Revenue growth accelerated to 115.4% in 2026Q1, while gross margins improved to 66.9% as the company shifted away from hardware-heavy operations.
| Sales/Revenue | 34.88M | 39.24M | 18.66M | 20.03M | 24.99M | 17M | 9.76M |
| Revenue Growth % | 46.35% | 110.3% | -6.84% | -19.84% | 46.99% | 74.12% | - |
| Cost of Goods Sold | 18.31M | 35.6M | 65.87M | 32.88M | 32.97M | 20.11M | 9.52M |
| COGS % of Revenue | - | 90.72% | 353.02% | 164.16% | 131.94% | 118.3% | 97.49% |
| Gross Profit | 16.57M | 3.64M | -47.21M | -12.85M | -7.98M | -3.11M | 244.84K |
| Gross Margin % | 47.5% | 9.28% | -253.02% | -64.16% | -31.94% | -18.3% | 2.51% |
| Gross Profit Growth % | - | 107.71% | -267.38% | -61.03% | -156.52% | -1370.67% | - |
| Operating Expenses | 52.1M | 23.67M | 16.24M | 15.43M | 6.77M | 5.87M | 4.2M |
| OpEx % of Revenue | - | 60.31% | 87.01% | 77.05% | 27.08% | 34.54% | 42.97% |
| Selling, General & Admin | 45.54M | 20.05M | 13.71M | 12.66M | 4.13M | 3.44M | 3.14M |
| SG&A % of Revenue | - | 51.09% | 73.46% | 63.19% | 16.54% | 20.23% | 32.13% |
| Research & Development | 2.8M | 3.01M | 1.96M | 1.95M | 1.88M | 1.04M | 541.24K |
| R&D % of Revenue | - | 7.66% | 10.52% | 9.76% | 7.52% | 6.11% | 5.54% |
| Other Operating Expenses | 2.62M | 609.98K | 564.5K | 822.83K | 756.64K | 1.39M | 516.98K |
| Operating Income | -35.53M | -20.02M | -63.45M | -28.28M | -14.75M | -8.98M | -3.95M |
| Operating Margin % | -101.86% | -51.03% | -340.03% | -141.22% | -59.02% | -52.84% | -40.47% |
| Operating Income Growth % | - | 68.44% | -124.32% | -91.8% | -64.19% | -127.35% | - |
| EBITDA | -30.71M | -16.44M | -54.76M | -18.24M | -5.65M | -3.51M | 1.42M |
| EBITDA Margin % | -88.05% | -41.89% | -293.45% | -91.07% | -22.61% | -20.64% | 14.56% |
| EBITDA Growth % | 43.39% | 69.98% | -200.2% | -222.82% | -61.03% | -346.77% | - |
| D&A (Non-Cash Add-back) | 4.82M | 3.59M | 8.69M | 10.04M | 9.1M | 5.47M | 5.37M |
| EBIT | -35.53M | -25.8M | -63.9M | -27.07M | -12.36M | -12.97M | -4.37M |
| Net Interest Income | -12.73M | -14.29M | -8.97M | -5.94M | 635.23K | 4.79K | -265.36K |
| Interest Income | 374.31K | 1.35M | 1.01M | 803.61K | 2.57M | 4.79K | 16.8K |
| Interest Expense | 13.11M | 15.65M | 9.98M | 6.74M | 1.93M | 0 | 263.96K |
| Other Income/Expense | -17.18M | -21.42M | -10.43M | -5.53M | 501.4K | -4.6M | -679.46K |
| Pretax Income | -52.71M | -41.45M | -73.88M | -33.81M | -14.25M | -13.58M | -4.63M |
| Pretax Margin % | -151.12% | -105.62% | -395.94% | -168.82% | -57.01% | -79.91% | -47.42% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 887.65K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | -6.53% | 0% |
| Net Income | -52.71M | -41.45M | -73.88M | -33.81M | -14.25M | -14.47M | -4.63M |
| Net Margin % | -151.12% | -105.62% | -395.94% | -168.82% | -57.01% | -85.14% | -47.42% |
| Net Income Growth % | 29.77% | 43.9% | -118.49% | -137.36% | 1.57% | -212.57% | - |
| Net Income (Continuing) | -52.71M | -41.45M | -73.88M | -33.81M | -14.25M | -14.47M | -4.63M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.61 | -0.53 | -1.25 | -0.67 | -0.32 | -0.42 | -0.13 |
| EPS Growth % | 19.57% | 57.6% | -86.57% | -109.38% | 23.81% | -223.08% | - |
| EPS (Basic) | - | -0.53 | -1.25 | -0.67 | -0.32 | -0.42 | -0.13 |
| Diluted Shares Outstanding | 86.04M | 78.7M | 58.97M | 50.58M | 44.11M | 34.24M | 35.94M |
| Basic Shares Outstanding | 86.04M | 78.7M | 58.97M | 50.58M | 44.11M | 34.24M | 35.94M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Liquidity and regulatory exposure
According to the most recent quarterly data, Marti Technologies achieved a 115.4% revenue growth rate in 2026Q1, signaling a sharp acceleration in top-line expansion that appears to be driven by the aggressive scaling of the Marti Tag ride-hailing platform within the competitive Turkish urban transport market.
The dramatic jump in revenue suggests that the company's pivot toward an asset-light ride-hailing model is gaining traction with local commuters. However, investors should monitor whether this growth is sustainable or merely a reflection of heavy promotional spending, as historical revenue figures have shown significant quarter-over-quarter instability.
As reported in financial statements, Marti Technologies saw gross margins expand to 66.9% in 2026Q1, a notable improvement from the negative margins observed in previous periods, which suggests a potential shift toward higher-margin service revenue as the company reduces its reliance on capital-intensive micro-mobility hardware assets.
This margin expansion appears to be the primary indicator of the company's transition toward a software-centric business model. Nevertheless, the historical volatility in these margins warrants caution, as the company remains highly susceptible to fluctuations in Turkish energy costs and the operational expenses associated with fleet maintenance.
Based on the provided income statement data, Marti Technologies reported an operating income of $555.5K in 2026Q1, marking a rare instance of positive operating leverage after a long history of significant losses that previously reached as low as -$24.2M in the 2023Q4 period.
While the recent positive operating income suggests improved cost discipline, the company's history of massive SG&A spending relative to revenue implies that this efficiency may be difficult to maintain. Analysts should investigate whether this improvement is a structural change or a temporary result of aggressive cost-cutting measures.
Despite the recent positive operating income, the company's net loss of $7.4M in 2026Q1, as documented in the latest filings, highlights a persistent disconnect between operational performance and bottom-line profitability that suggests the business model remains fundamentally challenged by high non-operating costs and potential financing burdens.
Short-sellers may focus on the fact that net income remains deeply negative despite the recent revenue surge, suggesting that the company's path to sustainable profitability is far from certain. The reliance on external capital to bridge these losses appears to be a critical risk factor for long-term equity holders.
Quick answers to the most common questions about buying MRT stock.
For fiscal year 2025, Marti Technologies, Inc. (MRT) reported total revenue of $39.2M. This represents a 301.9% increase compared to $9.8M in 2020.
Marti Technologies, Inc. (MRT) reported a net loss of $41.4M for the fiscal year ending 2025.
Marti Technologies, Inc. (MRT) reported an operating income of $-20.0M, resulting in an operating profit margin of -51.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Marti Technologies, Inc. (MRT) generated $3.6M in gross profit for the year, representing a gross profit margin of 9.3%. This demonstrates the company's core pricing power and production efficiency.