Marti Technologies (MRT)
:MRT
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Marti Technologies
(MRT)
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Rating:51Neutral
Price Target:
$2.00
▼(-9.09% Downside)
Action:Reiterated
Date:05/22/26
The score is held back primarily by weak financial statements (persistent large losses, ongoing cash burn, and negative equity), plus bearish technical trends. Offsetting this, the latest earnings call reflects strong operating momentum and improving profitability trajectory with reiterated 2026 targets, which meaningfully lifts the overall assessment.
Positive Factors
Rapid Revenue and Usage Growth
Sustained triple‑digit top‑line growth and large increases in trips/users indicate scalable demand and faster network densification. Over 2–6 months this supports higher unit economics and greater leverage from fixed costs as volume scales across the 20‑city footprint.
Negative Factors
Weak Balance Sheet / Negative Equity
Negative equity and substantial debt relative to small asset base materially limit financial flexibility. Over the medium term this raises refinancing risk, constrains strategic investments, and could force dilutive financing or curtailed expansion if operating improvements slip.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid Revenue and Usage Growth
Sustained triple‑digit top‑line growth and large increases in trips/users indicate scalable demand and faster network densification. Over 2–6 months this supports higher unit economics and greater leverage from fixed costs as volume scales across the 20‑city footprint.
Read all positive factors
Marti Technologies Key Performance Indicators (KPIs)
Marti Technologies (MRT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$166.92M
Dividend YieldN/A
Average Volume (3M)18.52K
Price to Earnings (P/E)―
Beta (1Y)0.83
Revenue Growth110.30%
EPS Growth57.62%
CountryUS
Employees442
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.22
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 Cap1.50
Enterprise Value/Revenue11.10
Enterprise Value/Gross Profit18.17
Enterprise Value/Ebitda-63.27
Forecast
1Y Price Target
$3.20Price Target Upside45.45% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.27
Revenue Forecast (FY)$70.08M
Marti Technologies Business Overview & Revenue Model
Company Description
Marti Technologies Inc. provides urban transportation services to riders in Turkey. It also operates a mobility app that provides multiple transportation services to its riders; and operates a fleet of e-mopeds, e-bikes, and e-scooters. The compan...
How the Company Makes Money
Marti primarily generates revenue from (1) micromobility rentals and (2) fees earned from its ride-hailing/transportation marketplace. For micromobility, users pay per-ride charges (typically composed of an unlock/starting fee plus time- or distan...
Marti Technologies Earnings Call Summary
Earnings Call Date:May 21, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Oct 09, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and financial momentum: very large year-over-year revenue growth (156%), a dramatic gross margin improvement (to 72%), sizable gains in users, trips and driver supply, and adjusted EBITDA moved to near breakeven. Lowlights are relatively limited: adjusted EBITDA remains marginally negative, the 2‑wheeled fleet was partly decommissioned, there is seasonal quarter-to-quarter variability, and management cautioned there may be a ceiling on gross margins and that guidance does not assume further city monetization. On balance, the positive operational scale-up and sharp margin improvement materially outweigh the remaining execution and seasonality risks.Positive Updates
Triple-Digit Revenue Growth
Revenue grew 156% year-over-year to $15.4 million in Q1 2026 (from ~$6.0 million in Q1 2025), representing 22% of the company’s $70 million 2026 revenue guidance.
Negative Updates
Adjusted EBITDA Still Slightly Negative
Adjusted EBITDA remains negative at -$0.5 million in Q1 2026 despite large improvement; full-year guidance targets only $1.0 million positive adjusted EBITDA, indicating continued sensitivity to execution.
Read all updates
Q1-2026 Updates
Positive
Negative
Triple-Digit Revenue Growth
Revenue grew 156% year-over-year to $15.4 million in Q1 2026 (from ~$6.0 million in Q1 2025), representing 22% of the company’s $70 million 2026 revenue guidance.
