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olivLaw · US equity research

Marti Technologies, Inc. MRT

Services-Auto Rental & Leasing (No Drivers) · SIC 7510 · Vertical: Services-Auto Rental & Leasing (No Drivers) (SIC 7510)

1.95USD−3.94% · 1 dayClose 05 Nov 2026

Marti Technologies is an urban mobility platform in Türkiye offering car and motorcycle ride-hailing, same-hour deliveries and pay-per-trip rental of two-wheeled electric vehicles through a single app. Revenue reached 39.2 million USD in fiscal 2025, but the company remains loss-making, so the path of its margins is a key test of its model.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 05 Nov 2026, Marti Technologies, Inc. (MRT) stock was 1.95 USD (−3.94% on the day), with market capitalisation 167.8 m USD, beta 0.83, 52-week range 1.30–2.55 USD. Latest reported quarter (Q1 2023): net income of 1.2 m USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
167.8 m USD
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM -0.53 · TTM to 31 Dec 2025
E/P (TTM)
-27.18%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
0.83
Volatility (1y) 59%
52-week range
1.302.55

Price history

Loading chart…

Technical reading

RSI (14)
48.0
neutral
Bollinger (20, 2)
1.73 – 2.14
in the upper half of the band · %B 0.53 · band width 21.6%
SMA 50 / 200
2.01 / 1.95
mixed trend
MACD (12, 26, 9)
0.02 / 0.01
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−0.5%−1.1%+0.6 pp—
3 months+8.9%−0.5%+9.4 pp—
6 months−6.3%+4.4%−10.6 pp—
Year to date−17.7%+12.3%−30.0 pp—
1 year−23.8%+13.5%−37.4 pp+11.8%
3 years+272.8%+76.4%+196.4 pp−34.1%
5 years−80.1%+63.7%−143.8 pp—
Max drawdown (1y)
−49.0%
07 Nov 2025 → 07 Jul 2026
Max drawdown (5y)
−96.8%
07 Jul 2023 → 13 Nov 2023
Compound annual growth (5y)
−27.6%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q1 2023 · 31 Mar 2023

Revenue
unavailable USD
unavailable YoY
Net income
1.2 m USD
unavailable YoY
Diluted EPS
unavailable
unavailable YoY
net / operating
unavailable / unavailable

Quarterly statements · USD

Fiscal yearQ2 '21Q3 '21Q1 '22Q2 '22Q3 '22Q4 '22Q1 '23
Net income-11.9 k-144.7 k-824.8 k-310.5 k-630.9 k ≈-12.5 m1.2 m
Operating cash flow——-9.2 k-105.4 k ≈-185.5 k ≈-5.2 m-109.1 k

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20212022202320242025
Revenue17.0 m25.0 m20.0 m18.7 m39.2 m
Revenue YoYunavailable+47.0%−19.8%−6.8%+110.3%
Net income-14.5 m-14.2 m-33.8 m-73.9 m-41.4 m
Net income YoYunavailableunavailableunavailableunavailableunavailable
Diluted EPS-0.42-0.32-0.67-1.25-0.53
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailable
net %-85.1%-57.0%-168.8%-395.9%-105.6%
Free cash flowunavailableunavailable-15.5 m-25.4 m-15.3 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
7.8 m USD
Financial debt
85.8 m USD
Net debt
78.0 m USD
Equity
-67.1 m USD
Total assets
29.8 m USD
Debt / equity
unavailable
Current ratio
0.97x
ROE
unavailable
ROA
-165.2%
FCF margin
-38.9%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
20.0 m
2024
18.7 m
2025
39.2 m

