Ride-hailing growth, platform monetization, and expanding margins drove record profitability and support increased full-year guidance
ISTANBUL--(BUSINESS WIRE)--August 19, 2026--
Türkiye's leading mobility super app Marti Technologies, Inc. ("Marti" or the "Company") (NYSE American: MRT) today reported a strong second quarter ended June 30, 2026, delivering another quarter of triple-digit revenue growth, expanding gross margin to 77%, achieving positive Adjusted EBITDA for the first time, and increasing its full-year 2026 guidance. The results reflect continued strength in Marti's rapidly growing ride-hailing marketplace, increasing platform monetization, and accelerating operating leverage.
Financial and Operational Highlights for Second Quarter 2026
-- Marketplace growth continued at a rapid pace: Trips increased 73% YoY
to 18.8 million, unique platform consumers grew 76% YoY to 2.4 million,
all-time unique ride-hailing riders increased 95% YoY, and registered
drivers grew 66% YoY, exceeding the Company's quarterly operational
targets.
-- Revenue growth drove positive Adjusted EBITDA and supported increased
full-year guidance: Revenue increased 141% YoY to $20.0 million, net loss
increased 36% to $12.5 million due to one-time non-cash loss on debt
extinguishment of $8.3 million, while Adjusted EBITDA improved by $5.3
million YoY to positive $2.9 million, reflecting continued success in
platform subscription package monetization and increasing operating
leverage across Marti's multi-service platform, and supporting the
Company's increased full-year 2026 guidance.
-- Record gross margin demonstrates operating leverage: Gross profit
increased $10.6 million YoY to $15.3 million, while gross profit margin
expanded 1,947 basis points to 77%, driven by higher platform
monetization and disciplined cost management despite marketplace growth.
-- Increased full-year 2026 guidance following first half: The Company
increased its full-year 2026 guidance to $85 million in revenue and $7
million of Adjusted EBITDA, reflecting expanding addressable markets in
the cities where it operates across Türkiye, accelerating demand
across its services, and higher gross margins driven by continued
operating leverage and marketplace efficiency.
"The second quarter represents an important milestone for Marti," said Oguz Alper Öktem, Founder and CEO. "We more than doubled revenue, delivered record gross profitability, and achieved positive Adjusted EBITDA for the first time while continuing to rapidly expand our marketplace. These results reflect the strength of our platform, the scalability of our multi-service mobility business model, and our disciplined execution in delivering profitable growth."
"Marti's ride-hailing marketplace continues to scale at a strong pace across our now 30-city footprint in Türkiye, with all-time unique ride-hailing riders increasing 95% and registered drivers growing 66% year-over-year, both ahead of our operational targets," continued Mr. Öktem. "As our footprint expands, we are benefiting from increasing cross-platform engagement, with more than half of motorcycle-hailing drivers and over one-fifth of car-hailing drivers in Istanbul also completing delivery trips during the quarter. At the same time, we continue to optimize our two-wheeled electric vehicle operations to maximize utilization and further enhance platform efficiency."
"Following the quarter, we announced a strategic partnership with Tensor to deploy autonomous vehicles on the Marti platform, an important step that reinforces our leadership position in Türkiye's mobility market and advances our long-term vision for autonomous transportation. As the country's leading mobility super app with a rapidly expanding rider and driver network, we believe Marti is well positioned to help accelerate the adoption of autonomous ride-hailing as the technology matures."
Concluded Mr. Öktem, "With strong marketplace momentum, expanding profitability, and continued innovation across our platform, we are entering the second half of 2026 with confidence in our trajectory. We remain focused on executing our strategy to deliver sustainable profitable growth and create long-term value for our shareholders. The investments we've made over the past several years are translating into accelerating financial performance, and a platform that we believe is well positioned to capitalize on the next generation of mobility services."
Financial Highlights for Second Quarter 2026
Revenue
-- Revenue of $20.0 million in Q2'26, up 140.7% from $8.3 million in
Q2'25, driven by continued success of platform monetization through
subscription packages.
