Q2 FY2026
Filed Aug 19, 2026Marti Achieves Record Second Quarter with 141% Revenue Growth, 77% Gross Profit Margin, Significant Improvement in Profitability, and Increased Guidance
Revenue grew 140.7% year over year, gross profit margin reached 76.6%, and Adjusted EBITDA turned positive at $2.9 million, while the company increased full-year revenue and Adjusted EBITDA guidance. The GAAP net loss widened because of an $8.3 million loss on debt extinguishment.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $20.0 million | – | 140.7% |
| Cost of revenuesGAAP | $4.7 million | – | 31.5% higher |
| Gross profitGAAP | $15.3 million | – | 222.8% |
| Gross profit marginGAAP | 76.6% | – | – |
| General and administrative expensesGAAP | $7.4 million | – | 34.6% higher |
| General and administrative expenses in the absence of share-based compensation expenseGAAP | $5.0 million | – | – |
| Selling and marketing expensesGAAP | $(2,147) (in thousands $) | – | – |
| Research and development expensesGAAP | $(908) (in thousands $) | – | – |
| Other expensesGAAP | $(5,259) (in thousands $) | – | – |
| Other incomeGAAP | $278 (in thousands $) | – | – |
| Total operating expensesGAAP | $(20,120) (in thousands $) | – | – |
| Loss from operationsGAAP | $(135) (in thousands $) | – | – |
| Financial expense, netGAAP | $(4,044) (in thousands $) | – | – |
| Loss on debt extinguishmentGAAP | $(8,322) (in thousands $) | – | – |
| Net lossGAAP | $(12.5) million | – | 35.7% |
| Net loss in the absence of share-based compensation expenseGAAP | $(10.1) million | – | – |
| Net loss in the absence of loss on debt extinguishmentGAAP | $(4.2) million | – | – |
| Net loss per common share – basic and dilutedGAAP | $(0.15) | – | – |
| Weighted average shares used to compute basic and diluted net loss per shareGAAP | 86,132 | – | – |
| Adjusted EBITDAnon-GAAP | $2.9 million | – | $5.3 million YoY improvement |
| Adjusted EBITDA marginnon-GAAP | 15% | – | – |
| Tripsother | 18.78 million | – | 73.2% |
| Unique platform consumersother | 2.36 million | – | 76.4% |
| Trips per unique platform consumerother | 7.9 | – | (1.8)% |
| All-time unique ride-hailing ridersother | 4.44 million | – | 94.8% |
| All-time registered ride-hailing driversother | 544 thousand | – | 66.3% |
| Average daily two-wheeled electric vehicles deployedother | 20.9 thousand | – | (13.2)% |
| Six-month revenueGAAP | $35,412 (in thousands $) | – | – |
| Six-month net lossGAAP | $(19,928) (in thousands $) | – | – |
| Six-month Adjusted EBITDAnon-GAAP | $2,430 (in thousands $) | – | – |
| Six-month Adjusted EBITDA marginnon-GAAP | 7% | – | – |
Full Year 2026 outlook
- Revenue$85.0 million
- NoteAdjusted EBITDA: $7.0 million
- NoteSeptember 30, 2026 all-time unique ride-hailing riders target: 4.9 million
- NoteSeptember 30, 2026 all-time registered ride-hailing drivers target: 580 thousand
- NoteGuidance 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.
Capital returns
- 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.
- Purchase of treasury shares was $(287) (in thousands $) for the six months ended June 30, 2026.
What drove it
- Revenue growth was driven by continued success of platform monetization through subscription packages.
- Gross profit and gross profit margin improved through revenue growth from platform monetization and strong platform monetization.
- Trip growth was primarily attributable to the growth of ride-hailing trips.
- Unique platform consumer growth was primarily attributable to the growth of ride-hailing riders.
- Ride-hailing services delivered strong performance in 20 cities across Türkiye covering approximately 80% of national GDP.
- 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.
- More than half of motorcycle-hailing drivers and over one-fifth of car-hailing drivers in Istanbul also completed delivery trips during the quarter.
Concerns
- Net loss increased to $(12.5) million, including a one-time non-cash loss on debt extinguishment of $(8.3) million associated with the amendment of the Company’s convertible notes.
- Q2’26 general and administrative expenses included share-based compensation expense of $(2.4) million.
- Average daily two-wheeled electric vehicles deployed decreased 13.2% as the company gradually retired older fleet units introduced in 2021.
- The company revised its calculation of Adjusted EBITDA beginning with the three months ended June 30, 2026 to exclude fair value gain (or loss) on derivative liabilities and loss on debt extinguishment.
- Total stockholders’ equity was $(83,823) (in thousands $) as of June 30, 2026.
What to watch
- Progress toward the September 30, 2026 targets of 4.9 million all-time unique ride-hailing riders and 580 thousand all-time registered ride-hailing drivers.
- Execution against full-year 2026 guidance of $85.0 million in revenue and $7.0 million of Adjusted EBITDA.
