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Marpai Inc. (MRAI-1.02%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing shows a decrease in revenue to $7.0 million for the three months ended September 30, 2024, from $8.7 million in the same period of 2023, attributed to customer turnover.
Cost of revenue for the quarter was $5.0 million, down from $5.7 million in the previous year, aligning with the decrease in revenue.
General and administrative expenses decreased to $2.8 million from $5.0 million, due to aligning two TPA companies into one and eliminating non-value-added services.
Sales and marketing expenses were reduced to $345 thousand from $1.8 million, also due to the alignment of TPA companies.
Information technology expenses remained stable at $1.3 million compared to the previous year.
Research and development expenses decreased significantly to $7 thousand from $267 thousand, due to focusing efforts and eliminating certain projects.
Depreciation and amortization expenses were $213 thousand, down from $927 thousand, primarily due to impairment of intangibles and reduction in software amortization.
The company recorded an impairment charge of $7.6 million for goodwill and intangible assets in June 2024.
Net loss for the quarter was $3.6 million, a reduction from $7.3 million in the previous year, with a net loss per share of $0.30 compared to $0.98.
Marpai reported an accumulated deficit of approximately $97.7 million and negative working capital of approximately $3.3 million as of September 30, 2024.
The company raised $8.6 million from financing activities during the nine months ended September 30, 2024, including private offerings and convertible debentures.
Marpai's management has raised substantial doubt about the company's ability to continue as a going concern due to its liquidity condition.
The filing also details various financial agreements, including securities purchase agreements and convertible debentures.
Marpai's common stock was transitioned from Nasdaq (NDAQ+0.38%) to OTCQX Market in May 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Marpai Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.