Marti Technologies’ Earnings Call Signals Profitable Pivot

Marti Technologies Inc ((MRT)) has held its Q4 earnings call. Read on for the main highlights of the call.

Marti Technologies’ latest earnings call struck an optimistic tone as management highlighted a sharp operational inflection. Revenue more than doubled, margins swung strongly into positive territory, and engagement indicators surged, giving credibility to ambitious 2026 profitability targets despite ongoing losses and funding sensitivities.

Revenue Surge Builds Confidence in Scale

Total revenue jumped 110% year over year to $39.2 million, beating guidance by $5.2 million and underscoring rapid platform scaling. The outperformance reinforces management’s confidence in reaching roughly $70 million of revenue in 2026 as monetization spreads beyond the limited 2025 city footprint.

Gross Margin Swings From Red to Robust

Marti delivered a dramatic gross margin turnaround, moving from a 15.5% loss in 2024 to a 61.1% margin in 2025 and lifting gross profit by $26.9 million. Management attributed the shift to platform monetization, operating leverage and efficiency initiatives, signaling a structurally stronger business model.

Adjusted EBITDA Loss Narrows but Remains a Drag

Adjusted EBITDA loss improved by 37% to negative $12.1 million, beating guidance by $4.9 million and showcasing better cost control and monetization. Still, the company remains in the red and is aiming for a $1 million positive adjusted EBITDA in 2026, implying a sizable $13.1 million further turnaround.

User Growth and Engagement Accelerate

Platform activity expanded rapidly, with total trips up 60% to 50.8 million and unique consumers rising 44% to 3.1 million. Trips per user climbed 11% to 16.5, indicating stronger engagement and deeper cross-service usage across Marti’s mobility offerings.

Ride-Hailing Network Scales on Both Sides

Ride-hailing showed powerful network effects as all-time riders more than doubled to 3.4 million and have already reached about 3.8 million in early 2026. Registered drivers surged 72% to 450,000 and roughly 490,000 by early 2026, reflecting growing supply and rising liquidity in the marketplace.

Geographic Expansion Broadens Addressable Market

The company now operates in 20 cities that together represent about 80% of Turkey’s GDP, significantly expanding its economic footprint. Ride-hailing was launched in 16 additional cities and delivery started in Istanbul, boosting network density and setting the stage for future monetization.

Multiservice Adoption Lifts ARPU

Marti’s multiservice strategy is gaining traction, with 35% of car-hailing and 82% of motorcycle-hailing users originating from another company service. These multiservice consumers generate 4.4 times the trips and 3.6 times the revenue of single-service users, while many drivers are already flexing between ride-hailing and delivery.

Cost Discipline and AI Support Efficiency

Cost of revenues fell 29% to $15.3 million despite strong volume growth, helped by operational efficiencies, lower depreciation and logistics savings. Management highlighted AI-enabled tools as a contributor to faster and higher-quality software development and product improvements, reinforcing margin gains.

Capital Efficiency and Liquidity Cushion

Marti ended the year with about $8 million of cash and has drawn $13 million on a convertible note facility with another $10 million available. Management argued this liquidity is sufficient to execute near-term plans without immediate fundraising, assuming progress stays on track.

Profitability Still a Work in Progress

Despite clear improvement, the company’s adjusted EBITDA remains negative and requires further gains in pricing, utilization and cost control to reach break-even. The push to turn a $12.1 million loss into a $1 million profit by 2026 is ambitious and leaves little room for missteps.

Monetization Still Concentrated in Few Cities

Monetization remained limited in 2025, with only three cities contributing meaningfully by year-end, leaving much of the footprint underpriced. The revenue growth story now hinges on successfully rolling out monetization across additional cities while maintaining user growth and competitive positioning.

2-Wheeler Fleet Shrinkage a Short-Term Constraint

Marti’s average deployed two-wheeled electric vehicle fleet declined about 29% year over year due to decommissioning older units. This reduction could temporarily constrain capacity in two-wheeler services, although management appears focused on higher-quality utilization over sheer fleet size.

Delivery Business in Early Build-Out Phase

The delivery segment launched late in the fourth quarter and is initially focused on parcel and courier use cases rather than large-scale food or grocery. Management framed delivery as a strategic adjacency with modest near-term revenue impact but potentially valuable incremental use of the existing driver base.

G&A Shows Mixed Signals

Reported general and administrative expense fell 43% to $28.1 million, mainly because of lower share-based compensation. However, G&A excluding stock comp increased 39% to $16.8 million, reflecting higher underlying operating costs required to support the company’s rapid scale.

Take Rate Below Global Benchmarks

Management acknowledged that current take rates sit in the high single to low double digits, well below the roughly 30% global benchmark. Future revenue upside depends on Marti’s ability to raise take rates gradually without losing riders or drivers, making pricing strategy a key lever.

Macro and Regulatory Clouds on the Horizon

The company flagged macro risks such as inflation and fuel-price swings, partially cushioned by government subsidies so far. It also faces an evolving national regulatory framework that could shift competitive dynamics and potentially increase customer acquisition or driver subsidy costs.

Cash Position Leaves Limited Margin for Error

With only about $8 million in cash and reliance on remaining convertible note capacity, Marti is sensitive to any slowdown in growth or monetization. If execution falls short, the company could need to revisit funding options sooner than planned, a key risk for investors watching the path to profitability.

Guidance and Outlook Signal Confidence in Momentum

Management guided to $70 million of revenue and $1 million of positive adjusted EBITDA in 2026, building on the 2025 revenue of $39.2 million and sharply improved margins. The outlook assumes broader city monetization, modest take-rate increases, growing delivery contributions and continued rider and driver growth funded by existing cash and remaining note capacity.

Marti’s earnings call painted a picture of a platform at an inflection point, with rapid growth, stronger margins and rising engagement offset by lingering losses and funding sensitivity. For investors, the story now turns on execution: expanding monetization, nudging take rates higher and maintaining volume growth, all while steering carefully through macro and regulatory risks.