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Marpai
Marpai (MRAI) investor relations material
Marpai Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Revenue declined 36% year-over-year to $18.1 million, primarily due to a 28% customer attrition rate and market headwinds.
Net loss improved to $16.6 million from $22.1 million in the prior year, reflecting cost reductions and operational streamlining.
The company faces substantial doubt about its ability to continue as a going concern due to recurring losses, negative cash flows, and limited liquidity.
Strategic operational realignment in early 2026 aims to consolidate claims processing and reduce workforce by 10%.
Financial highlights
Revenue: $18.1 million in 2025 vs. $28.2 million in 2024 (down 36%).
Net loss: $16.6 million in 2025 vs. $22.1 million in 2024 (improved by 25%).
Operating loss: $13.6 million in 2025 vs. $22.1 million in 2024.
Cash and cash equivalents: $133 thousand as of December 31, 2025.
Accumulated deficit: $115.4 million as of December 31, 2025.
Negative working capital: $15.4 million as of December 31, 2025.
Outlook and guidance
Management expects to realize significant annualized operating expense savings from the 2026 restructuring.
Additional capital is required to fund operations and capital investments until revenue growth enables self-sufficiency.
If unable to raise capital, the company may be forced to scale back or divest assets.
Explain the 28% client attrition rate in 2025
Detail the 2026 claims engine consolidation plan
Describe the plan to settle the AXA liability
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Latest events from Marpai
- Q2 2024 saw a 28% revenue drop, $13M net loss, and a $7.6M impairment charge.MRAI
Q2 20242 Feb 2026 - Q3 2024 losses narrowed as cost cuts offset revenue decline, but liquidity risks remain.MRAIQ3 202415 Jan 2026
- Losses narrowed in 2024; new PBM products and partnerships target 2025 profitability.MRAIQ4 202426 Dec 2025
- Board seeks approval for director elections, auditor ratification, and preferred stock authorization.MRAIProxy Filing2 Dec 2025
- Shareholders will vote on director elections, auditor ratification, and preferred stock authorization.MRAIProxy Filing2 Dec 2025
- Facing ongoing losses and liquidity risks, the company relies on new capital to sustain operations.MRAIRegistration Filing29 Nov 2025
- Q2 2025 saw revenue drop but major cost cuts, with profitability targeted for early 2026.MRAIQ2 202523 Nov 2025
- Revenue fell 27% to $5.4M; net loss improved, but liquidity and funding risks remain.MRAIQ1 202519 Nov 2025
- Q3 2025 revenue fell 42%, but cost cuts and new funding drive a turnaround amid liquidity risks.MRAIQ3 202517 Nov 2025
Next Marpai earnings date
Q1 202614 May, 2026
Marpai
Next Marpai earnings date
Q1 202614 May, 2026
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