What is Marpai Inc's earnings per share (EPS)?

Marpai Inc (MRAI) reported diluted earnings per share of $-0.95 for fiscal year 2025. This represents a 50.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Marpai Inc Financials

MRAI

Source SEC Filings (10-K/10-Q) Updated Mar 25, 2026 Currency USD FYE March

This page shows Marpai Inc (MRAI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Earnings Quality Low Quality

0.45x

For every $1 of reported earnings, Marpai Inc generates $0.45 in operating cash flow (-$7.5M OCF vs -$16.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-4.2x

Marpai Inc earns $-4.2 in operating income for every $1 of interest expense (-$13.6M vs $3.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$18.1M

YoY-35.8%

Marpai Inc generated $18.1M in revenue in fiscal year 2025. This represents a decrease of 35.8% from the prior year.

EBITDA

-$13.2M

YoY+33.6%

Marpai Inc's EBITDA was -$13.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 33.6% from the prior year.

Net Income

-$16.6M

YoY+25.0%

Marpai Inc reported -$16.6M in net income in fiscal year 2025. This represents an increase of 25.0% from the prior year.

EPS (Diluted)

$-0.95

YoY+50.5%

Marpai Inc earned $-0.95 per diluted share (EPS) in fiscal year 2025. This represents an increase of 50.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

N/A

Dividends Per Share

N/A

Shares Outstanding

25M

YoY+77.7%

Marpai Inc had 25M shares outstanding in fiscal year 2025. This represents an increase of 77.7% from the prior year.

Margins & Returns

Gross Margin

26.4%

YoY-5.9pp

Marpai Inc's gross margin was 26.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 5.9 percentage points from the prior year.

Operating Margin

-74.9%

YoY+3.5pp

Marpai Inc's operating margin was -74.9% in fiscal year 2025, reflecting core business profitability. This is up 3.5 percentage points from the prior year.

Net Margin

-91.5%

YoY-13.1pp

Marpai Inc's net profit margin was -91.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 13.1 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

$7K

YoY-75.9%

5Y CAGR-66.9%

Marpai Inc invested $7K in research and development in fiscal year 2025. This represents a decrease of 75.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

MRAI Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$18.1M-35.8%	$28.2M-24.2%	$37.2M+52.6%	$24.3M+71.1%	$14.2M	N/A
Cost of Revenue	$13.3M-30.1%	$19.1M-21.3%	$24.2M+41.4%	$17.1M+66.5%	$10.3M	N/A
Gross Profit	$4.8M-47.5%	$9.1M-29.5%	$12.9M+79.3%	$7.2M+83.0%	$3.9M	N/A
R&D Expenses	$7K-75.9%	$29K-97.8%	$1.3M-64.6%	$3.7M+113.8%	$1.7M-1.8%	$1.8M
SG&A Expenses	$11.1M-13.2%	$12.8M-33.1%	$19.2M+55.7%	$12.3M+52.9%	$8.1M+437.3%	$1.5M
Operating Income	-$13.6M+38.6%	-$22.1M+21.1%	-$28.0M-3.8%	-$27.0M-70.0%	-$15.9M-371.0%	-$3.4M
Interest Expense	$3.2M+19.4%	$2.7M+77.4%	$1.5M+472.4%	$267K-37.5%	$427K-18.0%	$521K
Income Tax	-$1.2M0.0%	-$1.2M-310.3%	-$290K+44.4%	-$521K-247.4%	-$150K	N/A
Net Income	-$16.6M+25.0%	-$22.1M+23.2%	-$28.8M-8.6%	-$26.5M-65.6%	-$16.0M-313.3%	-$3.9M
EPS (Diluted)	$-0.95+50.5%	$-1.92+53.6%	$-4.14+20.8%	$-5.23	$-1.59	$-1.60

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$4.0M-13.3%	$4.7M-14.1%	$5.4M-17.8%	$6.6M-6.0%	$7.0M-2.5%	$7.2M-2.7%	$7.4M-15.2%	$8.7M
Cost of Revenue	$3.0M-24.2%	$3.9M+12.2%	$3.5M-12.6%	$4.0M-20.8%	$5.0M-2.7%	$5.2M+6.2%	$4.9M-14.7%	$5.7M
Gross Profit	$1.1M+44.0%	$746K-61.4%	$1.9M-25.7%	$2.6M+31.8%	$2.0M-2.0%	$2.0M-19.8%	$2.5M-16.1%	$3.0M
R&D Expenses	N/A	N/A	$7K0.0%	$7K0.0%	$7K-12.5%	$8K+14.3%	$7K-66.7%	$21K
SG&A Expenses	$2.1M-16.8%	$2.5M+8.8%	$2.3M-20.6%	$2.9M+2.3%	$2.8M-24.4%	$3.7M+8.8%	$3.4M+5.6%	$3.2M
Operating Income	-$2.8M+23.2%	-$3.6M-60.3%	-$2.3M+16.3%	-$2.7M+12.1%	-$3.1M+75.1%	-$12.3M-201.9%	-$4.1M+21.1%	-$5.2M
Interest Expense	$797K-2.0%	$813K-0.7%	$819K0.0%	$819K+32.1%	$620K-28.9%	$872K+119.1%	$398K-6.6%	$426K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$3.5M+20.1%	-$4.4M-42.4%	-$3.1M-165.5%	-$1.2M+67.5%	-$3.6M+72.7%	-$13.0M-199.7%	-$4.3M+13.5%	-$5.0M
EPS (Diluted)	$-0.20+28.6%	$-0.28-33.3%	$-0.21	N/A	$-0.30+75.6%	$-1.23-167.4%	$-0.46	N/A

