Marti Technologies Posts 128% Revenue Growth and First Positive Operating Income

Marti Technologies reported quarterly revenue of $24.73 million, up 128% year over year, with earnings per share of ($0.01) beating the consensus estimate of ($0.04) by $0.03. The New York-listed Turkish mobility operator also recorded a gross margin of 81.5%, its highest to date, according to figures cited by FiscalAI and the company's conference call. The stock opened at $2.17 on Tuesday, up 4.8%, against a fifty-day simple moving average of $2.00.

What did the quarter deliver?

The numbers were, by the company's standards, unusually tidy. Adjusted EBITDA (a profitability metric excluding interest, taxes, depreciation and amortization) rose to $5.6 million. Operating income turned positive for the first time, at $2.7 million. Free cash flow came in at nearly $1 million for a second consecutive quarter.

Volume told the same story:

• Third-quarter trips grew 46% to 22 million.
• Unique platform consumers rose 54% to 2.7 million.
• The footprint reached 40 cities after entering 10 additional cities in October, covering about 90% of Türkiye's GDP.
• All-time ride-hailing riders totaled 5.1 million, with 597,000 registered drivers at quarter-end.

Why hold guidance flat?

Management reaffirmed 2026 guidance of $85 million in revenue and $7 million in adjusted EBITDA. That figure sits below the $8 million in adjusted EBITDA the company has already produced over nine months. Management cited typical fourth-quarter seasonality and planned marketing investment to support 2027 growth. Prudence, presumably, has its accounting logic.

Monetization remains the quieter caveat. Ride-hailing monetization is limited to roughly eight or nine cities out of 40, with no significant near-term increase in monetized cities or take rates (the platform's commission on each fare) expected. Management said new cities may take around two and a half years to reach the monetization stage.

What about dilution and buybacks?

The balance of shareholder-friendly signals is mixed. The board authorized a $5 million share buyback on September 10, covering up to 2.7% of outstanding stock through open market purchases.

Against that, the company will issue 5 million commitment shares this quarter under its convertible-note facility, extended through July 2028. Its management incentive plan covers 10% of fully diluted shares, creating potential dilution for existing holders. A $5 million buyback against a 10% incentive pool is not a fair fight.

What are analysts and insiders doing?

Analyst sentiment skews positive. On August 20, Citigroup reiterated a buy rating, Roth Capital set a $3.50 price target, and Benchmark raised its target from $5.00 to $6.00 with a buy rating. On August 24, Cantor Fitzgerald cut its target from $2.40 to $2.20 and set a neutral rating. Three analysts rate the stock a Buy and one a Hold; MarketBeat.com puts the consensus at Moderate Buy with an average target of $3.92. The stock's twelve-month range runs from $1.12 to $2.59.

Insider activity was less flattering. Director Daniel Freifeld sold 350,000 shares on September 9 at an average price of $2.02, for a total of $707,000. Following the sale he directly owned 6,117,715 shares, valued at approximately $12,357,784.30 — a 5.41% reduction in his ownership, disclosed in an SEC filing.

Institutional ownership tells a modest vote of confidence. Arbiter Partners Capital Management raised its stake by 24.5% in the first quarter, buying 56,319 shares to hold 286,254 shares worth $573,000, or 0.33% of the company, per its 13F filing. Institutional investors and hedge funds own 20.71% of the stock overall.

Who is Marti?

Founded in 2018 and headquartered in Istanbul, Marti operates a technology-enabled urban mobility platform connecting users with shared electric scooters, electric bicycles, mopeds and ride-hailing services through a single mobile application. The verdict: fast growth, first operating profit, and a dilution schedule that shareholders should read before applauding the buyback.