Marti Technologies (MRT) AI Stock Analysis

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Marti Technologies

(NYSE MKT:MRT)

Rating:46Neutral

Price Target:

$2.50

▲(8.70%Upside)

Marti Technologies' overall stock score is significantly impacted by its poor financial performance and valuation, despite positive developments in the ride-hailing segment. The technical analysis also reflects a bearish trend, while the earnings call provides some optimism with expected growth in revenue and operational improvements.

Positive Factors

Market Opportunity

Marti offers investors a unique opportunity with attractive value creation potential, given the large total addressable market.

Strategic Positioning

Marti enjoys a first mover and local operator advantage, protected from foreign entrants and positioned for aggressive scaling in the absence of formal regulations.

Negative Factors

Regulatory Risks

Regulatory uncertainty remains a concern, as emerging regulations could open the door for multinational players, increasing competition and risk to Marti’s market share and long-term earnings.

Marti Technologies (MRT) vs. SPDR S&P 500 ETF (SPY)

Market Cap

$204.33M

Dividend YieldN/A

Average Volume (3M)73.88K

Price to Earnings (P/E)―

Beta (1Y)0.65

Revenue GrowthN/A

EPS GrowthN/A

CountryUS

Employees442

SectorTechnology

Sector Strength96

IndustrySoftware - Application

Share Statistics

EPS (TTM)-1.25

Shares Outstanding76,244,360

10 Day Avg. Volume51,450

30 Day Avg. Volume73,877

Financial Highlights & Ratios

PEG Ratio0.08

Price to Book (P/B)-2.84

Price to Sales (P/S)0.00

P/FCF Ratio-8.97

Enterprise Value/Market Cap1.46

Enterprise Value/Revenue4.68

Enterprise Value/Gross Profit-138.84

Enterprise Value/Ebitda-1.95

Forecast

1Y Price Target

$5.38

Price Target Upside133.91% Upside

Rating ConsensusModerate Buy

Number of Analyst Covering2

Marti Technologies Business Overview & Revenue Model

Company DescriptionMarti 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 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 Earnings Call Summary

Earnings Call Date:Sep 30, 2024

(Q4-2024)

% Change Since: -27.22%|

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.

Marti Technologies Financial Statement Overview

Summary

Marti Technologies is facing significant financial challenges, with declining revenue, negative profit margins, high leverage, negative equity, and poor cash generation capabilities. These issues highlight the need for strategic restructuring.

Income Statement

Negative

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

Very Negative

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

Negative

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	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	18.66M	20.03M	24.99M	17.00M	9.76M
Gross Profit	-2.89M	-3.95M	-1.99M	598.13K	244.84K
EBITDA	-56.62M	-17.00M	-3.22M	-3.54M	1.43M
Net Income	-73.88M	-33.81M	-14.25M	-14.47M	-4.63M
Balance Sheet
Total Assets	20.38M	40.21M	40.88M	38.99M	13.64M
Cash, Cash Equivalents and Short-Term Investments	5.15M	19.42M	10.50M	13.22M	3.50M
Total Debt	75.25M	65.94M	26.50M	14.33M	9.44M
Total Liabilities	81.82M	72.91M	33.28M	18.47M	10.96M
Stockholders Equity	-61.44M	-32.70M	7.60M	20.52M	2.69M
Cash Flow
Free Cash Flow	-25.41M	-19.71M	-13.66M	-2.38M	-15.62M
Operating Cash Flow	-25.08M	-14.87M	-5.47M	2.59M	2.10M
Investing Cash Flow	-1.04M	-4.82M	-8.16M	-4.97M	-17.71M
Financing Cash Flow	11.84M	28.61M	11.26M	-5.02M	32.45M

Marti Technologies Technical Analysis

Technical Analysis Sentiment

Negative

Last Price2.30

Price Trends

50DMA

2.82

Negative

100DMA

2.97

Negative

200DMA

2.91

Negative

Market Momentum

MACD

-0.07

Positive

RSI

30.06

Neutral

STOCH

15.93

Positive

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 2.3 is below the 20-day moving average (MA) of 2.84, below the 50-day MA of 2.82, and below the 200-day MA of 2.91, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 30.06 is Neutral, neither overbought nor oversold. The STOCH value of 15.93 is Positive, 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

Overall Rating

UnderperformOutperform

Sector (51)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PERF	73 Outperform	$249.53M	33.83	4.19%	―	13.19%	9.39%
CCRD	59 Neutral	$205.41M	30.62	13.10%	―	12.31%	187.89%
MAPS	58 Neutral	$149.19M	11.60	23.24%	―	0.20%	―
SMRT	57 Neutral	$201.35M	―	-22.66%	―	-25.43%	-135.09%
Sector *	51 Neutral	AU$1.68B	2.17	-31.66%	3.55%	16.55%	-7.79%
ONTF	50 Neutral	$223.42M	―	-24.47%	―	-8.39%	7.79%
MRT	46 Neutral	$204.33M	―	103.42%	―	―	―

* Technology Sector Average

Performance Comparison

MRT

Marti Technologies

2.42

0.81

50.31%

CCRD

CoreCard

26.31

14.41

121.09%

MAPS

WM Technology

0.90

-0.18

-16.67%

ONTF

ON24

5.02

-1.55

-23.59%

SMRT

SmartRent

1.03

-0.81

-44.02%

PERF

Perfect Corp

1.92

-0.24

-11.11%

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.Date of analysis: Jul 30, 2025