MARPAI, INC REPORTS SECOND QUARTER 2022 RESULTS.

NEW YORK: Marpai, Inc. ("Marpai" or the "Company") (Nasdaq: MRAI), an AI-technology company transforming the $22 billion Third-Party Administrator (TPA) market supporting self-funded employer health plans, today reported financial results for the second quarter ended June 30, 2022.

The Company's consolidated results of operations include the results of operations of Marpai and its wholly owned subsidiary, Marpai Health, Inc., for all periods presented, and the results of Marpai Administrators, LLC (formerly Continental Benefits, LLC) since its acquisition on April 1, 2021.

Financial Highlights

Net revenue of approximately $5.6 million for the three months ended June 30, 2022, compared to net revenue of approximately $6.2 million for the three months ended March 31, 2022, representing a sequential decrease of approximately $700,000, or 10.6%. This decline was caused by the first quarter decline in the number of our customers' employees covered under our plans.

The number of our customers' employees covered under the Company's administered health plans was 21,074, 21,139 and 25,195 on June 30, 2022, March 31, 2022, and December 31, 2021, respectively.

Operating expenses (including cost of revenues) were approximately $12.2 million for the three months ended June 30, 2022, as compared to approximately $11.8 million for the three months ended March 31, 2022, and approximately $11.6 million for the three months ended December 31, 2021.

Operating expenses (including cost of revenues) excluding stock based compensation expenses were approximately $11.1 million for the three months ended June 30, 2022, approximately the same as in three months ended March 31, 2022, and approximately $11.4 million for the three months ended December 31, 2021.

Net loss was approximately $6.7 million for the three months ended June 30, 2022, compared to net loss of approximately $5.5 million for...