MARPAI INC A (MRAI) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MRAI SEC filings page.
MARPAI INC A (MRAI) reported $16.6M in revenue over the twelve months to Jun 30, 2026, down 29.7% from the prior twelve months. 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).
Revenue contraction exposed a business with shrinking gross profit, while cost cuts reduced losses without fixing its strained balance sheet.
From FY2024 to FY2025, revenue fell35.8% and gross margin narrowed from32.3% to26.4% , yet the operating loss declined from$22.1M to$13.6M . That combination points to cost-base reduction, especially in selling and administrative spending, rather than healthier unit economics; rising interest expense also limited how much reached the bottom line.
Cash usage improved alongside the smaller operating loss: operating cash outflow fell from
The balance sheet is becoming more dependent on creditors: FY2025 liabilities were
Financial Health Signals
MARPAI INC A 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 A scores -17.68, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($92.2M) 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 A 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 A 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 A 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 A generated $4.2M in revenue in Q2 2026. This represents a decrease of 10.5% from the same quarter a year earlier. Against the prior quarter it is down 6.3%.
MARPAI INC A's EBITDA was -$3.4M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 1.9% from the same quarter a year earlier. Against the prior quarter it is down 41.6%.
MARPAI INC A reported -$4.6M in net income in Q2 2026. This represents a decrease of 4.9% from the same quarter a year earlier. Against the prior quarter it is down 44.0%.
MARPAI INC A earned -$0.18 per diluted share (EPS) in Q2 2026. Against the prior quarter it is down 38.5%.
Cash & Balance Sheet
MARPAI INC A held $138K in cash against $18.3M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
MARPAI INC A's gross margin was 23.9% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 7.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 3.2 percentage points.
MARPAI INC A's operating margin was -82.4% in Q2 2026, reflecting core business profitability. This is down 4.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 26.5 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for Q2 2026.
Capital Allocation
None of these metrics is reported for Q2 2026.
MRAI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.2M-10.5% | $4.4M-18.0% | $4.0M-39.5% | $4.0M-42.4% | $4.7M-35.2% | $5.4M-26.6% | $6.6M-24.3% | $7.0M-19.7% |
| Cost of Revenue | $3.2M-19.0% | $3.2M-7.0% | $3.0M-25.7% | $3.0M-41.1% | $3.9M-24.4% | $3.5M-28.5% | $4.0M-30.1% | $5.0M-11.6% |
| Gross Profit | $997K+33.6% | $1.2M-37.7% | $1.0M-60.6% | $1.1M-45.6% | $746K-63.0% | $1.9M-23.1% | $2.6M-13.2% | $2.0M-35.0% |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | $7K0.0% | $7K-66.7% | $7K-97.4% |
| SG&A Expenses | $3.1M+23.6% | $2.1M-6.7% | $4.3M+49.7% | $2.1M-26.5% | $2.5M-33.3% | $2.3M-33.3% | $2.9M-11.2% | $2.8M-43.6% |
| Operating Income | -$3.4M+4.8% | -$2.5M-10.4% | -$4.9M-83.2% | -$2.8M+9.4% | -$3.6M+70.6% | -$2.3M+44.6% | -$2.7M+47.8% | -$3.1M+56.5% |
| EBITDA | -$3.4M+1.9% | -$2.4M-13.1% | -$4.9M-93.7% | -$2.7M+6.4% | -$3.5M+69.2% | -$2.1M+31.2% | -$2.5M+40.7% | -$2.8M+53.3% |
| Interest Expense | $18K-97.8% | $775K-5.4% | $805K-1.7% | $797K+28.5% | $813K-6.8% | $819K+105.8% | $819K+92.3% | $620K+61.9% |
| Net Income | -$4.6M-4.9% | -$3.2M-3.7% | -$5.6M-386.7% | -$3.5M+1.9% | -$4.4M+66.4% | -$3.1M+29.4% | -$1.2M+77.0% | -$3.6M+51.2% |
| EPS (Basic) | -$0.18+35.7% | -$0.13+38.1% | -$0.26-750.0% | -$0.20+33.3% | -$0.28+77.2% | -$0.21+54.3% | $0.04+107.7% | -$0.30+69.4% |
| EPS (Diluted) | -$0.18 | -$0.13 | -$0.26-750.0% | -$0.20+33.3% | -$0.28+77.2% | -$0.21 | $0.04+107.7% | -$0.30 |
| Diluted Shares (Avg) | 26M | 25M | N/A | 17M+43.6% | 16M+45.9% | 15M | N/A | 12M |
Not reported in any period shown, so not listed: Income Tax.
