Ride-hailing momentum and platform subscription package revenue drive operating leverage, significantly improving profitability and supporting to full-year positive Adjusted EBITDA
ISTANBUL--(BUSINESS WIRE)--May 21, 2026--
Türkiye's leading mobility super app Marti Technologies, Inc. ("Marti" or the "Company") (NYSE American: MRT) today announced its financial and operational results for the first quarter ended March 31, 2026, delivering strong revenue growth and continued operating leverage across its multi-service mobility platform.
Financial and Operational Highlights for First Quarter 2026
-- Marketplace demand accelerated across the platform: Total trips
increased 93% YoY to 16.2 million and unique platform consumers grew 89%
YoY to 2.1 million, driven by strong ride-hailing momentum. All-time
unique ride-hailing riders increased 101% YoY and registered drivers grew
70% YoY, exceeding quarterly operational targets.
-- Revenue growth and operating leverage improved profitability: Revenue
increased 156% to $15.4 million, net loss narrowed 26% to $7.4 million,
and Adjusted EBITDA improved $3.1 million to $(0.5) million YoY,
reflecting the continued success of platform subscription package
monetization and improved operating leverage across our multi-service
platform.
-- Gross profit margin expanded significantly on stronger unit economics:
Gross profit increased $8.9 million YoY to $11.1 million, while gross
profit margin expanded 3,510 basis points to 72%, driven by improved
platform subscription package monetization and operating leverage despite
a 14% increase in cost of revenues from higher platform activity.
-- Disciplined footprint expansion and platform optimization: Ride-hailing
performance remained strong across Marti's 20-city footprint, while
two-wheeled electric vehicle services were selectively expanded into two
additional cities to improve platform utilization, network density, and
long-term platform efficiency.
"We delivered an exceptional start to 2026, exceeding our internal targets across revenue, gross profit margin, and Adjusted EBITDA," said Oguz Alper Öktem, Founder and CEO. "Revenue grew more than 2.5x year-over-year, gross profit margin reached 72%, and we moved to near breakeven Adjusted EBITDA. This reflects the scaling of our platform subscription package monetization model and continued improvement in unit economics and operating leverage."
"Our ride-hailing marketplace continues to perform strongly across our 20-city footprint in Türkiye, with significant growth in both unique ride-hailing riders and registered ride-hailing drivers," continued Mr. Öktem. "We are also driving increased adoption of our delivery services, with 51% of motorcycle-hailing drivers and 23% of car-hailing drivers in Istanbul providing delivery services in the first quarter. In parallel, we expanded our two-wheeled electric vehicle services into two additional cities, supporting greater platform efficiency and utilization as we continue to scale our multi-service offering."
"With this strong start to the year," Mr. Öktem noted, "we are on track to achieve our 2026 goals, including our first full year of positive Adjusted EBITDA. We are laser focused on increasing efficiency across our platform and capturing additional scale opportunities as usage across the platform deepens, supporting our path toward long-term profitability."
Financial Highlights for First Quarter 2026
Revenue
-- Revenue of $15.4 million in Q1'26, up 156.1% from $6.0 million in
Q1'25, driven by continued success of platform monetization through
subscription packages.
-- Marti is on track to achieve FY'26 revenue guidance of $70.0 million,
reflecting a 78.4% YoY increase.
Gross Profit
-- Gross profit increased by 400.2% in Q1'26 to $11.1 million, compared to
$2.2 million in Q1'25, driven by revenue growth from platform
monetization.
-- Gross profit margin improved to 72.0% in Q1'26 from 36.8% in Q1'25,
reflecting strong platform monetization.
-- $4.3 million cost of revenues in Q1'26, 13.8% higher compared to $3.8
million in Q1'25, primarily driven by higher business volume across our
platform, partially offset by a decrease in depreciation and amortization
expenses.
Operating Expenses
-- $7.5 million general and administrative expenses in Q1'26, 11.9% higher
compared to $6.7 million in Q1'25, primarily attributable to higher
personnel expenses excluding share-based compensation expense, as well as
increases in consulting and legal expenses due to ongoing public company
requirements. These increases were partially offset by a decrease in
share-based compensation expense. In the absence of share-based
compensation expense, Q1'26 general & administrative expenses were $5.3
million.
Net Loss and Adjusted EBITDA
-- Net loss improved to $(7.4) million in Q1'26, compared to $(10.1)
million in Q1'25, representing a $2.6 million YoY improvement, driven by
strong revenue growth and improved operating leverage across the
platform.
