Marpai (MRAI) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 9.6% YoY to $4.424M, with operating loss narrowing to $2.506M; 9M revenue fell 7.6% to $13.034M and net loss was $11.052M.

• Unrestricted cash was $360K at September 30, against $11.557M of 9M operating cash outflow; management concluded substantial doubt exists about continuing as a going concern for the next 12 months.

• Priorities include winning customers, expanding TPA and PBM services, accelerating claims automation and moving toward sustainable profitability.

Financial highlights

• Q3 net loss was $3.286M versus $3.494M YoY; net loss attributable to common stockholders was $3.448M, including $162K of cumulative preferred dividends.

• 9M operating loss was $8.423M versus $8.627M; net loss was $11.052M versus $10.934M, and loss per share improved to $0.43 from $0.69.

• Q3 cost of revenue increased 14.7% YoY to $3.4M, while 9M cost of revenue fell 5.3% to $9.8M; 9M G&A rose 7.3% to $7.3M.

Outlook and guidance

• Additional capital is required to fund operations and investment until cash self-sufficiency; plans include equity, debt and potentially non-strategic asset sales, with no assurance of favorable terms or completion.

• AXA minimum annual payments are $0 in 2026, $1.0M in 2027, $5.0M in 2028 and ~$22.3M in 2029; additional indebtedness is restricted under the amendment.

• The goal is a more automated, scalable platform that can support significantly more business without a corresponding increase in administrative expense.