Marti Technologies, Inc.

What they do

Marti operates a two-wheeled mobility platform in Turkey, offering services such as ride-hailing (mopeds, scooters) and micro-mobility rentals. The company uses a proprietary technology platform to connect users with vehicles and drivers. It also generates revenue from advertising and other ancillary services. The company is headquartered in Istanbul and operates under the Marti brand.

Revenue drivers

• Ride-hailing services — Primary revenue source, consisting of fees from customers for moped and scooter rides; generates recurring transaction-based revenue.
• Micro-mobility rentals — Revenue from short-term rentals of electric scooters and mopeds, priced per minute or per trip; contributes to transaction volume.
• Advertising and ancillary — Revenue from on-app advertising and partnerships; smaller but growing contribution to overall revenue.

Recent performance

Annual revenue rose to $39.2M in 2025 from $18.7M in 2024, a 109% increase. Net loss narrowed to $-41.4M in 2025 from $-73.9M in 2024. Operating cash flow improved to $-14.8M in 2025 from $-25.1M in 2024. As of December 31, 2025, the company had $7.8M in cash, total assets of $29.8M, and total liabilities of $96.9M, resulting in negative shareholder equity of $-67.1M.

Strategy

Management has focused on scaling ride-hailing and micro-mobility operations in Turkey, likely investing in fleet expansion and technology. The company has been working to reduce losses, as evidenced by improved net income and operating cash flow in 2025. It has engaged in material agreements, as disclosed in 8-K filings, possibly for partnerships or financing. Recent efforts have also included compliance with listing requirements, as indicated by a 2023 delisting notice. The company emphasizes its proprietary platform as a competitive advantage.

Risks

• Going concern risk — Negative shareholder equity of $-67.1M and $7.8M cash against $96.9M liabilities raise substantial doubt about ability to continue.
• High leverage — Long-term debt of $82.1M burdens the balance sheet, requiring significant cash flows to service.
• Foreign exchange exposure — Operations in Turkey mean results are affected by Turkish lira/USD volatility, as seen in translation adjustments.
• Delisting risk — A prior delisting notice indicates ongoing risk of failing NYSE American listing standards.

Outlook

Management has not provided explicit forward guidance in the excerpts. However, the company appears focused on sustaining revenue growth while narrowing losses. It may need to raise additional capital or refinance debt given cash levels. Near-term priorities likely include fleet expansion and operational efficiency to improve cash flow.