In This Story
Marpai Inc. (MRAI) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $22.1 million for the year, compared to a net loss of $28.8 million in the previous year. This reduction in loss is attributed to various cost-cutting measures, including the reduction of redundant facilities and improved operations.
Revenue for the year was $28.2 million, a decrease from $37.2 million in 2023. The decline in revenue was primarily due to customer turnover.
The company reported a goodwill and intangible asset impairment charge of $7.6 million during the year, reflecting changes in market conditions and stock price.
Operating expenses were reduced across several areas, including general and administrative expenses, which decreased from $19.2 million to $12.8 million.
Marpai Inc. raised additional capital through private placements, issuing 5,555,996 shares of common stock during the year. The company also entered into a securities purchase agreement with JGB, resulting in the issuance of convertible debentures.
As of December 31, 2024, Marpai had an accumulated deficit of $98.8 million and negative working capital of $7.1 million. The company continues to evaluate additional funding alternatives to support its operations.
Marpai's cash and cash equivalents, including restricted cash, totaled $9.2 million at the end of the year, down from $13.5 million in the previous year.
The company has identified substantial doubt about its ability to continue as a going concern, citing recurring operating losses and negative cash flows from operations.
Marpai's internal control over financial reporting was deemed effective as of December 31, 2024, although the company acknowledges the challenges of operating as a public company.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Marpai Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.