The company's financial position remains highly vulnerable, characterized by a significant equity deficit of $72.3M and a total debt burden that has climbed to $88.5M as of 2026Q1.
| Total Current Assets | 8.54M | 13.94M | 11.42M | 25.7M | 20.46M | 17.97M | 5.58M |
| Cash & Short-Term Investments | 4.77M | 7.81M | 5.15M | 19.42M | 10.5M | 13.22M | 3.5M |
| Cash Only | 4.77M | 7.81M | 5.15M | 19.42M | 10.5M | 13.22M | 3.5M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 623.76K | 504K | 1.58M | 2.44M | 6.1M | 3.14M | 1.36M |
| Days Sales Outstanding | 9.72 | 4.69 | 30.82 | 44.45 | 89.16 | 67.36 | 51.01 |
| Inventory | 1.92M | 1.99M | 2.03M | 2.61M | 3.33M | 866.72K | 75.94K |
| Days Inventory Outstanding | 40.51 | 20.41 | 11.25 | 29 | 36.89 | 15.73 | 2.91 |
| Other Current Assets | 477.85K | 3.64M | 1.85M | 150.22K | -161.28K | 11.43K | 4.75K |
| Total Non-Current Assets | 16.5M | 15.86M | 8.96M | 14.52M | 20.42M | 21.02M | 8.06M |
| Property, Plant & Equipment | 2.94M | 3.56M | 6.33M | 14.33M | 20.26M | 20.98M | 8.04M |
| Fixed Asset Turnover | 7.40x | 11.02x | 2.95x | 1.40x | 1.23x | 0.81x | 1.21x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 281.92K | 351.21K | 590K | 183.89K | 159.58K | 33.32K | 19.87K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 148.74M | 146.63M | 0 |
| Other Non-Current Assets | 13.27M | 11.95M | 2.04M | 0 | -148.74M | 69.66K | 0 |
| Total Assets | 25.03M | 29.8M | 20.38M | 40.21M | 40.88M | 38.99M | 13.64M |
| Asset Turnover | 1.75x | 1.32x | 0.92x | 0.50x | 0.61x | 0.44x | 0.72x |
| Asset Growth % | -66.21% | 46.24% | -49.32% | -1.63% | 4.85% | 185.81% | - |
| Total Current Liabilities | 10.93M | 14.39M | 6.77M | 17.5M | 15.87M | 10.42M | 10.55M |
| Accounts Payable | 1.96M | 4.08M | 1.65M | 2.8M | 3.57M | 0 | 0 |
| Days Payables Outstanding | 37.23 | 41.8 | 9.15 | 31.04 | 39.57 | - | - |
| Short-Term Debt | 2.44M | 3.69M | 0 | 10.45M | 7.29M | 5.64M | 8.6M |
| Deferred Revenue (Current) | 2.06M | 2.13M | 0 | 1.55M | 1.33M | 712.7K | 41.77K |
| Other Current Liabilities | 4.48M | 3.87M | 1.84M | 1.88M | 1.01M | 438.6K | 390.71K |
| Current Ratio | 0.78x | 0.97x | 1.69x | 1.47x | 1.29x | 1.73x | 0.53x |
| Quick Ratio | 0.60x | 0.83x | 1.39x | 1.32x | 1.08x | 1.64x | 0.52x |
| Cash Conversion Cycle | 13 | -16.7 | 32.93 | 42.41 | 86.49 | - | - |
| Total Non-Current Liabilities | 86.39M | 82.5M | 75.05M | 55.41M | 17.41M | 8.05M | 409.48K |
| Long-Term Debt | 85.91M | 82.12M | 74.67M | 54.8M | 16.38M | 7.41M | 0 |
| Capital Lease Obligations | 310.75K | 136K | 88K | 277.96K | 674.5K | 619.77K | 393.91K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 341.21K | 249K | 290K | 325.86K | 357.23K | 17.98K | 15.57K |
| Total Liabilities | 97.33M | 96.89M | 81.82M | 72.91M | 33.28M | 18.47M | 10.96M |
| Total Debt | 88.49M | 86.57M | 75.25M | 65.94M | 26.5M | 14.33M | 9.44M |
| Net Debt | 83.72M | 78.76M | 70.1M | 46.52M | 16M | 1.11M | 5.94M |
| Debt / Equity | -1.22x | - | - | - | 3.49x | 0.70x | 3.52x |
| Debt / EBITDA | -2.88x | - | - | - | - | - | 6.64x |
| Net Debt / EBITDA | -2.73x | - | - | - | - | - | 4.18x |
| Interest Coverage | -2.71x | -1.65x | -6.41x | -4.02x | -6.40x | - | -16.54x |
| Total Equity | -72.29M | -67.09M | -61.44M | -32.7M | 7.6M | 20.52M | 2.69M |
| Equity Growth % | -172.66% | -9.19% | -87.91% | -530.25% | -62.96% | 664% | - |
| Book Value per Share | -0.84 | -0.85 | -1.04 | -0.65 | 0.17 | 0.60 | 0.07 |
| Total Shareholders' Equity | -72.29M | -67.09M | -61.44M | -32.7M | 7.6M | 20.52M | 2.69M |
