NYSEAMERICAN : MRT
Marti Technologies, Inc. — Financial statements
Technology · Software - Application · Turkey
Last price 2.07 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 179.33M
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Financial statements
Marti Technologies, Inc. (MRT) reported revenue of 60.33M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 60.33M | 39.24M | 18.66M | 20.03M | 24.99M | 17.00M |
| Cost of Revenue | 16.84M | 15.19M | 21.49M | 23.98M | 26.98M | 16.40M |
| Gross Profit | 43.49M | 24.05M | -2.83M | -3.95M | -1.99M | 598.13K |
| Selling, General & Admin | 44.72M | 40.90M | 58.57M | 22.37M | 10.65M | 6.86M |
| Research & Development | 3.82M | 3.01M | 1.96M | 1.95M | 1.88M | 1.04M |
| Other Operating Expenses | 14.55M | 8.50M | 2.37M | 1.48M | 185.82K | 1.71M |
| Operating Expenses | 63.09M | 52.40M | 62.91M | 25.81M | 12.71M | 9.62M |
| Operating Income | -19.60M | -28.35M | -65.73M | -29.76M | -14.71M | -9.02M |
| Interest Expense | -16.72M | -15.64M | -9.98M | -6.74M | -1.88M | -612.86K |
| Interest & Investment Income | 630.58K | 630.58K | 1.01M | 831.18K | 229.30K | 180.27K |
| Currency Exchange Gain (Loss) | 720.10K | 720.10K | 396.63K | 2.73M | 2.34M | -4.09M |
| Other Non Operating Income (Expenses) | 1.38M | 1.38M | -2.82K | -27.57K | -47.14K | -13.54K |
| EBT Excluding Unusual Items | -33.59M | -41.27M | -74.31M | -32.97M | -14.07M | -13.55M |
| Legal Settlements | -179.32K | -179.32K | -184.00K | -846.22K | -175.21K | -35.20K |
| Other Unusual Items | -8.32M | 608.54K | ||||
| Pretax Income | -42.10M | -41.45M | -73.88M | -33.81M | -14.25M | -13.58M |
| Income Tax Expense | 887.65K | |||||
| Net Income | -42.10M | -41.45M | -73.88M | -33.81M | -14.25M | -14.47M |
| Net Income to Common | -42.10M | -41.45M | -73.88M | -33.81M | -14.25M | -14.47M |
| Shares Outstanding (Basic) | 84.08M | 78.05M | 58.97M | 50.58M | 44.11M | 34.24M |
| Shares Outstanding (Diluted) | 84.08M | 78.05M | 58.97M | 50.58M | 44.11M | 34.24M |
| EPS (Basic) | -0.50 | -0.53 | -1.25 | -0.67 | -0.32 | -0.42 |
| EPS (Diluted) | -0.50 | -0.53 | -1.25 | -0.67 | -0.32 | -0.42 |
| Free Cash Flow | -9.60M | -15.27M | -25.41M | -19.60M | -13.46M | -26.87M |
| Free Cash Flow Per Share | -0.11 | -0.20 | -0.43 | -0.39 | -0.30 | -0.79 |
| Gross Margin | 72.09% | 61.29% | -15.16% | -19.72% | -7.98% | 3.52% |
| Operating Margin | -32.50% | -72.25% | -352.28% | -148.57% | -58.85% | -53.05% |
| Profit Margin | -69.78% | -105.62% | -395.94% | -168.82% | -57.01% | -85.14% |
| Free Cash Flow Margin | -15.92% | -38.90% | -136.17% | -97.88% | -53.85% | -158.07% |
| EBITDA | -16.32M | -24.77M | -57.04M | -19.71M | -5.61M | -3.54M |
| EBITDA Margin | -27.05% | -63.11% | -98.42% | -22.45% | -20.85% | |
| D&A For EBITDA | 3.28M | 3.59M | 8.69M | 10.04M | 9.10M | 5.47M |
| EBIT | -19.60M | -28.35M | -65.73M | -29.76M | -14.71M | -9.02M |
| EBIT Margin | -32.50% | -72.25% | -148.57% | -58.85% | -53.05% | |
| Advertising Expenses | 5.04M | 3.66M | 3.28M | 435.44K | 180.94K |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 12.50M | 7.81M | 5.15M | 19.42M | 10.50M | 13.22M |
| Cash & Short-Term Investments | 12.50M | 7.81M | 5.15M | 19.42M | 10.50M | 13.22M |
| Accounts Receivable | 402.50K | 482.12K | 188.30K | 163.47K | 286.56K | 55.25K |
| Other Receivables | 1.39M | 2.25M | 3.13M | 2.43M | ||
| Receivables | 402.50K | 482.12K | 1.58M | 2.41M | 3.42M | 2.49M |
| Inventory | 1.93M | 1.99M | 2.03M | 2.61M | 3.33M | 1.32M |
