The strong Q1 beat and reaffirmed guidance indicate accelerating operational leverage. Traders should watch for continued execution toward positive Adjusted EBITDA in 2026, though cash burn and convertible debt overhang remain risks.
Price Chart
Executive Summary
Marti Technologies reported exceptional Q1 2026 results with revenue up 156% YoY to $15.4M, gross profit margin expanding to 72%, and Adjusted EBITDA improving to -$0.5M from -$3.6M. The company reaffirmed full-year 2026 guidance of $70M revenue and $1M Adjusted EBITDA, signaling continued momentum toward profitability.
Key Facts
- Revenue grew 156.1% YoY to $15.4M in Q1 2026
- Gross profit margin expanded to 72% from 36.8% YoY
- Net loss improved 26.2% to $7.4M
- Adjusted EBITDA improved 86.7% to -$0.5M
- Reaffirmed FY2026 guidance: $70M revenue and $1M Adjusted EBITDA
- All-time ride-hailing riders grew 101% to 3.89M, exceeding the target of 3.80M
- Cash and cash equivalents decreased to $4.8M from $7.8M at year-end 2025
Financial Impact
Q1 2026 revenue $15.4M, gross profit $11.1M, net loss -$7.4M, Adj. EBITDA -$0.5M; all metrics meaningfully improved YoY.
Risk Factors
- Cash burn continues with cash down to $4.8M; may require further financing
- Convertible notes with $13M drawn and $100M available create dilution overhang
- Operating in competitive and regulatory environment in Turkey
- Still GAAP loss-making despite improvement
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-059810 |
| Document: ea0291790-6k_marti.htm | 0001213900-26-059810 |
| Document: 0001213900-26-059810-index-headers.html | 0001213900-26-059810 |
| Document: 0001213900-26-059810-index.html | 0001213900-26-059810 |
| Document: 0001213900-26-059810.txt | 0001213900-26-059810 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 6-K | $2.06 | awaiting T+5 | — | $1.95 (−5.34%) |
Sep 10, 2026 6w ago | 6-K | $2.05 $2.03 | ▼ −0.98% | ▼ −0.48% | $1.95 (−4.88%) |
Aug 19, 2026 9w ago | 6-K | $1.96 $2.17 | ▲ +10.71% | ▲ +11.10% | $1.95 (−0.51%) |
Jul 13, 2026 15w ago | 6-K | $1.40 $1.60 | ▲ +14.29% | ▲ +15.07% | $1.95 (+39.29%) |
Jun 10, 2026 19w ago | 6-K | $1.81 $1.78 | ▲ +1.66% | ▲ +2.09% | $1.95 (−7.73%) |
May 21, 2026 22w ago | 6-K | $1.98 $1.94 | ▼ −2.02% | ▼ −3.87% | $1.95 (−1.52%) |
May 21, 2026 22w ago | 6-K | $1.98 $1.94 | ▼ −2.02% | ▼ −3.87% | $1.95 (−1.52%) |
Apr 27, 2026 26w ago | 6-K | $2.13 $2.05 | ▼ −3.76% | ▼ −4.16% | $1.95 (−8.45%) |
Apr 13, 2026 28w ago | 20-F | $2.12 $2.20 | ▲ +3.77% | ▲ +2.38% | $1.95 (−8.02%) |
Apr 13, 2026 28w ago | 6-K | $2.12 $2.20 | ▲ +3.77% | ▲ +2.38% | $1.95 (−8.02%) |
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