-- Increased FY'26 revenue guidance to $85.0 million, targeting growth of
116.6% YoY, as a result of accelerating demand across the Company's
business and expanding addressable markets throughout Türkiye.
Gross Profit
-- Gross profit increased by 222.8% in Q2'26 to $15.3 million, compared to
$4.7 million in Q2'25, driven by revenue growth from platform
monetization.
-- Gross profit margin improved to 76.6% in Q2'26 from 57.1% in Q2'25,
reflecting strong platform monetization.
-- $4.7 million cost of revenues in Q2'26, 31.5% higher compared to $3.6
million in Q2'25, primarily driven by higher business volume across our
platform, partially offset by a decrease in operating lease expense and
depreciation and amortization expenses.
Operating Expenses
-- $7.4 million general and administrative expenses in Q2'26, 34.6% higher
compared to $5.5 million in Q2'25, primarily attributable to higher
personnel expenses as a result of higher employee-related costs
associated with changes in the size and composition of our team and other
workforce-related changes to support platform growth. In the absence of
share-based compensation expense, Q2'26 general & administrative expenses
were $5.0 million.
Net Loss
-- Net loss increased to $(12.5) million in Q2'26, compared to $(9.2)
million in Q2'25, representing an increase of $3.3 million YoY, due to
one-time non-cash loss on debt extinguishment of $(8.3) million
associated with the amendment of the Company's convertible notes.
Adjusted EBITDA
-- Adjusted EBITDA turned positive and improved to $2.9 million in Q2'26,
compared to $(2.4) million in Q2'25, representing a $5.3 million YoY
improvement, driven by strong revenue growth, successful platform
monetization, and improved operating leverage across the platform.
-- Increased FY'26 Adjusted EBITDA guidance to $7.0 million, which would
mark the first full year of positive Adjusted EBITDA and represent a
$20.5 million YoY improvement.
(*) FY'25 Adjusted EBITDA has been revised from $(12.1) million to $(13.5) million. See definition and reconciliation of Adjusted EBITDA elsewhere in this press release.
Consolidated Financial and Operational Highlights of Second Quarter 2026
Q2 2025 Q2 2026
---------- ----------- ---------
Trips (in millions) 10.84 18.78 73.2%
Unique Platform Consumers (in millions) 1.34 2.36 76.4%
Trips per Unique Platform Consumer 8.1 7.9 (1.8)%
All-time Unique Ride-hailing Riders (in
thousands) 2,280 4,442 94.8%
All-time Registered Ride-hailing
Drivers (in thousands) 327 544 66.3%
Average Daily Two-wheeled Electric
Vehicles Deployed 24,112 20,922 (13.2)%
Revenue (USD, thousands) 8,303 19,985 140.7%
Cost of Revenues (USD, thousands) (3,564) (4,686) 31.5%
---------------------------------------- ------ ------- -----
% of Revenue 43% 23%
G&A(1) (USD, thousands) (5,497) (7,398) 34.6%
---------------------------------------- ------ ------- -----
% of Revenue 66% 37%
Net Loss(2) (USD, thousands) (9,209) (12,502) 35.7%
Gross Profit(3) (USD, thousands) 4,740 15,299 222.8%
Gross Profit Margin %(4) 57% 77%
Adj. EBITDA(5) (USD, thousands) (2,357) 2,910 n.m.(6)
Adj. EBITDA Margin %(7) (28)% 15%
(1) In the absence of share-based compensation expense, Q2'26 general &
administrative expenses were $(5.0) million.
(2) In the absence of share-based compensation expense, Q2'26 net loss was
$(10.1) million. In the absence of loss on debt extinguishment, Q2'26
net loss was $(4.2) million.
(3) Gross profit is a GAAP metric and is calculated by deducting cost of
revenues from revenue.
(4) Gross profit margin is a GAAP metric and is calculated as gross profit
divided by revenue.
(5) Adjusted EBITDA is a non-GAAP metric. The Company revised its
definition of Adjusted EBITDA beginning with the three months ended
June 30, 2026. See definition and reconciliation of Adjusted EBITDA
elsewhere in this press release.