| Prepaid Expenses | 1.57M | 692.15K | 646.72K | 846.37K | 167.16K | |
| Other Current Assets | 1.51M | 2.97M | 2.02M | 398.75K | 3.20M | 783.41K |
| Total Current Assets | 17.92M | 13.94M | 11.42M | 25.70M | 20.46M | 17.97M |
| Property, Plant & Equipment | 2.27M | 3.56M | 6.33M | 14.33M | 20.17M | 14.25M |
| Other Intangible Assets | 215.75K | 351.21K | 589.59K | 183.89K | 159.58K | 33.32K |
| Long-Term Deferred Charges | 11.95M | 11.95M | 2.04M | |||
| Other Long-Term Assets | 5.48K | 95.23K | 6.74M | |||
| Total Assets | 32.36M | 29.80M | 20.38M | 40.21M | 40.88M | 38.99M |
| Accounts Payable | 2.23M | 4.08M | 1.65M | 2.80M | 3.57M | 2.03M |
| Accrued Expenses | 4.09M | 2.89M | 1.72M | 1.37M | 1.18M | 760.92K |
| Current Portion of Long-Term Debt | 3.89M | 3.69M | 4.56M | 10.45M | 7.29M | 5.64M |
| Current Portion of Leases | 549.02K | 620.10K | 484.04K | 412.56K | 2.15M | 650.66K |
| Current Income Taxes Payable | 587.76K | |||||
| Current Unearned Revenue | 2.49M | 2.13M | 1.85M | 1.55M | 1.33M | 712.70K |
| Other Current Liabilities | 975.31K | 1.06M | 923.45K | 341.10K | 29.13K | |
| Total Current Liabilities | 13.26M | 14.39M | 11.32M | 17.50M | 15.87M | 10.42M |
| Long-Term Debt | 102.44M | 82.12M | 70.12M | 54.80M | 16.38M | 7.41M |
| Long-Term Leases | 108.63K | 135.72K | 87.71K | 277.96K | 674.50K | 619.77K |
| Pension & Post-Retirement Benefits | 369.65K | 249.22K | 290.12K | |||
| Other Long-Term Liabilities | 325.86K | 357.23K | 17.98K | |||
| Total Liabilities | 116.18M | 96.89M | 81.82M | 72.91M | 33.28M | 18.47M |
| Common Stock | 8.69K | 8.60K | 6.33K | 5.70K | 4.41K | 90.00 |
| Additional Paid-In Capital | 125.24M | 121.76M | 85.60M | 40.46M | 54.34M | 1.40M |
| Retained Earnings | -200.86M | -180.93M | -139.49M | -65.61M | -39.18M | -24.94M |
| Treasury Stock | -654.89K | -367.63K | ||||
| Comprehensive Income & Other | -7.56M | -7.56M | -7.56M | -7.56M | -7.56M | -7.22M |
| Total Common Equity | -83.82M | -67.09M | -61.44M | -32.70M | 7.60M | -30.76M |
| Shareholders' Equity | -83.82M | -67.09M | -61.44M | -32.70M | 7.60M | 20.52M |
| Total Liabilities & Equity | 32.36M | 29.80M | 20.38M | 40.21M | 40.88M | 38.99M |
| Total Debt | 106.99M | 86.57M | 75.25M | 65.94M | 26.50M | 14.33M |
| Net Cash (Debt) | -94.49M | -78.76M | -70.10M | -46.52M | -16.00M | -1.11M |
| Net Cash Per Share | -1.12 | -1.01 | -1.19 | -0.92 | -0.36 | -0.03 |
| Filing Date Shares Outstanding | 86.63M | 85.91M | 76.24M | 57.36M | 12.45M | 34.24M |
| Total Common Shares Outstanding | 86.63M | 85.91M | 63.27M | 57.04M | 12.45M | 34.24M |
| Working Capital | 4.66M | -449.23K | 95.57K | 8.19M | 4.59M | 7.55M |
| Book Value Per Share | -0.97 | -0.78 | -0.97 | -0.57 | 0.61 | -0.80 |
| Tangible Book Value | -84.04M | -67.44M | -62.03M | -32.88M | 7.44M | -30.80M |
| Tangible Book Value Per Share | -0.97 | -0.78 | -0.98 | -0.58 | 0.60 | -0.80 |
| Machinery | 28.53M | 28.38M | 28.04M | 31.44M | 29.82M | 16.70M |
| Leasehold Improvements | 944.37K | 879.09K | 798.89K | 671.39K | 868.24K | 564.79K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -42.10M | -41.45M | -73.88M | -33.81M | -14.25M | -14.47M |
| Depreciation & Amortization | 3.28M | 3.59M | 8.69M | 10.04M | 9.10M | 5.47M |
| Loss (Gain) From Sale of Assets | 32.12K | 32.12K | 566.68K | 143.53K | 178.62K | |
| Stock-Based Compensation | 11.18M | 11.28M | 35.66M | 1.99M | 1.66M | 868.76K |
| Other Operating Activities | 16.16M | 7.36M | 3.58M | 4.79M | -872.55K | 5.02M |
