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Marti Technologies, Inc.

Marti Technologies, Inc.

AMEX•MRT
CEO: Mr. Oguz Alper Oktem
Sector: Technology
Industry: Software - Application
Listing Date: 2021-08-30
Marti Technologies, Inc. provides tech-enabled urban transportation services to riders in Turkey. It also operates a mobility app that provides multiple transportation services, such as a ride hailing service that matches riders with car, motorcycle, and taxi drivers, as well as operates a fleet of e-mopeds, e-bikes, and e-scooters. In addition, the company offers Super subscriber package, which enables riders to purchase the Marti rides in advance by daily or weekly. The company was founded in 2018 and is headquartered in Istanbul, Turkey.
Contact Information
Buyukdere Cd. No:237, Maslak Sariyer, Istanbul, 34485, Turkey
90-850-308-34-19
www.marti.tech
Market Cap
$162.14M
P/E (TTM)
-2.1
0
Dividend Yield
--
52W High
$3.79
52W Low
$1.97
52W Range
5%
Rank55Top 80.0%
2.6
F-Score
Modified Piotroski Analysis
Based on 5-year fundamentals
Weak • 2.6 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2021-2025

Financial Dashboard

Q2 2025 Data

Revenue

$7.16M+70.38%
4-Quarter Trend

EPS

-$0.13-31.58%
4-Quarter Trend

FCF

-$2.65M-49.95%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Revenue Declined 6.8% Revenue fell 6.8% to $18.7M in 2024, driven by 5.7% fewer two-wheeled vehicles deployed across operations.
Gross Profit Loss Narrowed Gross profit loss narrowed by $1.2M to $(2.9)M due to efficiency measures, including ceasing low-performing city operations.
Ride-Hailing User Growth Total rides increased 17.5% to 31.71M, fueled by ride-hailing growth following subscription monetization starting Q4 2024.
G&A Expenses Surged G&A expenses rose 225.5% to $49.2M, heavily impacted by $37.2M in share-based compensation recognized during 2024.

Risk Factors

Sustained Operating Losses Incurred significant operating losses historically; profitability maintenance remains uncertain despite efficiency gains and new monetization.
Turkish Economic Instability Operations heavily concentrated in Türkiye, facing political instability, high inflation, and significant foreign currency volatility risks.
Net Loss Significantly Increased Net loss increased to $(73.9)M in 2024 from $(33.8)M in 2023, further straining the overall negative equity position.
Reliance on App Stores Business model heavily dependent on Apple, Google, and Huawei storefronts; adverse changes could materially harm user growth.

Outlook

Efficiency Focus Maintained Continue focusing on operational efficiency for two-wheeled vehicles; fleet expansion evaluated no earlier than summer 2026.
Organic Growth Strategy Plan organic growth in existing four cities, aiming to increase take rate of ride-hailing business during 2025.
Explore New Markets Evaluating potential opportunities to launch ride-hailing services in neighboring countries based on existing playbook scalability.
Increase Platform Take Rate Focused on increasing platform take rate via new subscription alternatives to strengthen unit economics sustainably.

Peer Comparison

Revenue (TTM)

Nerdy, Inc.NRDY
$177.87M
-9.9%
Expensify, Inc.EXFY
$143.91M
+4.7%
Silvaco Group, Inc.SVCO
$62.67M
+12.8%

Gross Margin (Latest Quarter)

Silvaco Group, Inc.SVCO
77.9%
+3.3pp
AudioEye, Inc.AEYE
77.4%
-2.2pp
Nerdy, Inc.NRDY
62.9%
-7.6pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
TROO$400.01M-32.7-17.6%0.0%
DUOT$219.46M-12.7-65.2%6.7%
MRT$162.14M-2.1105.9%484.6%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
11.8%
Steady Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
0%
Cash Flow Needs Attention

Research & Insights

Next earnings:Apr 27, 2026
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EPS:-
|
Revenue:-
Reports
All Years

  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Apr 29, 2025|
    Revenue: $18.66M-6.8%
    |
    EPS: $-1.25-86.6%
    Miss

  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Apr 16, 2024|
    Revenue: $20.03M-19.8%
    |
    EPS: $-0.67-109.4%
    N/A

  • Form 20-F - FY 2023

    Period End: Jul 10, 2023|Filed: Jul 14, 2023|Refer to amended data

  • Form 10-Q - Q1 2023

    Period End: Mar 31, 2023|Filed: May 17, 2023|
    Revenue: $4.74M-2.5%
    |
    EPS: $-0.17+76.9%
    N/A

  • Form 10-K - FY 2022

    Period End: Dec 31, 2022|Filed: Mar 31, 2023|
    Revenue: $24.99M+47.0%
    |
    EPS: $-0.32+23.8%
    N/A

  • Form 10-Q - Q3 2022

    Period End: Sep 30, 2022|Filed: Nov 14, 2022|
    Revenue: $0.00+0.0%
    |
    EPS: $-0.02+340.0%
    N/A

  • Form 10-Q - Q2 2022

    Period End: Jun 30, 2022|Filed: Aug 11, 2022|
    Revenue: $4.87M+0.0%
    |
    EPS: $-0.10+31933.3%
    N/A

  • Form 10-Q - Q1 2022

    Period End: Mar 31, 2022|Filed: May 20, 2022|
    Revenue: $4.87M+0.0%
    |
    EPS: $-0.10+0.0%
    N/A