Marti Technologies NYSEAMERICAN: MRT reported second-quarter 2026 revenue growth of 141% year over year to nearly $20 million and reached positive adjusted EBITDA for the first time, as its ride-hailing marketplace expanded and costs rose more slowly than revenue.
Founder and CEO Oğuz Alper Öktem described the quarter as an “inflection point” for the Turkish urban mobility platform. Adjusted EBITDA was $2.9 million, compared with a loss of $2.4 million in the prior-year quarter, while adjusted EBITDA margin improved to 15% from negative 28%.
Margins Expand as Revenue Outpaces Costs
Co-Founder, President and COO Cankut Durgun said revenue growth was driven primarily by the company’s platform subscription package monetization, along with rising trip volumes and growth in unique platform consumers. Cost of revenue increased 32% year over year, materially below the pace of revenue growth.
Gross margin expanded to a record 77% from 57% a year earlier. Durgun cited lower cost ratios in several categories, including personnel expenses, depreciation and amortization, and operating lease expenses. Cost of revenue declined to 23% of revenue from 43% in the prior-year period.
On a GAAP basis, Marti reported a net loss of $12.5 million. The result included an $8.3 million one-time, non-cash loss on debt extinguishment associated with an amendment to its convertible notes. Excluding that item, the company said net loss would have been $4.2 million, compared with $9.2 million a year earlier.
During the first six months of 2026, revenue increased 147% year over year to $35.4 million, while cost of revenue rose 22%, according to the company.
Company Raises Full-Year Outlook
Following its first-half results, Marti increased its fiscal 2026 outlook to $85 million in revenue and positive adjusted EBITDA of $7 million. The revenue target would represent 117% year-over-year growth, according to management.
Durgun said the higher revenue outlook is based primarily on trip-volume growth that has exceeded the company’s initial expectations. He said the forecast does not include assumptions for monetizing newly launched cities.
Management expects gross margins in the range of 80% to be sustainable for the foreseeable future, although Durgun said there will ultimately be a ceiling because the business includes physical and operational costs. He also said seasonality exists in ride hailing but is less pronounced than it was in Marti’s micro-mobility operations.
Ride-Hailing Network Grows Beyond Istanbul
Second-quarter trips increased 73% year over year to 18.8 million, while unique platform consumers rose 76% to 2.4 million. Trips per unique consumer remained broadly stable at 7.9 despite the expansion of the customer base.
As of June 30, Marti had 4.4 million all-time unique ride-hailing riders and 544,000 registered drivers. The company’s next targets are 4.9 million all-time riders and 580,000 registered drivers by the end of the following quarter.
Marti said it now operates in 30 cities representing approximately 85% of Turkey’s gross domestic product, including 10 cities launched shortly before the earnings call. Durgun said Istanbul accounted for less than half of the business and that growth outside the city is currently occurring at a faster pace.
The company is monetizing seven of its 30 cities, according to management. Durgun said those cities are generally its larger and earlier-launched markets, while the company is not rushing to monetize newer locations. He said the company’s overall take rate remains in the mid-teens.
- All-time unique ride-hailing riders increased 95% year over year.
- Registered ride-hailing drivers increased 63% year over year.
- Average daily deployed two-wheeled electric vehicles declined to 20,900 from 24,100 a year earlier as Marti continued fleet optimization.
Delivery, AI and Autonomous Vehicle Plans
Marti said delivery adoption continued to increase among consumers and drivers in Istanbul. The company reported that multi-service consumers generated 3.1 times more trips and seven times more revenue per consumer than single-service consumers during the quarter.
Management said parcel delivery remains an Istanbul-based service and does not yet include merchant integrations. Durgun said the next step is to expand parcel delivery beyond Istanbul, using a rollout approach similar to the company’s ride-hailing expansion. Merchant integrations may be added after Marti builds further demand for its current delivery offering.
The company is also deploying artificial intelligence tools across pricing, customer engagement, performance marketing, creative production and general and administrative functions. Öktem said the aim is to increase efficiency and speed of execution without expanding team sizes.
Marti also discussed its multiyear partnership with Tensor for potential autonomous-vehicle deployment on its platform. Durgun said the immediate objective is to demonstrate that the technology can operate safely in Turkey through pilot deployments before pursuing broader scaling or potential financing commitments. Öktem added that broader deployment will depend on regulation, vehicle supply and the availability of vehicles with economics suited to the Turkish market.
Looking toward 2027, Öktem said the company’s focus will remain on expanding ride-hailing usage, drivers, users and revenue across Turkey.
About Marti Technologies (NYSEAMERICAN:MRT)
Marti Technologies Inc is a mobility app, offering multiple transportation services to its riders. Marti operates a ride-hailing service that matches riders with car, motorcycle, and taxi drivers, 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.
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