Core Insights - Marpai, Inc. is experiencing a significant turnaround driven by cost discipline and operational efficiency, positioning itself for strong growth in 2026 [1][2]. Financial Performance - For Q3 2025, Marpai achieved a 24% reduction in operating expenses, decreasing from $5.0 million to $3.8 million, resulting in approximately $1.2 million in cost savings [3][10]. - The operating loss improved by 9%, narrowing from $3.1 million to $2.8 million year-over-year, indicating consistent progress towards profitability [3][10]. - The net loss showed a slight improvement of 2%, decreasing from $3.6 million in Q3 2024 to $3.5 million in Q3 2025 [10]. Growth Outlook - Marpai's sales momentum is strong, with over double-digit new clients contracted for January 1, 2026, indicating a considerable increase in the client base [4]. - The integrated MarpaiRx PBM offering is gaining traction, expanding the total addressable market and enhancing value per client [4]. Strategic Initiatives - The company is focusing on automation, data-driven claims management, and integrated pharmacy benefits to meet industry demand for cost transparency and smarter benefits administration [5]. - Marpai completed a Private Investment in Public Equity (PIPE) transaction, raising gross proceeds of $3.9 million, which will support its turnaround strategy [6]. Operational Efficiency - The company is operating with a leaner model designed to convert future revenue growth into earnings leverage, with a strong pipeline for 2026 [5]. - Marpai's disciplined investment approach and operational rigor are transitioning it from a turnaround story to one focused on profitability and shareholder value [5].