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Marti Technologies (MRT) AI Stock Analysis
Marti Technologies
(NYSE MKT:MRT)
The score is held back primarily by weak financial stability (negative equity) and continued GAAP losses/cash burn, despite improving gross profitability. Offsetting this, the earnings call points to a meaningful inflection with raised FY2026 guidance and the first positive adjusted EBITDA, while technicals show improving momentum (price above short/medium-term averages, positive MACD). Valuation remains hard to support with a negative P/E and no dividend yield provided.
Marti Technologies Key Performance Indicators (KPIs)
Average Two-Wheeled Vehciles DeployedIndicates the typical number of scooters and bikes available for use, reflecting the company's operational scale and capacity to meet rider demand.
Marti Technologies has seen a significant decline in the average number of two-wheeled vehicles deployed, dropping from its peak in 2022. This trend aligns with the company's strategic pivot towards ride-hailing services, which has shown robust growth and improved financial performance. Despite the decrease in vehicle deployment, Marti's focus on expanding its ride-hailing operations has driven revenue growth and operational efficiency, positioning it as a market leader in Türkiye's urban mobility sector. However, challenges in new markets and increased expenses could impact short-term profitability.
The FlyMarti Technologies (MRT) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- $176.39M
- Dividend Yield
- ―
- Average Volume (3M)
- 49.85K
- Price to Earnings (P/E)
- -4.1
- Beta (1Y)
- 0.40
- Revenue Growth
- 110.30%
- EPS Growth
- 57.62%
- Country
- US
- Employees
- 473
- Sector
- Technology
- Sector Strength
- 61
- Industry
- Software - Application
Marti Technologies Business Overview & Revenue Model
Company Description
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. This platform offers ac...
How the Company Makes Money
Marti Technologies generates revenue primarily from: (1) Transaction fees/commissions on ride-hailing bookings made through its platform, where the company takes a take-rate from the fare paid by riders for completed trips (including taxi and/or priv...
Marti Technologies Earnings Call Summary
The call emphasized strong top-line growth, significant margin expansion and the first positive adjusted EBITDA, underpinned by rapid user and trip growth, improved cost efficiency, and multi-service adoption. Key strategic initiatives (AI deployment, AV partnership, nationwide expansion) provide growth optionality. Primary negatives include a GAAP net loss driven by a one-time debt-related charge, limited current monetization across newly added cities, an early-stage parcel delivery business concentrated in Istanbul, and uncertainty/timing around autonomous vehicle scale and supplier constraints. On balance, operational and financial momentum materially improved and management raised full-year guidance.
Q2-2026 Updates
Positive Updates
Negative Updates
Company Guidance
Marti raised its fiscal 2026 guidance to $85 million in revenue and positive $7 million in adjusted EBITDA (implying ~117% revenue growth year‑over‑year), supported by Q2 results: revenue nearly $20M (+141% YoY), gross profit >$15M (gross margin a record 77%), and adjusted EBITDA turning positive at $2.9M (a $5.3M YoY improvement; adjusted EBITDA margin 15% vs. -28% prior). Traction through H1 is strong with $35.4M of revenue (42% of the updated full‑year guide), H1 revenue +147% YoY and gross profit +279% YoY, while cost of revenues rose just 22%. Operational metrics underpinning the outlook include Q2 trips of 18.8M (+73% YoY), 2.4M unique platform consumers (+76%), trips per consumer ~7.9, 4.4M all‑time ride‑hailing riders (+95% YoY) and 544k registered drivers (+66% YoY) (targets: 4.9M riders and 580k drivers by end‑Q3), operation in 30 cities covering ~85% of GDP (7 cities monetized), 195M lifetime trips and 8.3M lifetime platform consumers, and a leaner two‑wheeled EV fleet (average daily deployed down from 24,100 to 20,900).
Marti Technologies Financial Statement Overview
Summary
Strong TTM revenue growth (+26.99%) and a rebound to healthy gross margin (~65%) are positives, but the company remains deeply unprofitable (EBIT margin ~-45%, net margin ~-83%) with ongoing cash burn (TTM OCF about -$12.3M; FCF about -$12.8M). The largest risk is the stressed capital structure with negative stockholders’ equity (TTM around -$83.8M), limiting flexibility and raising dilution/refinancing risk.
