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Marpai (MRAI) Financials

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$2.25 +0.60 (+36.36%)
As of 07/20/2026 03:59 PM Eastern
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Annual Income Statements for Marpai

Annual Income Statements for Marpai

This table shows Marpai's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -3.87 -16 -26 -29 -22 -17
Consolidated Net Income / (Loss)		 -3.87 -16 -26 -29 -22 -17
Net Income / (Loss) Continuing Operations		 -3.87 -16 -26 -29 -22 -17
Total Pre-Tax Income 		-3.87 -16 -27 -29 -23 -17
Total Operating Income		 -3.37 -16 -27 -28 -22 -14
Total Gross Profit		 0.00 3.94 7.21 13 9.11 4.20
Total Revenue		 0.00 14 24 37 28 18
Operating Revenue		 0.00 14 24 37 28 18
Total Cost of Revenue		 0.00 10 17 24 19 13
Operating Cost of Revenue		 0.00 10 17 24 19 13
Total Operating Expenses		 3.37 20 34 41 31 18
Selling, General & Admin Expense		 1.50 8.06 12 19 13 11
Marketing Expense		 0.03 4.97 6.94 6.60 1.77 1.09
Research & Development Expense		 1.77 1.73 3.71 1.31 0.03 0.01
Depreciation Expense		 0.07 1.96 3.54 3.90 2.26 0.38
Other Operating Expenses / (Income)		 0.00 3.08 7.39 8.31 6.00 5.12
Impairment Charge		 - - 0.00 3.02 7.59 0.00
Other Special Charges / (Income)		 - 0.00 0.27 -1.41 0.72 0.02
Total Other Income / (Expense), net		 -0.50 -0.27 -0.03 -1.07 -1.19 -3.01
Interest Expense		 0.52 0.43 0.27 1.53 4.59 3.23
Other Income / (Expense), net		 0.02 0.15 0.23 0.46 3.40 0.23
Income Tax Expense		 0.00 -0.15 -0.52 -0.29 -1.19 0.00
Basic Earnings per Share		 ($1.60) ($1.59) ($5.23) ($4.14) ($1.92) ($0.95)
Weighted Average Basic Shares Outstanding		 2.43M 10.08M 5.06M 6.95M 11.51M 17.37M
Diluted Earnings per Share		 ($1.60) ($1.59) ($5.23) ($4.14) ($1.92) ($0.95)
Weighted Average Diluted Shares Outstanding		 2.43M 10.08M 5.06M 6.95M 11.51M 17.37M

Quarterly Income Statements for Marpai

This table shows Marpai's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -7.30 -5.03 -4.35 -13 -3.56 -1.16 -3.07 -4.37 -3.49 -5.63 -3.18
Consolidated Net Income / (Loss)		 -7.30 -5.03 -4.35 -13 -3.56 -1.16 -3.07 -4.37 -3.49 -5.63 -3.18
Net Income / (Loss) Continuing Operations		 -7.30 -5.03 -4.35 -13 -3.56 -1.16 -3.07 -4.37 -3.49 -5.63 -3.18
Total Pre-Tax Income 		-7.30 -5.32 -4.35 -13 -3.56 -2.35 -3.07 -4.37 -3.49 -5.63 -3.18
Total Operating Income		 -7.03 -5.16 -4.07 -12 -3.06 -2.69 -2.25 -3.61 -2.77 -4.93 -2.48
Total Gross Profit		 3.04 3.00 2.04 2.02 1.98 3.08 1.78 0.75 1.07 0.45 1.09
Total Revenue		 8.73 8.71 6.91 7.19 7.01 7.07 5.27 4.66 4.04 3.41 4.33
Operating Revenue		 8.73 8.71 6.91 7.19 7.01 7.07 5.27 4.66 4.04 3.41 4.33
Total Cost of Revenue		 5.69 5.71 4.87 5.17 5.03 3.99 3.48 3.91 2.96 2.96 3.24
Operating Cost of Revenue		 5.69 5.71 4.87 5.17 5.03 3.99 3.48 3.91 2.96 2.96 3.24
Total Operating Expenses		 10 8.15 6.11 14 5.04 5.77 4.03 4.35 3.85 5.37 3.58
Selling, General & Admin Expense		 4.99 3.24 3.42 3.72 2.81 2.88 2.28 2.48 2.07 4.31 2.13
Marketing Expense		 1.84 1.10 0.60 0.44 0.35 0.38 0.25 0.31 0.30 0.24 0.23
Research & Development Expense		 0.27 0.02 0.01 0.01 0.01 0.01 0.01 0.00 0.00 - 0.00
Depreciation Expense		 0.93 0.92 0.95 0.91 0.21 0.18 0.11 0.11 0.11 0.06 0.06
Other Operating Expenses / (Income)		 2.04 1.61 1.12 1.62 1.66 1.60 1.39 1.45 1.38 0.75 1.16
Total Other Income / (Expense), net		 -0.27 -0.16 -0.28 -0.75 -0.50 0.34 -0.82 -0.76 -0.72 -0.70 -0.70
Interest Expense		 0.38 0.43 0.40 0.87 0.62 2.70 0.82 0.81 0.80 0.81 0.78
Other Income / (Expense), net		 0.12 0.26 0.12 0.12 0.12 3.04 0.00 0.05 0.07 0.10 0.08
Income Tax Expense		 0.00 -0.29 0.00 0.00 0.00 -1.19 0.00 0.00 0.00 - 0.00
Basic Earnings per Share		 ($0.98) ($0.72) ($0.46) ($1.23) ($0.30) ($0.10) ($0.21) ($0.28) ($0.20) ($0.26) ($0.13)
Weighted Average Basic Shares Outstanding		 7.48M 6.95M 9.41M 10.63M 12.04M 11.51M 14.77M 15.50M 17.30M 17.37M 24.68M
Diluted Earnings per Share		 ($0.98) ($0.72) ($0.46) ($1.23) ($0.30) ($0.10) ($0.21) ($0.28) ($0.20) ($0.26) ($0.13)
Weighted Average Diluted Shares Outstanding		 7.48M 6.95M 9.41M 10.63M 12.04M 11.51M 14.77M 15.50M 17.30M 17.37M 24.68M

