Marti Technologies, Inc. · AMEX:MRT
Marti Technologies — Q3 2026 Earnings Presentation
32 slides from Marti Technologies's earnings presentation, November 2026
Slide 1: Türkiye's Mobility Super App Earnings Presentation Q3 2026
Türkiye’s Mobility Super App Earnings Presentation Q3 2026 NYSE American: MRT Car-Hailing | Motorcycle-Hailing | Taxi-Hailing | E-Bikes | E-Mopeds | E-Scooters | Motorcycle Deliveries | Car Deliveries
Slide 2: Disclaimers
Disclaimers Forward Looking Statements This presentation, together with other statements and information publicly disseminated by Marti Technologies, Inc. (the "Company"), contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Sec
Slide 3: Key Messages
Key Messages Operational Highlights Financial Highlights Consolidated Financials Non-GAAP Reconciliations 3
Slide 4: Key messages of Q3 2026
Key messages of Q3 2026 Our Services Exceptional revenue growth and record gross profitability • Quarterly revenue increased 128% YoY to $24.7M, driven by continued growth in ride-hailing Ride-hailing operations and increasing platform monetization Car-hailing • Gross profit increased 176% YoY to $2
Slide 5: Marti by the numbers
Marti by the numbers #1 urban mobility app in Türkiye (iOS & Android)1 217.2M 8.9M all-time all-time trips2 unique platform consumers2 5.1Mall-time unique 597K all-time registered ride-hailing riders3 ride-hailing drivers3 1. Number one urban mobility and ride-hailing app in Türkiye across iOS and A
Slide 6: Operational Highlights
Key Messages Operational Highlights Financial Highlights Consolidated Financials Non-GAAP Reconciliations 6
Slide 7: Marti has quickly emerged as Türkiye's leading urban mobility platform
Marti has quickly emerged as Türkiye’s leading urban mobility platform Marti is the most downloaded Marti operates in 40 of Türkiye’s largest cities, urban mobility app in Türkiye1 representing ~90% of national GDP2 Rank Company Years of Operation Istanbul 29.2% Kocaeli Edirne 3.8% Sakarya Samsun 0.
Slide 8: Multi-service platform strategy continues to drive higher consumer adoption and usage
Multi-service platform strategy continues to drive higher consumer adoption and usage 22.0 Trips (millions) 10.8 15.1 16.6 16.2 18.8 +46% Trips growth YoY 8.4 Q3 2026 vs. Q3 2025; 2.6x since Q1 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 % growth YoY – – – +93% +73% +46% Net additio
Slide 9: Ride-hailing service contributes to platform growth and consistently exceeds targets
Ride-hailing service contributes to platform growth and consistently exceeds targets Unique Ride-hailing Riders Target¹ (thousands) 2,811 3,384 3,887 4,442 5,092 5,650 +81% All-time Unique Ride-hailing 1,932 2,280 1,663 Riders growth YoY Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 202
Slide 10: Our multi-service offering continues to strengthen as deliveries scale
Our multi-service offering continues to strengthen as deliveries scale Multi-service consumers complete more trips and spend Strong multi-service usage among ride-hailing consumers1 more than single service consumers2 Single service consumers Multi-service consumers 30% 13% % of car-hailing consumer
Slide 11: Deploying AI across our organization
Deploying AI across our organization Key Objectives AI Deployments Across the Organization Rapid iteration Dynamic pricing to improve marketplace efficiency Matching algorithm to improve match quality and trip completion rates Faster time to market Customer service to improve response times and oper
Slide 12: Building a multi-partner autonomous mobility ecosystem in Türkiye
