Marpai, Inc. announced its financial results for the fourth quarter and full fiscal year ended December 31, 2024. For the full year, total revenue was $28.173 million, a decrease from $37.155 million in 2023. The company reported a significant improvement in its operating loss, which narrowed to $22.087 million in 2024 from $27.977 million in 2023.
The net loss for the full year 2024 also saw substantial improvement, reaching $22.088 million, compared to $28.752 million in 2023. Basic and diluted net loss per share improved to $1.92 in 2024 from $4.14 in 2023. Adjusted EBITDA for the year ended December 31, 2024, amounted to a loss of $9.1 million, a significant improvement from the $20.2 million loss in 2023, reflecting successful cost reduction efforts.
For the fourth quarter of 2024, revenue was $6.591 million, down from $8.707 million in Q4 2023. The operating loss for Q4 2024 was $2.688 million, an improvement from $5.155 million in Q4 2023. Net loss for Q4 2024 was $1.156 million, compared to $5.026 million in Q4 2023, with net loss per share at $0.08 versus $0.65.
As of December 31, 2024, Marpai had $764 thousand in cash and cash equivalents and $8.468 million in restricted cash. The company's net cash used in operating activities for the full year 2024 was $15.158 million, a slight reduction from $15.749 million in 2023. The accumulated deficit stood at $98.834 million.
CEO Damien Lamendola stated that Marpai's team engineered an exceptional turnaround, dramatically reducing losses, and is now propelling the company towards growth and profitability. He indicated plans to introduce high-impact PBM-based products in the second half of 2025. These actions are expected to fuel revenue growth and position Marpai for profitability in 2025.
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