Marpai(US:MRAI)2025-11-12 22:29Revenue Performance - Total revenue for Q3 2025 was $4.0 million, a decrease of 42.4% from $7.0 million in Q3 2024, primarily due to customer turnover [110]. - Total revenue for the nine months ended September 30, 2025, was $14.1 million, down 34.6% from $21.6 million in the same period of 2024 [111]. Expenses - General and administrative expenses for Q3 2025 were $2.1 million, a decrease of 26.5% from $2.8 million in Q3 2024 [114]. - General and administrative expenses for the nine months ended September 30, 2025, were $6.8 million, down 31.4% from $10.0 million in the same period of 2024 [115]. - Total costs and expenses for Q3 2025 were $6.8 million, a decrease of 32.4% from $10.1 million in Q3 2024 [108]. - Research and development expenses for Q3 2025 were negligible, reflecting a 100% decrease from $7,000 in Q3 2024 [108]. - Facilities expenses decreased by $180 thousand to $131 thousand for the three months ended September 30, 2025, compared to $311 thousand for the same period in 2024 [123]. - Net interest expense increased by $177 thousand to $797 thousand for the three months ended September 30, 2025, primarily due to loan modifications [125]. Losses - Operating loss for Q3 2025 was $2.8 million, an improvement of 9.4% compared to a loss of $3.1 million in Q3 2024 [108]. - Net loss for Q3 2025 was $3.5 million, a slight improvement of 1.9% from a net loss of $3.6 million in Q3 2024 [108]. - Net loss per share for Q3 2025 was $0.20, a 33.3% improvement from $0.30 in Q3 2024 [108]. - The company recognized a net loss of approximately $10.9 million for the nine months ended September 30, 2025 [127]. Cash Flow - Net cash used in operating activities totaled $2.7 million for the nine months ended September 30, 2025, a decrease from $10.5 million for the same period in 2024 [144]. - Net cash provided by financing activities was $3.5 million for the nine months ended September 30, 2025, a decrease of $5.1 million compared to $8.6 million for the same period in 2024 [146]. Strategic Initiatives - The company is exploring strategic alternatives to maximize shareholder value, which may include a merger or sale of the company [104]. - The company is evaluating additional funding alternatives and may need to scale back operations if unable to raise additional capital [141]. - Management has determined that the liquidity condition raises substantial doubt about the company's ability to continue as a going concern [142]. Financial Position - The company had an accumulated deficit of approximately $109.8 million and negative working capital of approximately $10.7 million as of September 30, 2025 [127]. - The company recorded a goodwill and intangible asset impairment charge of $7.6 million for the nine months ended September 30, 2024, due to continued operating losses and negative cash flows [122]. - The company entered into multiple securities purchase agreements, including a private placement of 3,850,000 shares at $1.00 per share on November 7, 2025 [140].