MRAI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $9.5M-14.4% | $10.9M-20.4% | $10.9M-15.3% | $12.8M-35.0% | $11.1M-50.2% | $13.7M-54.4% | $12.9M-59.3% | $19.6M-44.9% |
| Current Assets | $9.0M-12.9% | $10.4M-18.9% | $10.3M-13.1% | $12.1M-18.8% | $10.3M-39.9% | $12.9M-22.0% | $11.9M-30.4% | $14.9M-11.5% |
| Cash & Equivalents | $138K-77.7% | $201K-72.4% | $133K-82.6% | $445K-46.4% | $619K-52.1% | $729K-14.3% | $764K-33.4% | $830K-72.5% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $1.0M+85.6% | $738K+100.5% | $697K-16.7% | $377K-69.3% | $548K-31.9% | $368K+0.5% | $837K-25.5% | $1.2M+25.6% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $48.4M+11.4% | $46.2M+5.1% | $43.5M+7.1% | $46.1M-2.3% | $43.4M-9.3% | $43.9M-1.5% | $40.6M-10.0% | $47.2M+5.2% |
| Current Liabilities | $23.5M+19.3% | $27.1M+37.1% | $25.7M+35.4% | $22.8M+25.3% | $19.7M+5.6% | $19.8M-1.6% | $19.0M-8.9% | $18.2M-11.1% |
| Non-Current Liabilities | $24.8M+4.7% | $19.0M-21.2% | $17.8M-17.7% | $23.3M-19.6% | $23.7M-18.8% | $24.1M-1.4% | $21.6M-11.0% | $29.0M+18.8% |
| Long-Term Debt | $18.3M+16.5% | $11.9M-22.1% | $11.4M-35.9% | $16.1M-34.1% | $15.7M-35.9% | $15.2M-22.6% | $17.8M-8.3% | $24.5M+28.3% |
| Total Equity | -$38.9M-20.2% | -$35.2M-16.7% | -$32.6M-17.5% | -$33.3M-21.0% | -$32.4M-26.1% | -$30.2M-108.4% | -$27.7M-106.2% | -$27.6M-198.1% |
| Retained Earnings | -$123.2M-15.9% | -$118.6M-16.4% | -$115.4M-16.8% | -$109.8M-12.4% | -$106.3M-12.9% | -$101.9M-25.7% | -$98.8M-28.8% | -$97.7M-36.2% |
Not reported in any period shown, so not listed: Inventory, Goodwill.
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.1M-27.7% | -$477K-314.8% | -$4.8M-1.8% | $634K+116.8% | -$3.2M-2.9% | -$115K+96.8% | -$4.7M-1001.2% | -$3.8M+42.7% |
| Depreciation & Amortization | $0-100.0% | $60K-43.9% | $60K-66.3% | $107K-49.8% | $107K-88.3% | $107K-88.7% | $178K-80.7% | $213K-77.0% |
| Stock-Based Compensation | N/A | $203K-64.6% | N/A | $22K-71.1% | $33K-64.9% | $574K+2.3% | N/A | $76K |
| Investing Cash Flow | N/A | N/A | $0 | $0 | $0 | $500K | $0-100.0% | N/A |
| Financing Cash Flow | $2.0M+10300.0% | $160K-91.5% | $3.2M+52.0% | $1.6M+23.2% | -$20K-100.6% | $1.9M-48.9% | $2.1M+257.5% | $1.3M |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
MRAI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.9%+7.9pp | 27.1%-8.6pp | 25.7%-13.8pp | 26.6%-1.6pp | 16.0%-12.0pp | 35.7%+1.7pp | 39.5%+5.1pp | 28.2%-6.6pp |
| Operating Margin | -82.4%-4.9pp | -55.9%-14.4pp | -123.5% | -68.6%-25.0pp | -77.5% | -41.5%+13.5pp | -40.8%+18.4pp | -43.7%+36.9pp |
| Net Margin | -110.0% | -71.6%-15.0pp | -141.1% | -86.6%-35.8pp | -93.9% | -56.6%+2.2pp | -17.5%+40.2pp | -50.8%+32.8pp |
| Return on Assets | -48.4%-8.9pp | -29.2%-6.8pp | -51.6%-42.6pp | -27.4%-9.2pp | -39.5%+19.1pp | -22.4%-7.9pp | -9.0%+6.9pp | -18.2%+2.3pp |
| Current Ratio | 0.38-0.1x | 0.38-0.3x | 0.40-0.2x | 0.53-0.3x | 0.52-0.4x | 0.65-0.2x | 0.63-0.2x | 0.820.0x |
| Asset Turnover | 0.440.0x | 0.410.0x | 0.37-0.1x | 0.320.0x | 0.42+0.1x | 0.40+0.1x | 0.51+0.2x | 0.36+0.1x |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity, FCF Margin.