(6) n.m. indicates that the year-over-year change is not meaningful due to
a negative prior period.
(7) Adjusted EBITDA margin is a non-GAAP metric. See definition and
reconciliation of Adjusted EBITDA margin elsewhere in this press
release.
Operational Highlights
-- Trips across ride-hailing, delivery, and two-wheeled electric vehicle
services reached 18.78 million, an increase of 7.94 million, or 73.2%,
compared to 10.84 million in Q2'25, primarily attributable to the growth
of ride-hailing trips.
-- Unique platform consumers grew to 2.36 million, an increase of 1.02
million, or 76.4%, compared to 1.34 million in Q2'25, primarily
attributable to the growth of ride-hailing riders.
-- Trips per unique platform consumer remained broadly stable at 7.9 in
Q2'26 compared to 8.1 in Q2'25, reflecting continued strong consumer
engagement on the platform.
-- All-time unique ride-hailing riders reached 4.44 million in Q2'26,
exceeding the target of 4.30 million and increasing 94.8% compared to
Q2'25.
-- All-time registered ride-hailing drivers grew to 544 thousand in Q2'26,
exceeding management's target of 530 thousand and increasing 66.3%
compared to Q2'25.
-- Average daily two-wheeled electric vehicles decreased from 24.1
thousand in Q2'25 to 20.9 thousand in Q2'26, or 13.2%, as we gradually
retired older fleet units introduced in 2021.
-- Ride-hailing services delivered strong performance in 20 cities across
Türkiye covering approximately 80% of national GDP, while we
optimized our two-wheeled electric vehicle fleet through targeted vehicle
deployments and relocations within existing markets to address seasonal
demand patterns and improve fleet utilization.
-- Subsequent to quarter end, the Company expanded ride-hailing services
to 10 additional cities, bringing its total footprint to 30 cities
representing approximately 85% of national GDP.
Financing
-- In April 2025, Marti entered into a Convertible Note subscription
agreement for up to $23.0 million of 12.50% Convertible Senior Secured
Notes due April 2029, of which $18.0 million had been issued as of June
30, 2026.
-- In October 2025, Marti entered into an additional Convertible Note
subscription agreement for up to $100.0 million of 11.00% Convertible
Senior Secured Notes due October 2029, with no amounts drawn as of June
30, 2026.
-- On June 5, 2026, the Company entered into Amendment No. 2 to the April
2025 Convertible Note subscription agreement, reducing the Reset
Conversion Rate multiplier from 1.65 to 1.05.
Share Repurchase Program
-- In April 2026, Marti announced a new $2.5 million share repurchase
program valid until October 2026, replacing the prior program, with a
ceiling price of $6.00 per share. Under the current share repurchase
program, approximately $2.2 million remains available for repurchases as
of June 30, 2026.
-- Since initiating share repurchase programs, Marti has repurchased
295,818 shares at an average price of $2.19 per share, for an aggregate
purchase price of $655 thousand, as of June 30, 2026.
Autonomous Vehicles
-- Marti's autonomous mobility strategy is to introduce autonomous vehicle
technology to its mobility platform in Türkiye and develop an
autonomous mobility ecosystem through the Türkiye Autonomous Vehicle
Alliance, in collaboration with multiple autonomous vehicle technology
and vehicle providers. Marti will leverage its mobility platform to
aggregate rider demand and use its established operational infrastructure
to support the deployment and scaling of autonomous vehicle fleets in
Türkiye. The Company will also leverage its relationships with
regulators and public-sector stakeholders to support the development of
the autonomous mobility ecosystem in Türkiye. As an initial step in
executing this strategy, in 2026, Marti entered into a multi-year
strategic partnership with Tensor to deploy autonomous vehicles on
Marti's mobility platform in Türkiye.
