What Marti Technologies (MRT) Said on Its Q3 Earnings Call

Key Points

• Marti reported record Q3 revenue, up 128% year over year to $24.7 million, and swung to $2.7 million in operating income from an $8.8 million loss. Adjusted EBITDA reached $5.6 million, and free cash flow was positive for a second consecutive quarter.
• Platform trips grew 46% to 22 million and unique consumers rose 54% to 2.7 million. Marti reaffirmed 2026 guidance of $85 million in revenue and $7 million in adjusted EBITDA, despite already reaching $8 million in adjusted EBITDA in the first nine months, citing seasonality and a conservative outlook.
• Marti expanded ride-hailing to 40 Turkish cities, but said it monetizes fewer than 10 and expects new cities to mature before making a significant contribution. Autonomous-vehicle partnerships remain small pilots, with no significant near-term financial impact expected.

Marti Technologies NYSEAMERICAN: MRT reported record third-quarter revenue and its first positive income from operations, as growth in ride-hailing trips and platform monetization outpaced increases in costs.

The Türkiye-based mobility company said revenue rose 128% from a year earlier to $24.7 million. Gross profit increased 176% to $20.2 million, with gross margin reaching 81.5%. Marti also recorded its second consecutive quarter of positive free cash flow.

Founder and CEO Oğuz Alper Öktem said the results reflected operating leverage as the platform expanded. “We are generating significantly more revenue without a corresponding increase in our cost base,” he said.

Profitability Improves as Trips Grow

Marti reported $2.7 million in income from operations, compared with an $8.8 million operating loss a year earlier. Its net loss narrowed to $1 million from $11.2 million.

Adjusted EBITDA, a non-GAAP measure, rose to $5.6 million from $2.9 million in the second quarter, with a margin of 23%. Co-Founder, President and COO Cankut Durgun said the quarter included $2.2 million in non-cash share-based compensation; excluding that expense, the company would have generated $1.2 million in net income.

Operating cash flow was $1 million, while free cash flow was close to $1 million after property, plant and equipment purchases. Marti revised its adjusted EBITDA calculation beginning with the quarter ended June 30 and revised prior-period amounts to conform to the current presentation.

Platform trips rose 46% year over year to 22 million, and unique platform consumers increased 54% to 2.7 million. Trips per unique consumer declined to 8.2 from 8.6 a year earlier, which Öktem attributed to the growing contribution of newer cities where engagement is still developing.

Guidance Reaffirmed Despite EBITDA Milestone

Marti reaffirmed its 2026 guidance for $85 million in revenue and $7 million in adjusted EBITDA. Through the first nine months, revenue totaled $60.1 million, while adjusted EBITDA reached $8 million, exceeding the full-year target.

Asked why the company had not raised its outlook, Durgun said the fourth quarter is generally slower than the second and third quarters for both ride-hailing and two-wheeled electric vehicles. He also cited some conservatism and increased marketing activity intended to support growth in 2027.

Marti expects to use the returns from those marketing investments to inform its 2027 forecast, which Durgun said the company foresees releasing before year-end.

Expansion and Monetization

Marti operated ride-hailing services in 30 cities at the end of the third quarter and entered 10 more in October. The company said its 40-city footprint represents approximately 90% of Türkiye’s gross domestic product.

As of Sept. 30, Marti had 5.1 million all-time unique ride-hailing riders and 597,000 registered drivers, exceeding its respective third-quarter targets of 4.9 million and 580,000. It aims to reach 5.65 million riders and 630,000 drivers by Dec. 31.

Durgun said Marti was monetizing fewer than 10 cities, which he believed was eight or nine, and that effective take rates had not changed. The company began monetizing Istanbul two years after launch, he said, and does not expect to add new cities to the monetization mix at a significant pace before they mature.

On margins, Durgun said Marti’s operations in Türkiye may provide advantages through factors including insurance premiums and lower labor costs. He declined to set a new long-term gross-margin ceiling after the company exceeded the roughly 80% level he had previously estimated, saying management would monitor results quarter by quarter.

Autonomous Vehicles, Financing and Legal Proceedings

Marti expanded its autonomous mobility partnerships in October with CalmCar, following a partnership with Tensor. Öktem said the first CalmCar-equipped vehicle had arrived in Türkiye and that the company expects to begin closed-area testing in Istanbul, subject to required permits.

Durgun described the partnerships as early-stage pilots targeting fewer than 10 vehicles in each case over the next year. He said fleet financing arrangements had yet to be determined and that the pilots were not expected to have a significant short-term effect on revenue or costs.

During the call, Durgun also said Marti extended the availability of a $100 million financing facility through July 2028. Responding to an analyst’s question about five million commitment shares for financing partner Callaway, he said the shares would be issued in the fourth quarter.

On litigation concerning ride-hailing, Öktem characterized a decision by Istanbul’s 14th Court of Appeals as supportive of Marti’s legal position. He said the matter would go to a higher court and that the company would continue operating while addressing its court cases.

About Marti Technologies (NYSEAMERICAN:MRT)

Marti Technologies, Inc operates a technology-enabled urban mobility platform in Turkey. Through its mobile application, the company connects users with transportation options designed for short-distance travel and everyday urban journeys.

Marti's services have included shared electric scooters, electric bicycles and mopeds, as well as ride-hailing services that connect passengers with drivers. The company's platform is intended to provide convenient, app-based access to multiple mobility options within a single service.

Founded in 2018, Marti serves the Turkish market, with operations focused on major urban areas including Istanbul.

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