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.
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.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| MARPAI INC A MRAI | FY2025 | $18.1M | -$16.6M | -91.5% | $92.2M | — |
| PACIFIC HLTH CRE ORGZ INC PFHO | FY2025 | $6.7M | $1.4M | 20.7% | $12.0M | — |
| VASO CORPORATION VASO | FY2025 | $89.1M | $1.6M | 1.8% | $51.4M | — |
| GUIDED THERAPEUTCS INC GTHP | FY2025 | $767K | -$3.2M | N/A | $21.2M | — |
| ONCOTELIC THERAPEUTCS INC OTLC | FY2025 | N/A | $249.3M | N/A | $9.6M | — |
| CS DIAGNOSTICS CORP CSDX | FY2024 | N/A | $761 | N/A | $2.1M | — |
Where MARPAI INC A Ranks
Frequently Asked Questions
What is MARPAI INC A's annual revenue?
MARPAI INC A (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 A's revenue growing?
MARPAI INC A (MRAI) revenue declined by 35.8% year-over-year, from $28.2M to $18.1M in fiscal year 2025.
Is MARPAI INC A profitable?
No, MARPAI INC A (MRAI) reported a net income of -$16.6M in fiscal year 2025, with a net profit margin of -91.5%.
What is MARPAI INC A's EBITDA?
MARPAI INC A (MRAI) had EBITDA of -$13.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does MARPAI INC A have?
As of fiscal year 2025, MARPAI INC A (MRAI) had $133K in cash and equivalents against $11.4M in long-term debt.
What is MARPAI INC A's gross margin?
MARPAI INC A (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 A's operating margin?
MARPAI INC A (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 A's net profit margin?
MARPAI INC A (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 A's operating cash flow?
MARPAI INC A (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 A's total assets?
MARPAI INC A (MRAI) had $10.9M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does MARPAI INC A spend on research and development?
MARPAI INC A (MRAI) invested $7K in research and development during fiscal year 2025.
What is MARPAI INC A's current ratio?
MARPAI INC A (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 A's return on assets (ROA)?
MARPAI INC A (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 A's P/E ratio?
MARPAI INC A (MRAI) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $92.2M as of Oct 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is MARPAI INC A's price-to-sales ratio?
MARPAI INC A (MRAI) trades at 5.5x sales, its market capitalization divided by revenue of $16.6M revenue, trailing 12 months to June 30, 2026. The market capitalization is $92.2M as of Oct 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does MARPAI INC A's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, MARPAI INC A (MRAI) held $133K in cash, cash equivalents and investments, and reported an operating cash outflow of $7.5M over that year. Dividing the one by the other, the reported balance equals about 0 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is MARPAI INC A's debt-to-equity ratio negative or not reported?
MARPAI INC A (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 A's Altman Z-Score?
MARPAI INC A (MRAI) has an Altman Z-Score of -17.68, 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 A's Piotroski F-Score?
MARPAI INC A (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 A's earnings high quality?
MARPAI INC A (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 A cover its interest payments?
MARPAI INC A (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.