Marti Technologies
MRTNYSE AmericanUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $2.10 Prior regular-session close from the quote source.
- $2.00–$2.09 Regular-session low and high so far today.
- 32.0K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $1.12–$2.53 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own MRT if local density and pricing turn rides into high gross profit, but the equity only works if that inflection reaches cash breakeven before the balance sheet forces punitive financing.
MRT price history
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Investment thesis
What must happen next
Marti’s local mobility model must keep improving utilization and pricing discipline so incremental trips create positive unit economics rather than subsidized activity.StrengtheningMateriality: High
FY2025 annual derived gross_profit was $23.99 million, versus negative $2.89 million in FY2024 and negative $4.06 million in FY2023. If density is real, revenue growth can compound into margin expansion; if it is subsidy-driven, scale destroys value.
Watch: A scooter, e-bike, taxi-hailing, or ride-hailing competitor such as Uber, BiTaksi, or BinBin triggers a promotion war that forces Marti to cut prices or increase rider incentives.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 annual derived gross_profit was $23.99 million, versus negative $2.89 million in FY2024 and negative $4.06 million in FY2023.
Open source ↗The platform has to convert higher trip volume into fixed-cost leverage; otherwise Marti remains a gross-profit-positive business that still cannot cover technology, operations, corporate overhead, and market-development costs.HoldingMateriality: High
FY2025 annual GAAP operating_income was negative $28.53 million, improved from negative $65.31 million in FY2024. Operating leverage is the bridge from promising unit economics to a financeable equity story.
Watch: Marti must rebuild field operations, maintenance, marketing, or customer-support spending faster than revenue to sustain service quality.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 annual GAAP operating_income was negative $28.53 million, improved from negative $65.31 million in FY2024.
Open source ↗Marti must keep external-capital risk contained until the operating model can fund itself; otherwise the economics may improve while common shareholders are diluted or structurally subordinated.WeakeningMateriality: Medium
Cash was $7.81 million at FY2025 year-end, up from $5.15 million at FY2024 year-end but down from $19.42 million at FY2023 year-end. For the owner, survival financing can determine per-share value more than headline growth.
Watch: Capital markets become unavailable or expensive for loss-making emerging-growth mobility companies.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash was $7.81 million at FY2025 year-end, up from $5.15 million at FY2024 year-end but down from $19.42 million at.
Open source ↗The turnaround requires creditors not to absorb the economics before shareholders do; a mobility platform with negative equity needs improving business terms and refinancing capacity, not just more revenue.WeakeningMateriality: Medium
FY2025 year-end equity was negative $67.09 million, worse than negative $61.44 million at FY2024 year-end and negative $32.70 million at FY2023 year-end. If liabilities keep compounding ahead of assets and cash generation, equity upside can be capped even if operations improve.
Watch: Lenders or other senior claimants require refinancing terms that prioritize debt recovery over platform growth.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 year-end equity was negative $67.09 million, worse than negative $61.44 million at FY2024 year-end and negative $32.70 million at.
Open source ↗Revenue growth only creates value if it comes from repeat, economically priced mobility usage rather than one-off promotions, fleet overexpansion, or accounting mix shifts.HoldingMateriality: Medium
FY2025 annual GAAP revenue was $39.24 million, up from $18.66 million in FY2024. This separates a real platform flywheel from a temporary top-line rebound that later reverses or burns cash.
Watch: Promotional pricing or rider subsidies become the main source of trip growth.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 annual GAAP revenue was $39.24 million, up from $18.66 million in FY2024.
Open source ↗
Full investment case & evidence
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Original research
Marti’s local mobility model must keep improving utilization and pricing discipline so incremental trips create positive unit economics rather than subsidized activity. If density is real, revenue growth can compound into margin expansion; if it is subsidy-driven, scale destroys value.
The platform has to convert higher trip volume into fixed-cost leverage; otherwise Marti remains a gross-profit-positive business that still cannot cover technology, operations, corporate overhead, and market-development costs. Operating leverage is the bridge from promising unit economics to a financeable equity story.
Marti must keep external-capital risk contained until the operating model can fund itself; otherwise the economics may improve while common shareholders are diluted or structurally subordinated. For the owner, survival financing can determine per-share value more than headline growth.
The turnaround requires creditors not to absorb the economics before shareholders do; a mobility platform with negative equity needs improving business terms and refinancing capacity, not just more revenue. If liabilities keep compounding ahead of assets and cash generation, equity upside can be capped even if operations improve.
Revenue growth only creates value if it comes from repeat, economically priced mobility usage rather than one-off promotions, fleet overexpansion, or accounting mix shifts. This separates a real platform flywheel from a temporary top-line rebound that later reverses or burns cash.
All standing thesis claims
Original report summary
local density and pricing turn rides into high gross profit, but the equity only works if that inflection reaches cash breakeven before the balance sheet forces punitive financing.
Bull case and bear case
Bull case and bear case for Marti Technologies
Where the evidence on Marti Technologies disagrees: Mixed on the latest evidence (Nov 8, 2026). Of its 5 thesis points, 1 strengthening, 2 holding and 2 weakening.
Bull case: what the evidence supports
Marti’s local mobility model must keep improving utilization and pricing discipline so incremental trips create positive unit economics rather than subsidized activity.
The platform has to convert higher trip volume into fixed-cost leverage; otherwise Marti remains a gross-profit-positive business that still cannot cover technology, operations, corporate overhead, and market-development costs.
Revenue growth only creates value if it comes from repeat, economically priced mobility usage rather than one-off promotions, fleet overexpansion, or accounting mix shifts.
Bear case: what the evidence questions
Marti must keep external-capital risk contained until the operating model can fund itself; otherwise the economics may improve while common shareholders are diluted or structurally subordinated.
The turnaround requires creditors not to absorb the economics before shareholders do; a mobility platform with negative equity needs improving business terms and refinancing capacity, not just more revenue.
Thesis-Break Engine
Thesis-break watch · Marti Technologies
No break has crossed Marti Technologies’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedREPORT OF FOREIGN PRIVATE ISSUER.
Marti Technologies filed an SEC report on 2026-10-30: REPORT OF FOREIGN PRIVATE ISSUER. It is a dated development that tests the current thesis.
- MixedREPORT OF FOREIGN PRIVATE ISSUER.
Marti Technologies filed an SEC report on 2026-10-26: REPORT OF FOREIGN PRIVATE ISSUER. It is a dated development that tests the current thesis.
- MixedREPORT OF FOREIGN PRIVATE ISSUER.
Marti Technologies filed an SEC report on 2026-09-10: REPORT OF FOREIGN PRIVATE ISSUER. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A scooter, e-bike, taxi-hailing, or ride-hailing competitor such as Uber, BiTaksi, or BinBin triggers a promotion war that forces Marti to cut prices or increase rider incentives.
- Marti must rebuild field operations, maintenance, marketing, or customer-support spending faster than revenue to sustain service quality.
- Capital markets become unavailable or expensive for loss-making emerging-growth mobility companies.
- Lenders or other senior claimants require refinancing terms that prioritize debt recovery over platform growth.
- Promotional pricing or rider subsidies become the main source of trip growth.
MRT news
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Financial statements
MRT income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
MRT: quick answers
- What is MRT's short interest?
- As of October 30, 2026, 89,041 MRT shares were sold short, up 9.3% from the count before. At the stock's average daily volume that is 1.6 days to cover. FINRA publishes the count twice a month. MRT short interest history
- Have members of Congress traded MRT?
- 1 trade in MRT has been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed MRT trade
