Summary by Futu AI
Marpai, Inc. reported a decrease in revenue for the first quarter of 2024, with total revenue falling to $7.4 million from $9.7 million in the same period last year, marking a 23.6% decline. The company's operating loss improved, however, decreasing by 52.3% to $4.1 million from $8.5 million year-on-year. Net loss also saw a reduction, down 51.0% to $4.3 million, with a net loss per share of $0.46 compared to $1.68 in the previous year. The company's cost of revenue and expenses across various departments, including general and administrative, sales and marketing, and information technology, all saw significant decreases as a result of cost-saving measures and the alignment of two TPA companies into one. Marpai's liquidity position remains challenging, with an accumulated deficit of $81.1 million...Show More