- The effect of expansion to 30 cities on ride-hailing growth, platform monetization, and marketplace efficiency.
- The company’s optimization of its two-wheeled electric vehicle fleet through targeted vehicle deployments and relocations.
- Deployment of autonomous vehicles through the multi-year strategic partnership with Tensor.
Balance sheet and cash flow
- Cash and cash equivalents were $12,503 (in thousands $) as of June 30, 2026, compared with $7,806 (in thousands $) as of December 31, 2025.
- Total assets were $32,356 (in thousands $) as of June 30, 2026, compared with $29,802 (in thousands $) as of December 31, 2025.
- Short-term financial liabilities, net were $3,890 (in thousands $) and long-term financial liabilities, net were $102,444 (in thousands $) as of June 30, 2026.
- Total liabilities were $116,179 (in thousands $) and total stockholders’ equity was $(83,823) (in thousands $) as of June 30, 2026.
- Net cash used in operating activities was $(2,570) (in thousands $) for the six months ended June 30, 2026, compared with $(8,173) (in thousands $) for the six months ended June 30, 2025.
- Purchase of property and equipment was $(222) (in thousands $) for the six months ended June 30, 2026.
- Net cash used in investing activities was $(509) (in thousands $) for the six months ended June 30, 2026.
- Proceeds from issuance of convertible notes were $7,745 (in thousands $) for the six months ended June 30, 2026.
- Net cash generated from financing activities was $7,776 (in thousands $) for the six months ended June 30, 2026.
- Cash and cash equivalents increased by $4,697 (in thousands $) for the six months ended June 30, 2026.
- $18.0 million of 12.50% Convertible Senior Secured Notes due April 2029 had been issued as of June 30, 2026.
- The additional Convertible Note subscription agreement provides 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.
Analysis
Marti reported a sharp acceleration in Q2 2026. Revenue rose 140.7% year over year to $20.0 million, while trips increased 73.2% to 18.78 million and unique platform consumers increased 76.4% to 2.36 million. Management attributed the revenue performance to subscription-package monetization, and ride-hailing drove both trip and consumer growth. All-time unique ride-hailing riders reached 4.44 million, above the target of 4.30 million, and all-time registered drivers reached 544 thousand, above the target of 530 thousand.
The revenue mix and cost structure produced substantial gross-profit leverage. Gross profit increased 222.8% to $15.3 million, and gross profit margin expanded to 76.6% from 57.1%. Cost of revenues rose 31.5%, materially slower than revenue. General and administrative expenses increased 34.6% to $7.4 million, including $(2.4) million of share-based compensation expense. Loss from operations narrowed to $(135) thousand from $(4,788) thousand.
GAAP net loss widened to $(12.5) million from $(9.2) million because the quarter included an $(8.3) million one-time non-cash loss on debt extinguishment associated with the convertible-notes amendment. In the absence of that item, Q2’26 net loss was $(4.2) million. Adjusted EBITDA improved to $2.9 million from $(2.4) million, with a 15% Adjusted EBITDA margin versus (28)% a year earlier. Comparability requires attention because the company revised its Adjusted EBITDA definition beginning with the three months ended June 30, 2026 to exclude fair value gain or loss on derivative liabilities and loss on debt extinguishment.
Liquidity improved during the first half, with cash and cash equivalents rising to $12,503 thousand at June 30, 2026 from $7,806 thousand at December 31, 2025. Net cash used in operating activities was $(2,570) thousand during the six-month period, while proceeds from issuance of convertible notes were $7,745 thousand. Financial liabilities totaled $3,890 thousand short term and $102,444 thousand long term, while total stockholders’ equity was $(83,823) thousand. The company also repurchased shares under its program and had approximately $2.2 million remaining available as of June 30, 2026.
Marti increased full-year 2026 guidance to $85.0 million of revenue and $7.0 million of Adjusted EBITDA. The guide assumes continued platform-services growth and no fleet-size expansion or replacement investment as two-wheeled electric vehicles are retired. The fleet measure declined 13.2% year over year to 20.9 thousand average daily vehicles deployed, while the ride-hailing footprint expanded after quarter end to 30 cities. Near-term operating milestones are the September 30 targets of 4.9 million all-time unique ride-hailing riders and 580 thousand all-time registered ride-hailing drivers.
Management, verbatim
The second quarter represents an important milestone for Marti. 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.
Oguz Alper Öktem, Founder and CEO
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.
Oguz Alper Öktem, Founder and CEO
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.
Oguz Alper Öktem, Founder and CEO
Not in the filing
stated, not guessed- Segment revenue and segment-level profitability were not reported.
- Prior-quarter comparisons for Q2 2026 metrics were not reported.
- Quarterly operating cash flow was not reported; cash flow was reported only for the six months ended June 30, 2026.
- Free cash flow was not reported.
- Dividend information was not reported.
- Forward gross-margin, operating-expense, and tax-rate guidance was not reported.
- Previous-release outlook was not provided, so comparison with prior guidance is unavailable.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.