Marti Technologies (MRT) H2 2025 earnings summary

Executive summary

• Achieved breakthrough revenue growth in 2025, more than doubling to $39.2 million, exceeding guidance by $5.2 million.

• Scaled into a multi-service mobility platform, expanding ride-hailing to 20 cities and launching delivery services in Istanbul, covering 80% of Türkiye’s GDP.

• Platform reached 160.2 million all-time trips and 7.4 million unique consumers since launch, becoming the most downloaded urban mobility app in Türkiye.

• Ride-hailing service scaled rapidly, with all-time unique riders growing to 3.38 million and registered drivers rising to 450,000 by Q1 2026.

• Net loss narrowed to $41.4 million, and Adjusted EBITDA loss improved to $(12.1) million, both exceeding guidance.

Financial highlights

• Revenue increased 110.3% year-over-year to $39.2 million in 2025, exceeding $34.0 million guidance by $5.2 million.

• Gross profit margin improved from -15.5% in 2024 to 61.1% in 2025, with gross profit turning from a $2.9 million loss to a $24 million profit.

• Adjusted EBITDA loss narrowed by 37% to $(12.1) million, outperforming guidance by $4.9 million.

• General and administrative expenses decreased 43% to $28.1 million, mainly due to lower share-based compensation and insurance costs.

• Cost of revenues declined 29% to $15.3 million, driven by operational and AI-enabled efficiencies.

Outlook and guidance

• FY2026 revenue guidance set at $70 million, a 78% increase, with positive Adjusted EBITDA of $1 million targeted.

• June 2026 targets: 4.3 million unique ride-hailing riders and 530,000 registered drivers.

• Monetization to expand to additional cities in 2026, with gradual increases in take rates and continued investments in ride-hailing, delivery, and organizational scaling.