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 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.44M | - | $7.01M | $4.66M | $7.38M | - | $7.01M | $7.19M | $7.38M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | $7.0K | - | $7.0K | $8.0K | $7.0K | - |
| SG&A | $2.13M | - | $2.07M | $2.48M | $2.28M | - | $2.81M | $3.72M | $3.42M | - |
| Total Operating Expenses | $6.93M | - | $6.81M | $8.26M | $7.67M | - | $10.07M | $19.46M | $11.45M | - |
| D&A | $60.0K | - | $107.0K | $107.0K | $107.0K | - | $213.0K | $914.0K | $951.0K | - |
| Operating Income | ($2.48M) | - | ($2.77M) | ($3.61M) | ($2.25M) | - | ($3.06M) | ($12.27M) | ($4.07M) | - |
| Interest Expense | $775.0K | - | $797.0K | $872.0K | $398.0K | - | $620.0K | $872.0K | $398.0K | - |
| Income Tax | - | - | - | - | - | - | - | - | - | - |
| Net Income | ($3.18M) | - | ($3.49M) | ($4.37M) | ($3.07M) | - | ($3.56M) | ($13.03M) | ($4.35M) | - |
| EPS - Basic | ($0.13) | - | ($0.20) | ($0.28) | ($0.21) | - | ($0.30) | ($1.23) | ($0.46) | - |
| EPS - Diluted | ($0.13) | - | ($0.20) | ($0.28) | ($0.21) | - | ($0.30) | ($1.23) | ($0.46) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $201.0K | $133.0K | $445.0K | $619.0K | $729.0K | $764.0K | $830.0K | $1.29M | $851.0K | $1.15M |
| Accounts Receivable | $738.0K | $697.0K | $377.0K | $548.0K | $368.0K | $837.0K | $1.23M | $805.0K | $366.0K | $1.13M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $5.90M | $3.67M | $4.41M | $3.59M | $2.74M | $3.11M | $3.76M | $3.17M | $3.82M | $4.65M |
| Current Assets | $10.43M | $10.34M | $12.08M | $10.33M | $12.87M | $11.90M | $14.89M | $17.20M | $16.50M | $17.08M |
| Total Assets | $10.91M | $10.90M | $12.75M | $11.06M | $13.72M | $12.88M | $19.61M | $22.22M | $30.09M | $31.68M |
| Current Liabilities | $27.15M | $25.69M | $22.78M | $19.73M | $19.79M | $18.98M | $18.18M | $18.69M | $20.12M | $20.84M |
| Long-term Debt | $11.88M | $11.40M | $16.14M | $15.69M | $15.25M | $20.70M | $24.50M | $24.50M | $19.70M | $19.40M |
| Total Liabilities | $46.16M | $43.47M | $46.10M | $43.43M | $43.92M | $40.59M | $47.16M | $47.88M | $44.58M | $45.12M |
| Stockholders' Equity | ($35.24M) | ($32.56M) | ($33.35M) | ($32.37M) | ($30.20M) | ($27.71M) | ($27.56M) | ($25.66M) | ($14.50M) | ($13.44M) |
| Retained Earnings | ($118.58M) | ($115.39M) | ($109.77M) | ($106.27M) | ($101.90M) | ($98.83M) | ($97.68M) | ($94.12M) | ($81.09M) | ($76.75M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($477.0K) | - | - | - | ($115.0K) | - | - | - | ($3.58M) | - |
| Investing Cash Flow | - | - | - | - | $500.0K | - | - | - | - | - |
| Financing Cash Flow | $160.0K | - | - | - | $1.89M | - | - | - | $3.71M | - |
| CapEx | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | -55.9% | - | -39.5% | -77.5% | -30.5% | - | -43.7% | -170.7% | -55.0% | - |
| EBITDA margin | -54.5% | - | -38.0% | -75.2% | -29.0% | - | -40.6% | -158.0% | -42.2% | - |
| Net margin | -71.6% | - | -49.9% | -93.9% | -41.6% | - | -50.8% | -181.2% | -58.8% | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | - | - | - | - | 0.1% | - | 0.1% | 0.1% | 0.1% | - |
| SG&A / Revenue | 47.9% | - | 29.5% | 53.3% | 30.9% | - | 40.1% | 51.8% | 46.3% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -29.2% | - | -27.4% | -39.5% | -22.4% | - | -18.2% | -58.6% | -14.4% | - |
| Return on equity | 9.0% | - | 10.5% | 13.5% | 10.2% | - | 12.9% | 50.8% | 30.0% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 0.38 | 0.40 | 0.53 | 0.52 | 0.65 | 0.63 | 0.82 | 0.92 | 0.82 | 0.82 |
| Quick ratio | 0.38 | 0.40 | 0.53 | 0.52 | 0.65 | 0.63 | 0.82 | 0.92 | 0.82 | 0.82 |
| Cash ratio | 0.01 | 0.01 | 0.02 | 0.03 | 0.04 | 0.04 | 0.05 | 0.07 | 0.04 | 0.06 |
| Leverage | ||||||||||
| Debt / Equity | -0.34 | -0.35 | -0.48 | -0.48 | -0.50 | -0.75 | -0.89 | -0.95 | -1.36 | -1.44 |
| Debt / Assets | 1.09 | 1.05 | 1.27 | 1.42 | 1.11 | 1.61 | 1.25 | 1.10 | 0.65 | 0.61 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -3.2x | - | -3.5x | -4.1x | -5.7x | - | -4.9x | -14.1x | -10.2x | - |
| Equity multiplier | -0.31 | -0.33 | -0.38 | -0.34 | -0.45 | -0.46 | -0.71 | -0.87 | -2.08 | -2.36 |
| Liabilities / Assets | 4.23 | 3.99 | 3.61 | 3.93 | 3.20 | 3.15 | 2.41 | 2.16 | 1.48 | 1.42 |
| Efficiency | ||||||||||
| Asset turnover | 0.41 | - | 0.55 | 0.42 | 0.54 | - | 0.36 | 0.32 | 0.25 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 61d | - | 20d | 43d | 18d | - | 64d | 41d | 18d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | 1.6x | - | 3.4x | 4.5x | 2.0x | - | 1.0x | 1.0x | 3.1x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -39.8% | - | 0.0% | -35.2% | 0.0% | - | -19.7% | -28.4% | -23.6% | - |
| Revenue CAGR (3y) | -22.8% | - | 12.4% | 9.7% | 5.9% | - | 13.5% | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -10.4% | - | 9.4% | 70.6% | 44.6% | - | 56.5% | -68.8% | 52.3% | - |
| Net income growth (YoY) | -3.7% | - | 1.9% | 66.4% | 29.4% | - | 51.2% | -72.4% | 51.0% | - |
| EPS growth (YoY) | 38.1% | - | 33.3% | 77.2% | 54.3% | - | 69.4% | -11.8% | -9.5% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -16.7% | -17.5% | -21.0% | -26.1% | -108.4% | -106.2% | -198.2% | -861.6% | -658.7% | - |
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%
Peer comparison
Same SIC group: Services-Misc Health & Allied Services, NEC
Comparing Marpai against the 5 most active filers in the same SIC group.