Marti Technologies (MRT) Q3 2026 earnings summary

Executive summary

• Record Q3 revenue and gross margin, first-ever positive operating income, and sharply narrower net loss; Adjusted EBITDA reached $5.609M.

• Platform growth and stronger monetization supported operating leverage; October ride-hailing expansion brought coverage to 40 cities representing ~90% of Türkiye GDP.

Financial highlights

• Q3 revenue rose 128.1% YoY and 23.7% QoQ to $24.730M; gross profit increased 176.0% YoY to $20.153M.

• Operating income was $2.702M versus an $8.838M loss YoY; net loss narrowed 90.9% to $1.018M from $11.158M.

• Adjusted EBITDA was $5.609M versus a $3.621M loss YoY, up from $2.9M in Q2; 9M Adjusted EBITDA reached $8.0M.

• Q3 free cash flow was positive for a second consecutive quarter at $1.0M; 9M FCF was negative $1.8M, an $11.3M YoY improvement.

• Q3 included $2.2M of share-based compensation; excluding it, net income was $1.2M and G&A expense was $5.3M.

Outlook and guidance

• FY26 guidance reaffirmed at $85.0M revenue and $7.0M Adjusted EBITDA; 9M revenue of $60.1M was 70.8% of the target, while 9M Adjusted EBITDA exceeded guidance.

• December 31, 2026 targets reaffirmed at 5.65M all-time unique ride-hailing riders and 630,000 registered drivers.

• Q4 is seasonally slower than Q2 and Q3; marketing investment is directed toward 2027 growth, with a 2027 forecast expected before year-end.

• FY26 guidance assumes continued platform growth and no fleet expansion or replacement investment as two-wheeled vehicles are retired.