Marpai (MRAI)
OTHER OTC:MRAI
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Marpai
(OTC:MRAI)
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Rating:41Neutral
Price Target:
$0.26
▼(-64.66% Downside)
Action:ReiteratedDate:05/02/26
The score is held down primarily by deteriorating financial performance (shrinking revenue, large losses, negative equity, and ongoing cash burn). Technicals add further pressure due to a clear downtrend and negative MACD, while valuation is difficult to support with a negative P/E and no indicated dividend. Corporate events provide only modest near-term relief via extended insider note maturities, but also highlight continued liquidity dependence.
Positive Factors
Recurring TPA revenue model
Marpai's core TPA business generates recurring administrative fees from employer clients and targets self-funded plans, creating predictable revenue streams. Coupled with an AI-enabled platform, this business model supports client stickiness, long-term contractability, and revenue visibility over multiple quarters.
Negative Factors
Severe revenue decline
Top-line has halved over two years, eroding scale and undermining fixed-cost absorption. Persistent revenue contraction impairs operating leverage, hinders margin recovery, and lengthens the timeline to sustainable profitability absent clear sales/retention inflection or strategic market wins.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring TPA revenue model
Marpai's core TPA business generates recurring administrative fees from employer clients and targets self-funded plans, creating predictable revenue streams. Coupled with an AI-enabled platform, this business model supports client stickiness, long-term contractability, and revenue visibility over multiple quarters.
Read all positive factors
Marpai (MRAI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.53M
Dividend YieldN/A
Average Volume (3M)20.43K
Price to Earnings (P/E)―
Beta (1Y)-0.28
Revenue Growth-35.76%
EPS Growth53.73%
CountryUS
Employees117
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Plans
Share Statistics
EPS (TTM)-0.95
Shares Outstanding25,292,667
10 Day Avg. Volume21,648
30 Day Avg. Volume20,435
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)-0.34
Price to Sales (P/S)0.61
P/FCF Ratio-1.47
Enterprise Value/Market Cap0.79
Enterprise Value/Revenue0.28
Enterprise Value/Gross Profit1.09
Enterprise Value/Ebitda-0.40
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Marpai Business Overview & Revenue Model
Company Description
Marpai, Inc., a technology-driven healthcare payer, focuses on providing services to the self-insured employer market in the United States and Israel. The company offers ancillary services, such as care management, case management, actuarial servi...
How the Company Makes Money
Marpai primarily makes money by providing third-party administration services for employer-sponsored, self-funded health plans. Its revenue model is based on fees paid by employer clients for administering their health benefits, which can include ...
Marpai Earnings Call Summary
Earnings Call Date:Nov 12, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted significant operational improvements and strategic initiatives like cost reduction and new client acquisitions. However, the notable decline in net revenues and ongoing operating losses temper these achievements.Positive Updates
Significant Cost Savings in Operating Expenses
Operating expenses were $3.9 million, a 24% improvement over last year's third quarter.
Negative Updates
Significant Decline in Net Revenues
Net revenues were $4 million, approximately 42% lower than the third quarter of the previous year.
Read all updates
Q3-2025 Updates
Positive
Negative
Significant Cost Savings in Operating Expenses
Operating expenses were $3.9 million, a 24% improvement over last year's third quarter.
