Marti Technologies Posts First Operating Profit as Revenue Doubles

Marti Technologies (NYSEAMERICAN:MRT) recorded $24.7 million in third-quarter revenue, up 128% from a year earlier, and posted its first positive income from operations: $2.7 million, against an $8.8 million operating loss in the prior-year quarter. The Türkiye-based mobility company also reported its second consecutive quarter of positive free cash flow. The question a finance desk must ask is straightforward: does the growth hold without a matching cost base, or is leverage still untested?

What did management attribute the swing to?

Gross profit rose 176% year over year to $20.2 million, and gross margin reached 81.5%. The net loss narrowed to $1 million from $11.2 million. Adjusted EBITDA, a non-GAAP measure, climbed to $5.6 million from $2.9 million in the second quarter, a 23% margin. Marti revised its adjusted EBITDA calculation beginning with the quarter ended June 30 and restated prior periods to match.

Founder and CEO Oğuz Alper Öktem said: "We are generating significantly more revenue without a corresponding increase in our cost base." That claim deserves scrutiny, and the numbers largely support it — operating cash flow came in at $1 million, with free cash flow close to $1 million after property, plant and equipment purchases. One caveat remains: the quarter carried $2.2 million in non-cash share-based compensation. Exclude it, and Co-Founder, President and COO Cankut Durgun said the company would have generated $1.2 million in net income. The headline net loss rests on that expense.

Why did the company not raise guidance?

Platform trips rose 46% year over year to 22 million, and unique platform consumers increased 54% to 2.7 million. Trips per unique consumer fell to 8.2 from 8.6, which Öktem attributed to newer cities where engagement is still developing. Through nine months, revenue totaled $60.1 million and adjusted EBITDA reached $8 million — already above the full-year adjusted EBITDA target.

Marti nonetheless reaffirmed its 2026 guidance of $85 million in revenue and $7 million in adjusted EBITDA. Durgun said the fourth quarter runs slower than the second and third for both ride-hailing and two-wheeled electric vehicles. He also cited conservatism and increased marketing spend intended to support 2027 growth; the company plans to release its 2027 forecast before year-end. Guidance held, in plain words, because management chose caution over a raise.

How far does the platform reach?

Marti operated ride-hailing in 30 cities at quarter-end and entered 10 more in October. Its 40-city footprint covers roughly 90% of Türkiye's gross domestic product, the company said. As of September 30, it counted 5.1 million all-time unique ride-hailing riders and 597,000 registered drivers, beating third-quarter targets of 4.9 million and 580,000. It aims for 5.65 million riders and 630,000 drivers by December 31.

Monetization lags expansion. Durgun said Marti monetizes fewer than 10 cities — he believed eight or nine — and that effective take rates have not changed. Marti began monetizing Istanbul two years after launch and does not expect to add new cities to the monetization mix at a significant pace before they mature. On margins, Durgun noted possible advantages from Turkish insurance premiums and lower labor costs, but declined to set a new long-term gross-margin ceiling after results exceeded the roughly 80% level he had previously estimated; management will monitor quarter by quarter.

What about autonomy, financing and the courts?

Marti expanded its autonomous mobility partnerships in October with CalmCar, following an earlier partnership with Tensor. Öktem said the first CalmCar-equipped vehicle had arrived in Türkiye, with closed-area testing in Istanbul planned subject to permits. Durgun framed both as early-stage pilots, each involving fewer than 10 vehicles over the next year; fleet financing is undetermined, and no significant short-term revenue or cost effect is expected. The company also extended a $100 million financing facility through July 2028, and will issue five million commitment shares to financing partner Callaway in the fourth quarter. On ride-hailing litigation, Öktem called a decision by Istanbul's 14th Court of Appeals supportive of Marti's position; the matter moves to a higher court, and operations continue in the meantime.

Founded in 2018, Marti runs an app-based urban mobility platform spanning shared electric scooters, e-bikes, mopeds and ride-hailing, focused on major Turkish cities including Istanbul. The quarter proves leverage; the fourth quarter and the 2027 forecast will test whether it persists.