Marti Technologies (MRT) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 26, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Apr 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MRT SEC filings page.
Marti Technologies, Inc. (MRT) reported $39.2M in revenue for fiscal year 2025, up 110.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue growth reached 110.3% in FY2025, but gross margins worsened and liabilities exceeded assets, leaving growth reliant on financing.
The rebound did not improve direct economics: gross margin moved from-6.0% to-9.8% . Meanwhile, operating margin improved to-72.7% while SG&A still equaled104.5% of revenue, suggesting overhead absorption without a self-funding model.
Earnings and cash flow diverged materially: FY2025 net loss was
Capital expenditures were only
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Marti Technologies, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Marti Technologies, Inc. held $7.8M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $14.8M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Marti Technologies, Inc. scores 23/100 among other emerging companies.
Marti Technologies, Inc. had 86M shares outstanding at the end of fiscal year 2025, against 63M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Marti Technologies, Inc. scores 33/100 among other emerging companies.
Marti Technologies, Inc. spent $3.0M on research and development in fiscal year 2025, which was 4.4% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Marti Technologies, Inc. scores 23/100 among other emerging companies.
Marti Technologies, Inc. reported revenue of $39.2M in fiscal year 2025, against $18.7M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Marti Technologies, Inc. scores 75/100 among other emerging companies.
Marti Technologies, Inc.'s operations used $14.8M of cash in fiscal year 2025, against $25.1M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Marti Technologies, Inc. scores 48/100 among other emerging companies.
Marti Technologies, Inc.'s cash, cash equivalents and investments came to $7.8M at the end of fiscal year 2025, against $96.9M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Marti Technologies, Inc. scores 15/100 among other emerging companies.
Marti Technologies, Inc. scores -9.31, below the 1.81 distress threshold. The score is pulled down most by an accumulated deficit of $180.9M against total assets of $29.8M. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Marti Technologies, Inc. passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.
Marti Technologies, Inc. reported a net loss of $41.4M while operations used $14.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Marti Technologies, Inc. generated $39.2M in revenue in fiscal year 2025. This represents an increase of 110.3% from the prior year.
Marti Technologies, Inc.'s EBITDA was -$24.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. The change from the prior year is not meaningful, because that figure was zero or negative.
Marti Technologies, Inc. reported a net loss of $41.4M in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
Marti Technologies, Inc. earned -$0.53 per diluted share (EPS) in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
Cash & Balance Sheet
Marti Technologies, Inc. recorded an outflow of $15.3M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. The change from the prior year is not meaningful, because that figure was zero or negative.
Marti Technologies, Inc. held $7.8M in cash against $82.1M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Marti Technologies, Inc.'s gross margin was -9.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 3.7 percentage points from the prior year.
Marti Technologies, Inc.'s operating margin was -72.7% in fiscal year 2025, reflecting core business profitability. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for fiscal year 2025.
Capital Allocation
Marti Technologies, Inc. invested $3.0M in research and development in fiscal year 2025. This represents an increase of 53.2% from the prior year.
Marti Technologies, Inc. spent $368K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Marti Technologies, Inc. invested $485K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 46.0% from the prior year.
MRT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F |
|---|---|---|---|---|---|
| Revenue | $39.2M+110.3% | $18.7M-6.8% | $20.0M-19.8% | $25.0M+47.0% | $17.0M |
| Cost of Revenue | $43.1M+117.7% | $19.8M-5.8% | $21.0M-22.0% | $26.9M+58.9% | $17.0M |
| Gross Profit | -$3.8Mn/m | -$1.1Mn/m | -$977Kn/m | -$1.9M-4535.8% | $44K |
| R&D Expenses | $3.0M+53.2% | $2.0M+0.4% | $2.0M+4.1% | $1.9M+80.8% | $1.0M |
| SG&A Expenses | $41.0M-30.0% | $58.6M+160.7% | $22.5M+110.3% | $10.7M+46.2% | $7.3M |
| Operating Income | -$28.5Mn/m | -$65.3Mn/m | -$30.6Mn/m | -$14.9Mn/m | -$9.1M |
| EBITDA | -$24.9Mn/m | -$56.6Mn/m | -$20.6Mn/m | -$5.8Mn/m | -$3.6M |
| Income Tax | N/A | N/A | N/A | N/A | $888K |
| Net Income | -$41.4Mn/m | -$73.9Mn/m | -$33.8Mn/m | -$14.2Mn/m | -$14.5M |
| EPS (Basic) | -$0.53n/m | -$1.25n/m | -$0.67n/m | -$0.32n/m | -$0.42 |
| EPS (Diluted) | -$0.53n/m | -$1.25n/m | -$0.67n/m | -$0.32n/m | -$0.42 |
| Diluted Shares (Avg) | 78M+32.4% | 59M+16.6% | 51M+14.7% | 44M+28.8% | 34M |
Not reported in any period shown, so not listed: Interest Expense.
