Technology
MARPAI REPORTS FOURTH QUARTER AND FULL YEAR 2024 FINANCIAL RESULTS
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1 year agoon
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MARPAI EXHIBITS STRONG, ONGOING FINANCIAL IMPROVEMENT
TAMPA, Fla., March 26, 2025 /PRNewswire/ — Marpai, Inc. (“Marpai” or the “Company”) (OTCQX: MRAI), a technology platform company, which operates as a national Third-Party Administrator (TPA) through its subsidiaries and is transforming the $22 billion TPA market by offering affordable, intelligent, healthcare solutions to self-funded employer health plans, today announced the financial results for the fourth quarter and fiscal year 2024. The Company expects to hold a webcast to discuss the results on March 27, 2025.
Q4 2024 Financial Highlights:
Net revenues were $6.6 million in Q4 2024, a decrease of $0.4 million, or 6.0% lower than Q3 2024.Operating expenses were $5.3 million in Q4 2024, an increase of $0.3 million, or 5.1% higher than Q3 2024.Operating loss was $2.7 million in Q4 2024, an improvement of $0.4 million, or 12.2% lower than Q3 2024.Net loss was $1.2 million in Q4 2024, an improvement of $2.4 million, or 67.5% lower year over year.Basic and diluted earnings per share in Q4 2024 were ($0.08) an improvement of $0.22 per share compared to Q3 2024.
Full Year 2024 Highlights:
Net revenues for the fiscal year end December 31, 2024 were $28.2 million, down $9.0 million, or 24.2% lower year over year.Operating expenses for the fiscal year end December 31, 2024 were $31.2 million, an improvement of $9.7 million, or 23.7% lower year over year.Operating loss for the fiscal year end December 31, 2024 was $22.1 million, an improvement of $5.9 million, or 21.1% lower from the prior year.Net loss was $22.1 million, an improvement of $6.7 million, or 23.2% lower year over year.Basic and diluted earnings per share were ($1.92) an improvement of $2.22 per share year over year.
2024 Adjusted EBITDA:
Our Adjusted EBITDA is a supplemental performance measure of our operations for financial and operational decision-making and is used as a supplemental means of evaluating period-to-period comparisons on a consistent basis. Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation, and amortization, excluding non-recurring transactions, and stock-based compensation.
Adjusted EBITDA for the year ended December 31, 2024 amounted to a loss of $9.1 million as compared to a loss of $20.2 million for the year ended December 31, 2023. The improved adjusted EBITDA loss was due to the actions taken throughout 2023 and 2024 to better utilize our resources and reduce our expenses.
A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP” Financial Measures.
“In a short span, Marpai’s team engineered an exceptional turnaround, dramatically reducing losses,” stated Damien Lamendola, CEO. “Now, we’re propelling the Company towards growth and profitability. We are continuing to streamline costs while deploying innovative services, including our recently announced Empara Member Engagement Portal. Looking ahead, we plan to introduce high-impact PBM-based products in the second half of 2025. We believe these actions will fuel revenue growth and position Marpai for profitability in 2025.”
Webcast and Conference Call Information
Marpai expects to host a conference call and webcast on Thursday, March 27, 2025, at 8:30 a.m. ET to present the Company’s operational and financial highlights for its fourth quarter and year ended December 31, 2024.
You may stream the call via the internet by following this link: https://app.webinar.net/p67nEeDyXjK The webcast replay will be available at the same URL within 2 hours of the end of the call. The replay of the call will be available within 2 hours of the end of the call until April 3, 2025 by calling 1-646-517-4150 or 1-888-660-6345 and entering the replay code, 17670 #.
About Marpai, Inc.
Marpai, Inc. (OTCQX: MRAI) is a technology platform company which operates subsidiaries that provide TPA and value-oriented health plan services to employers that directly pay for employee health benefits. Primarily competing in the $22 billion TPA sector serving self-funded employer health plans representing over $1 trillion in annual claims. Through its Marpai Saves initiative, the Company works to deliver the healthiest member population for the health plan budget. Operating nationwide, Marpai offers access to leading provider networks including Aetna and Cigna and all TPA services. For more information, visit www.marpaihealth.com , the content of which is not incorporated by reference into this press release. Investors are invited to visit https://ir.marpaihealth.com.
