Marti Technologies, Inc.

Marti reported Q2 2026 revenue of nearly $20 million, up 141% year over year; gross profit of over $15 million, up 223%; gross margin of 77% versus 57% a year ago; and adjusted EBITDA of $2.9 million versus negative $2.4 million in Q2 2025. On a GAAP basis, net loss was $12.5 million, including an $8.3 million noncash loss on debt extinguishment; excluding that item, net loss was $4.2 million versus $9.2 million last year. Trips rose 73% to 18.8 million and unique platform consumers rose 76% to 2.4 million. For full-year 2026, management raised guidance to $85 million in revenue and positive $7 million in adjusted EBITDA.

Oguz Oktem framed the quarter as a proof point that scale is translating into profitability, calling it an “inflection point” and highlighting the company’s marketplace strategy of building the largest mobility network in Türkiye and expanding into adjacent services. He emphasized ride-hailing as the core growth engine, delivery adoption as an added lever, and autonomous mobility as a longer-term opportunity through the newly announced Türkiye Autonomous Vehicle Alliance and Tensor partnership. His tone was upbeat and expansion-focused, repeatedly stressing nationwide reach, higher engagement, and AI-enabled operating efficiency.

Cankut Durgun focused on the operating leverage behind the quarter: revenue up 141%, cost of revenues up only 32%, cost of revenues down to 23% of revenue from 43%, and gross margin expanding to 77%. He noted personnel expenses fell from 16.5% to 7.6% of revenue, D&A from 8.5% to 2.6%, and operating lease expenses from 4.2% to 1.3%. He also pointed to a 4.4 million all-time riders base, 544,000 registered drivers, a reduction in average daily e-vehicles deployed from 24,100 to 20,900, and reiterated the $85 million revenue / $7 million adjusted EBITDA outlook. On capital allocation, he said the company has up to a $2.5 million buyback program and will continue repurchasing shares if they remain undervalued, while still prioritizing growth investments like city launches and rider/driver acquisition.

Analysts pressed management on whether 78% gross margin was a ceiling, and Cankut replied that while margins do have a ceiling because the business has offline operational costs, something in the 80% range appears sustainable for now. Questions also focused on why guidance was raised and what drove growth: management said the revenue upgrade was mainly due to faster-than-expected trip volume, not new-city monetization assumptions, and that EBITDA guidance was supported by strong gross profit and current quarterly run-rate. On geography, Cankut said growth is coming primarily outside Istanbul, with Istanbul now below 50% of the business and steady-state expectations closer to one-third. On autonomous vehicles, management said deployment depends first on proving safety and regulatory readiness in Türkiye, with pilots likely before any larger financing commitments; on delivery, they said parcel delivery is still in Phase 1 and currently Istanbul-based, with expansion to other cities planned later.