MRAI · Marpai, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Revenue | $18.10M | $28.17M | $37.16M | $24.34M | $14.23M |
| Cost of Revenue | - | - | - | - | - |
| Gross Profit | - | - | - | - | - |
| R&D | $7.0K | $29.0K | $1.31M | $3.71M | $1.77M |
| SG&A | $11.14M | $12.83M | $19.18M | $12.32M | $1.50M |
| Total Operating Expenses | $31.65M | $50.26M | $65.13M | $51.30M | $3.37M |
| D&A | $381.0K | $2.26M | $3.90M | $3.54M | $74.4K |
| Operating Income | ($13.55M) | ($22.09M) | ($27.98M) | ($26.96M) | ($3.37M) |
| Interest Expense | $2.71M | $2.71M | $1.53M | $266.8K | $521.1K |
| Income Tax | - | ($1.19M) | ($290.1K) | ($521.1K) | ($150.0K) |
| Net Income | ($16.56M) | ($22.09M) | ($28.75M) | ($26.47M) | ($3.87M) |
| EPS - Basic | ($0.95) | ($1.92) | ($4.14) | ($5.24) | ($6.40) |
| EPS - Diluted | ($0.95) | ($1.92) | ($4.14) | ($5.24) | ($6.40) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Cash & Equivalents | $133.0K | $764.0K | $1.15M | $13.76M | $19.18M |
| Accounts Receivable | $697.0K | $837.0K | $1.13M | $1.44M | $208.8K |
| Inventory | - | - | - | - | - |
| Accounts Payable | $3.67M | $3.11M | $4.65M | $1.46M | $1.13M |
| Current Assets | $10.34M | $11.90M | $17.08M | $26.54M | $26.99M |
| Total Assets | $10.90M | $12.88M | $31.68M | $49.95M | $44.20M |
| Current Liabilities | $25.69M | $18.98M | $20.84M | $17.36M | $11.15M |
| Long-term Debt | $11.40M | $20.70M | $19.40M | $20.20M | $0 |
| Total Liabilities | $43.47M | $40.59M | $45.12M | $43.82M | $14.49M |
| Stockholders' Equity | ($32.56M) | ($27.71M) | ($13.44M) | $6.13M | $29.71M |
| Retained Earnings | ($115.39M) | ($98.83M) | ($76.75M) | ($47.99M) | ($21.53M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Operating Cash Flow | ($7.45M) | ($15.16M) | ($15.75M) | ($35.24M) | ($1.95M) |
| Investing Cash Flow | $500.0K | $227.0K | $1.03M | $32.42M | ($554.1K) |
| Financing Cash Flow | $6.67M | $10.67M | $5.10M | $196 | $4.08M |
| CapEx | - | - | - | $362.8K | $30.7K |
| Free Cash Flow | - | - | - | ($35.60M) | ($1.98M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Profitability | |||||
| Gross margin | - | - | - | - | - |
| Operating margin | -74.9% | -78.4% | -75.3% | -110.7% | -23.7% |
| EBITDA margin | -72.8% | -70.4% | -64.8% | -96.2% | -23.1% |
| Net margin | -91.5% | -78.4% | -77.4% | -108.7% | -27.2% |
| Free cash flow margin | - | - | - | -146.3% | -13.9% |
| FCF / Net income | - | - | - | 1.35 | 0.51 |
| R&D / Revenue | 0.0% | 0.1% | 3.5% | 15.2% | 12.4% |
| SG&A / Revenue | 61.5% | 45.5% | 51.6% | 50.6% | 10.5% |
| Effective tax rate | - | - | - | - | - |
| Return on assets | -151.9% | -171.5% | -90.8% | -53.0% | -8.8% |
| Return on equity | 50.9% | 79.7% | 214.0% | -431.5% | -13.0% |
| Return on invested capital | - | - | -370.7% | -80.9% | -9.0% |
| Liquidity | |||||
| Current ratio | 0.40 | 0.63 | 0.82 | 1.53 | 2.42 |
| Quick ratio | 0.40 | 0.63 | 0.82 | 1.53 | 2.42 |
| Cash ratio | 0.01 | 0.04 | 0.06 | 0.79 | 1.72 |
| Leverage | |||||
| Debt / Equity | -0.35 | -0.75 | -1.44 | 3.29 | 0.00 |
| Debt / Assets | 1.05 | 1.61 | 0.61 | 0.40 | 0.00 |
| Debt / EBITDA | - | - | - | - | - |
| Interest coverage | -5.0x | -8.2x | -18.3x | -101.0x | -6.5x |
| Equity multiplier | -0.33 | -0.46 | -2.36 | 8.14 | 1.49 |
| Liabilities / Assets | 3.99 | 3.15 | 1.42 | 0.88 | 0.33 |
| Efficiency | |||||
| Asset turnover | 1.66 | 2.19 | 1.17 | 0.49 | 0.32 |
| Inventory turnover | - | - | - | - | - |
| Days sales outstanding | 14d | 11d | 11d | 22d | 5d |
| Days inventory outstanding | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - |
| Valuation | |||||
| P / E | - | - | - | - | - |
| P / B | - | - | - | 9.5x | 1.4x |
| P / S | 0.6x | 0.4x | 0.3x | 2.4x | 3.0x |
| EV / EBITDA | - | - | - | - | - |
| Growth | |||||
| Revenue growth (YoY) | -35.8% | -24.2% | 52.6% | 71.1% | - |
| Revenue CAGR (3y) | -9.4% | 25.6% | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - |
| Operating income growth (YoY) | 38.6% | 21.1% | -3.8% | -700.4% | - |
| Net income growth (YoY) | 25.0% | 23.2% | -8.6% | -584.3% | - |
| EPS growth (YoY) | 50.5% | 53.6% | 21.0% | 18.1% | - |
| EPS CAGR (3y) | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | -1698.1% | - |
| FCF CAGR (5y) | - | - | - | - | - |
| Book value growth (YoY) | -17.5% | -106.2% | - | -79.4% | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2023-12-31.
Product / service
$37.16M totalThird Party Administrator Services$36.83M · 99.1%
Captive Insurance$325.9K · 0.9%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-12.49
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
3/9
Weak
- ✗Net income positive
- ✗Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- -Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Services-Misc Health & Allied Services, NEC
Comparing Marpai against the 5 most active filers in the same SIC group.