Marti Technologies (MRT) Stock Jumps As EBITDA Turns Positive But Losses Persist

Marti Technologies stock closed up 3.6% at US$2.03, a modest move for a company that just reported one of its cleanest profitability headlines yet. Revenue reached about US$20 million in the quarter while adjusted earnings before interest, tax, depreciation and amortisation swung into a US$2.9 million profit. For a high growth, loss making mobility platform, that shift in adjusted EBITDA is the fulcrum investors are reacting to.

The bigger question now is how long Marti Technologies can turn that early operating leverage into something more durable in the coming years.

Love the swing into positive adjusted EBITDA at Marti Technologies but want mobility stocks that already pair strong growth with healthier balance sheets and cash flows? Check out our handpicked list of solid balance sheet and fundamentals stocks (50 results).

Q2 2026 Earnings Summary

• Revenue Q2 2026 vs Q2 2025: US$19.98 million vs. US$8.30 million (very large year on year increase)
• Net Loss Q2 2026 vs Q2 2025: US$12.50 million loss vs. US$9.21 million loss (loss widened)
• Basic EPS Q2 2026 vs Q2 2025: US$0.15 loss per share vs. US$0.12 loss per share (loss per share increased)
• Adjusted EBITDA Q2 2026 vs Q2 2025: US$2.9 million profit vs. US$2.4 million loss (swing to positive adjusted EBITDA)

Prefer clear visuals instead of another wall of earnings tables and footnotes? See Marti Technologies' full financial picture, with a focus on its profitability and cash flow trends, in our company report for Marti Technologies.

Marti bullish thesis meets key profitability milestones

Bulls argue Marti Technologies can turn market leadership and a multi service platform into strong, scalable unit economics. Q2 gives real proof points. Trips rose 73% year on year to 18.8 million while unique consumers grew 76% to 2.4 million, which is consistent with a broadening network rather than just higher prices. Gross profit more than tripled to over US$15 million and gross margin reached 77%, which supports the claim that the platform can carry high incremental margins. The swing from a US$2.4 million adjusted EBITDA loss to a US$2.9 million profit, plus full year guidance for US$7 million adjusted EBITDA, indicates operating leverage starting to work. Multi service users generating 3.1x trips and 2.7x revenue per consumer is another concrete milestone for the super app narrative.

Bear case on losses and risk only partly addressed

Bears focus on persistent losses, cash intensity and regulatory and competitive risk around Turkish ride hailing and delivery. Q2 still reports a GAAP net loss of US$12.5 million, widened by an US$8.3 million non cash loss on debt extinguishment. That keeps the headline story one of losses, even as adjusted EBITDA turns positive. Management also acknowledges that physical cost floors and competition limit how far gross margins can stretch, so today’s 77% gross margin may not be a straight line. The business remains concentrated in one country, and management spends time on regulatory engagement and capital heavy autonomous vehicle pilots, which supports concerns about execution and capital demands. However, raising 2026 guidance to US$85 million revenue and positive adjusted EBITDA indicates that, for now, operating metrics are moving against the more pessimistic scenarios.

Compare Marti Technologies’ rapid shift in adjusted EBITDA with the still sizable GAAP losses and ask whether analysts see a sustainable turnaround or just a short term pop. Reveal how Wall Street is recalibrating its expectations in the consensus price target analysis for Marti Technologies.

Stay Ahead With Simply Wall St

If Marti Technologies turning adjusted EBITDA positive has your attention, register free with Simply Wall St and add it to a Watchlist so you can track its share price against fair value and watch for an entry point that fits your plan. After you own any stock, use the Portfolio Command Center to keep your holdings organised and surface only the most important fundamental and valuation updates. For a longer term view, tap into the crowd insights and debate inside the Community to see how other investors are thinking about the same risks and catalysts. This way you spot potential turning points earlier, manage downside more deliberately and stay a step ahead of the broader market.

Seeking Alternatives Before Momentum Flies Past

Fresh ideas often move first and the strongest breakouts rarely wait. Scan new stock themes before they get fully caught by the crowd and while it still matters. Consider acting promptly if it fits your plan.

• Look for early compounders with resilient balance sheets and steady cash engines inside our curated list of solid balance sheet and fundamentals stocks (50 results) before others notice their quiet momentum.
• Explore the next wave of AI adoption by focusing on proven earners using our hand built list of 76 profitable AI stocks that aren't just burning cash before enthusiasm peaks.
• Review potential payout workhorses that aim to keep income streams steady through market swings with a focused set of 12 dividend fortresses.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com