Read all positive updates
Company Guidance
Marti reiterated full‑year 2026 guidance of $70.0 million in revenue and $1.0 million of positive adjusted EBITDA, citing Q1 results that support that outlook: Q1 revenue was $15.4M (up 156% YoY) and already equals 22% of the annual revenue target, and Q1 adjusted EBITDA was negative $0.5M (a $3.1M YoY improvement, ~24% of the $13.1M full‑year EBITDA improvement needed). Management said the guidance assumes no additional city monetizations or take‑rate increases (growth is driven purely by volume across the existing 20‑city footprint), and noted they have already captured $9.4M of the $30.8M revenue increase projected for the year. They pointed to supporting operating momentum — 16.2M trips in Q1, 2.1M unique platform consumers (up 89% YoY), trips per consumer of 7.9, 3.9M all‑time ride‑hailing riders and 496k registered drivers as of March 31, 2026, plus Q1 gross profit of $11.1M (72% margin) — as the basis for confidence in meeting the $70M/$1M targets.Marti Technologies Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
14
Very Negative
Cash Flow
19
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 22.59M | 39.24M | 18.66M | 20.03M | 24.99M | 17.00M |
| Gross Profit | 13.79M | 3.64M | -47.21M | -12.85M | -7.98M | -3.11M |
| EBITDA | -3.96M | -22.22M | -55.21M | -17.03M | -3.26M | -7.50M |
| Net Income | -17.07M | -41.45M | -73.88M | -33.81M | -14.25M | -14.47M |
Balance Sheet | ||||||
| Total Assets | 25.03M | 29.80M | 20.38M | 40.21M | 40.88M | 38.99M |
| Cash, Cash Equivalents and Short-Term Investments | 4.77M | 7.81M | 5.15M | 19.42M | 10.50M | 13.22M |
| Total Debt | 88.49M | 86.57M | 75.25M | 65.94M | 26.50M | 14.33M |
| Total Liabilities | 97.33M | 96.89M | 81.82M | 72.91M | 33.28M | 18.47M |
| Stockholders Equity | -72.29M | -67.09M | -61.44M | -32.70M | 7.60M | 20.52M |
Cash Flow | ||||||
| Free Cash Flow | -8.43M | -15.27M | -25.41M | -19.71M | -13.66M | -2.38M |
| Operating Cash Flow | -8.16M | -14.78M | -25.08M | -14.87M | -5.47M | 2.59M |
| Investing Cash Flow | -272.50K | -542.00K | -1.04M | -4.82M | -8.16M | -22.89M |
| Financing Cash Flow | 4.92M | 17.98M | 11.84M | 28.61M | 11.26M | 43.09M |
Marti Technologies Technical Analysis
Negative
2.20
Price Trends
2.05
Negative
2.07
Negative
2.23
Negative
Market Momentum
-0.04
Positive
42.15
Neutral
45.62
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MRT, the sentiment is Negative. The current price of 2.2 is above the 20-day moving average (MA) of 2.01, above the 50-day MA of 2.05, and below the 200-day MA of 2.23, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 42.15 is Neutral, neither overbought nor oversold. The STOCH value of 45.62 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | $176.20M | 37.63 | 3.07% | ― | 14.77% | -15.55% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $95.95M | -25.71 | -70.95% | ― | 11.61% | 25.96% | |
58 Neutral | $112.83M | -5.33 | -15.26% | ― | -1.25% | -109.14% | |
51 Neutral | $166.92M | -3.17 | 73.80% | ― | 110.30% | 57.62% | |
51 Neutral | $111.54M | -0.22 | -167.42% | ― | 33.44% | -750.46% | |
49 Neutral | $63.37M | 29.02 | 2.62% | ― | -6.00% | -82.74% |
* Technology Sector Average
MRT
Marti Technologies
1.94
-1.00
-34.01%
AEYE
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7.68
-4.25
-35.62%
MAPS
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0.40
-0.62
-60.98%
PERF
Perfect Corp
1.73
-0.08
-4.42%
TEAD
Teads Holding
1.15
-1.35
-54.00%
EXFY
Expensify
1.17
-1.02
-46.58%
Marti Technologies Corporate Events
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 ...
Marti Technologies Launches $2.5 Million Share Buyback Program
Apr 27, 2026
On April 27, 2026, Marti Technologies announced that its board had authorized a new share repurchase program for up to $2.5 million of its Class A ordinary shares, effective immediately and running until October 26, 2026. The program replaces a pr...
Marti Technologies Doubles 2025 Revenue and Turns Gross Profit Positive Amid Nationwide Expansion
Apr 13, 2026
Marti Technologies reported that 2025 was a transformational year, with revenue for the 12 months to December 31, 2025 rising 110% year-on-year to $39.2 million, gross profit swinging from a loss to $24 million and margins improving from negative ...
Marti Technologies Unveils Shareholder Loyalty Program for Long-Term Retail Investors
Mar 9, 2026
On March 9, 2026, Marti Technologies, Inc., Türkiye’s leading mobility super app listed on the NYSE American, launched the Marti Shareholder Loyalty Program to reward long-term retail investors. The initiative ties shareholder status to...
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.