SEC (XBRL)· 13 Apr 2026verified

Cost of revenue
2023
24.1 m
2024
21.5 m
2025
15.3 m

SEC (XBRL)· 13 Apr 2026verified

Gross profit
2023
-4.1 m ≈
2024
-2.9 m ≈
2025
24.0 m ≈

SEC (XBRL)· 13 Apr 2026derived

Research & development
2023
2.0 m
2024
2.0 m
2025
3.0 m

SEC (XBRL)· 13 Apr 2026verified

Operating income
2023
-30.6 m
2024
-65.3 m
2025
-28.5 m

SEC (XBRL)· 13 Apr 2026verified

Depreciation & amortisation
2023
10.0 m
2024
8.7 m
2025
3.6 m

SEC (XBRL)· 13 Apr 2026verified

EBITDA
2023
-20.6 m ≈
2024
-56.6 m ≈
2025
-24.9 m ≈

SEC (XBRL)· 13 Apr 2026derived

Pre-tax income
2023
-33.8 m
2024
-73.9 m
2025
-41.4 m

SEC (XBRL)· 13 Apr 2026verified

Income tax
2023
—
2024
—
2025
—

SEC (XBRL)· 16 Apr 2024verified

Net income
2023
-33.8 m
2024
-73.9 m
2025
-41.4 m

SEC (XBRL)· 13 Apr 2026verified

Diluted EPS
2023
-0.67
2024
-1.25
2025
-0.53

SEC (XBRL)· 13 Apr 2026verified

Weighted average diluted shares
2023
50.6 m
2024
59.0 m
2025
78.0 m

SEC (XBRL)· 13 Apr 2026verified

Balance sheet · USD

Cash
2023
19.4 m
2024
5.1 m
2025
7.8 m

SEC (XBRL)· 13 Apr 2026verified

Receivables
2023
188.4 k
2024
203.5 k
2025
503.8 k

SEC (XBRL)· 13 Apr 2026verified

Inventories
2023
2.6 m
2024
2.0 m
2025
2.0 m

SEC (XBRL)· 13 Apr 2026verified

Current assets
2023
25.7 m
2024
11.4 m
2025
13.9 m

SEC (XBRL)· 13 Apr 2026verified

Property, plant & equipment, net
2023
13.5 m
2024
5.5 m
2025
2.7 m

SEC (XBRL)· 13 Apr 2026verified

Intangibles (excl. goodwill)
2023
183.9 k
2024
589.6 k
2025
351.2 k

SEC (XBRL)· 13 Apr 2026verified

Total assets
2023
40.2 m
2024
20.4 m
2025
29.8 m

SEC (XBRL)· 13 Apr 2026verified

Accounts payable
2023
2.8 m
2024
1.7 m
2025
4.1 m

SEC (XBRL)· 13 Apr 2026verified

Short-term debt
2023
10.4 m
2024
4.6 m
2025
3.7 m

SEC (XBRL)· 13 Apr 2026verified

Long-term debt
2023
54.8 m
2024
70.1 m
2025
82.1 m

SEC (XBRL)· 13 Apr 2026verified

Current liabilities
2023
17.5 m
2024
11.3 m
2025
14.4 m

SEC (XBRL)· 13 Apr 2026verified

Total liabilities
2023
72.9 m
2024
81.8 m
2025
96.9 m

SEC (XBRL)· 13 Apr 2026verified

Equity
2023
-32.7 m †
2024
-61.4 m †
2025
-67.1 m †

SEC (XBRL)· 13 Apr 2026verified

Shares outstanding at year end
2023
57.0 m
2024
63.3 m
2025
86.0 m

SEC (XBRL)· 13 Apr 2026verified

Cash flow · USD

Operating cash flow
2023
-14.9 m
2024
-25.1 m
2025
-14.8 m

SEC (XBRL)· 13 Apr 2026verified

Capex
2023
652.4 k
2024
332.4 k
2025
485.3 k

SEC (XBRL)· 13 Apr 2026verified

Free cash flow
2023
-15.5 m ≈
2024
-25.4 m ≈
2025
-15.3 m ≈

SEC (XBRL)· 13 Apr 2026derived

Investing cash flow
2023
-4.8 m
2024
-1.0 m
2025
-541.7 k

SEC (XBRL)· 13 Apr 2026verified

Financing cash flow
2023
28.6 m
2024
11.8 m
2025
18.0 m

SEC (XBRL)· 13 Apr 2026verified

Share repurchases
2023
—
2024
—
2025
367.6 k

SEC (XBRL)· 13 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
110.3%
computed by olivLawFY 2025
Revenue CAGR 3Y
16.2%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
61.1%
computed by olivLawFY 2025
EBITDA margin
-63.6%
computed by olivLawFY 2025
EBIT margin
-72.7%
computed by olivLawFY 2025
Net margin
-105.6%
computed by olivLawFY 2025
FCF margin
-38.9%
computed by olivLawFY 2025

Returns

ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
ROA
-165.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
equity is negative: buybacks shrink the invested capital and ROIC would come out large without meaning anything
ROCE
-185.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
78.0 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
1.0x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
0.8x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.5x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
-14.8 m USD
computed by olivLawFY 2025
Capital expenditure
485.3 k USD
computed by olivLawFY 2025
Free cash flow
-15.3 m USD
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
3 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
