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Marti Technologies (MRT)
:MRT
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Marti Technologies
(NYSE MKT:MRT)
43Neutral
Marti Technologies (MRT) vs. S&P 500 (SPY)
Market Cap
$173.21M
Dividend YieldN/A
Average Volume (3M)49.32K
Price to Earnings (P/E)―
Beta (1Y)0.11
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees442
SectorTechnology
Sector Strength68
IndustrySoftware - Application
Share Statistics
EPS (TTM)-1.25
Shares Outstanding57,355,324
10 Day Avg. Volume34,231
30 Day Avg. Volume49,323
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap1.57
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-68.78
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$5.00Price Target Upside65.56% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
Marti Technologies Business Overview & Revenue Model
Company DescriptionMarti Technologies (MRT) is a company operating in the technology sector, specializing in the development and implementation of innovative solutions for transportation and mobility. The company focuses on providing cutting-edge products and services that enhance urban mobility, including solutions for ride-sharing, vehicle connectivity, and smart city infrastructure.
How the Company Makes MoneyMarti Technologies makes money through a multi-faceted revenue model that includes service fees from its ride-sharing platform, subscription fees for access to its vehicle connectivity solutions, and revenue from partnerships with cities and municipalities for implementing smart city technologies. The company also generates income through strategic collaborations with automotive manufacturers and technology firms, which help to expand its market reach and enhance its offerings.
Marti Technologies Financial Statement Overview
Summary
Marti Technologies is facing financial challenges across income statement, balance sheet, and cash flow metrics. The company needs to address operational inefficiencies, reduce leverage, and improve cash conversion to stabilize its financial position.Income Statement
Marti Technologies shows a concerning trend with negative gross profit margins and declining net income over the years. Despite increasing revenue from 2020 to 2022, the company experienced a significant downturn in 2023. The negative EBIT and EBITDA margins highlight ongoing operational inefficiencies.35
Negative
Balance Sheet
The balance sheet displays high leverage, with total liabilities surpassing total assets, leading to negative stockholders' equity in 2023. The debt-to-equity ratio is unfavorable, and the equity ratio has deteriorated significantly, indicating potential financial instability.20
Very Negative
Cash Flow
The company's cash flow is under pressure with negative free cash flow each year, and deteriorating operating cash flow. The free cash flow to net income ratio indicates that the company is struggling to convert its earnings into cash.30
Negative
| Breakdown | |||
| Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|
| Income Statement | Total Revenue | ||
| 20.03M | 24.99M | 17.00M | 9.76M | Gross Profit |
| -3.95M | -1.99M | 598.13K | 244.84K | EBIT |
| -30.60M | -14.71M | -9.02M | -3.95M | EBITDA |
| -17.00M | -3.22M | -3.54M | 1.43M | Net Income Common Stockholders |
| -33.81M | -14.25M | -14.47M | -4.63M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||
| 19.42M | 10.50M | 13.22M | 3.50M | Total Assets |
| 40.21M | 40.88M | 38.99M | 13.64M | Total Debt |
| 65.94M | 26.50M | 14.33M | 9.44M | Net Debt |
| 46.52M | 16.00M | 1.11M | 5.94M | Total Liabilities |
| 72.91M | 33.28M | 18.47M | 10.96M | Stockholders Equity |
| -32.70M | 7.60M | 20.52M | 2.69M |
| Cash Flow | Free Cash Flow | ||
| -19.71M | -13.66M | -2.38M | -15.62M | Operating Cash Flow |
| -14.87M | -5.47M | 2.59M | 2.10M | Investing Cash Flow |
| -4.82M | -8.16M | -4.97M | -17.71M | Financing Cash Flow |
| 28.61M | 11.26M | -5.02M | 32.45M |
Marti Technologies Technical Analysis
Neutral
3.02
Price Trends
3.15
Negative
3.22
Negative
2.64
Positive
Market Momentum
>-0.01
Negative
49.48
Neutral
68.25
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MRT, the sentiment is Neutral. The current price of 3.02 is above the 20-day moving average (MA) of 2.94, below the 50-day MA of 3.15, and above the 200-day MA of 2.64, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 49.48 is Neutral, neither overbought nor oversold. The STOCH value of 68.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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
