Marpai, Inc.

Marpai, Inc. (MRAI) reported FY 2025 revenue of $18.1M, a 36% decline from $28.2M in 2024, primarily due to 28% customer attrition amid market shifts to fully funded plans and acquisitions. Total costs and expenses fell 37% to $31.7M, driven by streamlined operations, reduced facilities ($580K vs $1.3M), sales/marketing ($1.1M vs $1.8M), and no goodwill impairment after 2024's $7.6M charge. Operating loss improved 39% to -$13.6M from -$22.1M. Net loss narrowed 25% to -$16.6M from -$22.1M, with EPS at -$0.95 vs -$1.92. Cash used in operations decreased to -$7.5M from -$15.2M, supported by $6.7M financing inflows from stock issuances ($7.0M) and debentures ($3.0M). Balance sheet shows total assets $10.9M, liabilities $43.5M, and stockholders' deficit -$32.6M, with unrestricted cash at $133K and going concern doubts due to negative working capital of -$15.4M. Strategic realignment in 2026 targets cost savings via unified claims platform and workforce reduction. Liquidity relies on further equity/debt raises amid high debt ($17.2M long-term).

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