September 30, 2026 All-time Unique Ride-Hailing Rider and Registered Driver Targets
Marti is reaffirming its September 30, 2026 all-time unique ride-hailing rider and registered driver targets, as summarized below:
September 30, 2026 Targets(1)
All-time Unique Ride-hailing Riders 4.9 million
All-time Registered Ride-hailing Drivers 580 thousand
(1) The target numbers of unique riders and registered drivers by September
30, 2026 are based on Marti's current estimates and assumptions and are
not a guarantee of future performance. The targets are subject to
significant risks and uncertainties, including the risk factors
discussed in the Company's reports on file with the Securities and
Exchange Commission ("SEC"), that could cause actual results to differ
materially. There can be no assurance that the Company will achieve the
results expressed by these targets.
Full Year 2026 Guidance
Marti increases its full year 2026 guidance, as summarized below:
Revised 2026 Guidance(1)
Revenue $85.0 million
Adjusted EBITDA $7.0 million
(1) The Company's 2026 guidance assumes continued growth of our platform
services and the absence of any fleet size expansion or replacement
investments as vehicles are retired from our two-wheeled electric
vehicle fleet.
(2) The Company revised its definition of Adjusted EBITDA beginning with
the three months ended June 30, 2026. See definition and reconciliation
of Adjusted EBITDA elsewhere in this press release.
The full year 2026 guidance provided herein is based on Marti's current estimates and assumptions and is not a guarantee of future performance. The 2026 guidance is subject to significant risks and uncertainties, including the risk factors discussed in the Company's reports on file with the SEC, that could cause actual results to differ materially. There can be no assurance that the Company will achieve the results expressed by this guidance.
This press release does not include a reconciliation of forward-looking Adjusted EBITDA to forward-looking GAAP Net Income (loss) because Marti is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to Marti's results.
Conference Call Information
Marti will host a conference call today to discuss its financial and operational results for the second quarter 2026. See details below. A supplemental investor deck can be accessed from the Company's investor relations website where it will remain available for six months.
Date: August 19, 2026
3:30 p.m. Istanbul / 1:30 p.m. London /
Time: 8:30 a.m. New York Time
Dial-in: +1 877-485-3103 / +1 201-689-8890
Webcast & Replay & Archive Link: https://event.choruscall.com/mediaframe/web
cast.html?webcastid=Hrk0obuY
Non-GAAP Financial Measures
Certain financial information and data contained herein are not presented in accordance with generally accepted accounting principles of the United States ("GAAP") including, but not limited to, adjusted EBITDA, adjusted EBITDA margin, and certain ratios and other metrics derived therefrom. We define these metrics as follows:
Adjusted EBITDA is calculated by adding depreciation, amortization, taxes, financial expenses (net of financial income) and one-time charges and non-cash adjustments, to net income (loss). The one-time charges and non-cash adjustments are mainly comprised of customs tax provision expenses resulting from the one-time amendment of customs duties, lawsuit provision expense, fair value gain (or loss) on derivative liabilities, and loss on debt extinguishment, which Marti does not consider to be reflective of its normal cash operations.
Beginning with the three months ended June 30, 2026, the Company revised its calculation of Adjusted EBITDA to also exclude fair value gain (or loss) on derivative liabilities and loss on debt extinguishment, as these items are non-cash or financing-related and are not considered indicative of normal operating performance. The revision had no effect on Adjusted EBITDA for the three or six months ended June 30, 2025 or for the three months ended March 31, 2026 and 2025, as neither adjustment was applicable in those periods. Adjusted EBITDA for the year ended December 31, 2025 has been revised from $(12,104) thousand to $(13,485) thousand to reflect the exclusion of a $(1,381) thousand fair value gain on derivative liabilities.
Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by revenue.
These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company's financial results. Therefore, these measures should not be considered in isolation or as an alternative to revenue, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that the Company's presentation of these measures may not be comparable to similarly titled measures used by other companies. The Company believes these non-GAAP measures of financial results provide useful information for management and investors regarding certain financial and business trends relating to the Company's financial condition and results of operations. The Company believes the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company's financial measures with other similar companies, many of which
present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures and accordingly, should always be considered as supplemental financial results to those calculated in accordance with GAAP.
This financial information and data contained herein also includes certain projections of non-GAAP financial measures. Due to the high variability and diffculty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.