Building a multi-partner autonomous mobility ecosystem in Türkiye DEMAND AV ECOSYSTEM INFRASTRUCTURE & OPERATIONS Marti Has Established Consumer Demand Marti Builds Multi-Partner AV Ecosystem Marti Has Scaled Mobility Infrastructure AV Technology AV Manufacturers Türkiye’s #1 mobility super app Prov
Slide 13: Financial Highlights
Key Messages Operational Highlights Financial Highlights Consolidated Financials Non-GAAP Reconciliations 13
Slide 14: Q3 2025 vs. Q3 2026 Financial Results
Q3 2025 vs. Q3 2026 Financial Results Q3 2025 Q3 2026 ∆ Comments Increasing number of ride-hailing trips driven by growing usage in existing Trips (in millions) 15.05 21.97 45.9% cities and new city launches Unique Platform Consumers (in millions) 1.74 2.68 54.1% Increasing number of ride-hailing co
Slide 15: Persistent quarterly revenue growth
Persistent quarterly revenue growth Revenue ($ in millions) $24.7 +128% Revenue growth YoY $20.0 Q3 2026 vs. Q3 2025 $14.1 $15.4 +$13.9M Increase YoY $10.8 Q3 2026 vs. Q3 2025 $8.3 $6.0 Q1 2025 Q2 2025 Q3 2025 Q4 20251 Q1 2026 Q2 2026 Q3 2026 % growth YoY – – – +156% +141% +128% Increase QoQ +$2.3 +
Slide 16: Platform scale drives efficiency: revenue up 4.1x, cost of revenues up just 1.2x
Platform scale drives efficiency: revenue up 4.1x, cost of revenues up just 1.2x Index, Q1 2025 = 100 411 Revenue (index) Cost of revenues (index) 332 4.1x Revenue growth 256 $6.0M in Q1 2025 → $24.7M in Q3 2026 234 180 100 138 123 1.2x Cost of revenues growth 114 114 120 100 94 93 $3.8M in Q1 2025
Slide 17: Gross profit margin has expanded every quarter to a record 81%
Gross profit margin has expanded every quarter to a record 81% Gross profit1 Gross profit margin¹ ($ in millions) 81% Record gross profit margin 81% +1,416 bps YoY; +494 bps QoQ 77% 69% 72% +176% 67% 57% $20.2 Gross profit growth YoY $15.3 $20.2M in Q3 2026 vs. $7.3M in Q3 2025 37% $11.1 $9.7 $7.3 $
Slide 18: Operating income turned positive for the first time
Operating income turned positive for the first time Operating income ($ in millions) $2.7 +$11.5M Improvement YoY Q3 2026 vs. Q3 2025 ($0.1) ($4.8) ($3.7) 11% Operating income margin Q3 2026, up from (81)% in Q3 2025 ($7.2) ($7.8) ($8.8) Q1 2025 Q2 2025 Q3 2025 Q4 20251 Q1 2026 Q2 2026 Q3 2026 Opera
Slide 19: Adjusted EBITDA turned positive in Q2, and reached a 23% margin in Q3 2026
Adjusted EBITDA turned positive in Q2, and reached a 23% margin in Q3 2026 Adjusted EBITDA1 ($ in millions) Adjusted EBITDA margin¹ 15% 23% 23% Adj. EBITDA margin $5.6 Up from (33)% in Q3 2025 and (60)% in Q1 2025 $(0.5) $2.9 $(3.6) $(2.4) $(3.6) $(3.9) (3)% +$9.2M Improvement YoY (28)% $5.6M in Q3
Slide 20: Net loss narrowed to near breakeven at $(1.0) million in Q3 2026
Net loss narrowed to near breakeven at $(1.0) million in Q3 2026 Net Income/(Loss) ($ in millions) Net loss margin¹ $(12.5) $(1.0) +$10.1M Improvement YoY $(4.2) $(1.0)M in Q3 2026 vs. $(11.2)M in Q3 2025 $(9.2) $(7.4) (4)% $(10.1) $(11.2) $(11.0) (48)% $(8.3) one-off¹ $1.2M Net income excl. SBC (63
Slide 21: Free cash flow positive for two consecutive quarters
Free cash flow positive for two consecutive quarters Free Cash Flow ($ in millions) $3.0 +$5.6M FCF¹ improvement YoY $1.0 $1.0M in Q3 2026 vs. $(4.6)M in Q3 2025 +$11.3M 9M FCF improvement YoY $(2.2) $(1.8)M in 9M 2026 vs. $(13.1)M in 9M 2025 $(2.7) $(4.6) $(5.7) $(5.8) Q1 2025 Q2 2025 Q3 2025 Q4 20
Slide 22: Positioned to meet 2026 guidance
Positioned to meet 2026 guidance Revenue Adjusted EBITDA1 ($ in millions) Full year 9M 2026 9M actual +117% $85.0 $8.0 $7.0 9M 2026 71% $60.1 of 2026 guidance $39.2 9M 2025 $(9.6) 64% 9M 2025 of 2025 actual $25.2 $(13.5) +$20.5 vs. 2025 actual 2025 Actual 2026 Guidance2 2025 Actual 2026 Guidance2 1.
