Marpai Inc
marpaihealth.comWhat Do They Do?
Administers self-insured employee health plans and provides pharmacy benefit management and related health services to employers.
10-K for FY2025, filed Mar 25, 2026We are a technology platform company which operates subsidiaries that provide Third Party Administrator (โTPAโ), Pharmacy BenefitโฆView โ
Our core service offerings include handling all aspects of administration related to a healthcare plan. We typically design for our ClientโฆView โ
MarpaiRx - our national pharmacy benefit management program that saves Clients and Members money and delivers a value-add MemberโฆView โ
How Do They Make Money?
Self-insured employers pay fixed fees per covered employee for administration and related services; invoices are sent before the service month, with payment due under the contract terms.
10-K for FY2025, filed Mar 25, 2026Generally, our accounts receivable are expected to be collected in 30 days in accordance with the underlying payment terms. Invoices forโฆView โ
All of our contracts with customers obligate the Company to perform services. Services provided include health and welfare administrationโฆView โ
Our contracts with customers have fixed fee prices that are determined on a per covered employee per month basis. The Company includesโฆView โ
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10-K for FY2025, filed Mar 25, 2026
FY2025 revenue by product or service โ
$18.1M
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10-K for FY2025, filed Mar 25, 2026
$18.1M โ
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Third party administrator services
Recurring
10-K for FY2025, filed Mar 25, 2026 |
100%
FY2022: 100%
|
Third party administrator services, FY2025
$18.1M Sources
|
Recurring |
|
Captive insurance
|
0.0% |
Captive insurance, FY2025
โ$7K Sources
|
Who Are Their Customers?
Self-insured employersโmostly small and midsize companies and local government entitiesโengage Marpai to administer employee health plans; healthcare benefits brokers and consultants are its principal sales channel.
10-K for FY2025, filed Mar 25, 2026
Do Revenues Turn Into Profits?
No. It lost $16.6M in FY2025.
10-K for FY2025, filed Mar 25, 2026
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 13, 2026
Open tableView โ
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Jul 31, 2026
Marpai sells convertible preferred shares in a private placement
The preferred shares can convert into common stock and carry a stock dividend upon conversion or a liquidity event.
Sources
8-K, filed Jul 31, 2026
On July 29, 2026, Marpai, Inc. (the โCompanyโ) entered into securities purchase agreements (each, a โSecurities Purchase Agreementโ) withโฆView โ
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Jul 20, 2026
Marpai amends repayment terms with JGB Capital and AXA
The announcement says the changes reduce debt service by $26.4 million through 2027.
Sources
8-K, filed Jul 20, 2026
Marpai Inc. Announces Debt Restructuring Agreements with JGB Capital and AXA, Reducing Debt Service by $26.4 Million Through 2027 andโฆView โ
Who Do They Compete With?
Competes with Aetna, Cigna, and United Healthcare
10-K for FY2025, filed Mar 25, 2026Although we believe that the services we offer our Clients are differentiated, we operate in a highly competitive market. We only provideโฆView โ
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