MRAI earnings analysis
What we found in MRAI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they said about what is next.
No quantitative revenue or EPS outlook is provided in the extracted 10-Q. The filing discusses strategic alternatives but provides no operating forecast.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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