-- Adjusted EBITDA improved to $(0.5) million in Q1'26, compared to $(3.6)
million in Q1'25, representing a $3.1 million YoY improvement, driven by
strong revenue growth, successful platform monetization, and improved
operating leverage across the platform.
-- Marti is on track to achieve the FY'26 Adjusted EBITDA target of $1.0
million, which would mark the first full year of positive Adjusted EBITDA
and represent a $13.1 million YoY improvement.
Consolidated Financial and Operational Highlights of First Quarter 2026
Q1 2025 Q1 2026
-------- ------- -------
Trips (in millions) 8.39 16.22 93.3%
Unique Platform Consumers (in millions) 1.09 2.06 88.9%
Trips per Unique Platform Consumer 7.7 7.9 2.3%
All-time Unique Ride-hailing Riders (in
thousands) 1,932 3,887 101.2%
All-time Registered Ride-hailing Drivers (in
thousands) 292 496 69.9%
Average Daily Two-wheeled Electric Vehicles
Deployed 25,505 20,422 (19.9)%
Revenue (USD, thousands) 6,023 15,427 156.1%
Cost of Revenues (USD, thousands) (3,804) (4,327) 13.8%
-------------------------------------------------- -------- ------- -------
% of Revenue 63% 28%
G&A(1) (USD, thousands) (6,688) (7,485) 11.9%
-------------------------------------------------- -------- ------- -------
% of Revenue 111% 49%
Net Loss(2) (USD, thousands) (10,069) (7,427) (26.2)%
Gross Profit(3) (USD, thousands) 2,219 11,100 400.2%
Gross Profit Margin %(4) 37% 72%
Adj. EBITDA(5) (USD, thousands) (3,598) (480) (86.7)%
Adj. EBITDA Margin %(6) (60)% (3)%
(1) In the absence of share-based compensation expense, Q1'26 general &
administrative expenses were $(5.3) million.
(2) In the absence of share-based compensation expense, Q1'26 net loss
was $(5.2) million.
(3) Gross profit is a GAAP metric and is calculated by deducting cost of
revenues from revenue.
(4) Gross profit margin is a GAAP metric and is calculated as gross
profit divided by revenue.
(5) See definition and reconciliation of Adjusted EBITDA elsewhere in
this press release.
(6) See definition and reconciliation of Adjusted EBITDA margin elsewhere
in this press release.
Operational Highlights
-- Trips across ride-hailing, delivery, and two-wheeled electric vehicle
services reached 16.22 million, an increase of 7.83 million, or 93.3%,
compared to 8.39 million in Q1'25.
-- Unique platform consumers grew to 2.06 million, an increase of 0.97
million, or 88.9%, driven primarily by rising ride-hailing adoption.
-- Trips per unique platform consumer increased to 7.9 in Q1'26 from 7.7
in Q1'25, reflecting improved platform level efficiency, expanded service
availability, and a growing public awareness of Marti's offerings.
-- All-time unique ride-hailing riders reached 3.89 million in Q1'26,
exceeding the target of 3.80 million and increasing 101.2% compared to
Q1'25.
-- All-time registered ride-hailing drivers grew to 496 thousand in Q1'26,
exceeding management's target of 490 thousand and increasing 69.9%
compared to Q1'25, with 336 thousand drivers located in Istanbul alone
compared to 20 thousand taxis serving the city.
-- Ride-hailing services delivered strong performance in 20 cities across
Türkiye covering approximately 80% of national GDP, while we
selectively expanded two-wheeled electric vehicle service into two
additional cities to enhance platform efficiency and utilization in
Q1'26.
-- Average daily two-wheeled electric vehicles decreased from 25.5
thousand in Q1'25 to 20.4 thousand in Q1'26, or 19.9%, as we gradually
retired older fleet units introduced in 2021.
Financing
-- In April 2025, the Company entered into a Convertible Note subscription
agreement for up to $23.0 million of 12.50% Convertible Senior Secured
Notes due April 2029, of which $13.0 million had been issued as of March
31, 2026.
-- In October 2025, the Company entered into an additional Convertible
Note subscription agreement for up to $100.0 million of 11.00%
Convertible Senior Secured Notes due October 2029, with no amounts drawn
as of March 31, 2026.
