Key Takeaways
Marti Technologies Inc. (NYSE American: MRT) reported first-quarter revenue of $15.4 million, a 156% year-over-year surge, as the Turkish mobility company saw demand for its ride-hailing service nearly double.
"We delivered an exceptional start to 2026, exceeding our internal targets across revenue, gross profit margin, and Adjusted EBITDA," Oguz Alper Öktem, Founder and CEO, said in a statement. "Revenue grew more than 2.5x year-over-year, gross profit margin reached 72%, and we moved to near breakeven Adjusted EBITDA."
The company's total trips jumped 93% to 16.2 million from the same period last year, driven by a 101% increase in all-time unique ride-hailing riders to 3.89 million. Gross profit increased 400% to $11.1 million, expanding the gross margin to 72% from 37% a year ago. Marti reaffirmed its full-year guidance of $70 million in revenue and $1.0 million in adjusted EBITDA.
Shares of Marti were not yet trading in pre-market hours. The company is on track for its first full year of positive adjusted EBITDA, a significant milestone that hinges on continued growth and cost discipline in a competitive market.
The robust performance was fueled by the company's platform subscription packages. While revenue soared, the cost of revenues increased by a more modest 14% to $4.3 million, demonstrating significant operating leverage. The company's net loss narrowed to $7.4 million, or $(0.09) per share, from a loss of $10.1 million, or $(0.14) per share, in the first quarter of 2025.
Marti’s ride-hailing service operated in 20 cities across Türkiye, while it expanded its two-wheeled electric vehicle services into two new cities to improve platform efficiency. The number of registered ride-hailing drivers grew 70% year-over-year to 496,000.
The results from Marti come as investors are closely watching consumer resilience. Major U.S. retailers like Walmart and Target have recently pointed to a selective consumer, though spending has largely held up. Marti's growth in a key emerging market provides a different lens on mobility and consumer service demand.
The guidance reaffirmation suggests management is confident that the strong momentum from the first quarter will continue. The company is targeting its first full year of positive adjusted EBITDA, which would represent a $13.1 million year-over-year improvement. Investors will watch the upcoming second-quarter results to see if the company can maintain its growth trajectory and achieve its profitability goals.
This article is for informational purposes only and does not constitute investment advice.
