Marpai, Inc. reported Q2 2024 revenue of $7.2 million, down 28.4% from $10 million in Q2 2023, primarily due to customer turnover. The company recorded a net loss of $13 million compared to $7.6 million loss in Q2 2023, including a $7.6 million impairment charge for goodwill and intangible assets. Cost of revenue decreased 19.5% to $5.2 million, while operating expenses declined across most categories.The company achieved significant cost reductions through operational streamlining, with general and administrative expenses decreasing 35% to $3.7 million and sales and marketing expenses dropping 70.4% to $436,000. Research and development costs were cut by 98.5% to $8,000 as the company eliminated non-value added development projects. Interest expenses increased to $872,000 due to new debt financing.As of June 30, 2024, Marpai had $1.3 million in unrestricted cash and negative working capital of $1.5 million. Management raised concerns about the company's ability to continue as a going concern and is exploring strategic alternatives including potential investment financing, business combinations or sale of the company. The company also transitioned from Nasdaq to the OTCQX Market in May 2024.

Marpai, Inc. reported Q2 2024 revenue of $7.2 million, down 28.4% from $10 million in Q2 2023, primarily due to customer turnover. The company recorded a net loss of $13 million compared to $7.6 million loss in Q2 2023, including a $7.6 million impairment charge for goodwill and intangible assets. Cost of revenue decreased 19.5% to $5.2 million, while operating expenses declined across most categories.The company achieved significant cost reductions through operational streamlining, with general and administrative expenses decreasing 35% to $3.7 million and sales and marketing expenses dropping 70.4% to $436,000. Research and development costs were cut by 98.5% to $8,000 as the company eliminated non-value added development projects. Interest expenses increased to $872,000 due to new debt financing.As of June 30, 2024, Marpai had $1.3 million in unrestricted cash and negative working capital of $1.5 million. Management raised concerns about the company's ability to continue as a going concern and is exploring strategic alternatives including potential investment financing, business combinations or sale of the company. The company also transitioned from Nasdaq to the OTCQX Market in May 2024.