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “guidance,” “may,” “can,” “could”, “will”, “potential”, “should,” “goal” and variations of these words or similar expressions. For example, the Company is using forward-looking statements when it discusses current efforts to propel the Company towards growth and profitability, its plan to introduce high-impact PBM-based products in the second half of 2025, its belief that these actions will fuel revenue growth and position the Company for profitability by the close of 2025, its financial results and its commitment to operational and financial improvements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Marpai’s current expectations and speak only as of the date of this release. Actual results may differ materially from Marpai’s current expectations depending upon a number of factors. These factors include, among others, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business. Except as required by law, Marpai does not undertake any responsibility to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.
More detailed information about Marpai and the risk factors that may affect the realization of forward-looking statements is set forth in Marpai’s filings with the Securities and Exchange Commission. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov.
Non-GAAP Financial Measures
We have provided in this release financial information that has not been prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with peer companies, many of which present similar non-GAAP financial measures to investors.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures provided in the financial statement tables below.
Adjusted EBITDA is a supplemental performance measure of our operations for financial and operational decision-making and is used as a supplemental means of evaluating period-to-period comparisons on a consistent basis. Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation, and amortization, excluding non-recurring transactions, and stock-based compensation. We believe these measures provide useful information to management and investors for analysis of our operating results.
MARPAI, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(in thousands, except share and per share data)
December 31, 2024
December 31, 2023
ASSETS:
Current assets:
Cash and cash equivalents
$ 764
$ 1,147
Restricted cash
8,468
12,345
Accounts receivable, net of allowance for credit losses of $1 and $25
837
1,124
Unbilled receivable
569
768
Due from buyer for sale of business unit
500
800
Prepaid expenses and other current assets
759
901
Total current assets
11,897
17,085
Property and equipment, net
—
611
Capitalized software, net
441
2,127
Operating lease right-of-use assets
296
2,373
Goodwill
—
3,018
Intangible assets, net
—
5,177
Security deposits
229
1,267
Other long-term asset
15
22
Total assets
$ 12,878
$ 31,680
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable
$ 3,109
$ 4,649
Accrued expenses
2,585
2,816
Accrued fiduciary obligations
6,308
11,573
Deferred revenue
625
661
Current portion of operating lease liabilities
244
512
Current portion of convertible debentures, net
3,106
—
Other short-term liabilities
3,005
632
Total current liabilities
18,982
20,843
Other long-term liabilities
14,891
19,401
Convertible debentures, net of current portion
5,921
—
Operating lease liabilities, net of current portion
793
3,684
Deferred tax liabilities
—
1,190
Total liabilities
40,587
45,118
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ DEFICIT
Common stock, $0.0001 par value, 227,791,050 shares authorized; 14,237,176 issued
and outstanding at December 31, 2024 and 7,960,938 issued and outstanding at
December 31, 2023
1
1
Additional paid-in capital
71,124
63,307
Accumulated deficit
(98,834)
(76,746)
Total stockholders’ deficit
(27,709)
(13,438)
Total liabilities and stockholders’ deficit
$ 12,878
$ 31,680
MARPAI, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
Year ended
Three Months Ended
December 31, 2024
December 31,
2023
December 31,
2024
December 31, 2023
Revenue
$ 28,173
$ 37,155
$ 6,591
$ 8,707
Costs and expenses
Cost of revenue (exclusive of depreciation and amortization
shown separately below)
19,066
24,239
3,988
5,709
General and administrative
12,832
19,177
2,878
3,239
Sales and marketing
1,766
6,597
383
1,103