48 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
69 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
-17 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Market and valuation

Market capitalisation
167.8 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
245.8 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-27.2%
computed by olivLawFY 2025
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
P/S
4.3x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
insufficient data
EV/EBIT
unavailable
insufficient data
EV/Sales
6.3x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-9.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
0.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Risk

Altman Z
-9.32
computed by olivLawbalance sheet at 31 Dec 2025

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 33.3% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.95 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: 167.8 m USD

Key indicators

Market capitalisation
167.8 m USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
unavailable
insufficient data
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
EV/EBITDA
unavailable
insufficient data
ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
Net margin
-105.6%
computed by olivLawFY 2025
Revenue growth (YoY)
110.3%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

32/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 13 Apr 2026
verified 204derived 2

Score by group

33% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · the base of the ratio is not positive
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Services-Auto Rental & Leasing (No Drivers) (SIC 7510)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-105.6%20 (vs peers)19%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth16.2%100 (on a fixed band)25%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.0x14 (on a fixed band)13%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-9.1%0 (on a fixed band)25%
Shareholder yield (distributions) · Returns0.2%3 (on a fixed band)19%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial14/100 · 1/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality· partial20/100 · 1/3 factors with a value
  • Returns· partial3/100 · 1/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Marti Technologies, Inc. (MRT). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 39.2 m USD in 2025; YoY growth 110.3%; net margin -105.6%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 16.2%

What contradicts it

  • Net margin: -105.6%
  • Current ratio: 1.0x
  • FCF yield: -9.1%
  • Shareholder yield (distributions): 0.2%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Payout ratio (FCF).

Versus the vertical median

Services-Auto Rental & Leasing (No Drivers) (SIC 7510) · same industry (4-digit SIC) · compared with 5 companies

Multiples and returns vs the median

P/E
—
vertical median —
EV/EBITDA
—
vertical median —
P/S
4.3x
vertical median 0.4x
above median (+1,068.1%)
P/B
—
vertical median —
ROE
—
vertical median —
Net margin
-105.6%
vertical median -7.0%
below median
EBIT margin
-72.7%
vertical median —
Revenue YoY
110.3%
vertical median -1.2%
above median
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median 1.7%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
RRyder System Inc10.3 bn20.617.1%4.0%+0.2%+56% / +152%
CARAvis Budget Group, Inc.4.3 bn——-7.0%−1.2%−11% / −34%
UHALU-Haul Holding Company1.2 bn6.82.2%2.7%+3.6%+12% / +4%
HTZHertz Global Holdings, Inc565.2 m——-7.3%−6.0%−66% / −79%
MRTMarti Technologies, Inc.167.8 m——-105.6%+110.3%−24% / +273%
VAIValor Energy Inc.24.5 m——-340.9%−18.5%+30% / −47%

1- and 3-year price returns: for MRT from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 13 Apr 2026; since then the company filed 6-K (30 Oct 2026), 6-K (26 Oct 2026), 6-K (10 Sept 2026), 6-K (19 Aug 2026), 6-K (13 Jul 2026).

