# MRT earnings call intelligence

LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/MRT) · [Earnings tab](https://www.lopjlb.com/stock/MRT?tab=earnings)

Updated: 2026-08-22T05:49:38

Quarters analyzed: 7

## Cross-quarter narrative

Across 7 calls for MRT, management tone moved from +0.40 (2023 Q4) to +0.80 (2026 Q2). Latest guidance stance: raised. Latest desk line: Marti Q2: revenue +141% to ~$20M, adj EBITDA turns positive $2.9M, raises FY26 guidance to $85M rev/$7M EBITDA, expands to 30 cities, delivery & AV alliance advancing.

## Latest CallCard · Q2

Marti Q2: revenue +141% to ~$20M, adj EBITDA turns positive $2.9M, raises FY26 guidance to $85M rev/$7M EBITDA, expands to 30 cities, delivery & AV alliance advancing.

**Guidance:** raised — Raised FY2026 revenue to $85M (117% YoY) and adj EBITDA to positive $7M based on H1 outperformance and trip volume growth exceeding expectations; no new city monetization baked in.

**Tone:** mgmt 0.8 · Q&A pressure 0.4 · divergence 0.4

Management emphasizes inflection point, first positive adj EBITDA, record 77% gross margin, raised guidance, expanding 30-city footprint covering 85% GDP, and multi-service adoption accelerating.

### Demand visibility

Strong trip volume growth exceeding expectations, driven by non-Istanbul cities; multi-service adoption accelerating.

Trip volume growth faster than anticipated, primarily from cities outside Istanbul (now <50% of business). Unique platform consumers +76% YoY to 2.4M, trips +73% to 18.8M. Multi-service consumers 3.1x trips, 2.7x revenue. Delivery adoption rising: 82% of motorcycle-hailing consumers and 31% of car-hailing consumers cross-adopted delivery.

### Margins / costs

Gross margin expanded to record 77%, sustainable ~80% range; cost efficiencies across personnel, D&A, lease expenses.

Cost of revenue declined from 43% to 23% of revenue. Personnel expenses 16.5%→7.6%, D&A 8.5%→2.6%, operating lease 4.2%→1.3% of revenue. H1: revenue +147%, cost of revenue +22%, gross profit +279%. Management sees ~80% gross margin sustainable but acknowledges ceiling due to physical operations.

### Capital allocation

Priority on growth investments (new cities, marketing, re-engagement); $2.5M buyback active, may extend if undervalued.

Majority of capital to grow ride-hailing: new city launches, accelerate rider/driver acquisition, re-engage existing users. $2.5M buyback program expires Oct 2026, will continue if share price undervalued. FY26 revenue $85M vs $3-4B market opportunity.

### Milestones

- **FY2026 revenue guidance $85M** [on_track]: H1 $35.4M = 42% of target
- **FY2026 adj EBITDA guidance $7M positive** [on_track]: Q2 $2.9M = 41% of target
- **Expand to 30 cities** [delivered]: Launched 10 new cities in Q3, covering ~85% GDP
- **Reach 4.9M all-time ride-hailing riders by end Q3** [on_track]: 4.4M as of June 30
- **Reach 580K registered drivers by end Q3** [on_track]: 544K as of June 30
- **Tensor AV partnership deployment** [at_risk]: Need to prove tech works safely; supply-constrained market
- **Build Türkiye Autonomous Vehicle Alliance** [new]: Engaging multiple AV providers beyond Tensor
- **Expand parcel delivery outside Istanbul** [new]: Phase 1 in Istanbul; using ride-hailing playbook for expansion

### Fears / risks

- **Competition**: In the event that competition entered the market... whether that will have an impact on gross profit margins, we'll see at that moment
- **Margin ceiling**: Physical operations impose variable costs limiting gross margin to ~80% range
- **AV supply constraints**: Autonomous vehicle space is supply constrained; CapEx and requirement of building physical autonomous vehicles is the constraint
- **Regulatory uncertainty**: Ride-hailing regulation timing unknown; state will regulate at right moment
- **AV regulatory pilot requirements**: Need successful pilot

## Quarter one-liners

- **2026 Q2:** Marti Q2: revenue +141% to ~$20M, adj EBITDA turns positive $2.9M, raises FY26 guidance to $85M rev/$7M EBITDA, expands to 30 cities, delivery & AV alliance advancing.
- **2026 Q1:** Marti Q1 2026: 156% YoY revenue growth to $15.4M, gross margin 72%, adj EBITDA near breakeven; reaffirms $70M revenue/$1M adj EBITDA FY guidance; ride-hailing drives growth, delivery expanding.
- **2025 Q4:** Marti posted doubled revenue to $39.2M, margin swing to +61%, and reaffirmed $70M 2026 revenue guidance while expanding to 20 cities and launching delivery in Istanbul.
- **2025 Q2:** —
- **2024 Q4:** Marti Technologies FY2024 revenue of $18.7M beat guidance, adjusted EBITDA of -$19.3M improved versus forecast, ride‑hailing monetization and efficiency gains set up a target of $34M revenue and positive EBITDA in 2025 while delaying two‑wheeler expansion until 2026.
- **2024 Q2:** Marti grew ride-hailing to 1.1M riders/171K drivers unmonetized; two-wheeled EV near EBITDA breakeven via efficiency gains and Zoba AI; raising capital to fund growth until monetization.
- **2023 Q4:** Marti posted $20 M 2023 revenue from its two‑wheel EV segment, a 20% decline YoY, negative $17.7 M adjusted EBITDA, and outlined 2024 guidance of $16.6 M revenue and –$22.5 M EBITDA while investing heavily in ride‑hailing growth and a $2.5 M share‑repurchase.

## Theme arcs

- **Management tone** (improving): Δ mgmt=+0.40

## Fear persistence

- **macroeconomic inflation & currency** [resolved]: 2023 Q4
- **monetization uncertainty** [resolved]: 2023 Q4
- **negative profitability** [resolved]: 2023 Q4
- **seasonal demand variability** [resolved]: 2023 Q4
- **regulatory / market competition** [resolved]: 2023 Q4
- **operational risk – fleet theft/vandalism** [resolved]: 2023 Q4
- **capital efficiency risk** [resolved]: 2023 Q4
- **revenue growth risk** [resolved]: 2024 Q4
- **driver retention risk** [resolved]: 2024 Q4
- **capital allocation risk** [resolved]: 2024 Q4

## Guidance path

2023 Q4:maintained → 2024 Q2:maintained → 2024 Q4:raised → 2025 Q2:vague → 2025 Q4:maintained → 2026 Q1:maintained → 2026 Q2:raised

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