Marpai, Inc. announced its financial results for the third quarter ended September 30, 2024, reporting a revenue of $7.008 million. This represents a decrease from the $8.729 million reported in the same period of 2023. The company's operating loss narrowed significantly to $3.060 million for Q3 2024, an improvement from the $7.029 million operating loss in Q3 2023.
The net loss for the third quarter of 2024 also improved, reaching $3.560 million, compared to a net loss of $7.296 million in the prior-year period. Basic and diluted net loss per share stood at $0.30 for Q3 2024, down from $0.98 in Q3 2023. These figures indicate progress in the company's cost reduction and operational efficiency initiatives.
As of September 30, 2024, Marpai held $830 thousand in cash and cash equivalents, with an additional $10.978 million in restricted cash. The company's net cash used in operating activities for the nine months ended September 30, 2024, was $10.251 million, a reduction from $15.324 million used in the same period of 2023, reflecting improved cash management. CEO Damien Lamendola stated that the company's goal remains profitability and positive cash flow.
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