Share Repurchase Program
-- In April 2026, Marti announced a new $2.5 million share repurchase
program valid until October 2026, replacing the prior program, with a
ceiling price of $6.00 per share.
June 30, 2026 All-time Unique Ride-Hailing Rider and Registered Driver Targets
Marti is reaffirming its June 30, 2026 all-time unique ride-hailing rider and registered driver targets, as summarized below:
June 30, 2026
Targets(1)
All-time Unique Ride-hailing Riders 4.3 million
All-time Registered Ride-hailing Drivers 530 thousand
(1) The target numbers of unique riders and registered drivers by June 30,
2026 are based on Marti's current estimates and assumptions and are not
a guarantee of future performance. The targets are subject to
significant risks and uncertainties, including the risk factors
discussed in the Company's reports on file with the Securities and
Exchange Commission ("SEC"), that could cause actual results to differ
materially. There can be no assurance that the Company will achieve the
results expressed by these targets.
Full Year 2026 Guidance
Marti is reaffirming its full year 2026 guidance, as summarized below:
2026 Guidance(1)
Revenue $70.0 million
Adjusted EBITDA $1.0 million
(1) The Company's 2026 guidance assumes continued growth of our platform
services and the absence of any fleet size expansion or replacement
investments as vehicles are retired from our two-wheeled electric
vehicle fleet.
The full year 2026 guidance provided herein is based on Marti's current estimates and assumptions and is not a guarantee of future performance. The 2026 guidance is subject to significant risks and uncertainties, including the risk factors discussed in the Company's reports on file with the SEC, that could cause actual results to differ materially. There can be no assurance that the Company will achieve the results expressed by this guidance.
This press release does not include a reconciliation of forward-looking Adjusted EBITDA to forward-looking GAAP Net Income (loss) because Marti is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to Marti's results.
Conference Call Information
Marti will host a conference call today to discuss its financial and operational results for the first quarter 2026. See details below. A supplemental investor deck can be accessed from the Company's investor relations website where it will remain available for six months.
Date: May 21, 2026
3:30 p.m. Istanbul / 1:30 p.m. London /
Time: 8:30 a.m. New York Time
Dial-in: +1 877-485-3103 / +1 201-689-8890
Webcast & Replay & Archive Link: https://event.choruscall.com/mediaframe/
webcast.html?webcastid=K1eltxBt
Non-GAAP Financial Measures
Certain financial information and data contained herein are not presented in accordance with generally accepted accounting principles of the United States ("GAAP") including, but not limited to, adjusted EBITDA, adjusted EBITDA margin, and certain ratios and other metrics derived therefrom. We define these metrics as follows:
Adjusted EBITDA is calculated by adding depreciation, amortization, taxes, financial expenses (net of financial income) and one-time charges and non-cash adjustments, to net income (loss). The one-time charges and non-cash adjustments are mainly comprised of customs tax provision expenses resulting from the one-time amendment of customs duties and lawsuit provision expense which Marti did not consider the provision to be reflective of its normal cash operations.
Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by revenue.
These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company's financial results. Therefore, these measures should not be considered in isolation or as an alternative to revenue, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that the Company's presentation of these measures may not be comparable to similarly titled measures used by other companies. The Company believes these non-GAAP measures of financial results provide useful information for management and investors regarding certain financial and business trends relating to the Company's financial condition and results of operations. The Company believes the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company's financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures and accordingly, should always be considered as supplemental financial results to those calculated in accordance with GAAP.
This financial information and data contained herein also includes certain projections of non-GAAP financial measures. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.
About Marti:
Founded in 2018, Marti is Türkiye's leading mobility app, offering a wide variety of transportation services. Marti operates a ride-hailing service that matches riders with car, motorcycle and taxi drivers; offers delivery services; and operates a large fleet of rental e-mopeds, e-bikes, and e-scooters. All of Marti's offerings are serviced by proprietary software systems and IoT infrastructure. For more information, visit www.marti.tech.
Cautionary Statement Regarding Forward-Looking Information
This press release contains statements that are not based on historical fact and are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. For example, statements about the anticipated growth of Marti's service offerings, including the numbers of all-time unique riders and all-time registered drivers of the ride-hailing service, launch and growth of its package delivery business, the expected geographic expansion of services to additional cities, the full year 2026 guidance, and the expected future performance, operational efficiencies, potential size and market opportunities of Marti and its ride-hailing, delivery, and two-wheeled electric vehicle services, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as, or which contain the words "will," "aim," "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "future," "intend," "may," "plan," "possible," "predict," "project," "seek," "should," "target," "will," "would" and variations of these words or similar expressions. Such forward-looking statements are subject to risks, uncertainties and other factors. Actual results may differ materially from the expectations expressed or implied in the forward-looking statements as a result of known and unknown risks and uncertainties.