Income Statement
24NegativeBalance Sheet
14Very NegativeCash Flow
18Very Negative| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 60.33M | 39.24M | 18.66M | 20.03M | 24.99M | 17.00M |
| Gross Profit | 42.71M | 3.64M | -47.21M | -12.85M | -7.98M | -3.11M |
| EBITDA | -7.13M | -22.22M | -55.21M | -17.03M | -3.26M | -7.50M |
| Net Income | -42.10M | -41.45M | -73.88M | -33.81M | -14.25M | -14.47M |
Balance Sheet | ||||||
| Total Assets | 32.36M | 29.80M | 20.38M | 40.21M | 40.88M | 38.99M |
| Cash, Cash Equivalents and Short-Term Investments | 12.50M | 7.81M | 5.15M | 19.42M | 10.50M | 13.22M |
| Total Debt | 106.99M | 86.57M | 75.25M | 65.94M | 26.50M | 14.33M |
| Total Liabilities | 116.18M | 96.89M | 81.82M | 72.91M | 33.28M | 18.47M |
| Stockholders Equity | -83.82M | -67.09M | -61.44M | -32.70M | 7.60M | 20.52M |
Cash Flow | ||||||
| Free Cash Flow | -12.77M | -15.27M | -26.12M | -19.71M | -13.66M | -26.93M |
| Operating Cash Flow | -12.34M | -14.78M | -25.08M | -14.87M | -5.47M | -4.04M |
| Investing Cash Flow | -768.57K | -542.00K | -1.04M | -4.82M | -8.16M | -22.89M |
| Financing Cash Flow | 21.40M | 17.98M | 11.84M | 28.61M | 11.26M | 43.09M |
Marti Technologies Technical Analysis
Price Trends
Market Momentum
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 2.05 is above the 20-day moving average (MA) of 1.93, above the 50-day MA of 2.01, and above the 200-day MA of 1.95, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 56.20 is Neutral, neither overbought nor oversold. The STOCH value of 71.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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.
Latest Risks Added
1 New RiskMarti Technologies Peers Comparison
Overall Rating
AEYE70Outperform
EXFY60Neutral- MRT59Neutral
MAPS52Neutral
TEAD38Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| AEYE | 70Outperform | $169.34M | -55.54 | -74.71% | ― | 8.06% | 14.22% |
| Sector * | 61Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
| EXFY | 60Neutral | $208.82M | -13.74 | -11.54% | ― | -4.27% | 1.47% |
| MRT | 59Neutral | $180.69M | -4.13 | 58.01% | ― | 110.30% | 57.62% |
| MAPS | 52Neutral | $46.78M | 16.55 | 3.52% | ― | -6.77% | -78.54% |
| TEAD | 38Underperform | $25.51M | -0.04 | -314.81% | ― | 12.26% | -664.57% |
* Technology Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| MRT | Marti Technologies Inc | 2.05 | -0.51 | -19.92% | |
| AEYE | Audioeye | 13.59 | -0.84 | -5.82% | |
| MAPS | Wm Technology, Inc. | 0.30 | -0.72 | -70.39% | |
| TEAD | Teads Holding Co. | 0.25 | -1.22 | -82.93% | |
| EXFY | Expensify, Inc. | 2.29 | 0.67 | 41.36% |
Marti Technologies Corporate Events
Marti Technologies Doubles Share Buyback Authorization to $5 Million and Extends Program
On September 10, 2026, Marti Technologies announced that its board doubled the authorization for its share repurchase program from $2.5 million to $5.0 million and extended the program through April 26, 2027. The board kept the ceiling price for buyb...
Marti Technologies Boosts Investor Transparency With Voluntary Quarterly Reporting
On August 19, 2026, Marti Technologies furnished a Form 6-K to the U.S. Securities and Exchange Commission, providing management’s discussion and analysis and unaudited interim condensed consolidated financial statements for the three and six m...
Marti Technologies Delivers Record Q2 2026 Growth and Turns Adjusted EBITDA Positive
On August 19, 2026, Marti reported second-quarter 2026 results showing rapid marketplace expansion, with trips up 73% year-on-year to 18.8 million and unique platform consumers up 76% to 2.4 million, supported by strong growth in ride-hailing riders...
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: Aug 20, 2026