Marpai(US:MRAI)2025-03-26 22:31Financial Performance - Q4 2024 net revenues were $6.6 million, a decrease of $0.4 million, or 6.0% lower than Q3 2024[5] - Full year 2024 net revenues were $28.2 million, down $9.0 million, or 24.2% lower year over year[5] - Adjusted EBITDA for the year ended December 31, 2024 amounted to a loss of $9.1 million, an improvement from a loss of $20.2 million in 2023[4] - Net loss for the fiscal year was $22.1 million, an improvement of $6.7 million, or 23.2% lower year over year[5] - Basic and diluted earnings per share in Q4 2024 were ($0.08), an improvement of $0.22 per share compared to Q3 2024[5] - Net loss for the year ended December 31, 2024, was $22,088,000, an improvement from a net loss of $28,752,000 in 2023, representing a 23.3% reduction[22] - Adjusted EBITDA for the year ended December 31, 2024, was $(9,057,000), compared to $(20,181,000) in 2023, indicating a significant improvement of 55.1%[25] Operating Expenses and Cash Flow - Operating expenses for the fiscal year ended December 31, 2024 were $31.2 million, an improvement of $9.7 million, or 23.7% lower year over year[5] - Cash flows from operating activities resulted in a net cash used of $15,158,000 for 2024, slightly better than $15,749,000 in 2023[22] - Total cash, cash equivalents, and restricted cash at the end of the period decreased to $9,232,000 from $13,492,000 at the beginning of the period, reflecting a decrease of 31.7%[22] - Cash paid for interest in 2024 was $1,742,000, compared to no interest paid in 2023[23] Assets and Liabilities - Marpai's total current assets decreased to $11.9 million as of December 31, 2024, down from $17.1 million in 2023[18] - Total liabilities decreased to $40.6 million as of December 31, 2024, down from $45.1 million in 2023[18] Impairment and Depreciation - Impairment of goodwill and intangible assets increased to $7,588,000 in 2024 from $3,018,000 in 2023, indicating a rise of 151.5%[25] - Depreciation and amortization expenses decreased to $2,256,000 in 2024 from $3,897,000 in 2023, a reduction of 42.0%[25] Financing Activities - Proceeds from the issuance of convertible debentures amounted to $8,000,000 in 2024, with additional net cash provided by financing activities totaling $10,671,000[22] - The company reported a loss on debt extinguishment of $1,877,000 in 2024, with no such loss reported in 2023[25] Business Strategy - The company plans to introduce high-impact PBM-based products in the second half of 2025 to drive revenue growth[7] - The company is focused on streamlining costs while deploying innovative services, including the Empara Member Engagement Portal[7] Business Unit Sale - The company generated $227,000 from the sale of a business unit in 2024, down from $1,000,000 in 2023[22]