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Marpai (MRAI) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 13, 2026 · Marpai (MRAI) Q2 2026 earnings results →
Q2 2026 Revenue down 10% year over year to $4.2M · 110¢ of every $1 of revenue lost · operating margin -82.4%
Marpai made $4.2M in Q2 2026 (-10% Y/Y). Operating margin -82.4%, net loss $4.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $4.2M in Q2 2026, down 11% year over year and down 6% from the previous quarter.
Operating costs exceeded revenue by $3.4M, an operating margin of -82.4%. Total costs fell 8% while revenue fell 11%. The fastest-growing cost line was General & admin (+24%). The quarter ended with a net loss of $4.6M, wider than the previous quarter's $3.2M loss.
Operating cash flow was −$4.1M. Non-cash charges added back $917K of share-based compensation. Working capital and other items used $433K.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 13, 2026 | $4.2M | -10% | -82.4% | −$4.6M | −$4.1M |
| Q1 2026 | 10-Q | May 15, 2026 | $4.4M | -18% | -55.9% | −$3.2M | −$477K |
| Q4 2025 | 10-K | Mar 25, 2026 | $4.0M | -40% | -123.5% | −$5.6M | −$4.8M |
| Q3 2025 | 10-Q | Nov 12, 2025 | $4.0M | -42% | -68.6% | −$3.5M | $634K |
| Q2 2025 | 10-Q | Aug 13, 2025 | $4.7M | -35% | -77.5% | −$4.4M | −$3.2M |
| Q1 2025 | 10-Q | May 14, 2025 | $5.4M | -27% | -41.5% | −$3.1M | −$115K |
| Q4 2024 | 10-K | Mar 27, 2025 | $6.6M | -24% | -40.8% | −$1.2M | −$4.7M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Marpai
We are a technology platform company which operates subsidiaries that provide Third Party Administrator (“TPA”), Pharmacy Benefit Management (“PBM”), and value-oriented health plan services to employers that directly pay for employee health benefits. Our mission is to positively change healthcare for the benefit of (i) our Clients who are self-insured employers that pay for their employees’ healthcare benefits and engage us to administer the latter’s healthcare claims, and we refer to them as our “Clients”, (ii) employees and their family members who receive these healthcare benefits from our Clients, and we refer to them as our “Members”, and (iii) healthcare providers including, doctors, doctor groups, hospitals, clinics, and any other entities providing healthcare services or products, and we refer to them as the “Providers.” We provide affordable, intelligent, healthcare programs…
In its own words, from its 10-K, filed Mar 25, 2026.
Marpai against its Services-Misc Health & Allied Services, NEC peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -10% against the peers' median +5%. Operating margin: -82.4% against the peers' median 8.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MRAI Marpai | Q2 2026 | $4.2M | -10% | -82.4% |
| DVA Davita | Q3 2026 | $3.6B | +5% | 14.0% |
| AGL agilon health | Q3 2026 | $1.5B | +6% | 1.6% |
| PGNY Progyny | Q3 2026 | $341M | +9% | 10.3% |
| SHC Sotera Health | Q3 2026 | $325M | +4% | 25.8% |
| VMD Viemed Healthcare | Q3 2026 | $80.7M | +12% | 8.6% |
| PARK Park Dental Partners | Q2 2026 | $66.2M | +5% | 1.9% |
| CCEL Cryo Cell International | Q3 FY26 | $7.8M | 0% | 28.0% |
| PFHO Pacific Health Care Organization | Q3 2026 | $1.5M | -5% | 8.9% |
Source: Marpai 10-Q on SEC EDGAR · CIK 1844392 · Services-Misc Health & Allied Services, NEC
More on MRAI
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results