Marti Technologies (MRT) Q3 2026 Earnings Report

The call was strongly positive, with record revenue and gross profit, first-time positive operating income, a second consecutive quarter of positive free cash flow, rapid expansion to 40 cities, and substantial growth in riders and drivers. The main challenges were seasonal fourth-quarter softness, limited monetization in newer cities, a modest decline in trips per consumer, ongoing legal proceedings, and stated share issuance and incentive-plan activity.

Marti reaffirmed fiscal year 2026 guidance of $85 million in revenue and $7 million in adjusted EBITDA, saying the fourth quarter is generally slower than the second and third quarters but should deliver continued strong performance, “but not a major uplift”; increased marketing actions are planned, with returns informing the 2027 forecast, which the company foresees releasing “before the end of the year.” The next milestone is 5.65 million all-time unique ride-hailing riders and 630,000 registered drivers by December 31, 2026. Marti still monetizes “8 or 9 cities,” “certainly less than 10,” does not foresee adding new cities to the monetization mix at a significant pace before their “2-, 2.5-year mark,” and has not baked in any take rate increases. Autonomous vehicle partnerships are in pilot form, with the goal of deploying “sub-10 vehicles over the next year,” and are not expected to have a significant impact on financials “in the short term.”