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MARKETS / BALCAO / MRAI
BALCAO · SERVICES-MISC HEALTH & ALLIED SERVICES, NEC · SMALL CAP

Marpai, Inc. MRAI

6 fiscal years on record · USD · FY2025 reported · SEC filings only
$18.1M
▼ 35.8% YoY
$-16.6M
In brief

What this company does

We are a technology platform company which operates subsidiaries that provide Third Party Administrator (“TPA”), Pharmacy Benefit Management (“PBM”), and value-oriented health plan services to employers that directly pay for employee health benefits. We provide affordable, intelligent, healthcare programs for self-insured employers in the U.S. We derive our revenues from three general sources: Health Plan Administration services, In-House Ancillary services, and Third-Party Vendor services. As of December 31, 2025, we had a total of 107 full-time employees. We compete with nearly 1,000 health insurance entities, all of whom are vying for the same business - the management of healthcare benefits for self-insured employers.

Written from the business description in Marpai, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 25 March 2026. Every sentence was checked against that document before publication.

Growth
USD 18.1M
Revenue, FY2025 · full 6-year series below
Revenue $M Net income $M
FY2025 · Revenue 18.1 · Net income -16.6
20M-10M-20M202020212022202320242025
Compound annual growth
−9.4%
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−91 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -74.9% · Net -91.5%
-50%-100%202020212022202320242025
ROE
FY2022 · ROE -147.7%
-50%-100%202020212022202320242025

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2022 · FCF -35.6
-20M202020212022202320242025

Total assetsUSD 10.9M
EquityUSD -32.6M
CashUSD 133,000.00
Gross debtUSD 19.4M
Net debtUSD 19.3M
Current ratio0.40×

Equity was negative — liabilities exceeded assets. No ratio is shown.

The 6-year record
6 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023202220212020
Revenue $B0.00.00.00.00.0·
Operating income $B−0.0−0.0−0.0−0.0−0.0−0.0
EBITDA $B−0.0−0.0−0.0−0.0−0.0−0.0
Income tax $B·−0.0−0.0−0.0−0.0·
Net income $B−0.0−0.0−0.0−0.0−0.0−0.0
Free cash flow $B···−0.0−0.0−0.0
EPS, diluted $−0.95−1.92−4.14−5.23−1.59−1.60
Dividend / sh $······
Payout %······
ROE %···−147.7−122.0·
Shares out B0.020.010.010.010.020.00

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 24 reconciliationsAUDITED

Reconciled in 6 of 19 fiscal years. 66 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityServices-Misc Health & Allied Services, NEC
Listed onOTC market
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categoryemerging growth company, smaller reporting company
Data on record since2020

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