Marti Technologies (MRT) AI Stock Analysis

• Market Cap: $165.13M
• Dividend Yield: N/A
• Average Volume (3M): 18.52K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.30
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 442
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): N/A
• Shares Outstanding: 78,708,470
• 10 Day Avg. Volume: 21,588
• 30 Day Avg. Volume: 18,522
• PEG Ratio: -0.03
• Price to Book (P/B): -3.25
• Price to Sales (P/S): 10.71
• P/FCF Ratio: -7.87
• Enterprise Value/Market Cap: 1.48
• Enterprise Value/Revenue: 9.95
• Enterprise Value/Gross Profit: 44.07
• Enterprise Value/Ebitda: -4.57
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: $2.00 ▼(-1.48% Downside)

The score is held down primarily by weak financial performance (losses, negative free cash flow, and negative equity/leverage risk) and bearish technicals (below key moving averages with negative MACD). The earnings call guidance and strong ride-hailing growth provide a partial offset, but valuation support is limited due to losses and no dividend.

Positive Factors

Market leadership in Türkiye

Clear market leadership in Türkiye provides a durable competitive advantage: leading brand, distribution and scale in the home market support pricing power, partner access, and faster rollouts. This market position anchors growth and long-term monetization potential in core geographies.

Rapid user and driver growth

Accelerating rider and driver growth strengthens network effects and utilization, improving unit economics as scale rises. Sustained user expansion across cities increases lifetime revenue opportunity per market and supports future subscription and transaction monetization.

Improving operational efficiency and margins

Meaningful cost-of-revenue reductions and gross margin gains indicate structural improvements in operations and product economics. If sustained, they lower the breakeven threshold, reduce cash burn per unit of growth, and enhance the path to positive adjusted EBITDA.

Negative Factors

Highly levered balance sheet / negative equity

Significantly negative equity and heavy leverage create structural solvency and refinancing risk. Reliance on debt limits flexibility for strategic investments, increases default risk during downturns, and can force dilutive financing, constraining long-term value creation.

Negative free cash flow and funding reliance

Persistent negative free cash flow means the business depends on external financing to fund growth and operations. Over several quarters this raises dilution and refinancing risk, and constrains the company's ability to invest counter-cyclically or sustain losses during slower growth.

Historical revenue decline and negative margins

A track record of declining revenue and negative gross/net margins signals structural challenges in demand or monetization. Even with recent improvements, persistent operating losses mean the company must sustain margin gains and revenue momentum to reach durable profitability.

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 company was founded in 2018 and is based in Istanbul, Turkey.

How the Company Makes Money

Marti Technologies generates revenue through multiple streams, primarily by offering subscription-based access to its software solutions and analytics platforms. The company charges clients a monthly or annual fee based on the size of their operations and the specific tools they utilize. Additionally, MRT earns revenue from consulting services, where it partners with clients to tailor solutions that meet their unique logistical challenges. Strategic partnerships with major logistics firms and technology providers also contribute to the company's earnings, as they create opportunities for co-branded solutions and expanded market reach. Furthermore, MRT may generate income from transactional fees associated with its real-time tracking services, providing a performance-based revenue model that aligns its success with that of its clients.

Marti Technologies Financial Statement Overview

Summary

Weak fundamentals: declining revenue historically, negative gross/net margins and operating profitability, negative free cash flow, and a highly leveraged balance sheet with significantly negative equity—raising solvency and funding risk.

Income Statement

Marti Technologies is experiencing declining revenue with a negative revenue growth rate in recent years. The company has been struggling with negative gross and net profit margins, indicating challenges in managing costs and achieving profitability. The negative EBIT and EBITDA margins further underline operational inefficiencies and a lack of profitability at the operating level.

Balance Sheet

The balance sheet shows high leverage with a significantly negative stockholders' equity, indicating potential solvency issues. The debt-to-equity ratio is concerning due to the negative equity, suggesting the company is heavily reliant on debt financing. The equity ratio is negative, reflecting financial instability and risks associated with high liabilities relative to assets.