About Marti:
Founded in 2018, Marti is Türkiye's leading mobility app, offering a wide variety of transportation services. Marti operates a ride-hailing service that matches riders with car, motorcycle and taxi drivers; offers delivery services; 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. For more information, visit www.marti.tech.
Cautionary Statement Regarding Forward-Looking Information
This press release contains statements that are not based on historical fact and are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. For example, statements about the anticipated growth of Marti's service offerings, including the numbers of all-time unique riders and all-time registered drivers of the ride-hailing service, launch and growth of its package delivery business, the expected geographic expansion of services to additional cities, the full year 2026 guidance, the development and deployment of autonomous vehicle technology and partnerships, the expected future deployment of autonomous mobility services, and the expected future performance, operational efficiencies, potential size and market opportunities of Marti and its ride-hailing, delivery, and two-wheeled electric vehicle services, are forward-looking statements. In some cases, you can identify forward looking statements by terminology such as, or which contain the words "will," "aim," "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "future," "intend," "may," "plan," "possible," "predict," "project," "seek," "should," "target," "will," "would" and variations of these words or similar expressions. Such forward-looking statements are subject to risks, uncertainties and other factors. Actual results may differ materially from the expectations expressed or implied in the forward-looking statements as a result of known and unknown risks and uncertainties.
These forward-looking statements are based on estimates and assumptions that, while considered reasonable by Marti and its management, are inherently uncertain and are subject to a number of risks and assumptions. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond Marti's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Known risks and uncertainties include but are not limited to: (i) our ability to implement business plans, forecasts, and other expectations, and identify opportunities, (ii) the risk that we may not be able to effectively manage our growth, including our design, research, development, and maintenance capabilities, (iii) the risk of downturns in the highly competitive tech-enabled mobility services industry, (iv) our ability to build our brand and consumers' recognition, acceptance, and adoption of our brand, (v) the impact of geopolitical tensions and international conflicts, including the military conflict occurring in the Middle East, on the global economy, inflation, energy and commodity prices and our business, (vi) volatility in the price of our securities due to a variety of factors, including without limitation changes in the competitive and highly regulated industries in which we operate or plan to operate, variations in competitors' performance and success and changes in laws and regulations affecting our business, (vii) the outcome of any legal proceedings that may be initiated against us or our directors or officers, (viii) technological changes and risks associated with doing business in an emerging market, (ix) risks relating to our dependence on and use of certain intellectual property and technology, (x) our ability to maintain the listing of our securities on the NYSE American Stock Exchange, (xi) our ability to grow and make profitable our business, including our ride-hailing, delivery and two-wheeled electric vehicle businesses, and (xii) other factors or risks discussed in the Company's filings with the SEC, accessible on the SEC's website at www.sec.gov and the Investor Relations section of the Company's website at https://ir.marti.tech. Investors should carefully consider the risks and uncertainties described in the documents filed by the Company from time to time with the SEC as most of the factors are outside the Company's control and are difficult to predict. As a result, the Company's actual results may differ from its expectations, estimates and projections and consequently, such forward-looking statements should not be relied upon as predictions of future events. The Company cautions not to place undue reliance upon any forward-looking statements, including its 2026 guidance and ride-hailing targets, which speak only as to management expectations and beliefs as of the date they are made. The Company disclaims any obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.
