MRAI

Marpai is a shrinking third-party health-plan administrator in an outright liquidity crisis. Revenue has collapsed from $37.2M (FY2023) to $28.2M (FY2024) to $18.1M (FY2025), a -35.8% drop that management attributes directly to a 28% customer attrition rate — this is a business losing clients faster than it can replace them, not a temporary dip. The MD&A confirms the top line fell because of 'customer turnover,' and the cost cuts (G&A -13%, S&M -38%, facilities -56%) are survival triage, not investment in growth. Crucially, R&D was gutted to $7K (-75.9%) at a company that markets itself on AI/data analytics, so the stated differentiation is being starved.

The balance sheet is the disqualifier. Cash & equivalents are just $133K against $25.7M of current liabilities and $8.0M of debt due within a year. Stockholders' equity is negative $32.6M, liabilities of $43.5M exceed total assets of $10.9M by nearly 4x, and the accumulated deficit is -$115M. The auditor has issued an explicit going-concern paragraph, and the filing states management expects to need additional capital that 'may be costly or difficult to obtain and could dilute shareholders.' Share count already ballooned +69.8% in one year to 25.3M — existing holders are being diluted just to keep the lights on, and any rescue financing at $0.72 would be brutally dilutive or come with punitive terms.