Annual Cash Flow Statements for Marpai

This table details how cash moves in and out of Marpai's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 1.57 24 -2.82 -9.63 -4.26 -0.28
Net Cash From Operating Activities		 -1.95 -11 -35 -16 -15 -7.45
Net Cash From Continuing Operating Activities		 -1.95 -11 -35 -16 -15 -7.47
Net Income / (Loss) Continuing Operations		 -3.87 -16 -26 -29 -22 -17
Consolidated Net Income / (Loss)		 -3.87 -16 -26 -29 -22 -17
Depreciation Expense		 0.07 1.96 3.54 3.90 2.26 0.38
Amortization Expense		 0.18 0.13 0.60 1.50 0.41 0.03
Non-Cash Adjustments To Reconcile Net Income		 1.74 1.30 3.08 5.58 12 6.51
Changes in Operating Assets and Liabilities, net		 -0.07 1.80 -16 2.03 -7.99 2.18
Net Cash From Investing Activities		 -0.55 9.64 32 1.03 0.23 0.50
Net Cash From Continuing Investing Activities		 -0.55 9.64 32 1.03 0.23 0.50
Divestitures		 - - 33 1.00 0.23 0.50
Net Cash From Financing Activities		 4.08 25 0.00 5.10 11 6.67
Net Cash From Continuing Financing Activities		 4.08 25 0.00 5.10 11 6.67
Repayment of Debt		 0.00 -3.78 - 0.00 -2.87 -3.16
Issuance of Debt		 4.08 3.55 - 0.00 8.00 3.00
Issuance of Common Equity		 0.00 25 0.00 6.76 4.66 7.03
Other Financing Activities, net		 0.00 0.90 0.00 -1.66 0.88 -0.20
Cash Interest Paid		 - - - 0.00 1.74 1.46

Quarterly Cash Flow Statements for Marpai

This table details how cash moves in and out of Marpai's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -6.58 -0.76 0.12 0.44 -2.25 -2.58 2.28 -3.23 2.24 -1.56 -0.32
Net Cash From Operating Activities		 -6.59 -0.43 -3.59 -3.12 -3.77 -4.68 -0.12 -3.21 0.63 -4.76 -0.48
Net Cash From Continuing Operating Activities		 -6.59 -0.43 -3.59 -3.12 -3.77 -4.68 -0.12 -3.21 0.63 -4.78 -0.48
Net Income / (Loss) Continuing Operations		 -7.30 -5.03 -4.35 -13 -3.56 -1.16 -3.07 -4.37 -3.49 -5.63 -3.18
Consolidated Net Income / (Loss)		 -7.30 -5.03 -4.35 -13 -3.56 -1.16 -3.07 -4.37 -3.49 -5.63 -3.18
Depreciation Expense		 0.93 0.92 0.95 0.91 0.21 0.18 0.11 0.11 0.11 0.06 0.06
Amortization Expense		 0.24 0.21 0.06 0.12 0.13 0.10 0.01 0.01 0.01 0.01 0.00
Non-Cash Adjustments To Reconcile Net Income		 1.21 2.09 0.98 9.98 0.77 0.53 1.04 1.93 0.86 2.68 0.72
Changes in Operating Assets and Liabilities, net		 -1.66 1.38 -1.24 -1.11 -1.32 -4.33 1.80 -0.88 3.15 -1.90 1.92
Net Cash From Investing Activities		 0.01 1.00 0.00 - 0.23 - 0.50 - - - 0.00
Net Cash From Continuing Investing Activities		 0.01 1.00 0.00 - 0.23 - 0.50 - - - 0.00
Divestitures		 - - 0.00 - 0.23 - 0.50 - - - 0.00
Net Cash From Financing Activities		 - -1.34 3.71 3.56 1.30 2.10 1.89 -0.02 1.60 3.20 0.16
Net Cash From Continuing Financing Activities		 - -1.34 3.71 3.56 1.30 2.10 1.89 -0.02 1.60 3.20 0.16
Repayment of Debt		 - - -0.06 -2.26 - -0.55 -0.91 -0.75 -0.50 -1.00 -0.50
Issuance of Debt		 - - 0.00 5.98 - 2.02 3.00 - - - 0.66
Other Financing Activities, net		 - -1.66 1.04 -0.16 - - -0.20 - - - 0.00
Cash Interest Paid		 - - 0.00 1.26 0.25 0.23 0.40 0.38 0.35 0.32 0.30

Annual Balance Sheets for Marpai

This table presents Marpai's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 6.53 44 50 32 13 11
Total Current Assets		 2.18 27 27 17 12 10
Cash & Equivalents		 1.75 19 14 1.15 0.76 0.13
Restricted Cash		 0.06 6.75 9.35 12 8.47 8.82
Accounts Receivable		 0.10 0.32 1.82 2.69 1.91 0.98
Prepaid Expenses		 0.26 0.74 1.60 0.90 0.76 0.41
Plant, Property, & Equipment, net		 0.20 0.89 1.51 0.61 0.00 0.00
Total Noncurrent Assets		 4.16 16 22 14 0.98 0.57
Intangible Assets		 3.82 12 11 7.30 0.44 0.06
Other Noncurrent Operating Assets		 0.34 2.12 5.16 3.66 0.54 0.51
Total Liabilities & Shareholders' Equity		 6.53 44 50 32 13 11
Total Liabilities		 10 14 44 45 41 43
Total Current Liabilities		 2.65 11 17 21 19 26
Short-Term Debt		 1.87 - - 0.00 3.11 3.04
Accounts Payable		 0.17 1.13 1.46 4.65 3.11 3.67
Accrued Expenses		 0.27 8.07 14 14 8.89 11
Current Deferred Revenue		 0.00 1.17 0.29 0.66 0.63 0.09
Other Current Liabilities		 0.34 0.79 1.31 1.14 3.25 8.26
Total Noncurrent Liabilities		 7.38 3.35 26 24 22 18
Long-Term Debt		 7.10 - - 0.00 5.92 5.80
Capital Lease Obligations		 - - - - 0.79 0.53
Other Noncurrent Operating Liabilities		 0.28 1.35 25 23 15 11
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -3.50 30 6.13 -13 -28 -33
Total Preferred & Common Equity		 -3.50 30 6.13 -13 -28 -33
Preferred Stock		 - - - - 0.00 0.00
Total Common Equity		 -3.50 30 6.13 -13 -28 -33
Common Stock		 2.04 51 54 63 71 83
Retained Earnings		 -5.54 -22 -48 -77 -99 -115