Read all positive updates
Company Guidance
In the third quarter of 2025, Marpai reported net revenues of $4 million, representing a 42% decrease compared to the same period in the previous year. Despite this drop in revenue, operating expenses improved by 24%, amounting to $3.9 million. The operating loss narrowed by 2% to $3.5 million, and the net loss reduced by 2% to $3 million. The loss per share improved by $0.10, reaching $0.20. The company emphasized its strategic initiatives to bolster financial stability, including a $3.9 million private investment in public equity. This capital raise is anticipated to support the final stages of their high-growth turnaround plan. Furthermore, Marpai is consolidating claims processing into a single advanced operating system, which is expected to generate substantial cost savings and accelerate profitability.Marpai Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
12
Very Negative
Cash Flow
14
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 18.10M | 28.17M | 37.16M | 24.34M | 14.23M |
| Gross Profit | 4.78M | 9.11M | 12.92M | 7.21M | 3.94M |
| EBITDA | -13.09M | -23.73M | -22.12M | -22.55M | -13.65M |
| Net Income | -16.56M | -22.09M | -28.75M | -26.47M | -15.98M |
Balance Sheet | |||||
| Total Assets | 10.90M | 12.88M | 31.68M | 49.95M | 44.20M |
| Cash, Cash Equivalents and Short-Term Investments | 133.00K | 764.00K | 1.15M | 13.76M | 19.18M |
| Total Debt | 9.62M | 1.04M | 4.20M | 6.08M | 1.30T |
| Total Liabilities | 43.47M | 40.59M | 45.12M | 43.82M | 14.49M |
| Stockholders Equity | -32.56M | -27.71M | -13.44M | 6.13M | 29.71M |
Cash Flow | |||||
| Free Cash Flow | -7.45M | -15.16M | -15.75M | -36.20M | -12.54M |
| Operating Cash Flow | -7.45M | -15.16M | -15.75M | -35.24M | -10.79M |
| Investing Cash Flow | 500.00K | 227.00K | 1.03M | 32.42M | 9.64M |
| Financing Cash Flow | 6.67M | 10.67M | 5.10M | 196.00 | 25.27M |
Marpai Technical Analysis
Negative
0.73
Price Trends
0.42
Negative
0.57
Negative
0.95
Negative
Market Momentum
-0.05
Negative
42.32
Neutral
45.68
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MRAI, the sentiment is Negative. The current price of 0.73 is above the 20-day moving average (MA) of 0.31, above the 50-day MA of 0.42, and below the 200-day MA of 0.95, indicating a bearish trend. The MACD of -0.05 indicates Negative momentum. The RSI at 42.32 is Neutral, neither overbought nor oversold. The STOCH value of 45.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MRAI.
Marpai Risk Analysis
Marpai disclosed 23 risk factors in its most recent earnings report. Marpai reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Marpai Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $5.97B | 1.26 | -39.45% | ― | 27.50% | -1091.30% | |
66 Neutral | $3.75B | 79.24 | 11.50% | ― | 41.81% | ― | |
56 Neutral | $1.41B | 8.41 | -25.73% | ― | 40.40% | -89.29% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
41 Neutral | $6.53M | -0.60 | ― | ― | -35.76% | 53.73% |
* Healthcare Sector Average
MRAI
Marpai
0.26
-0.81
-75.89%
CLOV
Clover Health Investments
2.68
-1.09
-28.91%
OSCR
Oscar Health
19.84
2.82
16.57%
ALHC
Alignment Healthcare
18.14
2.62
16.88%
Marpai Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Marpai Extends Maturity of Insider Promissory Notes
Positive
May 1, 2026
On February 13, 2026, Marpai, Inc. issued a $410,000 promissory note to Chief Executive Officer Damien Lamendola at a 12% annual interest rate, maturing April 11, 2026, and on March 9, 2026 it issued a second $250,000 note to him on the same terms...
Business Operations and StrategyPrivate Placements and Financing
Marpai Secures CEO Loan to Bolster Near-Term Liquidity
Negative
Mar 11, 2026
On March 9, 2026, Marpai Inc. issued a $250,000 promissory note to its chief executive officer, Damien Lamendola, bearing interest at 12% per annum or the maximum rate allowed under New York law. The company can repay the note at any time without ...
Private Placements and Financing
Marpai Secures Insider Promissory Note for Working Capital
Neutral
Feb 13, 2026
On February 12, 2026, Marpai Inc. issued a $410,000 promissory note to its Chief Executive Officer, Damien Lamendola, bearing annual interest of 12.0 percent or the maximum rate permitted under New York law. The note, which can be prepaid without ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.