Information technology
4,697
5,834
1,089
1,059
Research and development
29
1,311
7
21
Depreciation and amortization
2,256
3,897
178
923
Impairment of goodwill and intangible assets
7,588
3,018
—
3,018
Facilities
1,305
2,472
108
554
Loss on disposal of assets
648
335
648
(15)
Loss (gain) on sale of business unit
73
(1,748)
—
(1,749)
Total costs and expenses
50,260
65,132
9,279
13,862
Operating loss
(22,087)
(27,977)
(2,688)
(5,155)
Other income (expenses)
Other income
396
488
36
258
Interest expense, net
(2,709)
(1,527)
(819)
(425)
Loss on debt extinguishment
(1,877)
—
(1,877)
—
Gain on forgiveness of other liability
3,000
—
3,000
—
Foreign exchange loss
(1)
(26)
2
6
Loss before provision for income taxes
(23,278)
(29,042)
(2,346)
(5,316)
Income tax expense
(1,190)
(290)
(1,190)
(290)
Net loss
$ (22,088)
$ (28,752)
$ (1,156)
$ (5,026)
Net loss per share, basic & fully diluted
$ (1.92)
$ (4.14)
$ (0.08)
$ (0.65)
Weighted average common shares outstanding, basic and
diluted
11,511,203
6,951,669
13,934,066
7,738,879
MARPAI, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, except share and per share data)
Year ended
December 31, 2024
December 31, 2023
Cash flows from operating activities:
Net loss
$ (22,088)
$ (28,752)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
2,256
3,897
Loss on disposal of assets
648
335
Loss on sale of receivables
306
—
Share-based compensation
3,157
2,099
Warrant expense
—
242
Shares issued to vendors in exchange for services
—
79
Amortization of right-of-use asset
211
1,502
Impairment of goodwill and intangible assets
7,588
3,018
Loss/(gain) on sale of business unit
73
(1,749)
Gain on forgiveness of other liability
(3,000)
—
Loss on termination of lease
71
—
Non-cash interest expense
1,395
1,527
Amortization of debt discount and debt issuance costs
201
—
Loss on debt extinguishment
1,877
—
Deferred taxes
(1,190)
(290)
Changes in operating assets and liabilities:
Accounts receivable and unbilled receivable
486
(105)
Prepaid expense and other assets
142
732
Security deposit
138
27
Accounts payable
(1,540)
3,191
Accrued expenses
(231)
(2,497)
Accrued fiduciary obligations
(5,265)
2,548
Operating lease liabilities
(464)
(1,887)
Due To related party
—
(3)
Other liabilities
64
337
Other asset
7
—
Net cash used in operating activities
(15,158)
(15,749)
Cash flows from investing activities:
Proceeds from sale of business unit
227
1,000
Proceeds from disposal of property and equipment
—
27
Net cash provided by investing activities
227
1,027
Cash flows from financing activities:
Proceeds from issuance of common stock in a public offering, net
—
6,432
Payments to seller for acquisition
(631)
(1,663)
Proceeds from issuance of warrants
—
32
Proceeds from issuance of common stock in a private offering, net
4,660
295
Proceeds from issuance of convertible debentures
8,000
—
Proceeds from sale of future cash receipts on accounts receivable
1,509
—
Payments to buyer of receivables
(1,816)
—
Payments on convertible debentures
(420)
—
Payments of convertible debenture issuance costs
(631)
—
Net cash provided by financing activities
10,671
5,096
Net decrease in cash, cash equivalents and restricted cash
(4,260)
(9,626)
Cash, cash equivalents and restricted cash at beginning of period
13,492
23,118
Cash, cash equivalents and restricted cash at end of period
$ 9,232
$ 13,492
Reconciliation of cash, cash equivalents, and restricted cash reported in
the condensed consolidated balance sheet
Cash and cash equivalents
$ 764
$ 1,147
Restricted cash
8,468
12,345
Total cash, cash equivalents and restricted cash shown in the condensed
consolidated statement of cash flows
$ 9,232
$ 13,492
Supplemental disclosure of cash flow information
Cash paid for interest
$ 1,742
$ —
Supplemental disclosure of non-cash activity investing and financing activities
Measurement period adjustment to Goodwill
$ —
$ 198
MARPAI, INC. AND SUBSIDIARIES
Reconciliation of Net Loss to EBITDA, and Adjusted EBITDA
(in thousands, except share and per share data)
Year ended
December 31, 2024
December 31, 2023
Net Loss
$ (22,088)
$ (28,752)
Other income, net
(396)
(488)
Interest expense
2,709
1,527
Loss on debt extinguishment
1,877
—
Gain on forgiveness of other liability
(3,000)
—
Foreign exchange loss
1
26
Provision for taxes
(1,190)
(290)
Depreciation and amortization
2,256
3,897
EBITDA
$ (19,831)
