Comparable Company Benchmarking Analysis
69% 82% 72% 67% 65% 61% 59% 59% 58% 54% 35% 2022E Comparable Company Benchmarking Analysis 20 Source: S&P Capital IQ as of December 15, 2022 Note: ICI’s 2022E gross margin shown compared to peers’ LTM gross margin due to availability of information Enterprise Value / CY2023E Revenue LTM Gross Margin
Slide 21: Comparable Company Benchmarking Analysis: Revenue Growth
143% 15% 10% 7% 5% 5% 4% 4% 2% 0.4% (14%) Peer Average: 4% Comparable Company Benchmarking Analysis 21 Source: S&P Capital IQ as of December 15, 2022 CY2023E Revenue Growth
Slide 22: Appendix
Appendix oe ey Ne
Slide 23: Financial Model Assumptions
Financial Model Assumptions 23 Included in this Presentation are the Company’s estimates of its financial performance for calendar years 2022 through 2023 ( the “ Financial Projections ”), based on information known as of the date of this Presentation. The Financial Projections were prepared by the
Slide 24: Non-GAAP Financial Measures
Non - GAAP Financial Measures 24 We refer to EBITDA and Adjusted EBITDA in our analysis of our results of operations, which are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). While we believe that net (loss) income, as define
Slide 25: Non-GAAP Reconciliation
Non - GAAP Reconciliation 25 Adjusted EBITDA Reconciliation USD in millions 2019 2020 2021 2022E 2023E GAAP net income / (loss) $0.9 $32.5 $2.8 ($2.6) ($0.3) (+) Interest expense / (income) – 0.4 0.4 0.1 (0.1) (+) Income tax expense / (benefit) – 1.1 1.1 (1.1) (0.1) (+) Depreciation and amortization
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