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 31, 2026 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 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).

Rhea AI MRAI FY2025 2026-05-15

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 26.4% while R&D spending was reduced to almost zero, so the improvement appears driven by cutting costs below gross profit rather than by serving revenue more efficiently.

The balance sheet is becoming more short-term constrained even though long-term borrowings were reduced. Long-term debt ended at $11.4M, but current liabilities reached $25.7M, leaving a company with negative equity and very little immediate liquidity left.

Financial Health Signals

Financial Profile 6/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Marpai Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Marpai Inc has an operating margin of -74.9%, meaning the company retains $-75 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -78.4% the prior year.

Growth

Marpai Inc's revenue declined 35.8% year-over-year, from $28.2M to $18.1M. This contraction results in a growth score of 0/100.

Leverage

Marpai Inc has a moderate D/E ratio of -0.35. This balance of debt and equity financing earns a leverage score of 35/100.

Liquidity

Marpai Inc's current ratio of 0.40 is below the typical benchmark, resulting in a score of 2/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Piotroski F-Score Weak

3/9

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.

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

$133K

YoY-82.6%

5Y CAGR-40.3%

Marpai Inc held $133K in cash against $11.4M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

24M

YoY+68.8%

Marpai Inc had 24M shares outstanding in fiscal year 2025. This represents an increase of 68.8% 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	N/A	-$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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$4.4M+11.4%	$4.0M-1.2%	$4.0M-13.3%	$4.7M-14.1%	$5.4M-17.8%	$6.6M-6.0%	$7.0M-2.5%	$7.2M
Cost of Revenue	$3.2M+9.4%	$3.0M0.0%	$3.0M-24.2%	$3.9M+12.2%	$3.5M-12.6%	$4.0M-20.8%	$5.0M-2.7%	$5.2M
Gross Profit	$1.2M+17.4%	$1.0M-4.5%	$1.1M+44.0%	$746K-61.4%	$1.9M-25.7%	$2.6M+31.8%	$2.0M-2.0%	$2.0M
R&D Expenses	N/A	N/A	N/A	N/A	$7K0.0%	$7K0.0%	$7K-12.5%	$8K
SG&A Expenses	$2.1M-50.5%	$4.3M+108.3%	$2.1M-16.8%	$2.5M+8.8%	$2.3M-20.6%	$2.9M+2.3%	$2.8M-24.4%	$3.7M
Operating Income	-$2.5M+49.6%	-$4.9M-77.7%	-$2.8M+23.2%	-$3.6M-60.3%	-$2.3M+16.3%	-$2.7M+12.1%	-$3.1M+75.1%	-$12.3M
Interest Expense	$775K-3.7%	$805K+1.0%	$797K-2.0%	$813K-0.7%	$819K0.0%	$819K+32.1%	$620K-28.9%	$872K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$3.2M+43.4%	-$5.6M-61.0%	-$3.5M+20.1%	-$4.4M-42.4%	-$3.1M-165.5%	-$1.2M+67.5%	-$3.6M+72.7%	-$13.0M
EPS (Diluted)	$-0.13	N/A	$-0.20+28.6%	$-0.28-33.3%	$-0.21	N/A	$-0.30+75.6%	$-1.23

MRAI Balance Sheet

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
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
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

