Multisensor Ai Holdings, Inc. · NASDAQ:MSAI
Multisensor Ai — Sportsmap Tech Acquisition — SPAC Merger (August 2023)
38 slides from Multisensor Ai's SPAC merger presentation, Aug 4, 2023
Slide 1: Investor Presentation August 2023
Investor Presentation August 2023
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 evaluation with respect to a potential business combination between SportsMap Tech Acquisition Corp. (“ SportsMap ”) and Infrared Cameras Holdings
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. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, the Prox
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 V a lua t i o n Transaction implies a $149 million pro forma enterprise value Equates to 6.7x NTM (E
Slide 5: Our Team
Gary Strahan CEO Peter Baird CFO Our Team Jeff Guida CIO David Gow Chairman & CEO Steve Winch President 5
Slide 6: Executive Summary
Executive Summary < WN ICI | INFRARED CAMERAS INC
Slide 7: What we do: Integrated Sensing as a Service
What we do: Integrated Sensing as a Service x ICI builds integrated thermal imaging and sensing platforms – including high - resolution thermal imaging along with visible, acoustic, and laser spectroscopy imagers and sensors supported by proprietary edge and cloud software x Sensing platforms are ut
Slide 8: Why The Sensing as a Service Opportunity Exists Now
Why The Sensing as a Service Opportunity Exists Now 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 Reduc
Slide 9: ICI Snapshot
ICI Snapshot 9 Revenue $6M 2019 $22M NTM (E) ~ 3 . 5 x Enterprise Customers 2 75 2019 232 2022 ~ 3 . 1 x Devices & Systems Sold 2020 - 2022 1 >9000 1 Defined as the approximate number of fixed - mount and handheld thermal camera systems sold between January 2020 and December 2022 2 Defined as Fortun
Slide 10: Investment Highlights
Investment Highlights 1 We define our total addressable market (“TAM”) as thermal infrared technology applications (devices & software) primarily in the oil & gas, distribution & logistics, manufacturing and utilities end markets in the U . S . , where we currently engage and maintain customer relat
Slide 11: Thermal Infrared Technology Explained
Thermal Infrared Technology Explained 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 acquisiti
Slide 12: Our Technology
Early Fire Detection Pressure Vessel Monitoring C l o u d Our Technology Broad device portfolio paired with Edge + Cloud software creates transformational solutions Methane Leak Detection Belt System Monitoring Edg e Software Platform 12
Slide 13: Redefining the Market Opportunity
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/li
Slide 14: ICI's Technology Provides Competitive Differentiation
ICI’s Technology Provides Competitive Differentiation and Delivers Tangible Customer Value Clear, inherent advantages underpin superior solutions for customers Full - stack solution enables easy - to - use customer experience SaaS backbone 14 enables rapid scaling and ability to target multiple end
Slide 15: Business Overview
Business Overview OO
Slide 16: ICI Smart IR Solution
Archival & Retrieval ICI Smart IR Solution ICI Value Prop: Reduces costs and prevents business interruption through AI - software enabled multi - sensor predictive maintenance, production monitoring and general facility protection Smar t IR Archival & Retrieval : Store infrared and visible videos an
Slide 17: ICI Smart IR Dashboard
ICI Smart IR Dashboard Home page provides geographic (GIS) overview of Sites, Devices, and Alerts Quick status overview of every Site in the Enterprise Easy access to most recent anomaly Alerts 17
Slide 18: ICI Smart IR Alerts
ICI Smart IR Alerts Real - time Alerts panel to monitor & manage every insight, from detection to Work Order to resolution • Forward Alerts via email • Update Alert status • Generate Work Order through EAM integration 18
Slide 19: ICI Smart IR Workstation
19 ICI Smart IR Workstation Single pane - of - glass view of every camera, with real - time Alerts and comprehensive video and data archives • View Live and Recorded video streams for every camera • Access temperature data over time for every Region of Interest (ROI) across the Enterprise
Slide 20: Global Online Retailer – Distribution Center Solution
Global Online Retailer – Distribution Center Solution ICI’s Smart IR drives early anomaly detection to prevent unscheduled downtime Set Alerts based on custom temperature thresholds for automatic monitoring Select multiple regions of interest (“ROIs”) using full polygon capability 1 2 Ed g e C l o u
Slide 21: Global Online Retailer – 3-Year Plan
Global Online Retailer – Distribution Center Solution ICI’s Smart IR prevents unscheduled downtime 3 - Year Plan 2023 | Phase 1 On - Line Retailer UK / EU 90 new sites (108 total) ~1000 Incremental Subscriptions $3.9M YE ARR 1 2024 | Phase 2 On - Line Retailer EU / Japan / Australia 250 new sites (3
