10-Q · May 15, 2026
Marpai, Inc. reported revenues of $4.4 million for Q1 2026, a decline of 18.0% from $5.4 million in Q1 2025. The net loss widened slightly to $3.2 million, with diluted EPS improving to -$0.13 from -$0.21…
Earnings analysis · 10-Q
MRAI earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
The extracted 10-Q does not include income-statement, segment, or cash-flow results, so revenue, margin, EPS, and free-cash-flow trends cannot be assessed from this filing. Cash increased slightly from $133 thousand to…
Read full summary
The extracted 10-Q does not include income-statement, segment, or cash-flow results, so revenue, margin, EPS, and free-cash-flow trends cannot be assessed from this filing. Cash increased slightly from $133 thousand to $138 thousand between December 31, 2025 and June 30, 2026, while customer receivables remained concentrated. Management reported effective controls, but the strategic-alternatives review, limited liquidity, and customer concentration remain material risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
-
Controls remained effective
Management concluded that disclosure controls and procedures were effective as of June 30, 2026, and reported no changes during the second quarter that materially affected internal control over financial reporting.
-
Cash balance increased modestly
Cash and cash equivalents increased to $138 thousand at June 30, 2026 from $133 thousand at December 31, 2025.
-
No legal proceedings or material inflation impact
The company reported no legal proceedings in Part II, Item 1, and stated that inflation had not materially affected operations during the six months ended June 30, 2026.
What to watch
-
Receivables remain customer-concentrated
Customer concentration remains a receivables risk: two customers represented 18.0% and 16.0% of accounts receivable at June 30, 2026, versus 19.5% and 19.1% at December 31, 2025. Loss or deterioration of a major customer could reduce revenue and adversely affect results.
-
NIS currency exposure
The filing identifies foreign-exchange exposure because revenue is denominated in U.S. dollars while expenses are incurred in the United States and Israel. A hypothetical 10% change in the NIS/U.S. dollar exchange rate would not have been material for the six months ended June 30, 2026, but future exposure could increase.
-
Strategic-alternatives process risk
Part II, Item 1A adds a risk related to the review of strategic alternatives. The Board has not set a timetable, and the process could generate legal, advisory and other costs regardless of whether a transaction is completed, reducing cash available for the business.
Management's outlook
No quantitative revenue or EPS outlook is provided in the extracted 10-Q. The filing discusses strategic alternatives but provides no operating forecast.
Earlier filings 4
10-K · March 25, 2026
Marpai positions itself as a technology-driven TPA/PBM and in-house ancillary services provider targeting self-insured small and mid-sized employers, citing a $1.6 trillion U.S. private health insurance market (CMS,…
10-Q · November 12, 2025
Marpai reported Q3 2025 revenue of $4.037 million (vs $7.008 million in Q3 2024), with a GAAP net loss of $3.494 million (EPS $(0.20)). Revenue declined materially year-over-year while operating loss improved slightly…
10-K · March 27, 2025
Marpai describes itself as a technology-driven TPA targeting self‑insured small and mid‑sized employers, emphasizing AI/data analytics via its “Marpai Saves” bundle and the myMarpai app to reduce costs and improve…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.