Marpai Inc Financials

MRAI

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Marpai Inc (MRAI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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

Piotroski F-Score Weak

2/9

Marpai Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.69x

For every $1 of reported earnings, Marpai Inc generates $0.69 in operating cash flow (-$15.2M OCF vs -$22.1M 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

-8.2x

Marpai Inc earns $-8.2 in operating income for every $1 of interest expense (-$22.1M vs $2.7M). 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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Revenue

$28.2M

YoY-24.2%

Marpai Inc generated $28.2M in revenue in fiscal year 2024. This represents a decrease of 24.2% from the prior year.

EBITDA

-$19.8M

YoY+17.6%

Marpai Inc's EBITDA was -$19.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 17.6% from the prior year.

Free Cash Flow

N/A

Net Income

-$22.1M

YoY+23.2%

Marpai Inc reported -$22.1M in net income in fiscal year 2024. This represents an increase of 23.2% from the prior year.

EPS (Diluted)

$-1.92

YoY+53.6%

Marpai Inc earned $-1.92 per diluted share (EPS) in fiscal year 2024. This represents an increase of 53.6% from the prior year.

Cash & Debt

$764K

YoY-33.4%

Marpai Inc held $764K in cash against $17.8M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

14M

YoY+78.8%

Marpai Inc had 14M shares outstanding in fiscal year 2024. This represents an increase of 78.8% from the prior year.

Gross Margin

32.3%

YoY-2.4pp

Marpai Inc's gross margin was 32.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 2.4 percentage points from the prior year.

Operating Margin

-78.4%

YoY-3.1pp

Marpai Inc's operating margin was -78.4% in fiscal year 2024, reflecting core business profitability. This is down 3.1 percentage points from the prior year.

Net Margin

-78.4%

YoY-1.0pp

Marpai Inc's net profit margin was -78.4% in fiscal year 2024, showing the share of revenue converted to profit. This is down 1.0 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$29K

YoY-97.8%

Marpai Inc invested $29K in research and development in fiscal year 2024. This represents a decrease of 97.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

MRAI Income Statement

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

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$4.0M-13.3%	$4.7M-14.1%	$5.4M-17.8%	$6.6M-8.3%	$7.2M-2.7%	$7.4M-15.2%	$8.7M-0.3%	$8.7M
Cost of Revenue	$3.0M-24.2%	$3.9M+12.2%	$3.5M-12.6%	$4.0M-22.9%	$5.2M+6.2%	$4.9M-14.7%	$5.7M+0.3%	$5.7M
Gross Profit	$1.1M+44.0%	$746K-61.4%	$1.9M-25.7%	$2.6M+29.2%	$2.0M-19.8%	$2.5M-16.1%	$3.0M-1.3%	$3.0M
R&D Expenses	N/A	N/A	$7K0.0%	$7K-12.5%	$8K+14.3%	$7K-66.7%	$21K-92.1%	$267K
SG&A Expenses	$2.1M-16.8%	$2.5M+8.8%	$2.3M-20.6%	$2.9M-22.7%	$3.7M+8.8%	$3.4M+5.6%	$3.2M-35.0%	$5.0M
Operating Income	-$2.8M+23.2%	-$3.6M-60.3%	-$2.3M+16.3%	-$2.7M+78.1%	-$12.3M-201.9%	-$4.1M+21.1%	-$5.2M+26.7%	-$7.0M
Interest Expense	$797K-2.0%	$813K-0.7%	$819K0.0%	$819K-6.1%	$872K+119.1%	$398K-6.6%	$426K+11.2%	$383K
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+91.1%	-$13.0M-199.7%	-$4.3M+13.5%	-$5.0M+31.1%	-$7.3M
EPS (Diluted)	$-0.20+28.6%	$-0.28-33.3%	$-0.21-400.0%	$0.07+105.7%	$-1.23-167.4%	$-0.46-21.1%	$-0.38+61.2%	$-0.98

MRAI Balance Sheet

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

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$12.8M+15.3%	$11.1M-19.4%	$13.7M+6.5%	$12.9M-42.0%	$22.2M-26.2%	$30.1M-5.0%	$31.7M-11.0%	$35.6M
Current Assets	$12.1M+16.9%	$10.3M-19.7%	$12.9M+8.1%	$11.9M-30.8%	$17.2M+4.2%	$16.5M-3.4%	$17.1M+1.6%	$16.8M
Cash & Equivalents	$445K-28.1%	$619K-15.1%	$729K-4.6%	$764K-40.9%	$1.3M+51.9%	$851K-25.8%	$1.1M-62.0%	$3.0M
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+4.0%	$805K+119.9%	$366K-67.4%	$1.1M+15.0%	$977K
Goodwill	N/A	N/A	N/A	N/A	N/A	$3.0M0.0%	$3.0M-50.0%	$6.0M
Total Liabilities	$46.1M+6.2%	$43.4M-1.1%	$43.9M+8.2%	$40.6M-15.2%	$47.9M+7.4%	$44.6M-1.2%	$45.1M+0.6%	$44.9M
Current Liabilities	$22.8M+15.4%	$19.7M-0.3%	$19.8M+4.3%	$19.0M+1.6%	$18.7M-7.1%	$20.1M-3.5%	$20.8M+1.9%	$20.4M
Long-Term Debt	$16.1M+2.9%	$15.7M+2.9%	$15.2M-14.3%	$17.8M-27.4%	$24.5M+24.4%	$19.7M+1.5%	$19.4M+1.6%	$19.1M
Total Equity	-$33.3M-3.0%	-$32.4M-7.2%	-$30.2M-9.0%	-$27.7M-8.0%	-$25.7M-77.0%	-$14.5M-7.9%	-$13.4M-45.4%	-$9.2M
Retained Earnings	-$109.8M-3.3%	-$106.3M-4.3%	-$101.9M-3.1%	-$98.8M-5.0%	-$94.1M-16.1%	-$81.1M-5.7%	-$76.7M-7.0%	-$71.7M

