$MRAI

Marpai, Inc.

CIK:0001844392|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue (including related party amounts of $183, $0, $183, and $0, respectively)	$ 4,166	$ 4,656	$ 8,610	$ 10,074
Costs and expenses
Cost of revenue (exclusive of depreciation and amortization shown separately below)	3,169	3,910	6,408	7,395
General and administrative	3,069	2,483	5,199	4,766
Information technology	1,109	1,291	2,266	2,681
Sales and marketing	136	312	365	556
Research and development				7
Depreciation and amortization		107	60	214
Facilities	116	160	229	311
Total costs and expenses	7,599	8,263	14,527	15,930
Operating loss	(3,433)	(3,607)	(5,917)	(5,856)
Other income (expenses)
Other income	77	49	153	49
Interest expense, net	(1,227)	(813)	(2,002)	(1,633)
Loss before provision for income taxes	(4,583)	(4,371)	(7,766)	(7,440)
Income tax expense
Net loss	$ (4,583)	$ (4,371)	$ (7,766)	$ (7,440)
Net loss per share, basic (in Dollars per share)	$ (0.18)	$ (0.28)	$ (0.31)	$ (0.49)
Net loss per share,diluted (in Dollars per share)	$ (0.18)	$ (0.28)	$ (0.31)	$ (0.49)
Weighted average shares of common stock outstanding, basic (in Shares)	25,860,374	15,503,132	25,277,172	15,140,332
Weighted average shares of common stock outstanding, diluted (in Shares)	25,860,374	15,503,132	25,277,172	15,140,332

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net Income (Loss)	$ (7,766)	$ (7,440)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	60	214
Share-based compensation	1,120	1,043
Shares issued to vendors in exchange for services	55	1,008
Amortization of right-of-use asset	25	31
Non-cash interest	1,331	914
Amortization of debt premium and debt issuance costs, net	56	(17)
Bad debt expense	178
Changes in operating assets and liabilities:
Accounts receivable and unbilled receivables	(1,303)	(56)
Prepaid expenses and other assets	101	176
Accounts payable	2,115	479
Accrued expenses	604	(516)
Accrued fiduciary obligations	(1,251)	871
Operating lease liabilities	(130)	(123)
Due to related party	26
Other liabilities	203	92
Net cash used in operating activities	(4,576)	(3,324)
Cash flows from investing activities:
Proceeds from sale of business unit		500
Net cash provided by investing activities		500
Cash flows from financing activities:
Proceeds from issuance of related party promissory notes	660
Payments on related party promissory notes	(660)
Proceeds from vendor financing advance	2,000
Proceeds from related party advance (Note 13)	1,000
Proceeds from issuance of convertible debentures (Note 7)		3,000
Payments of debt issuance costs		(162)
Payments on convertible debentures (Note 7)	(800)	(1,500)
Payments to seller for acquisition		(196)
Proceeds from issuance of common stock in a private placement offering, net		730
Net cash provided by financing activities	2,200	1,872
Net decrease in cash, cash equivalents and restricted cash	(2,376)	(952)
Cash, cash equivalents and restricted cash at beginning of period	8,951	9,232
Cash, cash equivalents and restricted cash at end of period	6,575	8,280
Reconciliation of cash, cash equivalents, and restricted cash reported in the condensed consolidated balance sheets
Cash and cash equivalents	138	619
Restricted cash	6,437	7,661
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statement of cash flows	6,575	8,280
Supplemental disclosure of cash flow information
Cash paid for interest	$ 591	$ 781

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 138	$ 133
Restricted cash	6,437	8,818
Accounts receivable, net of allowance for credit losses of $86 and $21 as of June 30, 2026, and December 31, 2025, respectively	1,017	697
Unbilled receivables	1,085	280
Prepaid expenses and other current assets	327	408
Total current assets	9,004	10,336
Capitalized software, net		60
Operating lease right-of-use assets	193	218
Security deposits	227	229
Other long-term assets	43	61
Total assets	9,467	10,904
Current liabilities:
Accounts payable	5,783	3,668
Accrued expenses	2,456	2,115
Accrued fiduciary obligations	7,270	8,521
Deferred revenue (including related party amounts of $317 and $0, respectively)	317	89
Current portion of operating lease liabilities	278	264
Current portion of convertible debentures, net	1,966	3,037
Other short-term liabilities	2,450	8,000
Vendor financing advance	2,000
Total current liabilities	23,546	25,694
Other long-term liabilities	18,306	11,450
Convertible debentures, net of current portion	6,122	5,795
Operating lease liabilities, net of current portion	384	528
Total liabilities	48,358	43,467
COMMITMENTS AND CONTINGENCIES (Note 16)
STOCKHOLDERS’ DEFICIT
Preferred stock, $0.0001 par value, 2,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2026 and December 31, 2025
Common stock, $0.0001 par value, 227,791,050 shares authorized; 26,667,334 and 24,035,610 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	3	2
Additional paid-in capital	84,266	82,829
Accumulated deficit	(123,160)	(115,394)
Total stockholders’ deficit	(38,891)	(32,563)
Total liabilities and stockholders’ deficit	9,467	10,904
Related Party
Current liabilities:
Due to related party	$ 1,026