Quarterly Balance Sheets for Marpai

This table presents Marpai's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 36 30 22 20 14 11 13 11
Total Current Assets		 17 17 17 15 13 10 12 10
Cash & Equivalents		 3.02 0.85 1.29 0.83 0.73 0.62 0.45 0.20
Restricted Cash		 11 13 13 11 11 7.66 10 8.43
Accounts Receivable		 1.60 1.89 2.17 2.31 0.74 1.46 1.17 1.43
Prepaid Expenses		 0.96 1.00 0.97 0.77 0.62 0.59 0.40 0.36
Plant, Property, & Equipment, net		 0.66 0.58 0.55 0.51 0.00 0.00 0.00 0.00
Total Noncurrent Assets		 18 13 4.48 4.21 0.85 0.73 0.67 0.48
Intangible Assets		 8.24 6.39 0.93 0.75 0.33 0.23 0.12 0.00
Other Noncurrent Operating Assets		 3.85 3.60 3.54 3.46 0.52 0.50 0.55 0.48
Total Liabilities & Shareholders' Equity		 36 30 22 20 14 11 13 11
Total Liabilities		 45 45 48 47 44 43 46 46
Total Current Liabilities		 20 20 19 18 20 20 23 27
Short-Term Debt		 - - 1.09 1.54 3.04 3.04 3.29 1.67
Accounts Payable		 3.10 3.82 3.17 3.76 2.74 3.59 4.41 5.90
Accrued Expenses		 15 13 13 11 10 9.25 11 11
Current Deferred Revenue		 1.26 1.48 1.30 1.39 0.81 0.74 0.65 0.00
Other Current Liabilities		 1.55 2.23 0.54 0.56 3.08 3.12 3.12 8.94
Total Noncurrent Liabilities		 24 24 29 29 24 24 23 19
Long-Term Debt		 - - 4.45 4.07 8.07 7.31 6.55 6.66
Capital Lease Obligations		 - - - - - - - 0.46
Other Noncurrent Operating Liabilities		 23 23 24 24 16 16 17 12
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -9.24 -14 -26 -28 -30 -32 -33 -35
Total Preferred & Common Equity		 -9.24 -14 -26 -28 -30 -32 -33 -35
Preferred Stock		 - - - - - - 0.00 0.00
Total Common Equity		 -9.24 -14 -26 -28 -30 -32 -33 -35
Common Stock		 62 67 68 70 72 74 76 83
Retained Earnings		 -72 -81 -94 -98 -102 -106 -110 -119

