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

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 and negative working capital of $3.6 million as of March 31, 2024. Despite this, Marpai secured new financing through a Securities Purchase Agreement, selling Senior Secured Convertible Debentures for $11.0 million, which may provide some relief. The company's future plans include continued investment in its product portfolio and seeking additional funding through equity or debt securities to support operations and growth initiatives.