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Marpai cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$4.1M in Q2 2026 · −$8.7M over twelve months

Operating cash flow−$4.1M
Free cash flow−$4.1M
Cash conversion cycle-149 days

Analysis

In Q2 2026, Marpai generated −$4.1M of operating cash flow. That is $890K less than in Q2 2025 (−$3.2M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$8.7M; the largest uses were operating cash flow ($8.7M), net borrowing (+) / repaid (−) ($2.3M); besides operations, cash came from other financing ($9.3M); the cash balance fell by $1.7M.

Operating cash flow was −$4.1M against net income of −$4.6M. The largest differences: stock-based pay +$917K, receivables −$847K, accrued liabilities +$196K.

Its cash conversion cycle was -149 days (receivables 19 + inventory 0 − payables 168): suppliers fund its working capital.

Free cash flow

Marpai: free cash flow by quarterMarpai: free cash flow by quarter−$3.8MQ3 2024−$4.7MQ4 2024−$115KQ1 2025−$3.2MQ2 2025$634KQ3 2025−$4.8MQ4 2025−$477KQ1 2026−$4.1MQ2 2026
Operating cash flow less capital spending.
Marpai: operating cash flow against capital spendingMarpai: operating cash flow against capital spendingOperating cash flowCapital spending−$3.8M$0Q3 2024−$4.7M$0Q4 2024−$115K$0Q1 2025−$3.2M$0Q2 2025$634K$0Q3 2025−$4.8M$0Q4 2025−$477K$0Q1 2026−$4.1M$0Q2 2026
Latest (Q2 2026): Operating cash flow −$4.1M, Capital spending $0.

Capital allocation, year by year

Marpai: where the cash came from (up) and went (down), by fiscal yearMarpai: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$10.8MFY2021: Net borrowing −$233KFY2021: Shares issued $25.4MFY2021: Capital spending −$273K$25.4MFY2021FY2022: Operating cash flow −$35.2MFY2022: Shares issued $196FY2022: Capital spending −$363K$196FY2022FY2023: Operating cash flow −$15.7MFY2023: Shares issued $6.4MFY2023: Asset sales $27K$6.5MFY2023FY2024: Operating cash flow −$15.2MFY2024: Net borrowing $40.6MFY2024: Shares issued $4.7MFY2024: Asset sales $227K$45.5MFY2024FY2025: Operating cash flow −$7.5MFY2025: Shares issued $7.0MFY2025: Asset sales $500K$7.5MFY2025
Over these 5 years operating cash flow totalled −$84.4M; the largest uses were operating cash flow ($84.4M) and capital spending ($636K). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$138K
Debt$25.2M
Net debt$25.1M
Due within a year$7.0M
Cash runway0 months

Marpai is burning cash: its operations consume cash, a free cash flow of −$8.7M a year at the current rate against $138K of cash and investments: a runway of about 0 months; $7.0M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Where the cash came from and went

Marpai: sources (+) and uses (−) of cash, Q2 2026Marpai: sources (+) and uses (−) of cash, Q2 2026Operating cash flow−$4.1MOther financing$2.3MCash drawn (+) / kept (−)$2.1MNet borrowing (+) / repaid (−)−$300K
Marpai: sources (+) and uses (−) of cash, TTM to Q2 2026Marpai: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$9.3MOperating cash flow−$8.7MNet borrowing (+) / repaid (−)−$2.3MCash drawn (+) / kept (−)$1.7M

From profit to cash

Marpai: net income to operating cash flow, Q2 2026Marpai: net income to operating cash flow, Q2 2026Net income−$4.6MStock-based pay$917KReceivables−$847KPayables−$119KAccrued liabilities$196KPrepaid and other assets$45KOperating cash flow−$4.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202619—168-149
Q1 202615—133-118
Q4 202512—125-113
Q3 202511—124-114
Q2 20259—74-65
Q1 202510—75-65
Q4 202414—79-65
Q3 202413—63-50

Every quarter

QuarterOperating cash flowNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$4.1M−$300K—$2.1M−$4.1M
Q1 2026−$477K−$500K—$317K−$477K
Q4 2025−$4.8M−$1.0M$4.2M$1.6M−$4.8M
Q3 2025$634K−$500K$2.1M−$2.2M$634K
Q2 2025−$3.2M−$750K—$3.2M−$3.2M
Q1 2025−$115K$2.2M—−$2.3M−$115K
Q4 2024−$4.7M$2.0M$634K$2.6M−$4.7M
Q3 2024−$3.8M—$1.3M$2.2M−$3.8M

Marpai: income statement and cash flow

Marpai, Q2 2026: revenue $4.2M (-10% year over year), operating margin -82.4%. The chart follows the revenue to costs, profit and cash.

Marpai: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.