ISTANBUL - Turkiye's leading mobility super app Marti Technologies, Inc. ('Marti' or the 'Company') (NYSE American: MRT) today announced its financial and operational results for the first quarter ended March 31, 2026, delivering strong revenue growth and continued operating leverage across its multi-service mobility platform.
Financial and Operational Highlights for First Quarter 2026
Marketplace demand accelerated across the platform: Total trips increased 93% YoY to 16.2 million and unique platform consumers grew 89% YoY to 2.1 million, driven by strong ride-hailing momentum. All-time unique ride-hailing riders increased 101% YoY and registered drivers grew 70% YoY, exceeding quarterly operational targets.
Revenue growth and operating leverage improved profitability: Revenue increased 156% to $15.4 million, net loss narrowed 26% to $7.4 million, and Adjusted EBITDA improved $3.1 million to $(0.5) million YoY, reflecting the continued success of platform subscription package monetization and improved operating leverage across our multi-service platform.
Gross profit margin expanded significantly on stronger unit economics: Gross profit increased $8.9 million YoY to $11.1 million, while gross profit margin expanded 3,510 basis points to 72%, driven by improved platform subscription package monetization and operating leverage despite a 14% increase in cost of revenues from higher platform activity.
Disciplined footprint expansion and platform optimization: Ride-hailing performance remained strong across Marti's 20-city footprint, while two-wheeled electric vehicle services were selectively expanded into two additional cities to improve platform utilization, network density, and long-term platform efficiency.
'We delivered an exceptional start to 2026, exceeding our internal targets across revenue, gross profit margin, and Adjusted EBITDA,' said Oguz Alper Oktem, Founder and CEO. 'Revenue grew more than 2.5x year-over-year, gross profit margin reached 72%, and we moved to near breakeven Adjusted EBITDA. This reflects the scaling of our platform subscription package monetization model and continued improvement in unit economics and operating leverage.'
'Our ride-hailing marketplace continues to perform strongly across our 20-city footprint in Turkiye, with significant growth in both unique ride-hailing riders and registered ride-hailing drivers,' continued Mr. Oktem. 'We are also driving increased adoption of our delivery services, with 51% of motorcycle-hailing drivers and 23% of car-hailing drivers in Istanbul providing delivery services in the first quarter. In parallel, we expanded our two-wheeled electric vehicle services into two additional cities, supporting greater platform efficiency and utilization as we continue to scale our multi-service offering.'
'With this strong start to the year,' Mr. Oktem noted, 'we are on track to achieve our 2026 goals, including our first full year of positive Adjusted EBITDA. We are laser focused on increasing efficiency across our platform and capturing additional scale opportunities as usage across the platform deepens, supporting our path toward long-term profitability.'
Financial Highlights for First Quarter 2026
Revenue
Revenue of $15.4 million in Q1'26, up 156.1% from $6.0 million in Q1'25, driven by continued success of platform monetization through subscription packages.
Marti is on track to achieve FY'26 revenue guidance of $70.0 million, reflecting a 78.4% YoY increase.
Gross Profit
Gross profit increased by 400.2% in Q1'26 to $11.1 million, compared to $2.2 million in Q1'25, driven by revenue growth from platform monetization.
Gross profit margin improved to 72.0% in Q1'26 from 36.8% in Q1'25, reflecting strong platform monetization.
$4.3 million cost of revenues in Q1'26, 13.8% higher compared to $3.8 million in Q1'25, primarily driven by higher business volume across our platform, partially offset by a decrease in depreciation and amortization expenses.
Operating Expenses
$7.5 million general and administrative expenses in Q1'26, 11.9% higher compared to $6.7 million in Q1'25, primarily attributable to higher personnel expenses excluding share-based compensation expense, as well as increases in consulting and legal expenses due to ongoing public company requirements. These increases were partially offset by a decrease in share-based compensation expense. In the absence of share-based compensation expense, Q1'26 general & administrative expenses were $5.3 million.
Net Loss and Adjusted EBITDA
Net loss improved to $(7.4) million in Q1'26, compared to $(10.1) million in Q1'25, representing a $2.6 million YoY improvement, driven by strong revenue growth and improved operating leverage across the platform.
Adjusted EBITDA improved to $(0.5) million in Q1'26, compared to $(3.6) million in Q1'25, representing a $3.1 million YoY improvement, driven by strong revenue growth, successful platform monetization, and improved operating leverage across the platform.
Marti is on track to achieve the FY'26 Adjusted EBITDA target of $1.0 million, which would mark the first full year of positive Adjusted EBITDA and represent a $13.1 million YoY improvement.
Operational Highlights
Trips across ride-hailing, delivery, and two-wheeled electric vehicle services reached 16.22 million, an increase of 7.83 million, or 93.3%, compared to 8.39 million in Q1'25.
Unique platform consumers grew to 2.06 million, an increase of 0.97 million, or 88.9%, driven primarily by rising ride-hailing adoption.
Trips per unique platform consumer increased to 7.9 in Q1'26 from 7.7 in Q1'25, reflecting improved platform level efficiency, expanded service availability, and a growing public awareness of Marti's offerings.