Annual Metrics And Ratios for Marpai

This table displays calculated financial ratios and metrics derived from Marpai's official financial filings.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 20,122,896.00 20,937,901.00 7,810,625.00 13,747,982.00 14,896,686.00
DEI Adjusted Shares Outstanding		 0.00 5,030,724.00 5,234,475.00 7,810,625.00 13,747,982.00 14,896,686.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 -3.18 -5.06 -3.68 -1.61 -1.11
Growth Metrics		 - - - - - -
Revenue Growth		 0.00% 0.00% 71.10% 52.64% -24.17% -37.82%
EBITDA Growth		 0.00% -340.40% -65.84% 2.08% 27.55% 19.38%
EBIT Growth		 0.00% -369.33% -70.13% -2.96% 32.07% 28.71%
NOPAT Growth		 0.00% -370.98% -69.95% -3.78% 21.05% 38.64%
Net Income Growth		 0.00% -313.26% -65.58% -8.63% 23.18% 25.03%
EPS Growth		 0.00% -313.26% -65.58% 20.84% 53.62% 50.52%
Operating Cash Flow Growth		 0.00% -453.81% -226.43% 55.31% 3.75% 50.83%
Free Cash Flow Firm Growth		 0.00% 0.00% 116.81% -610.48% -58.46% 70.83%
Invested Capital Growth		 0.00% 3.48% -549.90% -58.57% -0.71% -18.56%
Revenue Q/Q Growth		 0.00% 0.00% 7.66% 2.99% -5.51% -17.27%
EBITDA Q/Q Growth		 0.00% 0.00% -13.75% 14.88% 21.49% -71.50%
EBIT Q/Q Growth		 0.00% 0.00% -13.17% 12.43% 21.90% -63.41%
NOPAT Q/Q Growth		 0.00% 0.00% -13.42% 11.92% 10.04% -19.76%
Net Income Q/Q Growth		 0.00% 0.00% -11.86% 10.87% 14.91% -36.97%
EPS Q/Q Growth		 0.00% 0.00% -11.86% 3.94% 11.11% -35.71%
Operating Cash Flow Q/Q Growth		 0.00% -85.18% -71.00% 55.29% -39.03% -1.13%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% -274.13% -120.43% 41.81%
Invested Capital Q/Q Growth		 0.00% 0.00% -497.41% -14.62% 19.65% 5.49%
Profitability Metrics		 - - - - - -
Gross Margin		 0.00% 27.67% 29.60% 34.76% 32.33% 23.97%
EBITDA Margin		 0.00% -95.73% -92.78% -59.52% -56.88% -73.74%
Operating Margin		 0.00% -111.49% -110.74% -75.30% -78.40% -77.36%
EBIT Margin		 0.00% -110.41% -109.78% -74.05% -66.35% -76.07%
Profit (Net Income) Margin		 0.00% -112.36% -108.74% -77.38% -78.40% -94.53%
Tax Burden Percent		 100.00% 99.07% 98.07% 99.00% 94.89% 100.00%
Interest Burden Percent		 115.57% 102.72% 101.00% 105.55% 124.53% 124.27%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% -299.17% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -247.20% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 177.20% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 110.62% -121.97% -147.69% 787.33% 107.36% 54.95%
Cash Return on Invested Capital (CROIC)		 0.00% -302.59% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% -61.92% -56.77% -67.41% -83.90% -112.07%
Return on Assets (ROA)		 0.00% -63.01% -56.23% -70.45% -99.14% -139.27%
Return on Common Equity (ROCE)		 110.62% -121.97% -147.69% 787.33% 107.36% 54.95%
Return on Equity Simple (ROE_SIMPLE)		 110.62% -53.81% -431.48% 213.96% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -2.36 -11 -19 -20 -15 -9.49
NOPAT Margin		 0.00% -78.04% -77.52% -52.71% -54.88% -54.15%
Net Nonoperating Expense Percent (NNEP)		 21.14% -51.96% -30.98% -50.09% -102.71% 1,418.84%
Return On Investment Capital (ROIC_SIMPLE)		 - - - 145.74% 86.43% 40.89%
Cost of Revenue to Revenue		 0.00% 72.33% 70.40% 65.24% 67.67% 76.03%
SG&A Expenses to Revenue		 0.00% 56.62% 50.61% 51.61% 45.55% 63.58%
R&D to Revenue		 0.00% 12.19% 15.23% 3.53% 0.10% 0.04%
Operating Expenses to Revenue		 0.00% 139.16% 140.34% 110.06% 110.72% 101.34%
Earnings before Interest and Taxes (EBIT)		 -3.35 -16 -27 -28 -19 -13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -3.09 -14 -23 -22 -16 -13
Valuation Ratios		 - - - - - -
Price to Book Value (P/BV)		 0.00 5.94 2.38 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.00 11.38 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.00 12.41 0.60 0.33 0.37 0.89
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 8.81 39.90 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 10.59 0.00 0.00 0.39 0.92
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - -
Debt to Equity		 -2.56 0.00 0.00 0.00 -0.35 -0.29
Long-Term Debt to Equity		 -2.03 0.00 0.00 0.00 -0.24 -0.19
Financial Leverage		 -2.04 -0.72 -1.37 5.01 0.31 -0.02
Leverage Ratio		 -1.87 1.94 2.63 -11.18 -1.08 -0.39
Compound Leverage Factor		 -2.16 1.99 2.65 -11.80 -1.35 -0.49
Debt to Total Capital		 163.97% 0.00% 0.00% 0.00% -54.89% -40.34%
Short-Term Debt to Total Capital		 34.15% 0.00% 0.00% 0.00% -17.36% -13.09%
Long-Term Debt to Total Capital		 129.83% 0.00% 0.00% 0.00% -37.53% -27.25%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -63.97% 100.00% 100.00% 100.00% 154.89% 140.34%
Debt to EBITDA		 -2.90 0.00 0.00 0.00 -0.61 -0.72
Net Debt to EBITDA		 -2.31 0.00 0.00 0.00 -0.04 -0.03
Long-Term Debt to EBITDA		 -2.29 0.00 0.00 0.00 -0.42 -0.49
Debt to NOPAT		 -3.80 0.00 0.00 0.00 -0.64 -0.99
Net Debt to NOPAT		 -3.03 0.00 0.00 0.00 -0.04 -0.04
Long-Term Debt to NOPAT		 -3.01 0.00 0.00 0.00 -0.43 -0.67
Altman Z-Score		 -1.47 6.21 -2.20 -5.07 -13.85 -18.72
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - -
Current Ratio		 0.82 2.42 1.53 0.82 0.63 0.40
Quick Ratio		 0.70 1.75 0.90 0.18 0.14 0.04
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -11 1.89 -9.64 -15 -4.45
Operating Cash Flow to CapEx		 -325.04% -621.40% -3,649.57% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 -26.29 7.08 -6.31 -3.33 -1.38
Operating Cash Flow to Interest Expense		 -3.74 -25.27 -132.09 -10.31 -3.31 -2.30
Operating Cash Flow Less CapEx to Interest Expense		 -4.89 -29.34 -135.71 -10.30 -3.31 -2.30
Efficiency Ratios		 - - - - - -
Asset Turnover		 0.00 0.56 0.52 0.91 1.26 1.47
Accounts Receivable Turnover		 0.00 68.52 22.81 16.47 12.25 12.15
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 26.22 20.32 35.10 0.00 0.00
Accounts Payable Turnover		 0.00 15.82 13.27 7.94 4.92 3.93
Days Sales Outstanding (DSO)		 0.00 5.33 16.00 22.16 29.79 30.03
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 23.07 27.51 45.98 74.26 92.86
Cash Conversion Cycle (CCC)		 0.00 -17.74 -11.52 -23.82 -44.47 -62.83
Capital & Investment Metrics		 - - - - - -
Invested Capital		 3.65 3.77 -17 -27 -27 -32
Invested Capital Turnover		 0.00 3.83 -3.69 -1.69 -1.04 -0.59
Increase / (Decrease) in Invested Capital		 0.00 0.13 -21 -9.95 -0.19 -5.03
Enterprise Value (EV)		 32 151 -8.54 -1.33 11 16
Market Capitalization		 25 177 15 12 10 16
Book Value per Share		 ($1.44) $1.48 $0.29 ($1.72) ($2.02) ($1.87)
Tangible Book Value per Share		 ($3.01) $0.77 ($0.51) ($3.04) ($2.05) ($1.88)
Total Capital		 5.47 30 6.13 -13 -18 -23
Total Debt		 8.96 0.00 0.00 0.00 9.82 9.36
Total Long-Term Debt		 7.10 0.00 0.00 0.00 6.71 6.32
Net Debt		 7.14 -26 -23 -13 0.59 0.41
Capital Expenditures (CapEx)		 0.60 1.74 0.97 -0.03 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -0.42 -10 -14 -17 -13 -21
Debt-free Net Working Capital (DFNWC)		 1.40 16 9.18 -3.76 -3.98 -12
Net Working Capital (NWC)		 -0.47 16 9.18 -3.76 -7.09 -15
Net Nonoperating Expense (NNE)		 1.51 4.88 7.60 9.17 6.63 7.07
Net Nonoperating Obligations (NNO)		 7.14 -26 -23 -13 0.59 0.41
Total Depreciation and Amortization (D&A)		 0.25 2.09 4.14 5.40 2.67 0.41
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -70.90% -57.26% -46.43% -46.89% -121.42%
Debt-free Net Working Capital to Revenue		 0.00% 111.39% 37.70% -10.11% -14.12% -70.33%
Net Working Capital to Revenue		 0.00% 111.39% 37.70% -10.11% -25.15% -87.66%
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($6.36) $0.00 ($4.14) ($1.92) ($0.95)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 2.52M 0.00 6.95M 11.51M 17.37M
Adjusted Diluted Earnings per Share		 $0.00 ($6.36) $0.00 ($4.14) ($1.92) ($0.95)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 2.52M 0.00 6.95M 11.51M 17.37M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 5.07M 0.00 10.30M 0.00 0.00
Normalized Net Operating Profit after Tax (NOPAT)		 -2.36 -11 -19 -18 -9.64 -9.47
Normalized NOPAT Margin		 0.00% -78.04% -76.73% -49.68% -34.23% -54.08%
Pre Tax Income Margin		 0.00% -113.41% -110.88% -78.16% -82.63% -94.53%
Debt Service Ratios		 - - - - - -
EBIT to Interest Expense		 -6.42 -36.77 -100.17 -18.02 -4.08 -4.12
NOPAT to Interest Expense		 -4.52 -25.99 -70.73 -12.83 -3.37 -2.93
EBIT Less CapEx to Interest Expense		 -7.57 -40.84 -103.79 -18.00 -4.08 -4.12
NOPAT Less CapEx to Interest Expense		 -5.67 -30.06 -74.35 -12.81 -3.37 -2.93
Payout Ratios		 - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% -5.20% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Marpai