Slide 22: Big Automaker Case Study: EV Early Fire Detection
“Big 3 Automaker” Case Study|EV Early Fire Detection ICI’s cameras are used at Big 3 Automaker’s manufacturing plants to continuously monitor temperature levels of electric vehicle batteries to avoid potential fires. 22 H1 2024 | Phase 2 Battery Lab 1b 1 Site 74 Incremental Subscriptions $275K YE AR
Slide 23: Smart IR Is Designed to Revolutionize Reliability
Smart IR Is Designed to Revolutionize Reliability Legacy Solutions ICI’s Thermal Sensing as a Service Devices only solution Full stack solution Human operator dependent (expensive, periodic and inconsistent) Fully automated (cost effective, continuous and consistent) Handheld device nodes with perio
Slide 24: Driving New Customer Expansion In Established Verticals
Driving New Customer Expansion In Established Verticals Distribution & Logistics Manufacturing Utilities Oil & Gas Selected ICI Customers Potential Adjacent Customers Global Online Retailer 24 Big 3 U.S. Automaker Nationally Recognized Utilities Brand Multinational Energy Corporation
Slide 25: Financial Summary
4 Financial Summary NN N ICT | INFRARED CAMERAS INC
Slide 26: Illustrative Per Unit Economics
Illustrative Per Unit Economics Support Commercial Strategy and benefit of SaaS attachment 26 Note: Represents 2022E unit economics for new customers; assumes 100% attachment rate from Devices to SaaS 1 d evi c e sold $5,000 average selling price $5,000 average revenue per device sold $3,000 average
Slide 27: Total Addressable Market in U.S. > $14bn
Total Addressable Market in U.S. > $14bn 27 ▪ Implies potential ARR from SaaS sales of >$5bn per year ▪ Implies aggregate device - sale revenues of >$9bn Potential Fixed - Mount Systems by Vertical – U.S. U.S. only – thousands of systems Comment a ry Distribution Manufacturing Oil & Gas Utilities To
Slide 28: Inventory / Cash-Free COGS
Inventory / “Cash - Free COGS” 28 Commentary ▪ 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 Sa
Slide 29: Financial Outlook
Financial Outlook 29 Notes: Amounts reflected for historical periods were subject to audits performed under AICPA standards and do not conform to Regulation S-X; amounts to be included in the proxy statement relating to the transaction may differ as a result of audit to PCAOB standards; Adjusted EBI
Slide 30: Strong Visibility to $22.1m NTM Revenue
Strong Visibility to $22.1m NTM Revenue 30 + Summary Notes • NTM revenue forecast is $22.1m (for period ending 6/30/24) – completely covered by current commercial pipeline • Forecast is probability adjusted based on stage of opportunity development • Opportunities derived from three primary sources:
Slide 31: Robust SaaS + Hardware Pipeline
Robust SaaS + Hardware Pipeline 31 $22.1 Million NTM Revenue Pipeline Devices $16.4M SaaS $5.7M Pipeline Opportunities Grouped by Customer Types NTM Revenue1 Devices SaaS Total Conveyor Belt Monitoring $3,682 $1,711 $5,392 Distributors / Channel Partners 2,595 2,307 4,902 Health & Environmental 2,73
Slide 32: Transaction Overview
Transaction Overview
Slide 33: Pro forma capitalization
Pro forma capitalization Shares outstanding 15 . 9 Price per share $10 . 00 Equity value $159.0 ( - ) Cash to balance sheet $19 . 9 (+) Debt 1 $10 . 0 Enterprise value $149.0 Pro forma ownership Existing ICI shareholders 10 . 0 Sponsor shares 3 . 6 SPAC shareholders 1 . 6 Fees & expenses 2 0 . 7 Tot
Slide 34: Comparable Company Benchmarking Analysis
202 2 E Comparable Company Benchmarking Analysis 34 Source: S&P Capital IQ as of June 14 th , 2023 1 NTM defined as 7/1/23 – 6/30/24 estimates 2 Comparable company GM% are LTM to 3/31/23 Enterprise Value / NTM 1 Revenue Gross Margin 2 Peer Average: 7.7x Peer Average: 63% na 7.0x 17 .2 x 9 .3 x 8 .7
Slide 35: Comparable Company Benchmarking Analysis: Revenue Growth
Peer Average: 6% Comparable Company Benchmarking Analysis 35 NTM 1 vs LTM 2 Revenue Growth Source: S&P Capital IQ as of June 14 th , 2023 1 NTM Revenue as 7/1/23 – 6/30/24 estimates 2 LTM Revenue as 4/1/22 – 3/31/23 46% 13% 13% 10% 9% 7% 7% 5% 5% ( 1 1 % ) Keyence Corporation
Slide 36: Appendix
Appendix
Slide 37: Financial Model Assumptions
Financial Model Assumptions 37 Included in this Presentation are the Company’s estimates of its financial performance for Next Twelve Months from 1 July 2023 to 30 June 2024 (the “ Financial Projections ”), based on information known as of the date of this Presentation. The Financial Projections wer
Slide 38: Non-GAAP Reconciliation
Non - GAAP Reconciliation 38 1 NTM (E) defined as 7/1/23 to 6/30/24 Adjusted EBITDA Reconciliation USD in millions 2019 2020 2021 2022 NTM (E) 1 GAAP net income / (loss) $0.9 $32.5 $2.8 ($13.3) - (+) Interest expense / (income) – 0.4 0.4 0.1 (0.1) (+) Income tax expense / (benefit) – 1.1 1.1 1.2 - (
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