Revenue Performance - Total revenue for the three months ended September 30, 2024, was $7.0 million, a decrease of 19.7% from $8.7 million in the same period of 2023[110] - For the nine months ended September 30, 2024, total revenue was $21.6 million, down 24.1% from $28.4 million in 2023[111] Cost and Expenses - Cost of revenue for the three months ended September 30, 2024, was $5.0 million, a decrease of 11.6% from $5.7 million in 2023[113] - General and administrative expenses for the three months ended September 30, 2024, were $2.8 million, down 43.6% from $5.0 million in 2023[115] - General and administrative expenses decreased to $10.0 million for the nine months ended September 30, 2024, down from $15.9 million for the same period in 2023, a reduction of approximately 37.7%[116] - Sales and marketing expenses for the nine months ended September 30, 2024, were $1.4 million, a decrease of 74.5% from $5.5 million in the same period in 2023[118] - Information technology expenses decreased to $3.6 million for the nine months ended September 30, 2024, compared to $4.8 million for the same period in 2023, a reduction of 25%[120] - Research and development expenses fell to $22 thousand for the nine months ended September 30, 2024, down from $1.3 million in the same period in 2023, a decrease of approximately 98.3%[122] - The company reported a significant decrease in research and development expenses, down 97.4% to $7,000 for the three months ended September 30, 2024[108] - Depreciation and amortization expenses decreased to $2.1 million for the nine months ended September 30, 2024, from $3.0 million in the same period in 2023, a reduction of approximately 30%[124] Operating Performance - Operating loss for the three months ended September 30, 2024, was $(3.1) million, a 56.5% improvement from $(7.0) million in 2023[108] - Net loss for the three months ended September 30, 2024, was $(3.6) million, a 51.2% improvement from $(7.3) million in 2023[108] Strategic Initiatives - The company is exploring strategic alternatives to maximize shareholder value, including potential mergers or sales[105] - The company plans to adapt its approach to better serve customer needs amid evolving market conditions[110] Financial Position - As of September 30, 2024, the company had an accumulated deficit of approximately $97.7 million and unrestricted cash and cash equivalents of approximately $830 thousand[128] - Net cash used in operating activities totaled $10.3 million for the nine months ended September 30, 2024, a decrease of $5.0 million compared to $15.3 million for the same period in 2023[138] - The company raised $8.6 million from financing activities during the nine months ended September 30, 2024, an increase of approximately 32.6% compared to $6.4 million in the same period in 2023[139] Impairment and Interest - The company recorded a goodwill and intangible asset impairment charge of $7.6 million in June 2024 due to continued operating losses and negative cash flows[125] - Interest expense increased to $1.9 million for the nine months ended September 30, 2024, compared to $1.1 million for the same period in 2023, an increase of approximately 71.8%[127] Stock Listing - The company transitioned its common stock listing from Nasdaq to OTCQX effective May 29, 2024[103]

Financial Performance - Net revenues for Q3 2024 were approximately $7.0 million, down $1.7 million, or 20% year over year compared to Q3 2023[2] - Operating expenses decreased to $10.1 million, down $5.7 million, or 36% year over year compared to Q3 2023[2] - Operating loss was $3.1 million, a reduction of $4.0 million, or 57% lower year over year compared to Q3 2023[3] - Net loss for Q3 2024 was $3.6 million, down $3.7 million, or 51% lower year over year compared to Q3 2023[3] - Net loss for the nine months ended September 30, 2024, was $20,932 thousand, compared to a net loss of $23,725 thousand for the same period in 2023, representing a 12% improvement[14] Earnings and Shareholder Value - Basic and diluted earnings per share improved to ($0.30), up $0.68 per share year over year compared to Q3 2023[4] Cash Flow and Liquidity - Cash used in operating activities decreased to $10,251 thousand from $15,324 thousand year-over-year, indicating a 33% reduction in cash outflow[14] - Total cash, cash equivalents, and restricted cash at the end of the period was $11,808 thousand, down from $14,252 thousand at the end of September 30, 2023[14] - The company experienced a net cash provided by financing activities of $8,567 thousand, compared to $6,432 thousand in the prior year[14] Assets and Liabilities - Total current assets decreased to $14.9 million as of September 30, 2024, down from $17.1 million at December 31, 2023[9] - Total liabilities increased to $47.2 million as of September 30, 2024, compared to $45.1 million at December 31, 2023[9] Company Strategy and Future Outlook - The company aims for profitability and positive cash flow as part of its turnaround efforts[4] - Marpai operates in the $22 billion TPA market, serving self-funded employer health plans with over $1 trillion in annual claims[6] - The company plans to announce exciting developments in the fourth quarter of 2024[4] Non-Cash and Other Expenses - The company reported a non-cash interest expense of $975 thousand for the nine months ended September 30, 2024[14] - Share-based compensation increased to $2,786 thousand from $1,837 thousand, reflecting a 52% rise year-over-year[14] - Impairment of goodwill and intangible assets was recorded at $7,588 thousand, indicating significant asset write-downs[14] - Cash paid for interest was $1,508 thousand, with no interest payments reported in the previous year[15] - The company reported a loss on the sale of receivables amounting to $306 thousand, which was not present in the previous year[14] - Proceeds from the issuance of convertible debentures amounted to $5,978 thousand, contributing to financing activities[14]

