Marti Technologies (MRT) AI Stock Analysis

• Market Cap: $189.69M
• Dividend Yield: N/A
• Average Volume (3M): 129.89K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.47
• 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: 288,850
• 30 Day Avg. Volume: 129,887
• 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: 1.60
• Enterprise Value/Revenue: 20.98
• Enterprise Value/Gross Profit: -141.07
• Enterprise Value/Ebitda: -6.10
• 1Y Price Target: $4.33
• Price Target Upside: 79.67% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 40 Underperform
• Price Target: $2.50 ▲(3.73% Upside)

Marti Technologies' overall stock score is primarily impacted by its poor financial performance, characterized by declining revenues, negative profit margins, and high leverage. The technical analysis supports a bearish outlook with weak momentum indicators. Valuation concerns further weigh down the score due to ongoing losses and lack of dividends. While the earnings call provided some positive insights into revenue growth and operational improvements, these are not sufficient to offset the significant financial challenges.

Positive Factors

Revenue Growth

Strong revenue growth indicates successful market expansion and increased service adoption, enhancing long-term business viability.

Market Leadership

Being the top urban mobility app in a key market solidifies Marti's competitive advantage and positions it for sustained growth.

Operational Efficiency

Improved operational efficiency and margins enhance profitability potential, supporting long-term financial health and competitiveness.

Negative Factors

High Leverage

High leverage and negative equity indicate financial instability, posing risks to long-term solvency and operational flexibility.

Negative Cash Flow

Negative cash flow highlights inefficiencies in operations, potentially limiting investment capacity and growth opportunities.

Negative Profit Margins

Persistent negative profit margins suggest challenges in cost management and achieving profitability, impacting long-term sustainability.

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 a combination of rental fees and subscription plans for its fleet of electric scooters and bicycles. Users can access Marti's vehicles through a mobile application, where they pay per ride based on the distance traveled and the duration of use. The company also offers subscription models that provide users with unlimited rides for a fixed monthly fee. Additionally, Marti may engage in strategic partnerships with local governments and businesses to enhance its service offerings and expand its user base. Advertising partnerships and branded sponsorships on its vehicles also contribute to its revenue streams.

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 factors indicate a need for strategic restructuring to improve financial health.

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	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	-3.26M	-3.54M	1.01M
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	-22.89M	-17.71M
Financing Cash Flow	11.84M	28.61M	11.26M	43.09M	32.45M

Marti Technologies Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 2.41
• 50DMA: Positive
• 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 Neutral. The current price of 2.41 is above the 20-day moving average (MA) of 2.33, above the 50-day MA of 2.41, and below the 200-day MA of 2.93, indicating a neutral trend. The MACD of -0.06 indicates Negative momentum. The RSI at 53.42 is Neutral, neither overbought nor oversold. The STOCH value of 58.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MRT.

Marti Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MAPS	65 Neutral	$185.52M	13.64	22.69%	―	2.37%	―
PERF	64 Neutral	$191.48M	31.02	4.19%	―	13.19%	9.39%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
AEYE	55 Neutral	$178.42M	―	-68.18%	―	18.53%	-16.24%
EXFY	53 Neutral	$166.77M	―	-12.58%	―	4.13%	54.44%
TEAD	49 Neutral	$154.80M	―	-16.75%	―	19.67%	-1183.48%
MRT	40 Underperform	$189.69M	―	103.42%	―	―	―

Marti Technologies Corporate Events

Marti Technologies Extends Share Repurchase Program

On October 1, 2025, Marti Technologies announced an extension to its share repurchase program, allowing for the repurchase of up to $2.5 million of its Class A ordinary shares until April 9, 2026. The program, initially started in January 2024, maintains a ceiling price of $6.00 per share, with the company’s share price at $2.00 as of October 1, 2025. This strategic move may influence Marti’s market positioning by potentially enhancing shareholder value and demonstrating confidence in the company’s intrinsic value.

Marti Technologies Unifies Services into Single Platform

Marti Technologies, Inc. announced a strategic realignment of its operations, effective October 1, 2024, consolidating its ride-hailing and two-wheeled electric vehicle services into a single subscription-based platform. This change reflects a shift in the company’s internal organization and reporting structure, aiming to streamline operations and improve financial performance. The company faces various challenges, including regulatory requirements, supply chain disruptions, and seasonal demand fluctuations, but continues to focus on expanding its driver network and fleet, enhancing customer perception, and navigating the regulatory landscape in Türkiye.

Marti Technologies Reports Strong First Half 2025 Results with 70% Revenue Growth

On September 22, 2025, Marti Technologies announced its financial and operational results for the first half of 2025, reporting a 70% increase in revenue and a narrowing of losses. The company has experienced rapid growth in its ride-hailing service, surpassing targets with 2.28 million unique riders and 327,000 registered drivers. Marti has expanded its operations to six new cities, increasing its market reach by 1.5 times. The company is on track to meet its 2025 financial guidance, with a focus on enhancing service quality and user experience. This expansion and strategic investment are expected to solidify Marti’s market leadership and drive continued growth in the second half of 2025.