MRAI Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$15.2M+3.8%	-$15.7M+55.3%	-$35.2M-226.4%	-$10.8M-453.8%	-$1.9M
Capital Expenditures	N/A	N/A	$363K+32.7%	$273K+789.3%	$31K
Free Cash Flow	N/A	N/A	-$35.6M-221.6%	-$11.1M-459.0%	-$2.0M
Investing Cash Flow	$227K-77.9%	$1.0M-96.8%	$32.4M+236.2%	$9.6M+1840.5%	-$554K
Financing Cash Flow	$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
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$634K+119.8%	-$3.2M-2690.4%	-$115K+97.5%	-$4.7M-50.0%	-$3.1M+13.0%	-$3.6M-743.5%	-$425K+93.5%	-$6.6M
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	$1.0M+11011.1%	$9K
Financing Cash Flow	$1.6M+8105.0%	-$20K-101.1%	$1.9M-10.1%	$2.1M-40.9%	$3.6M-3.8%	$3.7M+377.3%	-$1.3M	$0
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	FY24	FY23	FY22	FY21	FY20
Gross Margin	32.3%-2.4pp	34.8%+5.2pp	29.6%+1.9pp	27.7%	N/A
Operating Margin	-78.4%-3.1pp	-75.3%+35.4pp	-110.7%+0.8pp	-111.5%	N/A
Net Margin	-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	N/A	N/A
Return on Assets	-171.5%-80.8pp	-90.8%-37.8pp	-53.0%-16.8pp	-36.2%+23.1pp	-59.2%
Current Ratio	0.63-0.2	0.82-0.7	1.53-0.9	2.42+1.6	0.82
Debt-to-Equity	-0.64+0.8	-1.44-4.7	3.29+3.3	0.00+2.9	-2.87
FCF Margin	N/A	N/A	-146.3%-68.5pp	-77.8%	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	26.6%+10.6pp	16.0%-19.7pp	35.7%-3.8pp	39.5%+11.5pp	28.0%-6.0pp	34.0%-0.4pp	34.4%-0.4pp	34.8%
Operating Margin	-68.6%+8.8pp	-77.5%-35.9pp	-41.5%-0.7pp	-40.8%+129.9pp	-170.7%-115.7pp	-55.0%+4.2pp	-59.2%+21.3pp	-80.5%
Net Margin	-86.6%+7.3pp	-93.9%-37.2pp	-56.6%-39.1pp	-17.5%+163.7pp	-181.2%-122.3pp	-58.9%-1.1pp	-57.7%+25.8pp	-83.6%
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%+49.7pp	-58.6%-44.2pp	-14.4%+1.4pp	-15.9%+4.6pp	-20.5%
Current Ratio	0.530.0	0.52-0.1	0.65+0.0	0.63-0.3	0.92+0.1	0.820.0	0.820.0	0.82
Debt-to-Equity	-0.480.0	-0.48+0.0	-0.50+0.1	-0.64+0.3	-0.95+0.4	-1.36+0.1	-1.44+0.6	-2.07
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$27.7M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.63), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Marpai Inc's annual revenue?

Marpai Inc (MRAI) reported $28.2M in total revenue for fiscal year 2024. This represents a -24.2% 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 24.2% year-over-year, from $37.2M to $28.2M in fiscal year 2024.

Is Marpai Inc profitable?

No, Marpai Inc (MRAI) reported a net income of -$22.1M in fiscal year 2024, with a net profit margin of -78.4%.

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

Marpai Inc (MRAI) reported diluted earnings per share of $-1.92 for fiscal year 2024. This represents a 53.6% 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.

What is Marpai Inc's EBITDA?

Marpai Inc (MRAI) had EBITDA of -$19.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Marpai Inc have?

As of fiscal year 2024, Marpai Inc (MRAI) had $764K in cash and equivalents against $17.8M in long-term debt.

What is Marpai Inc's gross margin?

Marpai Inc (MRAI) had a gross margin of 32.3% in fiscal year 2024, 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 -78.4% in fiscal year 2024, 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 -78.4% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Marpai Inc's operating cash flow?

Marpai Inc (MRAI) generated -$15.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Marpai Inc's total assets?

Marpai Inc (MRAI) had $12.9M in total assets as of fiscal year 2024, including both current and long-term assets.

How much does Marpai Inc spend on research and development?

Marpai Inc (MRAI) invested $29K in research and development during fiscal year 2024.

How many shares does Marpai Inc have outstanding?

Marpai Inc (MRAI) had 14M shares outstanding as of fiscal year 2024.

What is Marpai Inc's current ratio?

Marpai Inc (MRAI) had a current ratio of 0.63 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Marpai Inc's debt-to-equity ratio?

Marpai Inc (MRAI) had a debt-to-equity ratio of -0.64 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Marpai Inc's return on assets (ROA)?

Marpai Inc (MRAI) had a return on assets of -171.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Marpai Inc's cash runway?

Based on fiscal year 2024 data, Marpai Inc (MRAI) had $764K in cash against an annual operating cash burn of $15.2M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Marpai Inc's debt-to-equity ratio negative or unusual?

Marpai Inc (MRAI) has negative shareholder equity of -$27.7M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Marpai Inc's Piotroski F-Score?

Marpai Inc (MRAI) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Marpai Inc's earnings high quality?

Marpai Inc (MRAI) has an earnings quality ratio of 0.69x, 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 -8.2x, 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.