These forward-looking statements are based on estimates and assumptions that, while considered reasonable by Marti and its management, are inherently uncertain and are subject to a number of risks and assumptions. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond Marti's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Known risks and uncertainties include but are not limited to: (i) our ability to implement business plans, forecasts, and other expectations, and identify opportunities, (ii) the risk that we may not be able to effectively manage our growth, including our design, research, development, and maintenance capabilities, (iii) the risk of downturns in the highly competitive tech-enabled mobility services industry, (iv) our ability to build our brand and consumers' recognition, acceptance, and adoption of our brand, (v) the impact of geopolitical tensions and international conflicts, including the military conflict occurring in the Middle East, on the global economy, inflation, energy and commodity prices and our business, (vi) volatility in the price of our securities due to a variety of factors, including
without limitation changes in the competitive and highly regulated industries in which we operate or plan to operate, variations in competitors' performance and success and changes in laws and regulations affecting our business, (vii) the outcome of any legal proceedings that may be initiated against us or our directors or officers, (viii) technological changes and risks associated with doing business in an emerging market, (ix) risks relating to our dependence on and use of certain intellectual property and technology, (x) our ability to maintain the listing of our securities on the NYSE American Stock Exchange, (xi) our ability to grow and make profitable our business, including our ride-hailing, delivery and two-wheeled electric vehicle businesses, and (xii) other factors or risks discussed in the Company's filings with the SEC, accessible on the SEC's website at www.sec.gov and the Investor Relations section of the Company's website at https://ir.marti.tech. Investors should carefully consider the risks and uncertainties described in the documents filed by the Company from time to time with the SEC as most of the factors are outside the Company's control and are difficult to predict. As a result, the Company's actual results may differ from its expectations, estimates and projections and consequently, such forward-looking statements should not be relied upon as predictions of future events. The Company cautions not to place undue reliance upon any forward-looking statements, including its 2026 guidance and ride-hailing targets, which speak only as to management expectations and beliefs as of the date they are made. The Company disclaims any obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.
MARTI TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheets
(In thousands $)
(Unaudited)
December 31, 2025 March 31, 2026
------------------- ----------------
ASSETS
Current assets:
Cash and cash equivalents $ 7,806 $ 4,765
Accounts receivable, net 504 624
Inventories 1,991 1,924
Other current assets 3,639 2,545
--------------- ------------
Total current assets 13,940 9,857
--------------- ------------
Non-current assets:
Property and equipment 2,654 2,000
Operating lease right of use assets 907 944
Intangible assets 351 282
Other non-current assets 11,950 11,950
--------------- ------------
Total non-current assets 15,862 15,176
--------------- ------------
Total assets $ 29,802 $ 25,033
--------------- ------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Short-term financial liabilities,
net(1) $ 3,695 $ 1,779
Accounts payable 4,077 1,958
Operating lease liabilities 620 658
Deferred revenue 2,129 2,361
Accrued expenses and other current
liabilities 3,869 4,178
--------------- ------------
Total current liabilities 14,389 10,933
--------------- ------------
Non-current liabilities:
Long-term financial liabilities,
net(1) 82,116 85,907
Operating lease liabilities, net of
current portion 136 145
Employee benefit liabilities 249 341
--------------- ------------
Total non-current liabilities 82,501 86,392
--------------- ------------
Total liabilities 96,890 97,326
--------------- ------------
Stockholders' equity
Common stock 9 9
Treasury shares (368) (368)
Share premium 121,762 123,984
Accumulated other comprehensive loss (7,558) (7,558)
Accumulated deficit (180,933) (188,360)
--------------- ------------
Total stockholders' equity (67,088) (72,293)
--------------- ------------
Total liabilities and stockholders'
equity $ 29,802 $ 25,033
--------------- ------------
(1) $1.8 million of short-term financial liabilities, net and $80.9 million
of long-term financial liabilities, net consist of convertible notes with a
conversion price of $1.65.