$ (24,080)
Impairment of goodwill and intangible assets
7,588
3,018
Loss on disposal of asset
648
335
Loss (gain) on sale of business unit
73
(1,748)
Stock-based compensation
2,465
2,294
Adjusted EBITDA
$ (9,057)
$ (20,181)
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SOURCE Marpai
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MARIANA MINERALS RESTARTS UTAH COPPER MINE AS THE WORLD’S ONLY AUTONOMOUS-FIRST MINE AND REFINERY
Published
53 minutes agoon
April 27, 2026By
Software-first minerals company integrates autonomous haulage, drilling, and robotic sensing across mining and refining under a single AI operating platform
SAN JUAN COUNTY, Utah, April 27, 2026 /PRNewswire/ — Mariana Minerals, the world’s only software-first, vertically integrated minerals company, today announced the restart of mining operations at Copper One in southeastern Utah. The restart marks a milestone in mining history: Copper One becomes the world’s first mine to deploy autonomous tools across all three operational domains (mining, refining, and capital project execution) unified under a single operating system.
Mariana acquired Lisbon Valley Mining Company in Q4 2025, gaining control of a roughly 10,000-acre permitted land package that has produced high-purity copper cathode since 2009. While refinery operations continued uninterrupted, mining was paused in late 2024. Mining operations resume this month with autonomous systems and autonomous orchestration active from day one.
“Copper One will be the first mine where delivering end-to-end autonomy is the priority, where it’s being rapidly deployed across mining and refining operations and coordinated by our internal software stack. That’s what MarianaOS makes possible. We chose to prove it here because the stakes are real: the U.S. has a structural copper deficit, and the window to close it is narrowing. We’re producing now and ramping output aggressively, with the primary goal of achieving fully-autonomous mining operations,” said Turner Caldwell, Co-Founder & CEO, Mariana Minerals.
MarianaOS: An Autonomy-First Mining Operating System
What makes Copper One unprecedented is not any single piece of autonomous equipment, but the intelligence layer coordinating them. MarianaOS integrates three core subsystems, MineOS, PlantOS, and CapitalProjectOS, into a unified platform spanning project execution through copper production.
On the mining side, Copper One will begin with integrating three best-in-class autonomous equipment platforms. Pronto’s turnkey Autonomous Haulage System (AHS) uses camera-based machine learning and Global Navigation Satellite Systems (GNSS) to enable fully driverless haul truck operation, with OEM-agnostic retrofit capability across mixed fleets. Sandvik’s AutoMine® platform enables autonomous production drilling, allowing operators to simultaneously monitor multiple surface machine operations from a remote-operations control center. And Boston Dynamics’ Spot quadruped robots autonomously patrol the open pit, heap leach pad, and solvent extraction-electrowinning (SX-EW) refinery infrastructure. All of these data feed directly into MineOS, enabling fleet-wide optimization and continuous improvement.
PlantOS extends autonomous operations into refining by integrating real-time sensor data across the entire refining process (solution chemistry, flow rates, temperature, and electrowinning cell performance) into a unified control system. Machine learning models predict process drift, automatically adjust reagent dosing, and flags maintenance needs before they impact output. The result is a continuously optimized refinery that operates with minimal human intervention.
CapitalProjectOS redefines how capital-intensive infrastructure projects are planned and executed. Traditional projects often take a decade or more and frequently suffer from chronic cost overruns. CapitalProjectOS integrates process development, engineering, procurement, construction, and commissioning data into a single platform that enables real-time progress tracking, predictive risk modeling, and automated schedule optimization. At Copper One, CapitalProjectOS is managing the expansion roadmap to scale output to 50,000 metric tons per year, coordinating heap leach pad expansions, refinery upgrades, and autonomous equipment deployment in parallel.