MARTI TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheets
(In thousands $)
(Unaudited)
December 31, 2025 June 30, 2026
------------------- -----------------
ASSETS
Current assets:
Cash and cash equivalents $ 7,806 $ 12,503
Accounts receivable, net 504 402
Inventories 1,991 1,931
Other current assets 3,639 3,082
-------------- ----------
Total current assets 13,940 17,919
-------------- ----------
Non-current assets:
Property and equipment 2,654 1,511
Operating lease right of use
assets 907 761
Intangible assets 351 216
Other non-current assets 11,950 11,950
-------------- ----------
Total non-current assets 15,862 14,437
-------------- ----------
Total assets $ 29,802 $ 32,356
-------------- ----------
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities
Short-term financial
liabilities, net(1) $ 3,695 $ 3,890
Accounts payable 4,077 2,230
Operating lease liabilities 620 549
Deferred revenue 2,129 2,494
Accrued expenses and other
current liabilities 3,869 4,094
-------------- ----------
Total current liabilities 14,389 13,257
-------------- ----------
Non-current liabilities:
Long-term financial
liabilities, net(1) 82,116 102,444
Operating lease liabilities,
net of current portion 136 109
Employee benefit liabilities 249 370
-------------- ----------
Total non-current liabilities 82,501 102,922
-------------- ----------
Total liabilities 96,890 116,179
-------------- ----------
Stockholders' equity
Common stock 9 9
Treasury shares (368) (655)
Share premium 121,762 125,243
Accumulated other comprehensive
loss (7,558) (7,558)
Accumulated deficit (180,933) (200,861)
-------------- ----------
Total stockholders' equity (67,088) (83,823)
-------------- ----------
Total liabilities and
stockholders' equity $ 29,802 $ 32,356
-------------- ----------
(1) $3.9 million of short-term financial liabilities, net and $81.9 million
of long-term financial liabilities, net consist of 2028 convertible
notes with a conversion price of $1.65.
MARTI TECHNOLOGIES, INC.
Condensed Consolidated Statements of Operations
(In thousands $, except share amounts which are reflected in thousands,
and per share amounts)
(Unaudited)
Three Three
Months Months Six Months Six Months
Ended June Ended June Ended June Ended June
30, 2025 30, 2026 30, 2025 30, 2026
----------- ----------- ----------- -----------
Revenue $ 8,303 $ 19,985 $ 14,326 $ 35,412
Operating
expenses:
Cost of revenues (3,564) (4,686) (7,368) (9,014)
General and
administrative
expenses(1) (5,497) (7,398) (12,184) (14,883)
Selling and
marketing
expenses (1,819) (2,147) (3,067) (4,190)
Research and
development
expenses (480) (908) (1,111) (1,924)
Other expenses (1,779) (5,259) (3,339) (9,968)
Other income 47 278 205 779
------- ------- ------- -------
Total operating
expenses (13,091) (20,120) (26,865) (39,201)
------- ------- ------- -------
Loss from
operations (4,788) (135) (12,538) (3,789)
------- ------- ------- -------
Financial
expense, net (4,422) (4,044) (6,740) (7,817)
Loss on debt
extinguishment -- (8,322) -- (8,322)
Loss before
income tax
expense (9,209) (12,502) (19,279) (19,928)
------- ------- ------- -------
Income tax
expense -- -- -- --
------- ------- ------- -------
Net loss(2) (9,209) (12,502) (19,279) (19,928)
------- ------- ------- -------
Net loss
attributable to
stockholders (9,209) (12,502) (19,279) (19,928)
------- ------- ------- -------
Net loss per
share
Weighted average
shares used to
compute basic
and diluted net
loss per share
(no. of
shares) 77,065 86,132 73,958 86,021
Net loss per
common share --
basic and
diluted (0.12) (0.15) (0.26) (0.23)
------- ------- ------- -------
Other
comprehensive
loss -- -- -- --
------- ------- ------- -------
Total
comprehensive
loss $ (9,209) $(12,502) $(19,279) $(19,928)
------- ------- ------- -------
(1) Q2'26 general and administrative expenses include share-based
compensation expense of $(2.4) million. In the absence of share-based
compensation expense, Q2'26 general & administrative expenses were
$(5.0) million.
(2) Q2'26 net loss includes share-based compensation expense of $(2.4)
million. In the absence of share-based compensation expense, Q2'26 net
loss was $(10.1) million. Q2'26 net loss includes loss on debt
extinguishment of $(8.3) million. In the absence of loss on debt
extinguishment, Q2'26 net loss was $(4.2) million.
