Ride-hailing momentum and platform subscription package revenue drive operating leverage, significantly improving profitability and supporting to full-year positive Adjusted EBITDA
ISTANBUL--(BUSINESS WIRE)--May 21, 2026--
Türkiye's leading mobility super app Marti Technologies, Inc. ("Marti" or the "Company") (NYSE American: MRT) today announced its financial and operational results for the first quarter ended March 31, 2026, delivering strong revenue growth and continued operating leverage across its multi-service mobility platform.
Financial and Operational Highlights for First Quarter 2026
-- Marketplace demand accelerated across the platform: Total trips
increased 93% YoY to 16.2 million and unique platform consumers grew 89%
YoY to 2.1 million, driven by strong ride-hailing momentum. All-time
unique ride-hailing riders increased 101% YoY and registered drivers grew
70% YoY, exceeding quarterly operational targets.
-- Revenue growth and operating leverage improved profitability: Revenue
increased 156% to $15.4 million, net loss narrowed 26% to $7.4 million,
and Adjusted EBITDA improved $3.1 million to $(0.5) million YoY,
reflecting the continued success of platform subscription package
monetization and improved operating leverage across our multi-service
platform.
-- Gross profit margin expanded significantly on stronger unit economics:
Gross profit increased $8.9 million YoY to $11.1 million, while gross
profit margin expanded 3,510 basis points to 72%, driven by improved
platform subscription package monetization and operating leverage despite
a 14% increase in cost of revenues from higher platform activity.
-- Disciplined footprint expansion and platform optimization: Ride-hailing
performance remained strong across Marti's 20-city footprint, while
two-wheeled electric vehicle services were selectively expanded into two
additional cities to improve platform utilization, network density, and
long-term platform efficiency.
"We delivered an exceptional start to 2026, exceeding our internal targets across revenue, gross profit margin, and Adjusted EBITDA," said Oguz Alper Öktem, Founder and CEO. "Revenue grew more than 2.5x year-over-year, gross profit margin reached 72%, and we moved to near breakeven Adjusted EBITDA. This reflects the scaling of our platform subscription package monetization model and continued improvement in unit economics and operating leverage."
"Our ride-hailing marketplace continues to perform strongly across our 20-city footprint in Türkiye, with significant growth in both unique ride-hailing riders and registered ride-hailing drivers," continued Mr. Öktem. "We are also driving increased adoption of our delivery services, with 51% of motorcycle-hailing drivers and 23% of car-hailing drivers in Istanbul providing delivery services in the first quarter. In parallel, we expanded our two-wheeled electric vehicle services into two additional cities, supporting greater platform efficiency and utilization as we continue to scale our multi-service offering."
"With this strong start to the year," Mr. Öktem noted, "we are on track to achieve our 2026 goals, including our first full year of positive Adjusted EBITDA. We are laser focused on increasing efficiency across our platform and capturing additional scale opportunities as usage across the platform deepens, supporting our path toward long-term profitability."
Financial Highlights for First Quarter 2026
Revenue
-- Revenue of $15.4 million in Q1'26, up 156.1% from $6.0 million in
Q1'25, driven by continued success of platform monetization through
subscription packages.
-- Marti is on track to achieve FY'26 revenue guidance of $70.0 million,
reflecting a 78.4% YoY increase.
Gross Profit
-- Gross profit increased by 400.2% in Q1'26 to $11.1 million, compared to
$2.2 million in Q1'25, driven by revenue growth from platform
monetization.
-- Gross profit margin improved to 72.0% in Q1'26 from 36.8% in Q1'25,
reflecting strong platform monetization.
-- $4.3 million cost of revenues in Q1'26, 13.8% higher compared to $3.8
million in Q1'25, primarily driven by higher business volume across our
platform, partially offset by a decrease in depreciation and amortization
expenses.
Operating Expenses
-- $7.5 million general and administrative expenses in Q1'26, 11.9% higher
compared to $6.7 million in Q1'25, primarily attributable to higher
personnel expenses excluding share-based compensation expense, as well as
increases in consulting and legal expenses due to ongoing public company
requirements. These increases were partially offset by a decrease in
share-based compensation expense. In the absence of share-based
compensation expense, Q1'26 general & administrative expenses were $5.3
million.
