Marti Technologies H2 Earnings Call Highlights

Key Points

• Marti scaled into a true multi-service "mobility super app," expanding ride-hailing into 16 more cities and launching delivery in Istanbul—now operating eight services across 20 cities with 160.2 million all-time trips and millions of users and drivers.
• Financials improved sharply in 2025 as revenue more than doubled to $39.2 million, cost of revenues fell 29%, gross profit swung from a $2.9 million loss to a $24.0 million profit (gross margin to ~61%), and adjusted EBITDA loss narrowed to $12.1 million.
• Management targets $70 million in 2026 revenue and positive adjusted EBITDA (~$1 million) while relying on continued monetization rollout, dynamic pricing, AI-driven efficiencies, and existing liquidity (about $8 million cash plus convertible-note draw capacity).

Marti Technologies NYSEAMERICAN: MRT executives highlighted rapid expansion, sharp margin improvement, and accelerating monetization during the company’s full-year 2025 earnings call, positioning the company as a “mobility super app” in Turkey with eight services operating across 20 cities.

Scale-up into a multi-service platform

Founder and CEO Oguz Alper Oktem said 2025 was a key year in which Marti “successfully scaled into a true multi-service mobility platform,” including expanding its ride-hailing footprint into 16 additional cities and launching delivery services in Istanbul. The company now offers car, motorcycle, and taxi ride-hailing; motorcycle and car delivery; and an owned and operated fleet of e-bikes, e-mopeds, and e-scooters.

Oktem described Marti as the “number one urban mobility app in Turkey across both iOS and Android platforms,” and said the platform has reached 160.2 million all-time trips and 7.4 million unique platform consumers since launch. He added that as of the first quarter of 2026, Marti had reached 3.8 million all-time unique ride-hailing riders and 490,000 registered drivers.

2025 financial results: revenue doubles; margins swing positive

Co-Founder, President, and COO Cankut Durgun said the company “delivered strong growth across our platform while continuing to improve profitability.” He reported total trips rose 60% year-over-year to 50.8 million, while unique platform consumers who used Marti at least once during the year increased 44% to 3.1 million. Trips per unique platform consumer rose 11% to 16.5.

Marti’s revenue more than doubled to $39.2 million, a 110% year-over-year increase, which management attributed to the “first full year of platform-level monetization,” dynamic pricing, scaling, and increased consumer engagement. Oktem said revenue exceeded the company’s guidance by $5.2 million.

Durgun also outlined a sizable cost shift: cost of revenues declined 29% to $15.3 million, driven by operational efficiencies, lower depreciation, reduced field logistics costs, and “AI-enabled cost reduction initiatives.” As a result, the company’s gross profit improved from a $2.9 million loss in 2024 to a $24.0 million profit in 2025, and gross margin improved from roughly -15% to 61% (Oktem cited -15.5% to 61.1%).

General and administrative expenses declined 43% to $28.1 million, primarily due to lower share-based compensation and insurance costs, Durgun said. Excluding share-based compensation, G&A rose to $16.8 million from $12.1 million as the company scaled its organization.

Adjusted EBITDA loss narrowed to $12.1 million in 2025 from $19.3 million in 2024, an improvement of $7.2 million. Oktem said the adjusted EBITDA loss narrowed 37% and exceeded guidance by $4.9 million.

Growth drivers: city expansion, monetization, and cross-service behavior

Management emphasized that 2025 marked the first full year of platform monetization and included the introduction of dynamic pricing and improved matching algorithms. Oktem said Marti plans to continue targeted investments, including improving the consumer and driver experience, launching loyalty program incentives, selectively expanding to new cities, increasing take rate, and further refining pricing and matching algorithms.

Oktem detailed cross-service engagement metrics that management said support the multi-service strategy:

• 35% of car-hailing consumers and 82% of motorcycle-hailing consumers use those services after first being introduced to Marti through another service.
• 15% of car-hailing consumers and 72% of motorcycle-hailing consumers then use other Marti services.
• 31% of motorcycle-hailing drivers and 9% of car-hailing drivers have already performed delivery trips, despite delivery launching in the final quarter of 2025.
• Trips per consumer are 4.4 times higher and revenue per consumer is 3.6 times higher for multi-service consumers compared with single-service consumers.

In response to a question from ROTH Capital Partners’ Rohit Kulkarni, Oktem said the company has been “positively surprised” by demand outside Istanbul. He said Istanbul is currently close to 50% of Marti’s business, with the other 50% coming from cities outside Istanbul, and he expects Istanbul’s share to decline to about 35% as the company launches in more cities.

2026 outlook: $70 million revenue target and path to positive adjusted EBITDA

Oktem said momentum supports confidence in delivering $70 million in revenue for 2026, while targeting $1 million of positive adjusted EBITDA in 2026. Durgun similarly said the company expects “once again to close to double” annual revenue to $70 million and reach positive adjusted EBITDA by the end of 2026, reflecting continued investment in ride-hailing, growth of delivery, cost-efficient scaling, and organizational build-out.

Responding to Oakridge Financial’s Sam Dufault, Oktem said the $70 million revenue target is company-wide and includes delivery. He clarified that Marti’s delivery offering is focused on “rapid inner-city parcel deliveries,” rather than directly competing in food or grocery delivery marketplaces with listed merchants, though he said onboarding merchants could be a future possibility over time.

Oktem also noted that monetization in 2025 was limited to three cities and that part of the growth expected in 2026 comes from rolling out monetization to additional cities. He said the timing and selection of cities to monetize will be evaluated “on a case-by-case basis” based on driver demand and earnings dynamics.

Take rate, regulation, AI, and macro considerations

In the Q&A, Alliance Global Partners’ Poe Fratt asked about take rates. Management said it expects gradual increases over time and described the global benchmark as around 30%, while stating Marti remains “very far away from that figure.” Oktem said take rate remained “higher single to lower double digits,” adding that take rate is “completely within our control” and that the company is “optimizing for growth right now,” with only small increases built into 2026 guidance.

Oktem said Marti has been working with national ministries on a regulatory framework to enable ride-hailing at the national level, describing it as a long-term effort that involves more stakeholders than past work to help establish rules for two-wheeled electric vehicles.

Asked by Cantor Fitzgerald’s Brett Knoblauch about potential exposure to conflict in the Middle East, Oktem said Turkey is “safe and is completely unimpacted” operationally, but noted potential effects from energy prices and inflation. He said Marti uses dynamic pricing to maintain match rates around a target of roughly 95%. Durgun added that Turkey has an energy price volatility subsidy fund that has limited local fuel price increases relative to oil price moves, and said the company had not seen meaningful impact so far, while noting outcomes depend on the duration of the conflict and longer-term oil prices.

Management also discussed AI’s role in operations and product development. Oktem referenced AI-enabled initiatives including a chatbot for call center and customer service operations and AI-based driver and vehicle identification, alongside software development tools. He and Durgun said AI tools have significantly increased the pace and quality of software output, helping Marti improve areas such as app experience and dynamic pricing algorithms.

On liquidity, Durgun said the company ended the year with about $8 million of cash and has two convertible notes outstanding, including a note signed in April 2025 from which Marti had drawn $13 million and could draw an additional $10 million if needed. He said the company does not see additional capital needs beyond existing cash and available drawdown capacity in 2026.

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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