Marpai(MRAI) - 2025 Q3 - Quarterly Results

Financial Performance - Operating expenses decreased by 24%, from $5.0 million to $3.8 million, resulting in approximately $1.2 million in cost savings[7] - Operating loss narrowed by 9%, improving from $3.1 million to $2.8 million year-over-year[7] - Net loss improved by 2%, from $3.6 million to $3.5 million, reflecting a disciplined investment posture[7] - Revenue for the third quarter was $4.037 million, down from $7.008 million in the same quarter last year[18] - Net loss for the nine months ended September 30, 2025, was $10,934, compared to a net loss of $20,932 for the same period in 2024, representing a 47.8% improvement[20] Client Expansion - The company contracted over double-digit new clients for January 1, indicating significant client expansion[5] - The company aims to achieve profitability in the first quarter of 2026, supported by a strong pipeline and committed client base[6] Capital and Financing - Marpai successfully completed a PIPE transaction, raising gross proceeds of $3.9 million to support its turnaround strategy[9] - Financing activities generated a net cash inflow of $3,473, down from $8,567 in the previous year, primarily due to lower proceeds from convertible debentures[20] Asset and Liability Management - The total assets decreased slightly from $12.878 million in December 2024 to $12.753 million in September 2025[16] - Total liabilities increased from $40.587 million in December 2024 to $46.099 million in September 2025[16] Cash Flow and Expenses - Cash flows from operating activities showed a net cash used of $2,690, significantly reduced from $10,478 in the prior year, indicating improved operational efficiency[20] - Cash provided by investing activities increased to $500 from $227 year-over-year, reflecting a positive trend in asset management[20] - Total cash, cash equivalents, and restricted cash at the end of the period was $10,515, a decrease from $11,808 at the end of the previous year[20] - Cash paid for interest decreased to $1,133 from $1,508, indicating a reduction in interest expenses[20] - The company reported a depreciation and amortization expense of $321, down from $2,078, suggesting a decrease in asset write-downs[20] - Share-based compensation expenses were $1,458, compared to $2,786 in the prior year, reflecting cost management efforts[20] - The company recorded a loss on the sale of receivables of $306 in the previous year, which was eliminated in the current period[20] - The company had cash and cash equivalents of $445 and restricted cash of $10,070 at the end of the period, indicating a strong liquidity position[20] Shareholder Value - Earnings per share strengthened by $0.10, highlighting improving shareholder value metrics[7]