Filing Flows › Marpai (MRAI) › Q4 2025
Marpai (MRAI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 25, 2026
Marpai (MRAI) reported revenue of $4.0M for the fourth quarter 2025 (Q4 2025), -39% from a year earlier and -1% from the quarter before. Operating margin was -123.5%, net loss $5.6M (141.1% of revenue).
Marpai, Q4 2025: revenue $4.0M (-40% year over year), operating margin -123.5%, net loss $5.6M, operating cash flow −$4.8M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.0M | -1% | -39% |
| Operating profit | −$4.9M | — | — |
| Net earnings | −$5.6M | — | — |
| Operating cash flow | −$4.8M | -851% | — |
What changed
Revenue was $4.0M in Q4 2025, down 39% year over year and down 1% from the previous quarter.
Operating costs exceeded revenue by $4.9M, an operating margin of -123.5%. Total costs fell 4% while revenue fell 39%. The fastest-growing cost line was General & admin (+50%). The quarter ended with a net loss of $5.6M, wider than the previous quarter's $3.5M loss.
Operating cash flow was −$4.8M. Non-cash charges added back $60K of depreciation and amortization and $2.2M of share-based compensation. Working capital and other items used $1.4M.
Questions
What was Marpai's revenue in the fourth quarter 2025?
Marpai (MRAI) reported revenue of $4.0M for the fourth quarter 2025 (Q4 2025), -39% from a year earlier and -1% from the quarter before.
Was Marpai profitable in the fourth quarter 2025?
Operating loss was $4.9M (-123.5% of revenue) and net loss $5.6M.
Source: Marpai 10-K on SEC EDGAR.