All-time unique ride-hailing riders reached 3.89 million in Q1'26, exceeding the target of 3.80 million and increasing 101.2% compared to Q1'25.
All-time registered ride-hailing drivers grew to 496 thousand in Q1'26, exceeding management's target of 490 thousand and increasing 69.9% compared to Q1'25, with 336 thousand drivers located in Istanbul alone compared to 20 thousand taxis serving the city.
Ride-hailing services delivered strong performance in 20 cities across Turkiye covering approximately 80% of national GDP, while we selectively expanded two-wheeled electric vehicle service into two additional cities to enhance platform efficiency and utilization in Q1'26.
Average daily two-wheeled electric vehicles decreased from 25.5 thousand in Q1'25 to 20.4 thousand in Q1'26, or 19.9%, as we gradually retired older fleet units introduced in 2021.
Financing
In April 2025, the Company entered into a Convertible Note subscription agreement for up to $23.0 million of 12.50% Convertible Senior Secured Notes due April 2029, of which $13.0 million had been issued as of March 31, 2026.
In October 2025, the Company entered into an additional Convertible Note subscription agreement for up to $100.0 million of 11.00% Convertible Senior Secured Notes due October 2029, with no amounts drawn as of March 31, 2026.
Share Repurchase Program
In April 2026, Marti announced a new $2.5 million share repurchase program valid until October 2026, replacing the prior program, with a ceiling price of $6.00 per share.
About Marti:
Founded in 2018, Marti is Turkiye's leading mobility app, offering a wide variety of transportation services. Marti operates a ride-hailing service that matches riders with car, motorcycle and taxi drivers; offers delivery services and operates a large fleet of rental e-mopeds, e-bikes, and e-scooters. All of Marti's offerings are serviced by proprietary software systems and IoT infrastructure. For more information, visit www.marti.tech.
Cautionary Statement Regarding Forward-Looking Information
This press release contains statements that are not based on historical fact and are 'forward-looking statements'' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. For example, statements about the anticipated growth of Marti's service offerings, including the numbers of all-time unique riders and all-time registered drivers of the ride-hailing service, launch and growth of its package delivery business, the expected geographic expansion of services to additional cities, the full year 2026 guidance, and the expected future performance, operational efficiencies, potential size and market opportunities of Marti and its ride-hailing, delivery, and two-wheeled electric vehicle services, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as, or which contain the words 'will,' 'aim,' 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'forecast,' 'future,' 'intend,' 'may,' 'plan,' 'possible,' 'predict,' 'project,' 'seek,' 'should,' 'target,' 'will,' 'would' and variations of these words or similar expressions. Such forward-looking statements are subject to risks, uncertainties and other factors. Actual results may differ materially from the expectations expressed or implied in the forward-looking statements as a result of known and unknown risks and uncertainties.
These forward-looking statements are based on estimates and assumptions that, while considered reasonable by Marti and its management, are inherently uncertain and are subject to a number of risks and assumptions. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond Marti's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Known risks and uncertainties include but are not limited to: (i) our ability to implement business plans, forecasts, and other expectations, and identify opportunities, (ii) the risk that we may not be able to effectively manage our growth, including our design, research, development, and maintenance capabilities, (iii) the risk of downturns in the highly competitive tech-enabled mobility services industry, (iv) our ability to build our brand and consumers' recognition, acceptance, and adoption of our brand, (v) the impact of geopolitical tensions and international conflicts, including the military conflict occurring in the Middle East, on the global economy, inflation, energy and commodity prices and our business, (vi) volatility in the price of our securities due to a variety of factors, including without limitation changes in the competitive and highly regulated industries in which we operate or plan to operate, variations in competitors' performance and success and changes in laws and regulations affecting our business, (vii) the outcome of any legal proceedings that may be initiated against us or our directors or officers, (viii) technological changes and risks associated with doing business in an emerging market, (ix) risks relating to our dependence on and use of certain intellectual property and technology, (x) our ability to maintain the listing of our securities on the NYSE American Stock Exchange, (xi) our ability to grow and make profitable our business, including our ride-hailing, delivery and two-wheeled electric vehicle businesses, and (xii) other factors or risks discussed in the Company's filings with the SEC, accessible on the SEC's website at www.sec.gov and the Investor Relations section of the Company's website at https://ir.marti.tech. Investors should carefully consider the risks and uncertainties described in the documents filed by the Company from time to time with the SEC as most of the factors are outside the Company's control and are difficult to predict. As a result, the Company's actual results may differ from its expectations, estimates and projections and consequently, such forward-looking statements should not be relied upon as predictions of future events. The Company cautions not to place undue reliance upon any forward-looking statements, including its 2026 guidance and ride-hailing targets, which speak only as to management expectations and beliefs as of the date they are made. The Company disclaims any obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.
Contact:
Marti Technologies, Inc.
Turgut Yilmaz
Email: investor.relations@marti.tech
(C) 2026 Electronic News Publishing, source ENP Newswire