This table displays calculated financial ratios and metrics derived from Marpai's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 7,255,814.00 7,810,625.00 10,300,548.00 10,308,038.00 10,308,038.00 13,747,982.00 13,747,982.00 14,896,686.00 14,896,686.00 14,896,686.00 14,896,686.00
DEI Adjusted Shares Outstanding		 7,255,814.00 7,810,625.00 10,300,548.00 10,308,038.00 10,308,038.00 13,747,982.00 13,747,982.00 14,896,686.00 14,896,686.00 14,896,686.00 14,896,686.00
DEI Earnings Per Adjusted Shares Outstanding		 -1.01 -0.64 -0.42 -1.26 -0.35 -0.08 -0.22 -0.29 -0.23 -0.38 -0.21
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 76.77% 14.14% -28.55% -28.45% -19.72% -18.86% -23.80% -35.23% -42.39% -51.76% -17.76%
EBITDA Growth		 -28.12% 50.73% 59.19% -105.05% 54.75% 116.80% 27.19% 69.04% 0.62% -853.57% -9.69%
EBIT Growth		 -19.67% 44.39% 53.49% -68.27% 57.47% 107.16% 43.01% 70.73% 8.27% -1,477.43% -7.02%
NOPAT Growth		 -20.89% 42.34% 52.31% -68.82% 56.47% 47.84% 44.65% 70.61% 9.44% -83.15% -10.40%
Net Income Growth		 -26.23% 41.10% 51.02% -72.39% 51.21% 77.00% 29.38% 66.44% 1.85% -386.68% -3.71%
EPS Growth		 14.04% 57.40% 72.62% 0.00% 69.39% 86.11% 54.35% 77.24% 33.33% -160.00% 38.10%
Operating Cash Flow Growth		 -26.23% 97.86% 45.19% -41.95% 42.70% -1,001.18% 96.79% -2.85% 116.80% -1.77% -314.78%
Free Cash Flow Firm Growth		 20,820.19% -56.28% -54.50% -90.63% -64.47% -126.68% -86.35% -406.46% -120.61% 193.74% 197.86%
Invested Capital Growth		 -649.78% -58.57% -52.00% -45.46% -43.67% -0.71% -8.89% 11.35% -0.79% -18.56% -14.67%
Revenue Q/Q Growth		 -13.12% -0.25% -20.63% 4.02% -2.52% 0.81% -25.46% -14.06% -13.29% -15.58% 27.08%
EBITDA Q/Q Growth		 -5.96% 34.65% 21.84% -278.88% 76.62% 124.27% -438.67% -61.11% 24.95% -84.02% 50.70%
EBIT Q/Q Growth		 4.29% 29.25% 19.28% -207.85% 75.81% 111.90% -742.86% -58.13% 24.20% -78.75% 50.05%
NOPAT Q/Q Growth		 3.32% 26.66% 21.14% -201.92% 75.07% 12.12% 16.33% -60.31% 23.18% -77.73% 49.56%
Net Income Q/Q Growth		 3.44% 31.10% 13.55% -199.72% 72.67% 67.53% -165.48% -42.42% 20.06% -61.02% 43.42%
EPS Q/Q Growth		 0.00% 26.53% 36.11% -167.39% 75.61% 66.67% -110.00% -33.33% 28.57% -30.00% 50.00%
Operating Cash Flow Q/Q Growth		 -199.59% 93.55% -743.53% 12.97% -20.93% -24.04% 97.54% -2,690.43% 119.76% -851.26% 89.99%
Free Cash Flow Firm Q/Q Growth		 2.50% -72.26% 6.82% -69.14% 288.54% -120.83% 154.63% -792.95% 73.88% 194.79% 73.59%
Invested Capital Q/Q Growth		 0.01% -14.62% -4.37% -21.59% 1.24% 19.65% -12.85% 1.01% -12.28% 5.49% -9.16%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 34.80% 34.43% 29.52% 28.03% 28.18% 43.55% 33.84% 16.02% 26.60% 13.09% 25.21%
EBITDA Margin		 -65.83% -43.13% -42.47% -154.68% -37.10% 8.93% -40.58% -73.95% -64.01% -139.52% -54.12%
Operating Margin		 -80.52% -59.21% -58.82% -170.72% -43.66% -38.06% -42.73% -77.47% -68.64% -144.51% -57.35%
EBIT Margin		 -79.20% -56.17% -57.13% -169.06% -41.95% 4.95% -42.73% -76.42% -66.81% -141.46% -55.60%
Profit (Net Income) Margin		 -83.58% -57.74% -62.89% -181.19% -50.80% -16.36% -58.28% -93.88% -86.55% -165.08% -73.49%
Tax Burden Percent		 100.00% 94.55% 100.00% 100.00% 100.00% 49.28% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 105.54% 108.71% 110.08% 107.17% 121.09% -670.29% 136.40% 122.85% 129.55% 116.70% 132.18%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -1,359.60% 787.33% 295.31% 209.63% 141.08% 107.36% 93.11% 41.90% 39.70% 54.95% 50.95%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 -93.64% -51.14% -54.34% -161.71% -45.30% 6.26% -51.75% -110.90% -87.44% -208.41% -74.86%
Return on Assets (ROA)		 -98.83% -52.56% -59.82% -173.31% -54.86% -20.69% -70.59% -136.24% -113.27% -243.22% -98.96%
Return on Common Equity (ROCE)		 -1,359.60% 787.33% 295.31% 209.63% 141.08% 107.36% 93.11% 41.90% 39.70% 54.95% 50.95%
Return on Equity Simple (ROE_SIMPLE)		 349.03% 0.00% 167.12% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -4.92 -3.61 -2.85 -8.59 -2.14 -1.88 -1.58 -2.52 -1.94 -3.45 -1.74
