Marpai (MRAI) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 was $4.2M, down 10.5% year-over-year, primarily due to customer turnover.

• Net loss for Q2 2026 was $4.6M, a 4.9% increase from Q2 2025; net loss for the first half of 2026 was $7.8M.

• The company continues to focus on technology-driven TPA services for self-insured employers and is adapting to evolving market needs.

Financial highlights

• Q2 2026 revenue: $4.2M (Q2 2025: $4.7M); H1 2026 revenue: $8.6M (H1 2025: $10.1M).

• Q2 2026 operating loss: $3.4M; H1 2026 operating loss: $5.9M.

• Q2 2026 net loss per share: $(0.18); H1 2026 net loss per share: $(0.31).

• Cost of revenue decreased year-over-year, reflecting lower sales volume.

• Interest expense increased due to non-cash adjustments related to the AXA obligation.

Outlook and guidance

• Management projects the need for additional capital to fund operations until revenue scales to self-sufficiency.

• Ongoing evaluation of funding alternatives, including equity, debt, or asset sales.

• Substantial doubt exists about the company's ability to continue as a going concern over the next 12 months.