Marti Technologies (NYSEAMERICAN:MRT) reported sharply higher first-quarter 2026 revenue and a significantly narrower adjusted EBITDA loss, with executives saying the Turkey-based mobility platform is beginning to show operating leverage as ride-hailing, delivery and two-wheeled electric vehicle services scale across the country.
Co-Founder and CEO Oğuz Alper Öktem said 2026 is “shaping up to be a defining year” for Marti, citing triple-digit percentage revenue growth, expanded gross margins and adjusted EBITDA that is now near breakeven. The company is also moving to quarterly financial reporting beginning this year, which Öktem said will allow it to share progress more frequently.
Ride-hailing remains the main growth driver
Öktem described ride-hailing as Marti’s primary growth engine, with expansion in Istanbul and newer markets. The company said it operates in 20 cities representing about 80% of Turkey’s GDP and offers eight services on one platform: car, motorcycle and taxi ride-hailing; motorcycle and car delivery; and owned and operated e-bike, e-moped and e-scooter services.
Marti said it has reached 176.4 million all-time trips and 7.8 million all-time unique platform consumers since launch. As of March 31, 2026, the company reported 3.9 million all-time unique ride-hailing riders and 496,000 registered drivers.
In the first quarter, unique platform consumers increased 89% year over year to 2.1 million, while total trips grew 93% to 16.2 million. Trips per unique platform consumer rose to 7.9 times, which the company attributed to improved service availability and cross-service platform usage.
Marti said all-time unique ride-hailing riders increased 101% year over year, while registered ride-hailing drivers grew 70%. The company set targets for June 30, 2026, of 4.3 million all-time ride-hailing riders and 530,000 registered ride-hailing drivers.
Delivery adoption builds on existing network
Öktem said Marti is beginning to see “encouraging momentum” in its delivery service, which launched in Istanbul in the fourth quarter of last year. He said the company is using its existing consumer and driver network to expand delivery with limited incremental infrastructure.
The company pointed to cross-service usage as evidence of the platform’s broader value. Approximately 33% of car-hailing consumers and 82% of motorcycle-hailing consumers used those services after first engaging with another Marti service. In addition, 14% of car-hailing consumers and 73% of motorcycle-hailing consumers later adopted additional services on the platform.
Marti said multi-service consumers generated stronger economics in the first quarter, with trips per consumer 2.8 times higher and revenue per consumer 2.3 times higher than single-service consumers.
On the supply side, 51% of motorcycle-hailing drivers and 23% of car-hailing drivers had completed delivery trips as of the first quarter. Multi-service drivers also completed more trips than single-service drivers, with trips for motorcycle drivers 2.3 times higher and trips for car drivers 2.5 times higher.
Costs rise modestly as margins expand
Co-Founder, President and COO Cankut Durgun said the company’s revenue growth was primarily driven by subscription package monetization, higher trip volumes and growth in unique platform consumers. Cost of revenue increased 14% to $4.3 million, well below the pace of revenue growth, reflecting higher platform volume partially offset by lower depreciation and amortization expenses.
As a percentage of revenue, cost of revenue declined to 28% from 63% a year earlier. Durgun said the company’s gross profit margin improvement reflected the monetization of the platform and improving unit economics at scale.
The company reaffirmed its 2026 guidance for $70 million in revenue and $1 million of positive adjusted EBITDA. Durgun said first-quarter revenue represented 22% of the full-year revenue target, compared with first-quarter 2025 revenue representing 15% of full-year 2025 revenue.
He added that Marti has already achieved $9.4 million of the $30.8 million revenue increase expected for the full year and $3.1 million of the $13.1 million adjusted EBITDA improvement needed to reach its 2026 guidance.
Executives address monetization, margins and seasonality
During the question-and-answer session, Cantor Fitzgerald analyst Jack Halpert asked about monetization in new markets and the company’s two-wheeled strategy. Durgun said Marti is already monetizing all existing cities that it expects to monetize in 2026. He said the company’s revenue forecast does not assume additional city monetization or any increase in monetization rates in existing cities, meaning either would represent upside to the forecast.
Öktem said two-wheeled electric vehicles remain strategically important because they help bring users onto the platform. He described e-scooters, e-mopeds and e-bikes as “billboards themselves on the streets,” saying they can be a cheaper and more efficient user acquisition channel than digital marketing. He added that riders of two-wheeled electric vehicles often later use Marti’s ride-hailing services.
Oak Ridge Financial analyst Dick Ryan asked about the sustainability of the 72% gross margin. Durgun said the year-over-year improvement was largely due to monetization still being in early stages in the first quarter of 2025. He said further marginal increases are possible, but noted that labor and insurance costs create a ceiling in an online-to-offline business, even though Turkey has cost advantages relative to other international ride-hailing markets.
Ryan also asked about a sequential decline in trips from the fourth quarter to the first quarter. Durgun and Öktem attributed the pattern to seasonality, saying Turkey typically sees stronger growth in the summer months. Öktem said changes in rain patterns can affect monthly performance, noting that winter started late and ended late over the past two years.
Separately, Marti said average daily deployed two-wheeled electric vehicles declined to 20,400 in the first quarter from 25,500 a year earlier due to the gradual decommissioning of its fleet.
About Marti Technologies (NYSEAMERICAN:MRT)
Marti Technologies Inc is a mobility app, offering multiple transportation services to its riders. Marti operates a ride-hailing service that matches riders with car, motorcycle, and taxi drivers, 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.