Net Loss and Adjusted EBITDA
-- Net loss improved to $(7.4) million in Q1'26, compared to $(10.1)
million in Q1'25, representing a $2.6 million YoY improvement, driven by
strong revenue growth and improved operating leverage across the
platform.
-- Adjusted EBITDA improved to $(0.5) million in Q1'26, compared to $(3.6)
million in Q1'25, representing a $3.1 million YoY improvement, driven by
strong revenue growth, successful platform monetization, and improved
operating leverage across the platform.
-- Marti is on track to achieve the FY'26 Adjusted EBITDA target of $1.0
million, which would mark the first full year of positive Adjusted EBITDA
and represent a $13.1 million YoY improvement.
Consolidated Financial and Operational Highlights of First Quarter 2026
Q1 2025 Q1 2026
-------- ------- -------
Trips (in millions) 8.39 16.22 93.3%
Unique Platform Consumers (in millions) 1.09 2.06 88.9%
Trips per Unique Platform Consumer 7.7 7.9 2.3%
All-time Unique Ride-hailing Riders (in
thousands) 1,932 3,887 101.2%
All-time Registered Ride-hailing Drivers (in
thousands) 292 496 69.9%
Average Daily Two-wheeled Electric Vehicles
Deployed 25,505 20,422 (19.9)%
Revenue (USD, thousands) 6,023 15,427 156.1%
Cost of Revenues (USD, thousands) (3,804) (4,327) 13.8%
-------------------------------------------------- -------- ------- -------
% of Revenue 63% 28%
G&A(1) (USD, thousands) (6,688) (7,485) 11.9%
-------------------------------------------------- -------- ------- -------
% of Revenue 111% 49%
Net Loss(2) (USD, thousands) (10,069) (7,427) (26.2)%
Gross Profit(3) (USD, thousands) 2,219 11,100 400.2%
Gross Profit Margin %(4) 37% 72%
Adj. EBITDA(5) (USD, thousands) (3,598) (480) (86.7)%
Adj. EBITDA Margin %(6) (60)% (3)%
(1) In the absence of share-based compensation expense, Q1'26 general &
administrative expenses were $(5.3) million.
(2) In the absence of share-based compensation expense, Q1'26 net loss
was $(5.2) million.
(3) Gross profit is a GAAP metric and is calculated by deducting cost of
revenues from revenue.
(4) Gross profit margin is a GAAP metric and is calculated as gross
profit divided by revenue.
(5) See definition and reconciliation of Adjusted EBITDA elsewhere in
this press release.
(6) See definition and reconciliation of Adjusted EBITDA margin elsewhere
in this press release.
Operational Highlights
-- Trips across ride-hailing, delivery, and two-wheeled electric vehicle
services reached 16.22 million, an increase of 7.83 million, or 93.3%,
compared to 8.39 million in Q1'25.
-- Unique platform consumers grew to 2.06 million, an increase of 0.97
million, or 88.9%, driven primarily by rising ride-hailing adoption.
-- Trips per unique platform consumer increased to 7.9 in Q1'26 from 7.7
in Q1'25, reflecting improved platform level efficiency, expanded service
availability, and a growing public awareness of Marti's offerings.
-- All-time unique ride-hailing riders reached 3.89 million in Q1'26,
exceeding the target of 3.80 million and increasing 101.2% compared to
Q1'25.
-- All-time registered ride-hailing drivers grew to 496 thousand in Q1'26,
exceeding management's target of 490 thousand and increasing 69.9%
compared to Q1'25, with 336 thousand drivers located in Istanbul alone
compared to 20 thousand taxis serving the city.
-- Ride-hailing services delivered strong performance in 20 cities across
Türkiye covering approximately 80% of national GDP, while we
selectively expanded two-wheeled electric vehicle service into two
additional cities to enhance platform efficiency and utilization in
Q1'26.
-- Average daily two-wheeled electric vehicles decreased from 25.5
thousand in Q1'25 to 20.4 thousand in Q1'26, or 19.9%, as we gradually
retired older fleet units introduced in 2021.
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