NOPAT Margin		 -56.37% -41.44% -41.17% -119.50% -30.57% -26.64% -29.91% -54.23% -48.05% -101.16% -40.15%
Net Nonoperating Expense Percent (NNEP)		 -19.83% -7.75% -9.94% -30.23% -13.87% 11.26% -21.32% -57.27% -45.24% 437.01% -1,128.28%
Return On Investment Capital (ROIC_SIMPLE)		 - 26.85% 19.63% 42.70% 9.76% 10.52% 8.25% 11.47% 8.25% 14.86% 6.57%
Cost of Revenue to Revenue		 65.20% 65.57% 70.48% 71.97% 71.82% 56.45% 66.16% 83.98% 73.40% 86.91% 74.79%
SG&A Expenses to Revenue		 57.12% 37.21% 49.50% 51.76% 40.14% 40.72% 43.35% 53.33% 51.20% 126.35% 49.18%
R&D to Revenue		 3.06% 0.24% 0.10% 0.11% 0.10% 0.10% 0.13% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 115.33% 93.64% 88.34% 198.75% 71.85% 81.61% 76.57% 93.49% 95.24% 157.60% 82.57%
Earnings before Interest and Taxes (EBIT)		 -6.91 -4.89 -3.95 -12 -2.94 0.35 -2.25 -3.56 -2.70 -4.82 -2.41
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -5.75 -3.76 -2.94 -11 -2.60 0.63 -2.14 -3.44 -2.58 -4.76 -2.34
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.14 0.33 0.67 0.30 0.36 0.37 0.50 0.58 0.74 0.89 1.34
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.27 0.03 0.16 0.39 0.49 0.66 0.70 0.92 1.35
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 -0.22 -0.20 -0.35 -0.37 -0.32 -0.30 -0.29 -0.25
Long-Term Debt to Equity		 0.00 0.00 0.00 -0.17 -0.15 -0.24 -0.27 -0.23 -0.20 -0.19 -0.20
Financial Leverage		 -5.05 5.01 1.84 1.04 0.56 0.31 0.31 0.11 0.11 -0.02 0.00
Leverage Ratio		 12.86 -11.18 -4.41 -2.33 -1.50 -1.08 -0.98 -0.57 -0.53 -0.39 -0.38
Compound Leverage Factor		 13.57 -12.15 -4.85 -2.49 -1.82 7.26 -1.34 -0.70 -0.69 -0.46 -0.50
Debt to Total Capital		 0.00% 0.00% 0.00% -27.53% -25.57% -54.89% -58.15% -47.00% -41.86% -40.34% -33.18%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% -5.41% -7.02% -17.36% -15.90% -13.79% -13.98% -13.09% -6.30%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% -22.12% -18.55% -37.53% -42.25% -33.20% -27.88% -27.25% -26.88%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 127.53% 125.57% 154.89% 158.15% 147.00% 141.86% 140.34% 133.18%
Debt to EBITDA		 0.00 0.00 0.00 -0.24 -0.28 -0.61 -0.73 -1.37 -1.31 -0.72 -0.67
Net Debt to EBITDA		 0.00 0.00 0.00 0.36 0.30 -0.04 0.03 -0.27 0.09 -0.03 -0.01
Long-Term Debt to EBITDA		 0.00 0.00 0.00 -0.19 -0.20 -0.42 -0.53 -0.97 -0.87 -0.49 -0.54
Debt to NOPAT		 0.00 0.00 0.00 -0.28 -0.33 -0.64 -0.78 -1.27 -1.24 -0.99 -0.91
Net Debt to NOPAT		 0.00 0.00 0.00 0.43 0.36 -0.04 0.03 -0.25 0.09 -0.04 -0.02
Long-Term Debt to NOPAT		 0.00 0.00 0.00 -0.22 -0.24 -0.43 -0.57 -0.90 -0.83 -0.67 -0.74
Altman Z-Score		 -2.50 -2.71 -2.90 -6.28 -6.01 -8.97 -9.43 -13.16 -11.89 -16.14 -15.97
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.82 0.82 0.82 0.92 0.82 0.63 0.65 0.52 0.53 0.40 0.38
Quick Ratio		 0.23 0.18 0.14 0.19 0.17 0.14 0.07 0.11 0.07 0.04 0.06
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 23 6.34 6.77 2.09 8.12 -1.69 0.92 -6.40 -1.67 1.59 2.75
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 59.65 14.88 17.01 2.40 13.09 -0.63 1.13 -7.88 -2.10 1.97 3.55
Operating Cash Flow to Interest Expense		 -17.19 -1.00 -9.01 -3.58 -6.09 -1.74 -0.14 -3.95 0.80 -5.92 -0.62
Operating Cash Flow Less CapEx to Interest Expense		 -17.17 -1.00 -9.01 -3.58 -6.09 -1.74 -0.14 -3.95 0.80 -5.92 -0.62
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.18 0.91 0.95 0.96 1.08 1.26 1.21 1.45 1.31 1.47 1.35
Accounts Receivable Turnover		 38.61 16.47 17.35 16.04 15.25 12.25 20.14 13.29 12.18 12.15 15.25
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 51.55 35.10 35.76 49.97 50.70 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 12.29 7.94 7.65 8.06 6.06 4.92 5.39 4.86 3.51 3.93 3.03
Days Sales Outstanding (DSO)		 9.45 22.16 21.04 22.75 23.94 29.79 18.13 27.47 29.97 30.03 23.94
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 29.69 45.98 47.74 45.27 60.27 74.26 67.72 75.16 104.00 92.86 120.58
