Marpai, Inc.

Marpai reported net revenues of $4 million for the 3 months ended September 30, 2025, down $3 million or approximately 42% year over year. Operating expenses were $3.9 million, down $1.2 million or 24% from last year’s third quarter. Operating loss was $3.5 million, improving by $0.1 million or 2% year over year, and net loss was $3 million, also improving by $0.1 million or 2%. Basic and diluted loss per share was $0.20, an improvement of $0.10 per share from Q3 2024. The company ended Q3 with $450,000 in unrestricted cash and recently completed a $3.9 million PIPE transaction. Management did not provide explicit next-quarter or full-year revenue/EPS guidance, but said the capital raise should fund the final stages of the turnaround and that consolidating claims processing is expected to drive additional cost savings.

Damien Lamendola framed the quarter as part of a turnaround from recovery toward aggressive sustainable growth. He emphasized that self-funded employer plans are gaining traction in a high health-care inflation environment, which supports demand for TPA services. He also said his personal $1.7 million Q3 investment reflects strong confidence in Marpai’s technology, leadership, and ability to execute on a hypergrowth strategy.

Steve Johnson focused on year-over-year improvement in expenses and losses, citing $4 million of net revenues, $3.9 million of operating expenses, a $3.5 million operating loss, and a $3 million net loss. He said disciplined efficiency efforts substantially reduced cash burn, leaving $450,000 of unrestricted cash at quarter-end, and pointed to the recently completed $3.9 million PIPE as providing the financial strength to finish the turnaround. He also said consolidating claims processing into a single operating system should create additional savings in technology and infrastructure expense.

There were no analyst questions on the call, so there was no Q&A discussion to capture. The most notable management commentary instead came from the prepared remarks: Dallas Scrip said the team is focused on retention and new business, the Empara client experience tool will be rolled out in Q4, and high double-digit new client deals are already booked for January 1. Management also reiterated that MarpaiRx is a differentiator in sales and that the company does not disclose employee e-lives data for competitive reasons.