MRAI Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	N/A	$12.9M-59.3%	$31.7M-36.6%	$49.9M+13.0%	$44.2M+576.7%	$6.5M
Current Assets	N/A	$11.9M-30.4%	$17.1M-35.6%	$26.5M-1.7%	$27.0M+1138.1%	$2.2M
Cash & Equivalents	N/A	$764K-33.4%	$1.1M-91.7%	$13.8M-28.2%	$19.2M+993.3%	$1.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	$837K-25.5%	$1.1M-21.8%	$1.4M+588.7%	$209K	N/A
Goodwill	N/A	N/A	$3.0M0.0%	$3.0M+26.7%	$2.4M	N/A
Total Liabilities	N/A	$40.6M-10.0%	$45.1M+3.0%	$43.8M+202.3%	$14.5M+44.5%	$10.0M
Current Liabilities	N/A	$19.0M-8.9%	$20.8M+20.1%	$17.4M+55.8%	$11.1M+320.7%	$2.6M
Long-Term Debt	N/A	$17.8M-8.3%	$19.4M-4.0%	$20.2M	$0	N/A
Total Equity	N/A	-$27.7M-106.2%	-$13.4M-319.0%	$6.1M-79.3%	$29.7M+949.7%	-$3.5M
Retained Earnings	N/A	-$98.8M-28.8%	-$76.7M-59.9%	-$48.0M-123.0%	-$21.5M-288.5%	-$5.5M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$12.8M+15.3%	$11.1M-19.4%	$13.7M+6.5%	$12.9M-34.3%	$19.6M-11.7%	$22.2M-26.2%	$30.1M-5.0%	$31.7M
Current Assets	$12.1M+16.9%	$10.3M-19.7%	$12.9M+8.1%	$11.9M-20.1%	$14.9M-13.4%	$17.2M+4.2%	$16.5M-3.4%	$17.1M
Cash & Equivalents	$445K-28.1%	$619K-15.1%	$729K-4.6%	$764K-8.0%	$830K-35.8%	$1.3M+51.9%	$851K-25.8%	$1.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$377K-31.2%	$548K+48.9%	$368K-56.0%	$837K-31.8%	$1.2M+52.5%	$805K+119.9%	$366K-67.4%	$1.1M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	$3.0M0.0%	$3.0M
Total Liabilities	$46.1M+6.2%	$43.4M-1.1%	$43.9M+8.2%	$40.6M-13.9%	$47.2M-1.5%	$47.9M+7.4%	$44.6M-1.2%	$45.1M
Current Liabilities	$22.8M+15.4%	$19.7M-0.3%	$19.8M+4.3%	$19.0M+4.4%	$18.2M-2.7%	$18.7M-7.1%	$20.1M-3.5%	$20.8M
Long-Term Debt	$16.1M+2.9%	$15.7M+2.9%	$15.2M-14.3%	$17.8M-27.4%	$24.5M0.0%	$24.5M+24.4%	$19.7M+1.5%	$19.4M
Total Equity	-$33.3M-3.0%	-$32.4M-7.2%	-$30.2M-9.0%	-$27.7M-0.5%	-$27.6M-7.4%	-$25.7M-77.0%	-$14.5M-7.9%	-$13.4M
Retained Earnings	-$109.8M-3.3%	-$106.3M-4.3%	-$101.9M-3.1%	-$98.8M-1.2%	-$97.7M-3.8%	-$94.1M-16.1%	-$81.1M-5.7%	-$76.7M