Overall Rating
UnderperformOutperform
Sector (60)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $189.44M | 28.44 | 4.60% | ― | 11.28% | 41.56% | |
60 Neutral | $10.94B | 10.58 | -7.08% | 2.98% | 7.52% | -12.04% | |
58 Neutral | $148.18M | 28.16 | 10.44% | ― | 2.49% | 71.12% | |
57 Neutral | $194.48M | 16.11 | 29.12% | ― | -1.85% | ― | |
50 Neutral | $186.76M | ― | -10.65% | ― | -26.16% | 2.89% | |
48 Neutral | $200.62M | ― | -24.82% | ― | -9.55% | 12.28% | |
43 Neutral | $173.21M | ― | 103.42% | ― | ― | ― |
* Technology Sector Average
Performance Comparison
MRT
Marti Technologies
3.02
1.36
81.93%
CCRD
CoreCard
19.03
6.28
49.25%
MAPS
WM Technology
1.26
0.01
0.80%
ONTF
ON24
4.74
-2.11
-30.80%
SMRT
SmartRent
0.97
-1.48
-60.41%
PERF
Perfect Corp
1.86
-0.37
-16.59%
Marti Technologies Earnings Call Summary
Earnings Call Date:Sep 30, 2024
(Q4-2024)
| % Change Since: -4.43%|
Next Earnings Date:Apr 29, 2025
Earnings Call Sentiment Neutral
Marti Technologies has shown significant growth in its ride hailing services, with promising revenue forecasts and operational efficiencies. However, the decrease in overall revenue and increased administrative costs present challenges. The company is focused on growth, leveraging its market leadership and technological advancements.Q4-2024 Updates
Positive Updates
Ride Hailing Service Expansion and Monetization
Marti Technologies transitioned their focus to ride hailing services, monetizing them in October 2024 and implementing a dynamic pricing model in January 2025. This strategic shift has led to a 233% increase in unique ride hailing riders and a 146% increase in registered drivers in 2024.
Revenue Growth and Positive EBITDA Forecast
The company is on track to almost double its revenue from $18.7 million in 2024 to $34 million in 2025, with expectations to achieve positive adjusted EBITDA in 2025.
Operational Efficiency in Two-Wheeled Electric Vehicle Business
Operational efficiency measures led to a 10.5% reduction in the total cost of revenues year-over-year despite maintaining a similar fleet size. The acquisition of Zoba's AI technology improved vehicle deployment efficiency, doubling daily rides per vehicle.
Market Leadership and First-Mover Advantage
Marti is the number one urban mobility app in Turkey, with a first-mover advantage in ride hailing and the largest electric vehicle operator in the country.
Negative Updates
Decrease in Overall Revenue
Despite the monetization of ride hailing services, overall revenue decreased from $20 million in 2023 to $18.7 million in 2024, primarily due to the reduced number of two-wheeled electric vehicles deployed.
Increased General and Administrative Expenses
General and administrative expenses increased by 226% from $15.1 million in 2023 to $49.2 million in 2024, largely due to increased share-based compensation.
Negative Adjusted EBITDA
Adjusted EBITDA was negative $19.3 million in 2024, which is 8.9% lower than the previous year's adjusted EBITDA of negative $17.7 million, influenced by aggressive investments in ride hailing services.
Company Guidance
During the Marti Technologies, Inc. Full Year 2024 Earnings Conference Call, the company outlined their strategic focus on ride-hailing operations in Turkey, emphasizing a significant shift towards monetizing this service which commenced in October 2024. The company's efforts have led to substantial growth in both unique ride-hailing riders, which surged by 233% to 1.66 million, and registered drivers, which expanded by 146% to 262,000. This growth trajectory is expected to continue, with forecasts aiming for 2.15 million riders and 310,000 drivers by mid-2025. Marti's revenue for 2024 exceeded expectations, reaching $18.7 million, driven largely by the new monetization strategy, and they anticipate doubling this to $34 million in 2025. Additionally, Marti plans to achieve positive adjusted EBITDA in 2025, excluding further investments in ride-hailing growth. Operational efficiencies have been a focus, with a 10.5% reduction in costs for their two-wheeled electric vehicle service, supported by the acquisition of Zoba's AI-driven fleet optimization technology. The company currently dominates the Turkish market as the leading urban mobility app, serving over 109.4 million rides to 5.9 million unique riders since its inception, and plans to expand operations across more Turkish cities to capture a larger share of the $3 billion annual revenue opportunity in Turkey’s ride-hailing market.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.