MRTMarti Technologies Inc.

Quick Summary

Marti Technologies Inc. is a leading micro-mobility company headquartered in Istanbul, Turkey, with incorporation in the Cayman Islands. The company provides electric vehicles for local transportation, targeting urban customers across Turkey and other regions in MENA and Eastern Europe. Marti's platform, primarily delivered through the 'Seagull' mobile app, connects users with a range of electric vehicles, including e-mopeds, e-bikes, e-scooters, and now an expanded offering of ride-hailing services such as car, motorcycle, and taxi options. Since its founding in 2018, Marti has focused on urban commuters, young professionals, students, and anyone seeking affordable, flexible city transport. The company leverages proprietary software and IoT systems to provide a seamless platform for users, drivers, and fleet operators, capturing a significant share of Turkey's emerging ride-hailing and micromobility market.

Key Risks

• Marti operates in a politically and economically turbulent market, exposing it to macro risks such as inflation, currency volatility, and shifting regulations that could limit growth or increase costs.
• The company's negative cash flow and reliance on new capital raise the risk of shareholder dilution or liquidity shortfalls.
• Intensifying competition from global and local ride-hailing players could pressure margins and reduce market share, especially as the regulatory environment evolves.
• Operational risks include potential technical issues with the app, fleet management problems, and social acceptance of micro-mobility solutions.

What to Watch

Price Drivers

• Key price drivers for Marti's stock include its reported earnings and revenue growth, particularly any outperformance versus guidance, which signals scaling user demand.
• The company's transition to and success in ride-hailing, user and driver acquisition rates, and dynamic pricing implementation are major catalysts.
• Macroeconomic factors impacting Turkey such as inflation, consumer spending, local currency movements, and regulatory changes play a significant role in investor sentiment.
• Capital requirements and the ability to secure additional funding for expansion also directly influence share price.

Recent News

• Marti Technologies announced it will release its full year 2024 financial and operational results on April 29, 2025, including a public webcast for investors and analysts.
• In recent disclosures, the company revealed it beat its revenue guidance for 2024 and made significant progress in expanding its ride-hailing business.
• Registered drivers and unique riders have both increased markedly, and the shift to dynamic pricing in ride-hailing was highlighted as a major operational development.
• While general and administrative expenses spiked due to share-based compensation, Marti managed to reduce cost of revenues and improve adjusted EBITDA compared to expectations.

Market Trends

• Across Turkey and the broader region, urban mobility is undergoing fast transformation driven by digitalization and increasing public adoption of e-bikes, e-scooters, and on-demand transportation apps.
• Consumers are increasingly seeking flexible and affordable alternatives to traditional car ownership, which supports long-term adoption of micro-mobility and ride-hailing services.
• The competitive landscape is rapidly evolving, with new entrants and global brands targeting high-growth urban areas.
• Regulatory trends, including city-level transport policies and support for eco-friendly mobility, are shaping market access and operational frameworks.