Cash Conversion Cycle (CCC)		 -20.24 -23.82 -26.70 -22.51 -36.33 -44.47 -49.59 -47.68 -74.04 -62.83 -96.64
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -23 -27 -28 -34 -34 -27 -31 -30 -34 -32 -35
Invested Capital Turnover		 -3.75 -1.69 -1.48 -1.09 -1.04 -1.04 -0.90 -0.75 -0.62 -0.59 -0.50
Increase / (Decrease) in Invested Capital		 -28 -9.95 -9.62 -11 -10 -0.19 -2.50 3.88 -0.27 -5.03 -4.49
Enterprise Value (EV)		 -9.31 -1.33 9.34 1.05 4.64 11 13 16 15 16 22
Market Capitalization		 4.94 12 23 9.56 11 10 13 14 16 16 22
Book Value per Share		 ($1.27) ($1.72) ($1.41) ($2.49) ($2.29) ($2.02) ($2.04) ($2.17) ($1.93) ($1.87) ($1.43)
Tangible Book Value per Share		 ($3.24) ($3.04) ($2.32) ($2.58) ($2.35) ($2.05) ($2.07) ($2.19) ($1.93) ($1.88) ($1.43)
Total Capital		 -9.24 -13 -14 -20 -22 -18 -19 -22 -24 -23 -26
Total Debt		 0.00 0.00 0.00 5.54 5.61 9.82 11 10 9.84 9.36 8.78
Total Long-Term Debt		 0.00 0.00 0.00 4.45 4.07 6.71 8.07 7.31 6.55 6.32 7.11
Net Debt		 -14 -13 -14 -8.52 -6.20 0.59 -0.40 2.07 -0.68 0.41 0.15
Capital Expenditures (CapEx)		 -0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -18 -17 -17 -14 -14 -13 -15 -15 -18 -21 -24
Debt-free Net Working Capital (DFNWC)		 -3.63 -3.76 -3.62 -0.40 -1.75 -3.98 -3.89 -6.37 -7.41 -12 -15
Net Working Capital (NWC)		 -3.63 -3.76 -3.62 -1.49 -3.29 -7.09 -6.93 -9.40 -11 -15 -17
Net Nonoperating Expense (NNE)		 2.38 1.42 1.50 4.43 1.42 -0.73 1.49 1.85 1.55 2.18 1.44
Net Nonoperating Obligations (NNO)		 -14 -13 -14 -8.52 -6.20 0.59 -0.40 2.07 -0.68 0.41 0.15
Total Depreciation and Amortization (D&A)		 1.17 1.14 1.01 1.03 0.34 0.28 0.11 0.12 0.11 0.07 0.06
Debt-free, Cash-free Net Working Capital to Revenue		 -49.57% -46.43% -50.10% -45.85% -45.48% -46.89% -58.05% -60.65% -84.65% -121.42% -142.80%
Debt-free Net Working Capital to Revenue		 -10.06% -10.11% -10.52% -1.28% -5.88% -14.12% -14.67% -26.36% -35.00% -70.33% -90.74%
Net Working Capital to Revenue		 -10.06% -10.11% -10.52% -4.73% -11.04% -25.15% -26.12% -38.94% -50.52% -87.66% -100.80%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.98) ($0.72) ($0.46) ($1.23) ($0.30) ($0.10) ($0.21) ($0.28) ($0.20) ($0.26) ($0.13)
Adjusted Weighted Average Basic Shares Outstanding		 7.48M 6.95M 9.41M 10.63M 12.04M 11.51M 14.77M 15.50M 17.30M 17.37M 24.68M
Adjusted Diluted Earnings per Share		 ($0.98) ($0.72) ($0.46) $0.00 ($0.30) ($0.10) ($0.21) ($0.28) ($0.20) ($0.26) ($0.13)
Adjusted Weighted Average Diluted Shares Outstanding		 7.48M 6.95M 9.41M 11.05M 12.04M 11.51M 14.77M 15.50M 17.30M 17.37M 24.68M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($0.72) $0.00 $0.00 $0.00 ($0.10) $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 7.81M 10.30M 10.31M 11.05M 13.75M 0.00 14.90M 0.00 0.00 0.00 0.00
Normalized Net Operating Profit after Tax (NOPAT)		 -4.92 -4.84 -2.85 -3.28 -2.14 -1.88 -1.58 -2.52 -1.94 -3.45 -1.74
Normalized NOPAT Margin		 -56.31% -55.63% -41.17% -45.62% -30.57% -26.64% -29.91% -54.23% -48.05% -101.16% -40.15%
Pre Tax Income Margin		 -83.58% -61.07% -62.89% -181.19% -50.80% -33.21% -58.28% -93.88% -86.55% -165.08% -73.49%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -18.05 -11.48 -9.92 -13.94 -4.74 0.13 -2.75 -4.38 -3.38 -5.99 -3.11
NOPAT to Interest Expense		 -12.85 -8.47 -7.15 -9.85 -3.45 -0.70 -1.92 -3.11 -2.43 -4.28 -2.24
EBIT Less CapEx to Interest Expense		 -18.03 -11.48 -9.92 -13.94 -4.74 0.13 -2.75 -4.38 -3.38 -5.99 -3.11
NOPAT Less CapEx to Interest Expense		 -12.82 -8.47 -7.15 -9.85 -3.45 -0.70 -1.92 -3.11 -2.43 -4.28 -2.24
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Marpai, Inc. (NASDAQ: MRAI) continues to operate with significant losses, though Q1 2026 showed some improvement in operating cash flow versus late 2025. Revenue in Q1 2026 rose to $4.3 million from $3.4 million in Q4 2025, while gross profit also improved. However, the company still posted a net loss of $3.2 million and remained cash-flow negative from operations.

