Marti Technologies AI Stock Analysis
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Marti Technologies (MRT) AI Stock Analysis
Marti Technologies
(NYSE MKT:MRT)
The score is held back primarily by high financial risk: negative equity, rising leverage, ongoing net losses, and still-negative TTM operating/free cash flow. Offsetting this, technicals are moderately positive (price above key moving averages with positive MACD), and the latest earnings call points to improving operations (positive operating income and consecutive positive free cash flow quarters) with reaffirmed FY2026 guidance, though monetization and legal/dilution risks remain.
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
- $180.69M
- Dividend Yield
- ―
- Average Volume (3M)
- 53.91K
- Price to Earnings (P/E)
- -5.6
- 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...
Marti Technologies Earnings Call Summary
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.
Q3-2026 Updates
Positive Updates
Negative Updates
Company Guidance
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.”
Marti Technologies Financial Statement Overview
Summary
Operational momentum is improving (TTM revenue up ~20.3% and gross margin recovered to ~70.8%), but the business remains heavily loss-making (TTM net margin ~-69.8%, net loss ~-32.0M), cash flow is still negative (TTM OCF -6.4M, FCF -6.8M), and the balance sheet is highly stressed with negative equity (-83.3M) and rising debt (108.2M vs 34.0M assets).
Income Statement
28NegativeBalance Sheet
18Very NegativeCash Flow
22Negative| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 72.60M | 39.24M | 18.66M | 20.03M | 24.99M | 17.00M |
| Gross Profit | 54.31M | 3.64M | -47.21M | -12.85M | -7.98M | -3.11M |
| EBITDA | 8.75M | -22.22M | -55.21M | -17.03M | -3.26M | -7.50M |
| Net Income | -32.03M | -41.45M | -73.88M | -33.81M | -14.25M | -14.47M |
Balance Sheet | ||||||
| Total Assets | 33.97M | 29.80M | 20.38M | 40.21M | 40.88M | 38.99M |
| Cash, Cash Equivalents and Short-Term Investments | 15.23M | 7.81M | 5.15M | 19.42M | 10.50M | 13.22M |
| Total Debt | 108.20M | 86.57M | 75.25M | 65.94M | 26.50M | 14.33M |
| Total Liabilities | 117.27M | 96.89M | 81.82M | 72.91M | 33.28M | 18.47M |
| Stockholders Equity | -83.30M | -67.09M | -61.44M | -32.70M | 7.60M | 20.52M |
Cash Flow | ||||||
| Free Cash Flow | -6.82M | -15.27M | -26.12M | -19.71M | -13.66M | -26.93M |
| Operating Cash Flow | -6.44M | -14.78M | -25.08M | -14.87M | -5.47M | -4.04M |
| Investing Cash Flow | -1.88M | -542.00K | -1.04M | -4.82M | -8.16M | -22.89M |
| Financing Cash Flow | 17.54M | 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 2.10 is above the 20-day moving average (MA) of 1.98, above the 50-day MA of 2.00, and above the 200-day MA of 1.95, indicating a bullish trend. The MACD of 0.04 indicates Negative momentum. The RSI at 56.49 is Neutral, neither overbought nor oversold. The STOCH value of 69.78 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
EXFY62Neutral- MRT54Neutral
MAPS41Neutral
TEAD40Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| AEYE | 70Outperform | $173.40M | -55.86 | -74.71% | ― | 8.06% | 14.22% |
| EXFY | 62Neutral | $158.92M | -9.66 | -12.25% | ― | -5.46% | -5.25% |
| Sector * | 61Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
| MRT | 54Neutral | $180.69M | -5.55 | 41.80% | ― | 110.30% | 57.62% |
| MAPS | 41Neutral | $32.13M | -4.48 | -7.59% | ― | -6.55% | -154.07% |
| TEAD | 40Underperform | $19.09M | -0.02 | 2022.64% | ― | -3.80% | -710.03% |
* Technology Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| MRT | Marti Technologies Inc | 2.10 | -0.33 | -13.58% | |
| AEYE | Audioeye | 13.67 | 1.05 | 8.32% | |
| MAPS | Wm Technology, Inc. | 0.20 | -0.74 | -78.92% | |
| TEAD | Teads Holding Co. | 0.19 | -0.62 | -76.26% | |
| EXFY | Expensify, Inc. | 1.72 | 0.32 | 22.86% |
Marti Technologies Corporate Events
Marti Technologies Furnishes Third-Quarter 2026 Financial Report
Marti Technologies operates a tech-enabled transportation platform in Türkiye, offering ride-hailing, same-hour delivery and shared e-mopeds, e-bikes and e-scooters through its super app and company-operated fleet.On November 9, 2026, the company fur...
Marti Technologies Reports First Positive Operating Income as Q3 Revenue Reaches Record $24.7 Million
Marti Technologies is a Türkiye-based mobility super app offering ride-hailing, delivery, two-wheeled electric vehicle and other mobility services. The company operates across 40 cities, serving a market covering approximately 90% of Türkiye’s GDP th...
Marti Technologies Launches CalmCar Partnership to Begin Autonomous Vehicle Testing in Türkiye
On October 30, 2026, Marti Technologies announced a partnership with China-based autonomous driving specialist CalmCar to integrate advanced self-driving technology into Marti’s mobility platform in Türkiye. The move underscores Marti’s ambition to b...
Marti Technologies Wins Key Appeals Court Ruling in Turkish Ride-Sharing Case
On October 22, 2026, the 14th Civil Chamber of the Istanbul Regional Court of Appeals ruled in favor of Marti Technologies in an unfair competition case brought by Turkish drivers’ and automobile trade associations against its Marti TAG ride-sharing...
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 months...
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: Nov 11, 2026