Marpai (MRAI) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was $4.4 million, down 18% year-over-year due to customer turnover.

• Net loss for Q1 2026 was $3.2 million, a 3.7% increase in loss compared to Q1 2025.

• The company is exploring strategic alternatives, including potential mergers, investments, or a sale.

• Board and management are focused on maximizing shareholder value amid ongoing financial challenges.

Financial highlights

• Cost of revenue decreased 7% year-over-year to $3.2 million.

• Operating loss increased to $2.5 million from $2.3 million year-over-year.

• Net cash used in operating activities was $477 thousand for Q1 2026, up from $115 thousand in Q1 2025.

• Unrestricted cash at March 31, 2026 was $201 thousand, with negative working capital of $16.7 million.

Outlook and guidance

• Management projects the need for additional capital to fund operations until revenue scales to self-sufficiency.

• If unable to raise capital, the company may need to scale back operations or divest assets.

• Substantial doubt exists about the company's ability to continue as a going concern over the next 12 months.