Revenue trend: Marpai’s top line has been volatile, but the most recent quarter showed sequential improvement. Revenue increased to $4.33 million in Q1 2026 from $3.41 million in Q4 2025, and was slightly above Q3 2025. That said, revenue is still well below the levels seen in early 2024 and late 2023.

Profitability trend: Gross profit improved to $1.09 million in Q1 2026 from $446,000 in Q4 2025, but operating expenses were still far too high, leading to an operating loss of $2.48 million. Interest expense remained heavy at $775,000, leaving the company with a pre-tax loss of $3.18 million.

Cash flow trend: Operating cash burn improved meaningfully in Q1 2026. Net cash used in operating activities was $477,000, better than the $4.8 million outflow in Q4 2025 and the $3.2 million outflow in Q2 2025. Even so, Marpai is not yet generating sustainable operating cash flow.

Balance sheet snapshot: At March 31, 2026, Marpai reported $10.4 million in current assets, including $8.4 million of restricted cash and $201,000 of cash and equivalents. Total liabilities were $46.2 million, while shareholders’ equity was negative $35.2 million, signaling a highly leveraged and financially strained balance sheet.

  • Revenue improved quarter over quarter, rising to $4.33 million in Q1 2026 from $3.41 million in Q4 2025.
  • Gross profit expanded to $1.09 million from $446,000, showing better near-term revenue/cost execution.
  • Operating cash outflow narrowed sharply to $477,000 from $4.78 million in Q4 2025.
  • Financing activity provided a small cash boost, with net financing cash flow of $160,000 in Q1 2026.
  • Restricted cash remained substantial at $8.43 million, which supports liquidity but may not be freely available for operations.
  • Debt balances remain significant, with $1.67 million of short-term debt and $6.66 million of long-term debt at quarter end.
  • Share count has risen over time, indicating dilution risk from repeated equity issuance.
  • Net loss remained large at $3.18 million in Q1 2026, despite the sequential revenue improvement.
  • Operating expenses still overwhelmed gross profit, producing a $2.48 million operating loss.
  • Equity was deeply negative at $35.2 million, underscoring a weak capital structure and elevated financial risk.

Longer-term view: Compared with 2024, Marpai’s revenue base has shrunk and profitability has deteriorated. In 2024, the company at times generated much higher revenue, but operating losses, impairment charges, and heavy financing needs drove losses deep into the red. Since then, revenue has come down and the balance sheet has remained pressured.

Bottom line: Marpai showed some operational improvement in Q1 2026, especially on cash burn and gross profit. But the company still faces major challenges: recurring losses, a heavy debt load, negative equity, and dependence on outside financing. For retail investors, this remains a high-risk turnaround story rather than a fundamentally stable business.

07/21/26 02:47 AM ETAI Generated. May Contain Errors.

Marpai Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Marpai's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Marpai's net income appears to be on an upward trend, with a most recent value of -$16.56 million in 2025, rising from -$3.87 million in 2020. The previous period was -$22.09 million in 2024.

Marpai's total operating income in 2025 was -$13.55 million, based on the following breakdown:
  • Total Gross Profit: $4.20 million
  • Total Operating Expenses: $17.75 million

Over the last 5 years, Marpai's total revenue changed from $0.00 in 2020 to $17.52 million in 2025, a change of 1,751,900,000.0%.

Marpai's total liabilities were at $43.47 million at the end of 2025, a 7.1% increase from 2024, and a 333.4% increase since 2020.

In the past 5 years, Marpai's cash and equivalents has ranged from $133 thousand in 2025 to $19.18 million in 2021, and is currently $133 thousand as of their latest financial filing in 2025.

Over the last 5 years, Marpai's book value per share changed from -1.44 in 2020 to -1.87 in 2025, a change of 30.2%.


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Financial statements for NASDAQ:MRAI last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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