Turnaround continues to gain traction TAMPA, Fla., Nov. 11, 2024 /PRNewswire/ -- Marpai, Inc. ("Marpai" or the "Company") (OTCQX: MRAI), a technology platform company, which operates as a national Third-Party Administrator (TPA) through its subsidiaries and is transforming the $22 billion TPA market by offering affordable, intelligent, healthcare solutions to self-funded employer health plans, announced financial results for the third quarter of 2024. The Company expects to hold a webcast to discuss the res ...

TAMPA, Fla., Nov. 8, 2024 /PRNewswire/ -- Marpai, Inc. ("Marpai" or the "Company") (OTCQX: MRAI), a technology platform company, operates as a national Third-Party Administrator (TPA) through its subsidiaries. We're transforming the $22 billion TPA market by offering affordable, intelligent, healthcare solutions to selffunded employer health plans. The Company will host a conference call and webcast on Tuesday, November 12 at 8:30 a.m. ET to present the Company's operational and financial highlights for its ...

Company continues to grow with new business leveraging regional success in the southeast TAMPA, Fla., Aug. 27, 2024 /PRNewswire/ -- Marpai, Inc. ("Marpai" or the "Company") (OTCQX: MRAI), a technology platform company, operates as a national Third-Party Administrator (TPA) through its subsidiaries. We're transforming the $22 billion TPA market by offering affordable, intelligent, healthcare solutions to selffunded employer health plans. The Company announced that it has closed a new contract with a client w ...

Marpai, Inc. (OTCQX:MRAI) Q2 2024 Earnings Conference Call August 8, 2024 8:30 AM ET Company Participants Steve Johnson - Chief Financial Officer Damien Lamendola - Chief Executive Officer and Director Operator Good morning, and welcome to the Marpai Second Quarter 2024 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Steve Johnson, Chief Financial Officer. Please go ah ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40904 MARPAI, INC. (Exact Name of Registrant as Specified in Its Charter) | --- | |----------------| | | | | | | | | | | | | | | | | | Iden ...

Exhibit 99.1 MARPAI REPORTS SECOND QUARTER 2024 FINANCIAL RESULTS Company continues to drive towards profitability Tampa, August 7, 2024, Marpai, Inc. ("Marpai" or the "Company") (Nasdaq: MRAI), a technology platform company, which operates as a national Third-Party Administrator (TPA) through its subsidiaries and is transforming the $22 billion TPA market by offering affordable, intelligent, healthcare solutions to self-funded employer health plans, announced financial results for the second quarter of 202 ...

Company continues to drive towards profitability TAMPA, Fla., Aug. 7, 2024 /PRNewswire/ -- Marpai, Inc. ("Marpai" or the "Company") (OTCQX: MRAI), a technology platform company, which operates as a national Third-Party Administrator (TPA) through its subsidiaries and is transforming the $22 billion TPA market by offering affordable, intelligent, healthcare solutions to self-funded employer health plans, announced financial results for the second quarter of 2024. The Company expects to hold a webcast to disc ...

Powers will share his expertise at the following events: 1. HCAA TPA University (July 15-17, St. Louis) Premier event for third-party administrators and self-funded industry professionals Focus: Winning in the Transparent Marketplace: The Ethical Administrator https://www.hcaa.org 2. SIIA National Conference (October 8-10, Phoenix, AZ) Showcasing cutting-edge strategies and technologies in employee benefits and healthcare. Focus: Healthcare is Fixed. Join us to replicate the fixes. https://rosettafest.org A ...