MARTI TECHNOLOGIES, INC. Condensed Consolidated Statements of Operations (In
thousands $, except share amounts which are reflected in thousands, and per
share amounts) (Unaudited)
January 1 - January 1 -
March 31, 2025 March 31, 2026
----------------- -----------------
Revenue $ 6,023 $ 15,427
Operating expenses:
Cost of revenues (3,804) (4,327)
General and administrative expenses(1) (6,688) (7,485)
Selling and marketing expenses (1,248) (2,043)
Research and development expenses (631) (1,016)
Other expenses (1,560) (4,710)
Other income 158 501
------------- -------------
Total operating expenses (13,774) (19,081)
------------- -------------
Loss from operations (7,751) (3,654)
------------- -------------
Financial expense (2,915) (4,147)
Financial income 596 374
------------- -------------
Loss before income tax expense (10,069) (7,427)
------------- -------------
Income tax expense -- --
------------- -------------
Net loss(2) (10,069) (7,427)
------------- -------------
Net loss attributable to stockholders (10,069) (7,427)
------------- -------------
Net loss per share
Weighted average shares used to
compute basic and diluted net loss
per share (no. of shares) 70,004 86,043
Net loss per common share -- basic and
diluted (0.14) (0.09)
------------- -------------
Other comprehensive loss -- --
------------- -------------
Total comprehensive loss $ (10,069) $ (7,427)
------------- -------------
(1) Q1'26 general and administrative expenses include share-based
compensation expense of $(2.2) million. In the absence of share-based
compensation expense, Q1'26 general & administrative expenses were
$(5.3) million.
(2) Q1'26 net loss includes share-based compensation expense of $(2.2)
million. In the absence of share-based compensation expense, Q1'26 net
loss was $(5.2) million.
MARTI TECHNOLOGIES, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands $)
(Unaudited)
January 1 -- January 1 --
March 31, 2025 March 31, 2026
----------------- -----------------
Cash flow from operating activities
Net loss $ (10,069) $ (7,427)
Adjustments to reconcile net loss
to net cash used in operating
activities:
Depreciation and amortization 989 854
Share-based, compensation, net 3,142 2,222
Interest expense/(income), net (198) 113
Foreign exchange gains (451) (251)
Provision for inventory
obsolescence 4 3
Other non-cash (300) 261
------------- -------------
Changes in operating assets and
liabilities:
Accounts receivable (292) (120)
Inventories (31) 64
Other current assets 1,117 111
Accounts payable 289 (2,118)
Deferred revenue (60) 231
Accrued expenses and other current
liabilities 299 401
------------- -------------
A. Net cash used in operating
activities (5,560) (5,655)
------------- -------------
Cash flow from investing activities
Purchase of property and equipment (174) (131)
------------- -------------
B. Net cash used in investing
activities (174) (131)
------------- -------------
Cash flow from financing activities
Proceeds from issuance of
convertible notes 4,376 2,745
Repayment of term loans (417) --
Proceeds from exercise of employee
share options 166 --
------------- -------------
C. Net cash generated from
financing activities 4,125 2,745
------------- -------------
D. Decrease in cash and cash
equivalents (A+B+C) (1,609) (3,041)
------------- -------------
E. Cash and cash equivalents at
beginning of the period 5,149 7,806
------------- -------------
Cash and cash equivalents at ending
of the period (D+E) $ 3,540 $ 4,765
------------- -------------
MARTI TECHNOLOGIES, INC. Non-GAAP Reconciliations - Condensed Consolidated
Adjusted EBITDA and Adjusted EBITDA Margin (in thousands $, except
percentages) (Unaudited)
January 1 -- January 1 --
March 31, 2025 March 31, 2026
Net loss $ (10,069) $ (7,427)
Net loss margin (167)% (48)%
Depreciation and amortization $ 989 $ 854
Financial income $ (596) $ (374)
Financial expense $ 2,915 $ 4,147
Customs tax provision expense $ -- $ --
Lawsuit provision expense $ 21 $ 98
Share-based compensation expense $ 3,142 $ 2,222
Adjusted EBITDA $ (3,598) $ (480)
Adjusted EBITDA margin (60)% (3)%
View source version on businesswire.com: https://www.businesswire.com/news/home/20260521714158/en/
CONTACT: Investor Contact
Marti Technologies, Inc.
Turgut Yilmaz
investor.relations@marti.tech
(END) Dow Jones Newswires
May 21, 2026 06:00 ET (10:00 GMT)