Marti Technologies (NYSEAMERICAN:MRT) Issues Earnings Results, Beats Expectations By $0.03 EPS

Marti Technologies (NYSEAMERICAN:MRT) announced its quarterly earnings data on Monday. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.03, FiscalAI reports. The business had revenue of $24.73 million during the quarter.

Here are the key takeaways from Marti Technologies’ conference call:

• Marti reported record revenue of $24.7 million, up 128% year over year, and record gross margin of 81.5%. Adjusted EBITDA rose to $5.6 million, operating income turned positive for the first time at $2.7 million, and the company generated nearly $1 million of free cash flow for a second consecutive quarter.
• The platform continued to expand: third-quarter trips grew 46% to 22 million and unique platform consumers rose 54% to 2.7 million. Marti entered 10 additional cities in October, bringing its footprint to 40 cities covering about 90% of Türkiye’s GDP, with 5.1 million all-time ride-hailing riders and 597,000 registered drivers at quarter-end.
• Marti reaffirmed 2026 guidance of $85 million in revenue and $7 million in adjusted EBITDA, even though nine-month adjusted EBITDA was already $8 million. Management cited typical fourth-quarter seasonality and plans for increased marketing investment to support 2027 growth.
• Ride-hailing monetization remains limited to roughly eight or nine cities out of 40, with no significant near-term increase in monetized cities or take rates expected. Management said new cities may take around two and a half years to reach the monetization stage.
• The company said it will issue 5 million commitment shares this quarter under its convertible-note facility, which was extended through July 2028. Its management incentive plan covers 10% of fully diluted shares, creating potential dilution for existing shareholders.

Marti Technologies Stock Performance

Shares of MRT stock opened at $2.10 on Wednesday. The firm’s 50-day simple moving average is $2.00 and its 200-day simple moving average is $1.95. Marti Technologies has a 1-year low of $1.12 and a 1-year high of $2.56.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MRT. Benchmark increased their target price on Marti Technologies from $5.00 to $6.00 and gave the stock a “buy” rating in a research note on Thursday, August 20th. Citigroup restated a “buy” rating on shares of Marti Technologies in a research note on Thursday, August 20th. Roth Capital set a $3.50 price objective on Marti Technologies in a report on Thursday, August 20th. Finally, Cantor Fitzgerald cut their price objective on Marti Technologies from $2.40 to $2.20 and set a “neutral” rating for the company in a research report on Monday, August 24th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $3.92.

Insider Transactions at Marti Technologies

In other news, Director Daniel Freifeld sold 350,000 shares of the company’s stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $2.02, for a total value of $707,000.00. Following the completion of the sale, the director owned 6,117,715 shares of the company’s stock, valued at $12,357,784.30. This represents a 5.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Institutional Trading of Marti Technologies

An institutional investor recently raised its stake in Marti Technologies stock. Arbiter Partners Capital Management LLC grew its position in shares of Marti Technologies, Inc. (NYSEAMERICAN:MRT) by 24.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 286,254 shares of the company’s stock after purchasing an additional 56,319 shares during the period. Arbiter Partners Capital Management LLC owned approximately 0.33% of Marti Technologies worth $573,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 20.71% of the company’s stock.

Marti Technologies declared that its Board of Directors has authorized a share repurchase program on Thursday, September 10th that allows the company to buy back $5 million in outstanding shares. This buyback authorization allows the company to buy up to 2.7% of its stock through open market purchases. Share buyback programs are typically an indication that the company’s board believes its shares are undervalued.

About Marti Technologies

Marti Technologies, Inc. operates a technology-enabled urban mobility platform in Turkey. Through its mobile application, the company connects users with transportation options designed for short-distance travel and everyday urban journeys. Marti’s services have included shared electric scooters, electric bicycles and mopeds, as well as ride-hailing services that connect passengers with drivers. The company’s platform is intended to provide convenient, app-based access to multiple mobility options within a single service.