Marpai Inc (NASDAQ: MRAI) is a healthcare technology company that operates as a Third Party Administrator (TPA), Pharmacy Benefit Management (PBM) provider, and value-oriented health plan administrator for self-insured employers in the United States. Revenue comes from administrative services fees charged to self-insured employer clients that pay directly for employee healthcare benefits. Marpai competes in a market of nearly 1,000 health insurance entities and TPAs, including large carriers such as Aetna, Cigna, and UnitedHealthcare, all targeting self-insured employers. Most clients are small and medium-sized companies and local government entities. The company sells primarily through healthcare benefits brokers and consultants. As of the fiscal year ended December 31, 2025, management disclosed substantial doubt about the company's ability to continue as a going concern, citing liquidity conditions and a history of high annual customer attrition. The two largest clients represent a material concentration of revenue per the FY2025 10-K filed March 25, 2026.

Revenue model

Administrative services fees from self-insured employer clients (TPA and PBM services). Fees are charged on a per-client or per-member basis for managing healthcare claims and benefits administration. The company does not underwrite insurance risk.

Products and services

Third Party Administration (TPA) of healthcare claims, Pharmacy Benefit Management (PBM), value-oriented health plan services, healthcare data analytics, and member care navigation for employees and their dependents of self-insured employers.

Customers and end markets

Self-insured employers, primarily small and medium-sized companies and local government entities in the U.S. Employees and their family members served as plan members. Healthcare providers (doctors, hospitals, clinics) interact with the platform as a third party.

Value-chain role

Intermediary TPA and PBM between self-insured employers and healthcare providers. Administers claims, manages pharmacy benefits, analyzes claims data, and provides member care navigation. Does not practice medicine or underwrite insurance.

Geographic exposure

United States. The company also maintains a wholly owned Israeli subsidiary, EYME Technologies, Ltd., though geographic revenue breakdown is not specified in the filing excerpts.

Competitors

Aetna, Cigna, UnitedHealthcare, Other TPAs (approximately 1,000 health insurance entities per FY2025 10-K)

Source: SEC 10-K, filed 2026-03-25

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