Marti Technologies reported a 147% year-over-year surge in first-half 2026 revenue, totaling $35.4 million, as the company exceeded Wall Street expectations and posted its first quarter of positive adjusted EBITDA.
The Istanbul-based operator posted $20 million in second-quarter revenue, up 141% from a year earlier and surpassing the $16.69 million consensus forecast by 19.8%. Adjusted EBITDA reached $2.9 million in Q2, a sharp turnaround from a $2.4 million loss in the same period of 2025, while the adjusted EBITDA margin expanded to 15% from negative 28%. Gross profit more than tripled to over $50 million, with gross margins hitting a record 77%, up from 57% in the prior quarter.
Despite the revenue beat, Marti reported a GAAP net loss of $12.5 million for Q2, primarily driven by an $8.3 million non-cash charge related to the amendment of convertible notes. Excluding this item, adjusted net loss narrowed to $4.2 million from $9.2 million a year earlier. Cost of revenues rose just 32% year-over-year, outpaced by revenue growth, and declined as a percentage of sales from 43% to 23%. Personnel expenses fell from 16.5% to 7.6% of revenue, while depreciation and amortization dropped from 8.5% to 2.6%.
Operational metrics showed strong user and trip growth. Second-quarter trips increased 73% year-over-year to 18.8 million, while unique platform consumers rose 76% to 2.4 million. The company has completed 195 million trips since launch, with 4.4 million unique ride-hailing riders and 544,000 registered drivers as of Q2 2026. Fleet optimization led to a reduction in average daily two-wheeled electric vehicles deployed, from 24,100 in Q2 2025 to 20,900 in Q2 2026.
Marti raised its full-year 2026 revenue guidance to $85 million, representing 117% growth from 2025, and increased its adjusted EBITDA outlook to positive $7 million. The company also authorized a $2.5 million share buyback program, expiring in October 2026. Analyst price targets for the stock range from $2.40 to $6.00, implying 20% to 200% upside.
Shares rose 4% in premarket trading to $2.08, near InvestingPro’s fair value estimate of $2.07. The stock remains 85.7% above its 52-week low of $1.12 and 24.4% below its 52-week high of $2.75.