Built to Move Fast
While Mariana is actively constructing and developing greenfield projects – with the goal of compressing engineering, procurement, construction, and commissioning timelines leveraging CapitalProjectOS – Copper One is uniquely positioned to accelerate deployment of MarianaOS at scale. With an existing open pit mine, heap leach pad, and SX-EW refining infrastructure already in place, Mariana will rapidly ramp production that would take years to replicate elsewhere.
Mariana’s longer-term plan is to scale Copper One output to 50,000 metric tons per year of high-purity copper cathode by 2030, leveraging additional proven deposits on the property and integrating copper scrap recycling.
A Critical Supply Gap
The U.S. currently imports approximately 50% of its refined copper. With domestic demand projected to nearly double by 2035 — driven by AI data centers, defense systems, EVs, and grid modernization — the supply gap is a national security issue. The Trump Administration’s Section 232 investigation cited copper imports as a direct concern, and the Pentagon has identified critical minerals vulnerability as a threat to the defense industrial base.
Domestic operations like Copper One, and the step-change in productivity that autonomous operations deliver, have become strategically essential.
About Mariana Minerals
Mariana engineers, builds, and operates mines and refineries, using proprietary AI and machine learning tools to accelerate project execution and optimize production across critically needed metals. Copper One is Mariana’s second active project, alongside Lithium One, the world’s first GWh-scale lithium extraction facility from oil and gas produced water, currently under construction in East Texas. Mariana has raised $120 million in total capital, including a Series A led by Andreessen Horowitz with participation from Breakthrough Energy Ventures, Khosla Ventures, and strategic investors.
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SOURCE Mariana Minerals
Technology
State CISOs Report Lower Confidence Across the Public Sector Cyber Ecosystem, 2026 NASCIO-Deloitte Survey Finds
Published
53 minutes agoon
April 27, 2026By
The 2026 National Association of Chief Information Officers – Deloitte biennial cybersecurity study finds state officials face increasingly sophisticated threats, including new artificial intelligence-enabled tactics, and highlights steps CISOs are taking to better protect public data and critical digital services
NEW YORK, April 27, 2026 /PRNewswire/ —
Key takeaways
The survey of Chief Information Security Officers (CISOs) from all 50 states and two territories found that just 26% of state CISOs are “extremely” or “very” confident that their state’s information assets are protected from cyber threats, down from 48% in 2022.Implementing effectiveness metrics is now CISOs’ top priority: 49% named it a top cybersecurity initiative in 2026, up from 15% in 2022.Nearly all state CISOs (94%) said they are involved in developing Generative AI security policies and 84% are involved in Generative AI strategy development.Budget pressure is rising with 16% of CISOs reporting their budgets have been cut, up from none in 2024.The percentage of CISOs who described themselves as “not very confident” in the ability of local government and public higher education to secure public data rose significantly, from 35% in 2022 to 63% in 2026.
Why this decline in confidence matters
States share data and systems with counties, cities, and public colleges and universities, so a vulnerability in one network can cascade, exposing personal information, disrupting essential services and driving costly incident response. As attackers adopt AI-enabled tactics, the urgency is growing for faster coordination, clearer policy and stronger baseline defenses across the public sector. This may explain why roughly one-fifth of CISOs indicated that their states were moving toward a “whole-of-state” approach to cybersecurity.
Metrics reporting becomes CISOs’ top priority
Top priorities for CISOs have shifted since the 2024 survey. When asked to identify their states’ top cybersecurity initiatives for 2026, half of CISOs named implementing effectiveness metrics (49%, up from 25% in 2024 and 15% in 2022). Capturing the effectiveness of cyber spending can be difficult, but without metrics, it is challenging to show the benefits of investments. Tracking operational, compliance and risk-based key performance indicators, such as incident response time and phishing click rate, can help demonstrate the return on cyber investment.