Cash Flow

The company has negative free cash flow, indicating an inability to generate sufficient cash from operations to cover capital expenditures. The operating cash flow to net income ratio is negative, highlighting inefficiencies in converting operational activities into cash. Although there is some financing cash inflow, the reliance on external funding is not sustainable in the long term.

Breakdown	TTM	Dec 2024	Dec 2023	Mar 2023	Dec 2021	Dec 2020
Income Statement
Total Revenue	24.58M	18.66M	20.03M	24.99M	17.00M	9.76M
Gross Profit	5.55M	-2.89M	-3.95M	-1.99M	598.13K	244.84K
EBITDA	-53.50M	-56.62M	-17.00M	-3.26M	-3.54M	1.01M
Net Income	-71.29M	-73.88M	-33.81M	-14.25M	-14.47M	-4.63M
Balance Sheet
Total Assets	17.22M	20.38M	40.21M	40.88M	38.99M	13.64M
Cash, Cash Equivalents and Short-Term Investments	4.21M	5.15M	19.42M	10.50M	13.22M	3.50M
Total Debt	83.42M	75.25M	65.94M	26.50M	14.33M	9.44M
Total Liabilities	90.38M	81.82M	72.91M	33.28M	18.47M	10.96M
Stockholders Equity	-73.16M	-61.44M	-32.70M	7.60M	20.52M	2.69M
Cash Flow
Free Cash Flow	-20.13M	-25.41M	-19.71M	-13.66M	-2.38M	-15.62M
Operating Cash Flow	-19.60M	-25.08M	-14.87M	-5.47M	2.59M	2.10M
Investing Cash Flow	-589.79K	-1.04M	-4.82M	-8.16M	-22.89M	-17.71M
Financing Cash Flow	15.43M	11.84M	28.61M	11.26M	43.09M	32.45M

Marti Technologies Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.03
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 2.03 is below the 20-day moving average (MA) of 2.05, below the 50-day MA of 2.19, and below the 200-day MA of 2.49, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 48.82 is Neutral, neither overbought nor oversold. The STOCH value of 66.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MRT.

Marti Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
MAPS	57 Neutral	$106.89M	9.16	18.24%	―	0.59%	―
PERF	56 Neutral	$148.70M	26.51	3.80%	―	14.47%	11.29%
EXFY	50 Neutral	$109.79M	-7.61	-12.19%	―	4.71%	11.12%
AEYE	48 Neutral	$83.20M	-23.46	-54.03%	―	18.57%	-2.15%
TEAD	47 Neutral	$76.82M	-0.77	-23.85%	―	30.91%	-1632.95%
MRT	45 Neutral	$165.13M	-1.85	―	―	―	―

Marti Technologies Corporate Events

Marti Technologies Shareholders Reappoint Class III Directors at 2025 AGM

On December 24, 2025, Marti Technologies, Inc. held its 2025 annual general meeting of shareholders at its Istanbul headquarters, with holders of 53,779,717 Class A ordinary shares present or represented by proxy, representing about 66.54% of the voting power and constituting a quorum. Shareholders approved the re-appointment of Chief Executive Officer Oguz Alper Öktem and director Daniel Freifeld as Class III directors for three-year terms ending at the 2028 annual general meeting, reinforcing continuity in the company’s leadership and governance structure for investors as it continues to report and raise capital in U.S. markets.

The most recent analyst rating on (MRT) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Marti Technologies stock, see the MRT Stock Forecast page.

Marti Technologies Schedules 2025 Annual Meeting for Director Re-appointments

Marti Technologies, Inc. announced its 2025 Annual General Meeting of Shareholders, scheduled for December 24, 2025, in Istanbul, Türkiye. The meeting will address the re-appointment of Oguz Alper Öktem and Daniel Freifeld as Class III Directors for a three-year term. This meeting provides an opportunity for shareholders to engage with the company’s management and discuss its affairs, emphasizing the importance of shareholder participation in the decision-making process.

The most recent analyst rating on (MRT) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Marti Technologies stock, see the MRT Stock Forecast page.