| Common Stock | 8.61K | 9K | 6K | 5.7K | 4.41K | 90 | 90 |
| Retained Earnings | -188.36M | -180.93M | -139.49M | -65.61M | -39.18M | -24.94M | -10.46M |
| Treasury Stock | -367.63K | -368K | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -7.56M | -7.56M | -7.56M | -7.56M | -7.56M | -7.22M | 246.2K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and solvency constraints
As reported in recent financial filings, Marti Technologies' equity position has eroded significantly, moving from a neutral state in 2023Q2 to a deficit of $72.3M by 2026Q1, signaling a persistent trend of value destruction that complicates the company's long-term financial viability and capital structure stability.
The consistent expansion of the accumulated deficit, now reaching -$188.4M, suggests that the company's operational scaling has failed to generate sufficient returns to offset its heavy capital requirements. Investors should monitor whether the recent shift toward ride-hailing can reverse this trajectory before the equity deficit reaches a point of no return.
Based on the latest quarterly data, Marti Technologies has seen its total debt burden climb to $88.5M in 2026Q1, a substantial increase from the $65.9M reported in 2023Q4, which indicates a growing reliance on external financing to sustain its capital-intensive micro-mobility and ride-hailing operations.
The accumulation of debt in the face of negative equity suggests that the company is financing its operational burn through leverage rather than internal cash generation. This reliance on debt, particularly in a volatile currency environment like Turkey, may significantly increase refinancing risks and interest expense pressure in future periods.
According to the balance sheet, net PPE has declined from a peak of $19.0M in 2023Q3 to just $2.9M in 2026Q1, reflecting both the aggressive depreciation of the e-scooter fleet and a potential strategic pivot away from heavy hardware ownership toward an asset-light ride-hailing model.
While this reduction in PPE may signal a transition to a more scalable software-driven business, it also highlights the rapid consumption of the company's primary revenue-generating assets. The shrinking asset base warrants investigation into whether the remaining fleet is sufficient to support the company's ambitious growth targets.
As documented in recent financial statements, Marti Technologies' cash reserves have dwindled to $4.8M as of 2026Q1, a level that appears dangerously low given the company's historical quarterly burn rates and the ongoing need to fund operational deficits in a high-inflation Turkish market.
The current ratio of 0.78 suggests that the company may struggle to meet its short-term obligations without immediate capital injections or further debt restructuring. This liquidity constraint appears to be the most immediate threat to the company's ability to continue as a going concern.
Quick answers to the most common questions about buying MRT stock.
As of 2025, Marti Technologies, Inc. (MRT) had total assets of $29.8M including $13.9M in current assets.
Marti Technologies, Inc. (MRT) carries total debt of $86.6M, offset by $7.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Marti Technologies, Inc. (MRT) has total shareholders' equity (book value) of $-67.1M ($-0.85 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Marti Technologies, Inc. (MRT) reported a current ratio of 0.97x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.