AI both accelerates threats and becomes a frontline defense
AI is accelerating the scale and sophistication of attacks targeting public sector systems, making it easier and cheaper for adversaries to generate and automate cyberattacks. CISOs also point to an emerging threat toolkit, including deepfakes that can fool people and evade detection, AI agents that probe for weaknesses and adapt, and AI-driven ransomware-as-a-service operations.
At the same time, CISOs describe AI as a practical way to keep pace, using it to triage security alerts, summarize events, and explore faster report creation, threat identification and training. Several states are already utilizing Generative AI in core security operations, including security information and event management (SIEM) and security orchestration, automation and response (SOAR). The report also underscores how central CISOs have become to state AI efforts.
Key quotes
“We’re seeing more states move toward a ‘whole-of-state’ cybersecurity approach where the state helps extend protection beyond state agencies to local governments, public education and other critical entities that can become an entry point for attackers. At its core, it’s about scaling capabilities through shared services and better collaboration so a weakness in one part of the ecosystem doesn’t become a statewide incident. Many states are looking to scale capabilities through security operations centers and regional support, so counties, cities and schools can benefit from the same cyber-defense muscle as the enterprise.”
Mike Wyatt, Stale local and higher education cyber risk leader, Deloitte
“It’s an encouraging development that state CISOs are being placed at the center of Generative AI security. They are helping shape the strategy, establishing security policies and reviewing proposed use cases. By being involved from the beginning, CISOs are helping governments move faster without sacrificing safeguards because security and governance complement each other. We’re also seeing CISOs explore practical uses of AI to strengthen day-to-day defense, while putting clearer guardrails around responsible uses.”
Meredith Ward, deputy executive director, NASCIO
Additional data
To read the 2026 NASCIO-Deloitte report in its entirety, click here.
About NASCIO
The National Association of State Chief Information Officers is the premier network and resource for state CIOs and a leading advocate for technology policy at all levels of government. NASCIO represents state chief information officers and information technology executives from the states, territories, and the District of Columbia. For more information about NASCIO visit www.nascio.org.
As used in this document, “Deloitte” means Deloitte & Touche LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of our legal structure. Certain services may not be available to attest clients under the rules and regulations of public accounting.
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SOURCE Deloitte
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Duck Creek Kicks Off Formation ’26 as Strong Fiscal Momentum Signals Accelerating Demand for its Intelligent Core Insurance Platform
Published
53 minutes agoon
April 27, 2026By
Company highlights double-digit SaaS growth, global expansion, and launch of its new agentic AI platform as industry leaders gather in Orlando
BOSTON, April 27, 2026 /CNW/ — Duck Creek Technologies, the intelligent core of insurance, today kicks off Formation ’26: Agents of Innovation, its flagship user conference, as the company builds strong momentum in the first half of fiscal 2026, marked by double-digit year-over-year SaaS ARR growth fueled by new logos and expansion across its global customer base.
Duck Creek’s strong start to fiscal 2026 reflects this demand, with double-digit new customer wins and existing customer expansions across its core, specialty, and AI-powered solutions. Adoption of Duck Creek’s intelligent cloud continues to scale globally. Insurers are selecting Duck Creek for its enterprise depth including policy, billing, claims, rating, loss control, reinsurance, distribution management, and payments solutions to operate faster, more accurately, and maintain regulatory compliance.
“We are expanding our leadership in insurance technology with more than 370 customers globally. Including 33 of the top 50 North American insurers,” said Hardeep Gulati, Chief Executive Officer of Duck Creek. “Insurers modernizing their core systems are looking for more from their technology. They need a trusted partner like Duck Creek with proven enterprise scale and speed-to-value to help them drive profitable impact and growth. At Formation, we are excited to announce our new agentic platform that will help further improve the combined ratios for insurers with more than $150B in premium flowing through Duck Creek annually.”
Formation ’26 will bring together more than 800 insurance professionals, ecosystem partners, and industry leaders to explore how technology is transforming the insurance lifecycle. The event underscores growing market demand for intelligent, cloud-native platforms that enable insurers to accelerate cloud migration, product development, and automate core insurance workflows to accelerate decision-making and improve operational agility. A highlight of the event will be Duck Creek unveiling its agentic AI platform and showcasing live demonstrations of agentic applications and agents.
