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Marti Technologies
(MRT)
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Rating:59Neutral
Price Target:
$2.00
▼(-2.44% Downside)
Action:Reiterated
Date:08/20/26
The score is held back primarily by weak financial stability (negative equity) and continued GAAP losses/cash burn, despite improving gross profitability. Offsetting this, the earnings call points to a meaningful inflection with raised FY2026 guidance and the first positive adjusted EBITDA, while technicals show improving momentum (price above short/medium-term averages, positive MACD). Valuation remains hard to support with a negative P/E and no dividend yield provided.
Positive Factors
Rapid Revenue and Marketplace Growth
Sustained growth in trips, users, riders and drivers indicates expanding marketplace liquidity and adoption. Greater network density can improve matching, utilization and customer retention, supporting continued revenue scaling across Marti’s mobility platform.
Negative Factors
Negative Equity and Stressed Capital Structure
Negative equity weakens solvency optics and limits financial flexibility even after debt reduction. The company may need additional financing or equity issuance to support growth, creating refinancing dependence and potential dilution for shareholders.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid Revenue and Marketplace Growth
Sustained growth in trips, users, riders and drivers indicates expanding marketplace liquidity and adoption. Greater network density can improve matching, utilization and customer retention, supporting continued revenue scaling across Marti’s mobility platform.
Read all positive factors
Marti Technologies Key Performance Indicators (KPIs)
Marti Technologies (MRT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$172.09M
Dividend YieldN/A
Average Volume (3M)18.52K
Price to Earnings (P/E)―
Beta (1Y)0.73
Revenue Growth110.30%
EPS Growth57.62%
CountryUS
Employees473
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.50
Shares Outstanding86,042,725
10 Day Avg. Volume21,588
30 Day Avg. Volume18,522
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)-2.78
Price to Sales (P/S)4.75
P/FCF Ratio-12.22
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$3.98Price Target Upside93.90% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.25
Revenue Forecast (FY)$70.55M
Marti Technologies Business Overview & Revenue Model
Company Description
Marti Technologies Inc. (MRT), headquartered in Istanbul, Turkey, specializes in urban mobility. The company provides city-dwellers across Turkey with a range of transportation solutions via its proprietary mobile application. This platform offers...
How the Company Makes Money
Marti Technologies generates revenue primarily from: (1) Transaction fees/commissions on ride-hailing bookings made through its platform, where the company takes a take-rate from the fare paid by riders for completed trips (including taxi and/or p...
Marti Technologies Earnings Call Summary
Earnings Call Date:Aug 19, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Apr 20, 2027
Earnings Call Sentiment Positive
The call emphasized strong top-line growth, significant margin expansion and the first positive adjusted EBITDA, underpinned by rapid user and trip growth, improved cost efficiency, and multi-service adoption. Key strategic initiatives (AI deployment, AV partnership, nationwide expansion) provide growth optionality. Primary negatives include a GAAP net loss driven by a one-time debt-related charge, limited current monetization across newly added cities, an early-stage parcel delivery business concentrated in Istanbul, and uncertainty/timing around autonomous vehicle scale and supplier constraints. On balance, operational and financial momentum materially improved and management raised full-year guidance.Positive Updates
Strong Revenue Growth and Upgraded Guidance
Q2 revenue grew 141% year-over-year to nearly $20 million. First half revenue was $35.4 million (42% of updated FY26 guidance). Management raised FY2026 revenue guidance to $85 million, implying 117% year-over-year growth.
Negative Updates
GAAP Net Loss and One-Time Debt Expense
GAAP net loss was $12.5 million in Q2, driven by a one-time noncash loss on debt extinguishment of $8.3 million related to convertible note amendments. Excluding that item, net loss was $4.2 million (improved from $9.2 million prior year).
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth and Upgraded Guidance
Q2 revenue grew 141% year-over-year to nearly $20 million. First half revenue was $35.4 million (42% of updated FY26 guidance). Management raised FY2026 revenue guidance to $85 million, implying 117% year-over-year growth.
