Every 10-Q that Marpai Inc (MRAI) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow MRAI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MRAI filings page.
Marpai, Inc. reported continued operating losses and severe liquidity pressure for the six months ended June 30, 2026. Revenue fell to $8.61 million from $10.07 million, primarily from customer turnover, while cost cuts reduced total expenses to $14.53 million from $15.93 million. Net loss widened slightly to $7.77 million, with higher $2.00 million interest expense driven in part by its AXA obligation.
Total assets were $9.47 million against $48.36 million of liabilities, producing a stockholders’ deficit of $38.89 million and negative working capital of about $14.5 million. Unrestricted cash was only $138 thousand, and operating cash outflow was $4.58 million. Management concluded that these conditions raise substantial doubt about the company’s ability to continue as a going concern.
Debt pressures are significant: $8.09 million in senior secured convertible debentures (14% interest, maturing April 2028) and $20.73 million owed to AXA, with minimum payments of $1.0 million in 2027, $5.0 million in 2028 and about $22.3 million in 2029. Subsequent to quarter-end, Marpai agreed to sell $12.1 million of Series A preferred stock, of which about $2.45 million must be paid to AXA, modestly improving liquidity but not resolving the heavy leverage and deficit.
Marpai, Inc. reported a Q1 2026 net loss of $3.2M on revenue of $4.4M, with revenue down about 18% from Q1 2025 as customer turnover reduced volume. Operating loss was $2.5M and net loss per share improved to $0.13 due to a higher share count.
The balance sheet remains highly leveraged, with total liabilities of $46.2M against assets of $10.9M, resulting in stockholders’ deficit of $35.2M. Unrestricted cash was only $0.2M, while short‑term debt was about $10.3M and long‑term debt about $18.6M, including $8.3M of senior secured convertible debentures and $19.9M owed to AXA.
Operating cash flow was negative $0.5M. Management states there is substantial doubt about the company’s ability to continue as a going concern without additional capital or asset sales. Marpai has extended the maturity of its debentures to April 2028, taken related‑party loans from its CEO, and is exploring strategic alternatives, including potential financings, business combinations, or a sale.
Marpai, Inc. reported Q3 results and flagged substantial doubt about its ability to continue as a going concern. Revenue was $4.037 million, down 42% year over year, as customer turnover reduced volumes. The quarter’s net loss was $3.494 million, with interest expense of $797 thousand reflecting higher-cost debt.
At September 30, 2025, cash and cash equivalents were $445 thousand against total liabilities of $46.099 million and a stockholders’ deficit of $33.346 million. Working capital was negative $10.7 million. Convertible debentures had a net carrying amount of $9.840 million bearing 14% interest with $250 thousand monthly principal payments; liabilities due to AXA totaled $18.952 million due by December 31, 2028.
Year to date, revenue was $14.111 million (down 34.6%) and operating loss improved to $8.627 million due to cost reductions across G&A, facilities, and depreciation. Management is exploring strategic alternatives and raised capital through several private placements. The company disclosed ongoing litigation relating to a lease subtenant dispute.