Formation ’26 will feature a distinguished lineup of guest speakers joining Gulati during his keynote, including Stephen Lord, Global CIO of AXIS Capital, and Monti Saroya, Senior Managing Director and Co-Head of the Flagship Fund at Vista Equity Partners. Together, they will share perspectives on large-scale transformation, AI adoption, and the future of agentic insurance.
The conference will also include a customer panel moderated by Chief Operating Officer Chris McCloskey, featuring leaders from Core Specialty, Europ Assistance, and Arbella Insurance, who will discuss their transformation journeys and business outcomes achieved through modern core systems. An analyst panel moderated by SVP of Sales William Magowan will bring together experts from AM Best, Celent, and Datos Insights to provide an external view on market trends and innovation benchmarks.
Customer Momentum
Millers Mutual Insurance advanced its modernization strategy with Duck Creek OnDemand, implementing Policy, Billing, and Reinsurance Clarity to modernize its core systems and support continued growth in the multifamily housing insurance market.Anchor Group Management Inc. partnered with Duck Creek to modernize its insurance payments infrastructure, enabling more streamlined billing processes and improved digital payment experiences for policyholders.Frankenmuth Insurance adopted Duck Creek OnDemand Distribution Management to transform how it manages agencies and producers, increasing visibility, improving operational efficiency, and strengthening collaboration across its distribution network.Indigo Insurance turned to Duck Creek OnDemand to accelerate its modernization strategy and support rapid growth, gaining a scalable cloud-based core platform designed to bring new products to market faster.Encova Insurance went live on an upgraded Duck Creek OnDemand Distribution Management system, unifying agency operations across lines of business, streamlining onboarding, and improving the overall agent experience.New Zealand’s Medical Assurance Society (MAS) selected Duck Creek’s full suite of core solutions delivered via OnDemand to modernize its general insurance business, enhance member experiences, and support a broader digital and data-driven transformation.Country-Wide Insurance selected Duck Creek Clarity to strengthen its data and analytics capabilities, enabling real-time insights and preparing for its upcoming OnDemand go-live with Active Delivery.Fortegra selected Duck Creek Reinsurance and Duck Creek Clarity to modernize financial operations, improve portfolio transparency, and support continued growth across products, geographies, and distribution models.Duck Creek secured more than a dozen additional new customer engagements across commercial specialty and personal lines.
Industry Recognition
Named a Leader in the 2025 Gartner Magic Quadrant for SaaS P&C Insurance Core Platforms North America, marking the seventh consecutive year the company has been recognized as a Leader.Named a Leader in the Everest Group 2025 Underwriting Orchestration Products PEAK Matrix Assessment, recognizing Duck Creek’s strength in delivering AI-driven underwriting, integrated core workflows, and measurable value across global P&C carriers.Featured in Everest Group’s 2026 Voice of the Customer Report for Insurance CXOPs, outperforming both core system peers and the market average, with customers citing strengths in seamless implementation, deep core system integration, and enterprise scalability and more.Received the 2025 IDC FinTech Real Results Award for Insurance Transformation for measurable customer outcomes.
About Duck Creek
Duck Creek is the intelligent core that leading insurers choose to build on. Purpose-built for property and casualty (P&C) and general insurance, Duck Creek unifies the full insurance lifecycle on a single platform with one data foundation. As an agentic platform, it connects intelligence across underwriting, policy, billing, claims, and payments workflows where decisions are made and compliance is non-negotiable. Duck Creek enables carriers to launch products faster, adapt quickly to change, and grow with precision and confidence. Solutions are available individually or as a full suite via Duck Creek OnDemand. Visit www.duckcreek.com and follow Duck Creek on LinkedIn and X.
Media Contacts:
Marianne Dempsey / Tara Stred
duckcreek@threeringsinc.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/duck-creek-kicks-off-formation-26-as-strong-fiscal-momentum-signals-accelerating-demand-for-its-intelligent-core-insurance-platform-302753478.html
SOURCE Duck Creek Technologies, Inc.
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