Marpai, Inc. announced its financial results for the first quarter ended March 31, 2025. The company reported total revenue of $5.418 million, a decrease of 26.6% compared to $7.385 million in Q1 2024. Despite the revenue decline, Marpai significantly improved its operating loss, which narrowed by 44.6% to $2.250 million from $4.065 million in the prior-year period.
The net loss for Q1 2025 also improved by 29.4% to $3.069 million, compared to $4.346 million in Q1 2024. Basic and diluted net loss per share was $0.21, down from $0.46 in Q1 2024. Net cash used in operating activities for the quarter was $115 thousand, a substantial reduction from $3.585 million used in Q1 2024, indicating improved cash management.
As of March 31, 2025, Marpai had $729 thousand in unrestricted cash and cash equivalents, and $10.780 million in restricted cash. The company's accumulated deficit stood at approximately $101.9 million, with negative working capital of approximately $6.9 million. Management explicitly stated that the company's liquidity condition raises substantial doubt about its ability to continue as a going concern through the next twelve months from the May 14, 2025 filing date, projecting a need for additional capital.
In financing activities, Marpai received $3.0 million from a JGB investment held in escrow in January 2025. Additionally, the company entered into a securities purchase agreement on May 13, 2025, to sell 730,000 shares at $1.00 per share in a private placement. CEO Damien Lamendola reiterated the goal to achieve profitability and positive cash flow by the end of 2025, contingent on completing key initiatives like the Empara Healthcare Management tool and advancements with MarpaiRx.
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