MRAI Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$7.5M+50.8%	-$15.2M+3.8%	-$15.7M+55.3%	-$35.2M-226.4%	-$10.8M-453.8%	-$1.9M
Capital Expenditures	N/A	N/A	N/A	$363K+32.7%	$273K+789.3%	$31K
Free Cash Flow	N/A	N/A	N/A	-$35.6M-221.6%	-$11.1M-459.0%	-$2.0M
Investing Cash Flow	$500K+120.3%	$227K-77.9%	$1.0M-96.8%	$32.4M+236.2%	$9.6M+1840.5%	-$554K
Financing Cash Flow	$6.7M-37.5%	$10.7M+109.4%	$5.1M+2599900.0%	$196-100.0%	$25.3M+520.1%	$4.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$634K+119.8%	-$3.2M-2690.4%	-$115K+97.5%	-$4.7M-24.0%	-$3.8M-20.9%	-$3.1M+13.0%	-$3.6M-743.5%	-$425K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$0	$0-100.0%	$500K	$0	N/A	N/A	N/A	$1.0M
Financing Cash Flow	$1.6M+8105.0%	-$20K-101.1%	$1.9M-10.1%	$2.1M+62.0%	$1.3M-63.5%	$3.6M-3.8%	$3.7M+377.3%	-$1.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MRAI Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	26.4%-5.9pp	32.3%-2.4pp	34.8%+5.2pp	29.6%+1.9pp	27.7%	N/A
Operating Margin	-74.9%+3.5pp	-78.4%-3.1pp	-75.3%+35.4pp	-110.7%+0.8pp	-111.5%	N/A
Net Margin	-91.5%-13.1pp	-78.4%-1.0pp	-77.4%+31.4pp	-108.7%+3.6pp	-112.4%	N/A
Return on Equity	N/A	N/A	N/A	-431.4%-377.6pp	-53.8%	N/A
Return on Assets	N/A	-171.5%-80.8pp	-90.8%-37.8pp	-53.0%-16.8pp	-36.2%+23.1pp	-59.2%
Current Ratio	N/A	0.63-0.2	0.82-0.7	1.53-0.9	2.42+1.6	0.82
Debt-to-Equity	N/A	-0.64+0.8	-1.44-4.7	3.29+3.3	0.00+2.9	-2.87
FCF Margin	N/A	N/A	N/A	-146.3%-68.5pp	-77.8%	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	26.6%+10.6pp	16.0%-19.7pp	35.7%-3.8pp	39.5%+11.3pp	28.2%+0.2pp	28.0%-6.0pp	34.0%-0.4pp	34.4%
Operating Margin	-68.6%+8.8pp	-77.5%-35.9pp	-41.5%-0.7pp	-40.8%+2.9pp	-43.7%+127.1pp	-170.7%-115.7pp	-55.0%+4.2pp	-59.2%
Net Margin	-86.6%+7.3pp	-93.9%-37.2pp	-56.6%-39.1pp	-17.5%+33.3pp	-50.8%+130.4pp	-181.2%-122.3pp	-58.9%-1.1pp	-57.7%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-27.4%+12.1pp	-39.5%-17.1pp	-22.4%-13.4pp	-9.0%+9.2pp	-18.2%+40.5pp	-58.6%-44.2pp	-14.4%+1.4pp	-15.9%
Current Ratio	0.530.0	0.52-0.1	0.65+0.0	0.63-0.2	0.82-0.1	0.92+0.1	0.820.0	0.82
Debt-to-Equity	-0.480.0	-0.48+0.0	-0.50+0.1	-0.64+0.2	-0.89+0.1	-0.95+0.4	-1.36+0.1	-1.44
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Marpai Inc's annual revenue?

Marpai Inc (MRAI) reported $18.1M in total revenue for fiscal year 2025. This represents a -35.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Marpai Inc's revenue growing?

Marpai Inc (MRAI) revenue declined by 35.8% year-over-year, from $28.2M to $18.1M in fiscal year 2025.

Is Marpai Inc profitable?

No, Marpai Inc (MRAI) reported a net income of -$16.6M in fiscal year 2025, with a net profit margin of -91.5%.

What is Marpai Inc's EBITDA?

Marpai Inc (MRAI) had EBITDA of -$13.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Marpai Inc's gross margin?

Marpai Inc (MRAI) had a gross margin of 26.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Marpai Inc's operating margin?

Marpai Inc (MRAI) had an operating margin of -74.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Marpai Inc's net profit margin?

Marpai Inc (MRAI) had a net profit margin of -91.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Marpai Inc's operating cash flow?

Marpai Inc (MRAI) generated -$7.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

How much does Marpai Inc spend on research and development?

Marpai Inc (MRAI) invested $7K in research and development during fiscal year 2025.

How many shares does Marpai Inc have outstanding?

Marpai Inc (MRAI) had 25M shares outstanding as of fiscal year 2025.

Are Marpai Inc's earnings high quality?

Marpai Inc (MRAI) has an earnings quality ratio of 0.45x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Marpai Inc cover its interest payments?

Marpai Inc (MRAI) has an interest coverage ratio of -4.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.