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$10.9M+0.1%	$10.9M-14.5%	$12.8M+15.3%	$11.1M-19.4%	$13.7M+6.5%	$12.9M-34.3%	$19.6M-11.7%	$22.2M
Current Assets	$10.4M+0.9%	$10.3M-14.5%	$12.1M+16.9%	$10.3M-19.7%	$12.9M+8.1%	$11.9M-20.1%	$14.9M-13.4%	$17.2M
Cash & Equivalents	$201K+51.1%	$133K-70.1%	$445K-28.1%	$619K-15.1%	$729K-4.6%	$764K-8.0%	$830K-35.8%	$1.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$738K+5.9%	$697K+84.9%	$377K-31.2%	$548K+48.9%	$368K-56.0%	$837K-31.8%	$1.2M+52.5%	$805K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$46.2M+6.2%	$43.5M-5.7%	$46.1M+6.2%	$43.4M-1.1%	$43.9M+8.2%	$40.6M-13.9%	$47.2M-1.5%	$47.9M
Current Liabilities	$27.1M+5.7%	$25.7M+12.8%	$22.8M+15.4%	$19.7M-0.3%	$19.8M+4.3%	$19.0M+4.4%	$18.2M-2.7%	$18.7M
Long-Term Debt	$11.9M+4.2%	$11.4M-29.4%	$16.1M+2.9%	$15.7M+2.9%	$15.2M-14.3%	$17.8M-27.4%	$24.5M0.0%	$24.5M
Total Equity	-$35.2M-8.2%	-$32.6M+2.3%	-$33.3M-3.0%	-$32.4M-7.2%	-$30.2M-9.0%	-$27.7M-0.5%	-$27.6M-7.4%	-$25.7M
Retained Earnings	-$118.6M-2.8%	-$115.4M-5.1%	-$109.8M-3.3%	-$106.3M-4.3%	-$101.9M-3.1%	-$98.8M-1.2%	-$97.7M-3.8%	-$94.1M

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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$477K+90.0%	-$4.8M-851.3%	$634K+119.8%	-$3.2M-2690.4%	-$115K+97.5%	-$4.7M-24.0%	-$3.8M-20.9%	-$3.1M
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	N/A	$0	$0	$0-100.0%	$500K	$0	N/A	N/A
Financing Cash Flow	$160K-95.0%	$3.2M+99.8%	$1.6M+8105.0%	-$20K-101.1%	$1.9M-10.1%	$2.1M+62.0%	$1.3M-63.5%	$3.6M
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	-151.9%+19.7pp	-171.5%-80.8pp	-90.8%-37.8pp	-53.0%-16.8pp	-36.2%+23.1pp	-59.2%
Current Ratio	0.40-0.2	0.63-0.2	0.82-0.7	1.53-0.9	2.42+1.6	0.82
Debt-to-Equity	-0.35+0.3	-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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	27.1%+1.4pp	25.7%-0.9pp	26.6%+10.6pp	16.0%-19.7pp	35.7%-3.8pp	39.5%+11.3pp	28.2%+0.2pp	28.0%
Operating Margin	-55.9%+67.6pp	-123.5%-54.9pp	-68.6%+8.8pp	-77.5%-35.9pp	-41.5%-0.7pp	-40.8%+2.9pp	-43.7%+127.1pp	-170.7%
Net Margin	-71.6%+69.5pp	-141.1%-54.5pp	-86.6%+7.3pp	-93.9%-37.2pp	-56.6%-39.1pp	-17.5%+33.3pp	-50.8%+130.4pp	-181.2%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-29.2%+22.4pp	-51.6%-24.2pp	-27.4%+12.1pp	-39.5%-17.1pp	-22.4%-13.4pp	-9.0%+9.2pp	-18.2%+40.5pp	-58.6%
Current Ratio	0.38-0.0	0.40-0.1	0.530.0	0.52-0.1	0.65+0.0	0.63-0.2	0.82-0.1	0.92
Debt-to-Equity	-0.34+0.0	-0.35+0.1	-0.480.0	-0.48+0.0	-0.50+0.1	-0.64+0.2	-0.89+0.1	-0.95
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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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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) generated -$7.5M in operating cash flow during fiscal year 2025, representing cash generated from 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.

How many shares does Marpai Inc have outstanding?

Marpai Inc (MRAI) had 24M shares outstanding as of 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 debt-to-equity ratio?

Marpai Inc (MRAI) had a debt-to-equity ratio of -0.35 as of fiscal year 2025, 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 -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 unusual?

Marpai Inc (MRAI) has negative shareholder equity of -$32.6M as of fiscal year 2025, 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 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) 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.

How financially healthy is Marpai Inc?

Marpai Inc (MRAI) scores 6 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.