MARTI TECHNOLOGIES, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands $)
(Unaudited)
Six Months Ended Six Months Ended
June 30, 2025 June 30, 2026
------------------ ------------------
Cash flow from operating
activities
Net loss $ (19,279) $ (19,928)
Adjustments to reconcile net
loss to net cash used in
operating activities:
Loss on debt extinguishment -- 8,322
Depreciation and amortization 1,796 1,492
Share-based, compensation,
net 4,730 4,626
Interest expense, net 2,631 4,394
Foreign exchange gain/(loss),
net 945 (130)
Other non-cash 417 204
-------------- --------------
Changes in operating assets
and liabilities:
Accounts receivable (554) 101
Inventories (30) 42
Other current assets 788 (558)
Accounts payable 280 (1,847)
Deferred revenue 155 365
Accrued expenses, employee
benefit and other current
liabilities (52) 345
-------------- --------------
A. Net cash used in operating
activities (8,173) (2,570)
-------------- --------------
Cash flow from investing
activities
Purchase of treasury shares (195) (287)
Purchase of property and
equipment (282) (222)
-------------- --------------
B. Net cash used in investing
activities (478) (509)
-------------- --------------
Cash flow from financing
activities
Proceeds from issuance of
convertible notes 8,376 7,745
Repayment of term loans (833) --
Proceeds from exercise of
employee share options 168 30
-------------- --------------
C. Net cash generated from
financing activities 7,710 7,776
-------------- --------------
D. Increase/(Decrease) in
cash and cash equivalents
(A+B+C) (941) 4,697
-------------- --------------
E. Cash and cash equivalents
at beginning of the period 5,149 7,806
-------------- --------------
Cash and cash equivalents at
ending of the period (D+E) $ 4,208 $ 12,503
-------------- --------------
MARTI TECHNOLOGIES, INC.
Non-GAAP Reconciliations - Condensed Consolidated
Adjusted EBITDA and Adjusted EBITDA Margin (in thousands $, except
percentages)
(Unaudited)
Three Months Three Months Six Months Six Months
Ended June Ended June Ended June Ended June
30, 2025 30, 2026 30, 2025 30, 2026
------------ ------------- ------------ ------------
Net loss(1) $(9,209) $(12,502) $(19,279) $(19,928)
Net loss margin (111)% (63)% (135)% (56)%
Depreciation and
amortization $ 806 $ 638 $ 1,796 $ 1,492
Financial
expense, net $ 4,422 $ 4,044 $ 6,740 $ 7,817
Customs tax
provision
expense $ -- $ -- $ -- $ --
Lawsuit
provision
expense $ 36 $ 3 $ 57 $ 101
Share-based
compensation
expense $ 1,588 $ 2,404 $ 4,730 $ 4,626
Fair value gain
on derivative
liabilities $ -- $ -- $ -- $ --
Loss on debt
extinguishment $ -- $ 8,322 $ -- $ 8,322
Adjusted
EBITDA(2) $(2,357) $ 2,910 $ (5,955) $ 2,430
Adjusted EBITDA
margin (28)% 15% (42)% 7%
(1) Q2'26 net loss includes share-based compensation expense of $(2.4)
million. In the absence of share-based compensation expense, Q2'26 net
loss was $(10.1) million. Q2'26 net loss includes loss on debt
extinguishment of $(8.3) million. In the absence of loss on debt
extinguishment, Q2'26 net loss was $(4.2) million.
(2) Beginning with the three months ended June 30, 2026, the Company
revised its calculation of Adjusted EBITDA to also exclude fair value
gain (or loss) on derivative liabilities and loss on debt
extinguishment, as these items are non-cash or financing-related and
are not considered indicative of normal operating performance. The
revision had no effect on Adjusted EBITDA for the three or six months
ended June 30, 2025 or for the three months ended March 31, 2026 and
2025, as neither adjustment was applicable in those periods. Adjusted
EBITDA for the year ended December 31, 2025 has been revised from
$(12.1) million to $(13.5) million to reflect the exclusion of a $(1.4)
million fair value gain on derivative liabilities.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260819372889/en/
CONTACT: Investor Contact
Marti Technologies, Inc.
Turgut Yilmaz
investor.relations@marti.tech