Marpai Inc Financials
Marpai Inc (MRAI) reported $18.1M in revenue for fiscal year 2025, down 35.8% from the prior fiscal year. This page shows its 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).
Loss reduction is coming from expense retrenchment, while shrinking revenue and tightening liquidity keep the business dependent on outside funding to keep operating.
Across the recent period, operating cash burn improved from-$15.7M to-$7.5M even as revenue contracted sharply. That did not ease liquidity: the current ratio fell to 0.4x and cash ended at$133K , suggesting the lower burn came more from retrenchment and slower cash use than from a healthier revenue engine.
The smaller operating loss is not coming from better unit economics. Gross margin fell to
The balance sheet is becoming more short-term constrained even though long-term borrowings were reduced. Long-term debt ended at
Financial Health Signals
Marpai Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Marpai Inc scores -18.12, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($59.9M) relative to total liabilities ($43.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Marpai Inc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
Marpai Inc reported a net loss of $16.6M while operations used $7.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Marpai Inc reported an operating loss of $13.6M against $3.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Marpai Inc generated $18.1M in revenue in fiscal year 2025. This represents a decrease of 35.8% from the prior year.
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.
Marpai Inc reported -$16.6M in net income in fiscal year 2025. This represents an increase of 25.0% from the prior year.
Cash & Balance Sheet
Marpai Inc held $133K in cash against $11.4M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
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.
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.
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.
Not reported for fiscal year 2025.
Capital Allocation
Marpai Inc invested $7K in research and development in fiscal year 2025. This represents a decrease of 75.9% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
MRAI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue | $16.6M | $18.1M-35.8% | $28.2M-24.2% | $37.2M+52.6% | $24.3M+71.1% | $14.2M | N/A |
| Cost of Revenue | $12.3M | $13.3M-30.1% | $19.1M-21.3% | $24.2M+41.4% | $17.1M+66.5% | $10.3M | N/A |
| Gross Profit | $4.3M | $4.8M-47.5% | $9.1M-29.5% | $12.9M+79.3% | $7.2M+83.0% | $3.9M | N/A |
| R&D Expenses | N/A | $7K-75.9% | $29K-97.8% | $1.3M-64.6% | $3.7M+113.8% | $1.7M-1.8% | $1.8M |
| SG&A Expenses | $11.6M | $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 | -$13.6M+38.6% | -$22.1M+21.1% | -$28.0M-3.8% | -$27.0M-70.0% | -$15.9M-371.0% | -$3.4M |
| Interest Expense | $2.4M | $3.2M+19.4% | $2.7M+77.4% | $1.5M+472.4% | $267K-37.5% | $427K-18.0% | $521K |
| Income Tax | N/A | N/A | -$1.2M-310.3% | -$290K+44.4% | -$521K-247.4% | -$150K | N/A |
| Net Income | -$16.9M | -$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 | -$1.92 | -$4.14+20.8% | -$5.23 | -$1.59 | -$1.60 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
MRAI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $10.9M-15.3% | $12.9M-59.3% | $31.7M-36.6% | $49.9M+13.0% | $44.2M+576.7% | $6.5M |
| Current Assets | $10.3M-13.1% | $11.9M-30.4% | $17.1M-35.6% | $26.5M-1.7% | $27.0M+1138.1% | $2.2M |
| Cash & Equivalents | $133K-82.6% | $764K-33.4% | $1.1M-91.7% | $13.8M-28.2% | $19.2M+993.3% | $1.8M |
| Accounts Receivable | $697K-16.7% | $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 | $43.5M+7.1% | $40.6M-10.0% | $45.1M+3.0% | $43.8M+202.3% | $14.5M+44.5% | $10.0M |
| Current Liabilities | $25.7M+35.4% | $19.0M-8.9% | $20.8M+20.1% | $17.4M+55.8% | $11.1M+320.7% | $2.6M |
| Long-Term Debt | $11.4M-35.9% | $17.8M-8.3% | $19.4M-4.0% | $20.2M | $0 | N/A |
| Total Equity | -$32.6M-17.5% | -$27.7M-106.2% | -$13.4M-319.0% | $6.1M-79.3% | $29.7M+949.7% | -$3.5M |
| Retained Earnings | -$115.4M-16.8% | -$98.8M-28.8% | -$76.7M-59.9% | -$48.0M-123.0% | -$21.5M-288.5% | -$5.5M |
Not reported in any period shown, so not listed: Inventory.
MRAI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$8.7M | -$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 | N/A | $363K+32.7% | $273K+789.3% | $31K |
| Free Cash Flow | N/A | N/A | N/A | N/A | -$35.6M-221.6% | -$11.1M-459.0% | -$2.0M |
| Investing Cash Flow | N/A | $500K+120.3% | $227K-77.9% | $1.0M-96.8% | $32.4M+236.2% | $9.6M+1840.5% | -$554K |
| Financing Cash Flow | $7.0M | $6.7M-37.5% | $10.7M+109.4% | $5.1M+2599900.0% | $196-100.0% | $25.3M+520.1% | $4.1M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
MRAI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| 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% | -110.7% | -111.5% | N/A |
| Net Margin | -91.5%-13.1pp | -78.4%-1.0pp | -77.4% | -108.7% | -112.4% | N/A |
| Return on Equity | N/A | N/A | N/A | -431.4%-377.6pp | -53.8% | N/A |
| Return on Assets | -151.9%+19.7pp | -171.5%-80.8pp | -90.8%-37.8pp | -53.0%-16.8pp | -36.2%+23.1pp | -59.2% |
| Current Ratio | 0.40-0.2x | 0.63-0.2x | 0.82-0.7x | 1.53-0.9x | 2.42+1.6x | 0.82 |
| Debt-to-Equity | N/A | N/A | N/A | 3.29+3.3x | 0.00 | N/A |
| FCF Margin | N/A | N/A | N/A | -146.3% | -77.8% | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$32.6M), 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 (0.40), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where Marpai Inc Ranks
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.
How much debt does Marpai Inc have?
As of fiscal year 2025, Marpai Inc (MRAI) had $133K in cash and equivalents against $11.4M in long-term debt.
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) recorded an outflow of $7.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Marpai Inc's total assets?
Marpai Inc (MRAI) had $10.9M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Marpai Inc spend on research and development?
Marpai Inc (MRAI) invested $7K in research and development during fiscal year 2025.
What is Marpai Inc's current ratio?
Marpai Inc (MRAI) had a current ratio of 0.40 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Marpai Inc's return on assets (ROA)?
Marpai Inc (MRAI) had a return on assets of -151.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Marpai Inc's cash runway?
Based on fiscal year 2025 data, Marpai Inc (MRAI) had $133K in cash against an annual operating cash burn of $7.5M. This gives an estimated cash runway of approximately 0 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 not reported?
Marpai Inc (MRAI) has negative shareholder equity of -$32.6M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 Altman Z-Score?
Marpai Inc (MRAI) has an Altman Z-Score of -18.12, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Marpai Inc's Piotroski F-Score?
Marpai Inc (MRAI) has a Piotroski F-Score of 3 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 to 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) reported a net loss of $16.6M while operations used $7.5M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $13.6M against $3.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.