Marti Technologies, Inc.
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Range $2.4 – $4
Price Chart
About the company
Marti Technologies Inc. (MRT), headquartered in Istanbul, Turkey, specializes in urban mobility. The company provides city-dwellers across Turkey with a range of transportation solutions via its proprietary mobile application.
- CEO
- Oguz Alper Oktem
- IPO
- 2021
- Employees
- 473
- HQ
- Istanbul, IB, TR
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- Market Cap
- $174.67M
- P/E
- -4.09
- PEG
- -0.05
- P/S
- 2.90
- P/B
- -2.09
- EV/EBITDA
- -21.46
- Div Yield
- 0.00%
- Gross Margin
- 70.79%
- Op Margin
- -17.56%
- Net Margin
- -69.78%
- ROE
- 58.01%
- ROIC
- -45.00%
Latest fiscal year · YoY change
- Revenue
- $39.24M+110.3%
- Gross Profit
- $3.64M+107.7%
- Op Income
- $-20,024,185
- Net Income
- $-41,446,038+43.9%
- EPS
- $-0.53+57.6%
- OCF Growth
- +41.1%
- FCF Growth
- +39.9%
- 52W High
- $2.75
- 52W Low
- $1.12
- 50D MA
- $1.69
- 200D MA
- $2.04
- Beta
- 0.34
- RSI (14)
- 63
- Avg Volume
- 57.48K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Marti said Q2 2026 was an inflection point, with revenue up 141% year over year, gross margin at a record 77%, and adjusted EBITDA positive for the first time.· August 19, 2026
- Revenue rose 141% year over year to nearly $20 million, while gross profit more than tripled to over $15 million.
- Adjusted EBITDA turned positive at $2.9 million, an improvement of $5.3 million from the prior-year quarter.
- Trips increased 73% to 18.8 million and unique platform consumers grew 76% to 2.4 million, with engagement remaining broadly stable.
- Management lifted full-year 2026 guidance to $85 million of revenue and positive $7 million adjusted EBITDA.
- The business expanded to 30 cities, and management said growth is now coming more from outside Istanbul, where the company expects monetization to remain phased.
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.
The call showed strong momentum in Marti’s core marketplace, with rapid rider and trip growth, stable engagement, and sharply better unit economics. Management also sounded confident that the business can sustain around 80% gross margins and still fund growth, while new-city expansion, delivery adoption, AI tooling, and the Tensor/AV partnership provide additional long-term options.
Management acknowledged gross margins have a ceiling because the business has real-world operating costs, and they said competition could affect margins if it intensifies. They also said new cities will not be monetized until 2027 at the earliest, parcel delivery remains early and Istanbul-centric, and autonomous vehicle deployment depends on proving safety and getting the regulatory framework right before any meaningful scale or capital commitment.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 33.9%
- Shares Outstanding
- 86.04M
- Float Shares
- 29.15M
of shares held by institutions
16 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Held by 1 ETFs
Biggest fund positions in MRT by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jun 30, 26 | Healey Kerry Murphy | other | 3,732 |
| Jun 30, 26 | Lute Douglas | other | 3,732 |
| Jun 30, 26 | Freifeld Daniel | other | 20,261 |
| Jun 30, 26 | Spiro Alex | other | 2,666 |
| Jun 30, 26 | Ugur Agah | other | 3,199 |
| Mar 31, 26 | Healey Kerry Murphy | other | 3,732 |
| Mar 31, 26 | Lute Douglas | other | 3,732 |
| Mar 31, 26 | Freifeld Daniel | other | 20,261 |
| Mar 31, 26 | Spiro Alex | other | 2,666 |
| Mar 31, 26 | Ugur Agah | other | 3,199 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our MRT coverage
Recent articles, reports, and earnings notes.
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Generate MRT report →Marti Technologies, Inc. (MRT) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 19
Marti Technologies H1 Earnings Call Highlights
marketbeat.com · Aug 19
Marti Achieves Record Second Quarter with 141% Revenue Growth, 77% Gross Profit Margin, Significant Improvement in Profitability, and Increased Guidance
businesswire.com · Aug 19
Marti Technologies, Inc. to Report 2026 Second Quarter Results on August 19, 2026
businesswire.com · Aug 17
Marti Technologies Launches Ride-Hailing Service in 10 New Cities Across Türkiye
businesswire.com · Aug 12
Monte Rosa Therapeutics Announces Second Quarter 2026 Financial Results and Business Updates
globenewswire.com · Aug 6
Marti Technologies Increases Fiscal Year 2026 Guidance on Accelerating Growth and Margin Expansion
businesswire.com · Jul 30
Marti and Tensor Partner to Deploy Autonomous Vehicles in Türkiye
businesswire.com · Jul 13
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