Marpai, Inc. announced its second-quarter 2025 financial results, reporting a net loss of $4.371 million. This represents a significant reduction of two-thirds compared to the $13.026 million net loss reported in Q2 2024. The company also achieved a 70% year-over-year cut in operating expenses, demonstrating strong execution on its cost control strategy.
Net revenues for the quarter were $4.656 million, down $2.5 million from the same quarter last year, attributed to transitional impacts. Despite the revenue decline, the substantial reduction in losses and operating expenses highlights the company's progress in streamlining operations. Basic and diluted net loss per share improved to $0.28 for Q2 2025, from $1.23 in Q2 2024.
For the six months ended June 30, 2025, net cash used in operating activities was $3.324 million, a reduction from $6.705 million in the prior-year period. As of June 30, 2025, Marpai had $619 thousand in cash and cash equivalents and $7.661 million in restricted cash. The accumulated deficit stood at $106.274 million.
CEO Damien Lamendola stated that the company's turnaround is accelerating and estimated that Marpai is on track to deliver a profitable company in the first quarter of 2026, revising the previous target of profitability by the end of 2025. He also noted a strong pipeline of new business for January 1, 2026, and an expected major infrastructure investment in Q3 to further improve efficiency and client service. Lamendola affirmed his deep belief in Marpai's future, citing his continued personal capital investment in the company.
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