| Change in Accounts Receivable | 355.05K | -300.30K | -15.16K | 186.80K | -210.01K | -191.62K |
| Change in Inventory | 93.38K | 21.07K | 265.10K | 657.57K | -2.10M | -1.75M |
| Change in Accounts Payable | 299.22K | 2.43M | -1.15M | -777.41K | 1.66M | 2.37M |
| Change in Unearned Revenue | 494.08K | 284.10K | 294.84K | 221.80K | 662.42K | 1.03M |
| Change in Income Taxes | -530.07K | 887.65K | ||||
| Change in Other Net Operating Assets | 1.03M | 1.97M | 1.47M | 1.27M | -728.76K | -3.45M |
| Operating Cash Flow | -9.18M | -14.78M | -25.08M | -14.87M | -5.47M | -4.04M |
| Capital Expenditures | -424.92K | -485.33K | -332.35K | -4.74M | -7.99M | -22.83M |
| Sale of Property, Plant & Equipment | 21.31K | 38.13K | ||||
| Sale (Purchase) of Intangibles | -56.40K | -56.40K | -706.92K | -102.15K | -208.69K | -58.35K |
| Investing Cash Flow | -481.32K | -541.73K | -1.04M | -4.82M | -8.16M | -22.89M |
| Long-Term Debt Issued | 19.93M | 18.00M | 7.50M | 15.47M | 14.93M | |
| Long-Term Debt Repaid | -1.75M | -6.07M | -7.20M | -4.21M | -1.54M | |
| Net Debt Issued (Repaid) | 18.38M | 18.18M | 11.93M | 298.18K | 11.26M | 13.38M |
| Issuance of Common Stock | 30.39K | 167.93K | ||||
| Repurchase of Common Stock | -459.45K | -367.63K | ||||
| Other Financing Activities | -89.97K | 28.31M | ||||
| Financing Cash Flow | 17.95M | 17.98M | 11.84M | 28.61M | 11.26M | 43.09M |
| Foreign Exchange Rate Adjustments | -351.17K | -6.45M | ||||
| Net Cash Flow | 8.29M | 2.66M | -14.28M | 8.93M | -2.72M | 9.71M |
| Free Cash Flow | -9.60M | -15.27M | -25.41M | -19.60M | -13.46M | -26.87M |
| Free Cash Flow Margin | -15.92% | -38.90% | -136.17% | -97.88% | -53.85% | -158.07% |
| Free Cash Flow Per Share | -0.11 | -0.20 | -0.43 | -0.39 | -0.30 | -0.79 |
| Levered Free Cash Flow | -5.24M | -9.24M | -4.36M | -11.71M | -10.71M | -22.62M |
| Unlevered Free Cash Flow | 5.21M | 532.24K | 1.87M | -7.50M | -9.53M | -22.24M |
| Cash Income Tax Paid | 530.07K | |||||
| Change in Working Capital | 2.27M | 4.40M | 868.67K | 1.56M | -1.25M | -1.10M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 180.21M | 184.01M | 198.66M | 31.57M | 183.28M | 177.71M |
| Enterprise Value | 274.70M | 263.23M | 259.30M | 107.28M | 245.01M | |
| Last Close Price | 2.07 | 2.37 | 3.39 | 0.65 | 10.20 | 9.89 |
| PS Ratio | 2.97 | 4.69 | 10.65 | 1.58 | 7.33 | 10.45 |
| PB Ratio | -2.74 | -3.23 | -0.97 | 24.12 | 8.66 | |
| P/TBV Ratio | 24.63 | |||||
| EV/Sales Ratio | 4.54 | 6.71 | 13.90 | 5.36 | 9.80 | |
| Debt / Equity Ratio | -1.28 | -1.29 | -1.23 | -2.02 | 3.49 | 0.70 |
| Net Debt / Equity Ratio | -1.13 | -1.17 | -1.14 | -1.42 | 2.11 | 0.05 |
| Net Debt / EBITDA Ratio | -5.79 | -3.18 | -1.23 | -2.36 | -2.85 | -0.31 |
| Net Debt / FCF Ratio | -9.84 | -5.16 | -2.76 | -2.37 | -1.19 | -0.04 |
| Asset Turnover | 2.43 | 1.56 | 0.62 | 0.49 | 0.63 | 0.65 |
| Inventory Turnover | 8.38 | 7.55 | 9.26 | 8.07 | 11.60 | 20.51 |
| Quick Ratio | 0.97 | 0.58 | 0.59 | 1.25 | 0.88 | 1.51 |
| Current Ratio | 1.35 | 0.97 | 1.01 | 1.47 | 1.29 | 1.73 |
| Return on Equity (ROE) | -101.33% | -124.73% | ||||
| Return on Assets (ROA) | -49.43% | -70.63% | -135.61% | -45.87% | -23.02% | -21.42% |
| Return on Capital Employed (ROCE) | -102.60% | -184.00% | -725.90% | -131.00% | -58.80% | -31.60% |
| Earnings Yield | -24.07% | -22.52% | -37.19% | -107.10% | -7.77% | -8.14% |
| FCF Yield | -5.35% | -8.30% | -12.79% | -62.09% | -7.34% | -15.12% |
| Buyback Yield / Dilution | -25.42% | -32.36% | -16.58% | -14.66% | -28.81% | -83.43% |