Read all positive updates
Company Guidance
Marti raised its fiscal 2026 guidance to $85 million in revenue and positive $7 million in adjusted EBITDA (implying ~117% revenue growth year‑over‑year), supported by Q2 results: revenue nearly $20M (+141% YoY), gross profit >$15M (gross margin a record 77%), and adjusted EBITDA turning positive at $2.9M (a $5.3M YoY improvement; adjusted EBITDA margin 15% vs. -28% prior). Traction through H1 is strong with $35.4M of revenue (42% of the updated full‑year guide), H1 revenue +147% YoY and gross profit +279% YoY, while cost of revenues rose just 22%. Operational metrics underpinning the outlook include Q2 trips of 18.8M (+73% YoY), 2.4M unique platform consumers (+76%), trips per consumer ~7.9, 4.4M all‑time ride‑hailing riders (+95% YoY) and 544k registered drivers (+66% YoY) (targets: 4.9M riders and 580k drivers by end‑Q3), operation in 30 cities covering ~85% of GDP (7 cities monetized), 195M lifetime trips and 8.3M lifetime platform consumers, and a leaner two‑wheeled EV fleet (average daily deployed down from 24,100 to 20,900).Marti Technologies Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
14
Very Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 60.33M | 39.24M | 18.66M | 20.03M | 24.99M | 17.00M |
| Gross Profit | 42.71M | 3.64M | -47.21M | -12.85M | -7.98M | -3.11M |
| EBITDA | -7.77M | -22.22M | -55.21M | -17.03M | -3.26M | -7.50M |
| Net Income | -42.10M | -41.45M | -73.88M | -33.81M | -14.25M | -14.47M |
Balance Sheet | ||||||
| Total Assets | 32.36M | 29.80M | 20.38M | 40.21M | 40.88M | 38.99M |
| Cash, Cash Equivalents and Short-Term Investments | 12.50M | 7.81M | 5.15M | 19.42M | 10.50M | 13.22M |
| Total Debt | 4.55M | 86.57M | 75.25M | 65.94M | 26.50M | 14.33M |
| Total Liabilities | 116.18M | 96.89M | 81.82M | 72.91M | 33.28M | 18.47M |
| Stockholders Equity | -83.82M | -67.09M | -61.44M | -32.70M | 7.60M | 20.52M |
Cash Flow | ||||||
| Free Cash Flow | -12.77M | -15.27M | -25.41M | -19.71M | -13.66M | -2.38M |
| Operating Cash Flow | -12.34M | -14.78M | -25.08M | -14.87M | -5.47M | 2.59M |
| Investing Cash Flow | -768.30K | -542.00K | -1.04M | -4.82M | -8.16M | -22.89M |
| Financing Cash Flow | 21.40M | 17.98M | 11.84M | 28.61M | 11.26M | 43.09M |
Marti Technologies Technical Analysis
Positive
2.05
Price Trends
1.69
Positive
1.86
Positive
2.04
Negative
Market Momentum
0.05
Negative
59.92
Neutral
77.17
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MRT, the sentiment is Positive. The current price of 2.05 is above the 20-day moving average (MA) of 1.83, above the 50-day MA of 1.69, and above the 200-day MA of 2.04, indicating a neutral trend. The MACD of 0.05 indicates Negative momentum. The RSI at 59.92 is Neutral, neither overbought nor oversold. The STOCH value of 77.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MRT.
Marti Technologies Risk Analysis
Marti Technologies disclosed 81 risk factors in its most recent earnings report. Marti Technologies reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Marti Technologies Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $191.48M | 32.63 | 3.73% | ― | 10.41% | 10.48% | |
64 Neutral | $213.38M | -14.65 | -11.54% | ― | -4.27% | 1.47% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $92.51M | -19.14 | -108.80% | ― | 9.81% | -7.88% | |
59 Neutral | $172.09M | -4.12 | 56.12% | ― | 110.30% | 57.62% | |
53 Neutral | $65.45M | 22.67 | 2.62% | ― | -6.77% | -78.54% | |
42 Neutral | $60.79M | -0.11 | -314.81% | ― | 12.26% | -664.57% |
* Technology Sector Average
MRT
Marti Technologies
2.03
-0.42
-17.14%
AEYE
AudioEye
7.14
-4.68
-39.59%
MAPS
WM Technology
0.41
-0.62
-59.90%
PERF
Perfect Corp
1.86
-0.04
-2.11%
TEAD
Teads Holding
0.63
-1.11
-63.56%
EXFY
Expensify
2.50
0.76
43.68%
Marti Technologies Corporate Events
Marti Technologies Boosts Investor Transparency With Voluntary Quarterly Reporting
Aug 19, 2026
On August 19, 2026, Marti Technologies furnished a Form 6-K to the U.S. Securities and Exchange Commission, providing management’s discussion and analysis and unaudited interim condensed consolidated financial statements for the three and si...
Marti Technologies Delivers Record Q2 2026 Growth and Turns Adjusted EBITDA Positive
Aug 19, 2026
On August 19, 2026, Marti reported second-quarter 2026 results showing rapid marketplace expansion, with trips up 73% year-on-year to 18.8 million and unique platform consumers up 76% to 2.4 million, supported by strong growth in ride-hailing ride...
Marti Technologies Strikes Multi-Year Deal to Deploy Tensor Autonomous Vehicles Across Türkiye
Jul 13, 2026
On July 13, 2026, Marti Technologies announced a multi-year strategic partnership with Silicon Valley-based Tensor to purchase and deploy Tensor’s Level 4 autonomous vehicles on Marti’s mobility platform in cities across Türkiye. ...
Marti Technologies Updates Investors on Ongoing Share Repurchase Program
Jun 29, 2026
Marti Technologies reported on June 29, 2026, that since launching its share repurchase program on January 10, 2024, it has bought back 274,200 MRT ordinary shares at an average price of $2.25, for a total cost of $618,296. The company’s boa...
Marti Technologies to Appeal Turkish Court’s Unfair Competition Ruling on Ride-Hailing
Jun 26, 2026
On June 24, 2026, the Istanbul 14th Commercial Court of First Instance ruled that the ride-hailing business of Marti Ileri Teknoloji A.S., a subsidiary of Marti Technologies, Inc., constitutes unfair competition under the Turkish Commercial Code, ...
Marti Technologies Lowers Conversion Terms on 2029 Convertible Notes
Jun 10, 2026
On June 5, 2026, Marti Technologies, Inc. amended its existing Note Subscription Agreement with Callaway Capital Management and other subscribers, affecting its 12.50% Convertible Senior Secured Notes due 2029. The change reduces the multiplier in...
Marti Technologies Files Q1 2026 Results and MD&A, Commits to Ongoing Quarterly Reporting
May 21, 2026
On May 21, 2026, Marti Technologies furnished its unaudited interim condensed consolidated financial statements and management’s discussion and analysis for the three months ended March 31, 2026, to the U.S. Securities and Exchange Commissio...
Marti Technologies Posts 156% Q1 Revenue Surge and Near-Breakeven EBITDA
May 21, 2026
On May 21, 2026, Marti Technologies reported first quarter 2026 results that showed total trips nearly doubling year-on-year to 16.2 million and unique platform consumers rising 89% to 2.1 million, driven by strong ride-hailing demand and growing ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.