    In brief

    Marti Technologies is an urban mobility platform in Türkiye offering car and motorcycle ride-hailing, same-hour deliveries and pay-per-trip rental of two-wheeled electric vehicles through a single app. Revenue reached 39.2 million USD in fiscal 2025, but the company remains loss-making, so the path of its margins is a key test of its model.

    SWOT

    Strengths

    • Leading position in urban mobility app downloads in Türkiye and an extensive network of drivers and riders 1.
    • Higher retention among users of several services in the same app, with greater value per customer 1.
    • Integrated technology platform with automated matching and predictive fleet maintenance tools 1.

    Weaknesses

    • Persistent annual net losses despite rapid revenue growth and an improved gross margin 1.
    • Dependence on app marketplaces for distribution and for a significant share of transactions 1.
    • A relatively short operating history, which makes future results hard to assess from past data 1.

    Opportunities

    • Growth potential in an expanding shared mobility market where the company's share is still very small 1.
    • Expansion of delivery and other adjacent services on the existing user base 1.
    • Higher use of subscription packages and dynamic pricing could improve profitability 1.

    Threats

    • Intense competition from lower-priced operators and aggressive marketing campaigns 1.
    • Inflation, currency depreciation and geopolitical instability could reduce demand and raise costs 1.
    • Local regulation and changes in app marketplace policies could limit operations 1.

    Risks

    • Persistent net losseshigh

      The company is not yet profitable, and a prolonged period of losses could require additional financing 1.

    • Dependence on app marketplaceshigh

      Any change in marketplace policy, commission or access could directly affect revenue and user acquisition 1.

    • Inflation and currency exposuremedium

      Costs and revenues are affected by inflation in Türkiye and lira depreciation, which complicates financial planning 1.

    • Local regulationmedium

      Restrictions by local authorities on operations or on vehicle and driver numbers could limit expansion 1.

    • Driver availabilitymedium

      If the number of drivers falls, waiting times rise and customer satisfaction may drop, which would affect the marketplace model 1.

    Investment thesis

    What would need to be true (bull case)

    • If revenue growth continues and costs keep falling, the company could reach profitability as its user network expands 1.
    • Its leading app position and integrated multi-service use could support a larger market share in a market with growth potential 1.
    • Expansion into deliveries and new cities could diversify revenue away from ride-hailing alone 1.

    What would break the thesis

    • The 41.4 million USD net loss in fiscal 2025 shows the model is not yet profitable, and a prolonged gap could require extra capital 1.
    • Dependence on app marketplaces and their fees could compress margins or limit user acquisition 1.
    • Inflation and economic instability in Türkiye could reduce demand and raise operating costs 1.

    What to watch

    • Trend in gross margin and net loss versus fiscal 2025Q1 2027
    • Results of the Istanbul delivery pilot and any expansion decision2027
    • Decision on expanding the two-wheeled electric vehicle fleetsummer 2027
    • Reported number of active drivers and riders in the next annual reportnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 13 Apr 2026; since then the company filed 6-K (30 Oct 2026), 6-K (26 Oct 2026), 6-K (10 Sept 2026), 6-K (19 Aug 2026), 6-K (13 Jul 2026).

    The business

    Marti presents itself as Türkiye's leading urban mobility platform, with a super-app model combining three services: ride-hailing with car, motorcycle and taxi drivers, same-hour deliveries and pay-per-trip rental of a company-owned fleet of e-scooters, e-bikes and e-mopeds. According to its annual report, it launched car and motorcycle hailing in October 2022, taxi hailing in February 2024 and a pilot delivery service in October 2025, mainly in Istanbul 1. The company also positions itself as environmentally focused, stating its operations avoided CO2 emissions in 2024 1.