Slide 23: Consolidated Financials
Key Messages Operational Highlights Financial Highlights Consolidated Financials Non-GAAP Reconciliations 23
Slide 24: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Three Months Ended Nine Months Ended ($ in thousands) September 30, 2025 September 30, 2026 September 30, 2025 September 30, 2026 Revenue 10,844 24,730 25,171 60,143 Operating expenses: Cost of revenues (3,543) (4,577) (10,910) (13,591) General and adm
Slide 25: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets ($ in thousands) December 31, 2025 September 30, 2026 Total current assets 13,940 20,343 Cash and cash equivalents 7,806 15,230 Accounts receivable, net 504 472 Inventories 1,991 1,939 Other current assets 3,639 2,702 Total non-current assets 15,862 13,626 Prope
Slide 26: Condensed Consolidated Balance Sheets (cont'd)
Condensed Consolidated Balance Sheets (cont’d) ($ in thousands) December 31, 2025 September 30, 2026 Total current liabilities 14,389 10,916 Short-term financial liabilities, net1 3,695 1,864 Accounts payable 4,077 1,327 Operating lease liabilities 620 368 Deferred revenue 2,129 2,888 Accrued expens
Slide 27: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Nine Months Ended ($ in thousands) September 30, 2025 September 30, 2026 Cash flow from operating activities Net loss (30,437) (20,946) Adjustments to reconcile net loss to net cash used in operating activities: Loss on debt extinguishment -- 8,322 Dep
Slide 28: Condensed Consolidated Statements of Cash Flows (cont'd)
Condensed Consolidated Statements of Cash Flows (cont’d) Nine Months Ended ($ in thousands) September 30, 2025 September 30, 2026 Cash flow from investing activities Purchase of treasury shares (196) (1,475) Purchase of property and equipment (382) (277) B. Net cash used in investing activities (578
Slide 29: Non-GAAP Reconciliations
Key Messages Operational Highlights Financial Highlights Consolidated Financials Non-GAAP Reconciliations 29
Slide 30: Non-GAAP Reconciliations – Adjusted EBITDA
Non-GAAP Reconciliations – Adjusted EBITDA Year Three Months Ended Nine Months Ended Ended ($ in thousands, except Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, Sep 30, Sep 30, Sep 30, Dec 31, percentages) 2025 2025 2025 20253 2026 2026 2026 2025 2026 2025 Net loss (10,069) (9,209) (11,158) (11,00
Slide 31: Non-GAAP Reconciliations – Free Cash Flow
Non-GAAP Reconciliations – Free Cash Flow Year Three Months Ended Nine Months Ended Ended Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, Sep 30, Sep 30, Sep 30, Dec 31, ($ in thousands) 2025 2025 2025 20252 2026 2026 2026 2025 2026 2025 Net cash generated from (used (5,560) (2,613) (4,539) (2,069)
Slide 32: Marti Investor Relations
MARTI INVESTOR RELATIONS investor.relations@marti.tech