    Revenue rose to 39.2 million USD in fiscal 2025 from 18.7 million USD in 2024, a growth the company attributes mainly to subscription packages launched in October 2024 1. The gross profit margin was 61.1% in fiscal 2025, compared with negative margins in prior years 1. However, the net loss remained at 41.4 million USD, and the company reported significant selling and marketing expenses 1.

    The company has operated as a single reportable segment since October 2024, after integrating ride-hailing and two-wheeled electric vehicle services into one app, with deliveries added in October 2025 1. Revenue comes from subscription packages and fees paid to rent its vehicles, net of promotions and refunds 1.

    Segments

    Ride-hailing

    The ride-hailing service connects riders with car, motorcycle and taxi drivers. As of December 31, 2025 it operated in 20 cities, with the company reporting 3.38 million all-time unique riders and 450 thousand all-time registered drivers 1. Under a dynamic pricing model launched in January 2025, fares adjust in real time to supply and demand 1.

    Two-wheeled electric vehicles

    The pay-per-trip rental service uses a company-owned fleet of e-scooters, e-bikes and e-mopeds, which the company describes as Türkiye's largest, with more than 23 thousand vehicles at the end of 2025 1. The company has been gradually decommissioning older fleet generations and says it will evaluate fleet expansion no earlier than summer 2027 1.

    Deliveries

    The same-hour delivery service was launched as a pilot in Istanbul in October 2025, using motorcycle and car drivers from the existing driver network 1. The source analysed does not report a separate revenue contribution from this service for 2025.

    Market context

    Marti operates in Türkiye's shared mobility market, a segment of a consumer mobility market estimated at 55-65 billion USD 1. The shared mobility market was estimated at 10-15 billion USD in 2021 and is projected to reach at least 16 billion USD by 2030, according to a McKinsey study cited in the report 1. The company says its revenue is less than 1% of this market, pointing to growth potential but also to competition and regulation that could shape the pace of expansion.

    Demand is supported by large urban populations, relatively low taxi penetration, traffic congestion and the high cost of private car ownership 1. If these conditions persist, the market could support growth in shared services, though outcomes also depend on local regulation and pricing.

    Trends

    • Growing urban demandtailwind

      Dense urban populations and limited public transport in some areas support demand for shared services, according to the report 1.

    • Adoption of subscription packagestailwind

      Packages launched in October 2024 contributed to higher revenue and trip counts, and the company says multi-service users generate more value 1.

    • Inflation and lira depreciationheadwind

      High inflation and depreciation of the Turkish lira against the dollar have affected consumer demand, driver supply and operating costs, according to the report 1.

    • Geopolitical tensions and energy pricesheadwind

      A regional military conflict that began in February 2026 has pushed up energy prices and added uncertainty, which could reduce consumer spending if tensions persist 1.

    Competitive position

    The market is described as fragmented, and Marti says it held 26% of app downloads among the five largest ride-hailing, taxi-hailing and two-wheeled sharing operators in Türkiye as of December 31, 2025 1. The company claims to be the leading urban mobility app on iOS and Android in its categories 1.

    Competitors include operators offering lower prices or a broader range of services, and others that may attract drivers and riders through aggressive marketing, which could pressure prices and customer acquisition costs 1. Visibility in app stores, where competition shapes rankings and downloads, is also a factor 1.

    • Licensed taxi operators and car-hailing providers

      The report cites licensed taxis and shared mobility operators as the main alternatives in Türkiye, without financial data in the source.

    • Shared electric two-wheeler operators

      Competitors in the two-wheeled electric vehicle segment are described as more fragmented, with no listed entities identified in the source.

    • Public transport and private vehicles

      Public transit and private cars are cited as alternatives the company is trying to draw users away from.

    • Lower-priced ride and delivery apps

      The report warns that some competitors offer lower prices or wider services, without naming them in the source.

    News & filings

    In the press

    The latest news item in our archive is from 27 Oct 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    Sources

    1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Marti Technologies, Inc. · 13 Apr 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.