MRT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F |
|---|---|---|---|---|---|
| Total Assets | $29.8M+46.2% | $20.4M-49.3% | $40.2M-1.6% | $40.9M-72.3% | $147.5M |
| Current Assets | $13.9M+22.1% | $11.4M-55.6% | $25.7M+25.6% | $20.5M+2597.7% | $758K |
| Cash & Equivalents | $7.8M+51.6% | $5.1M-73.5% | $19.4M+85.0% | $10.5M+1618.3% | $611K |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0 |
| Inventory | $2.0M-1.9% | $2.0M-22.3% | $2.6M-21.6% | $3.3M | N/A |
| Accounts Receivable | $504K+147.6% | $204K+8.1% | $188K-49.8% | $375K | N/A |
| Long-Term Investments | $0n/m | $0-100.0% | $5K-94.2% | $95Kn/m | $0 |
| Total Liabilities | $96.9M+18.4% | $81.8M+12.2% | $72.9M+119.1% | $33.3M-73.8% | $126.9M |
| Current Liabilities | $14.4M+27.1% | $11.3M-35.3% | $17.5M+10.3% | $15.9M+2146.7% | $706K |
| Non-Current Liabilities | $82.5M+17.0% | $70.5M+27.2% | $55.4M+218.2% | $17.4M-86.2% | $126.2M |
| Long-Term Debt | $82.1M+17.1% | $70.1M+27.9% | $54.8M+234.6% | $16.4M | N/A |
| Total Equity | -$67.1Mn/m | -$61.4Mn/m | -$32.7M-530.3% | $7.6M-63.0% | $20.5M |
| Retained Earnings | -$180.9Mn/m | -$139.5Mn/m | -$65.6Mn/m | -$39.2Mn/m | -$2.0M |
Not reported in any period shown, so not listed: Goodwill.
MRT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F |
|---|---|---|---|---|---|
| Operating Cash Flow | -$14.8Mn/m | -$25.1Mn/m | -$14.9Mn/m | -$5.5Mn/m | -$4.0M |
| Depreciation & Amortization | $3.6M-58.7% | $8.7M-13.5% | $10.0M+10.4% | $9.1M+66.2% | $5.5M |
| Stock-Based Compensation | $11.3M-68.4% | $35.7M+1690.3% | $2.0M+19.8% | $1.7M+91.4% | $869K |
| Capital Expenditures | $485K+46.0% | $332K-49.1% | $652K | N/A | N/A |
| Free Cash Flow | -$15.3Mn/m | -$25.4Mn/m | -$15.5M | N/A | N/A |
| Investing Cash Flow | -$542Kn/m | -$1.0Mn/m | -$4.8Mn/m | -$8.2Mn/m | -$22.9M |
| Financing Cash Flow | $18.0M+51.8% | $11.8M-58.6% | $28.6M+154.1% | $11.3M-73.9% | $43.1M |
| Share Buybacks | $368K | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
MRT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F |
|---|---|---|---|---|---|
| Gross Margin | -9.8%-3.7pp | -6.0%-1.1pp | -4.9%+2.9pp | -7.8%-8.1pp | 0.3% |
| Operating Margin | -72.7% | -350.0% | -152.8% | -59.6%-6.3pp | -53.3% |
| Net Margin | -105.6% | -395.9% | -168.8% | -57.0%+28.1pp | -85.1% |
| Return on Equity | N/A | N/A | N/A | -187.5%-116.9pp | -70.5% |
| Return on Assets | -139.1%+223.5pp | -362.5%-278.5pp | -84.1%-49.2pp | -34.8%-25.0pp | -9.8% |
| Current Ratio | 0.970.0x | 1.01-0.5x | 1.47+0.2x | 1.29+0.2x | 1.07 |
| Debt-to-Equity | N/A | N/A | N/A | 2.16 | N/A |
| Liabilities-to-Equity | N/A | N/A | N/A | 4.38-1.8x | 6.19 |
| Asset Turnover | 1.32+0.4x | 0.92+0.4x | 0.50-0.1x | 0.61+0.5x | 0.12 |
| FCF Margin | -38.9% | -136.2% | -77.5% | N/A | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$67.1M), which causes the debt-to-equity, liabilities-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.97), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Marti Technologies, Inc. MRT | FY2025 | $39.2M | -$41.4M | N/A | $168.9M | 36/100 |
| WM TECHNOLOGY INC A MAPS | FY2025 | $174.7M | $2.0M | 1.1% | $51.4M | — |
| Digimarc Corporation DMRC | FY2025 | $33.9M | -$32.3M | -95.3% | $163.9M | 36/100 |
| Asure Software, Inc ASUR | FY2025 | $140.5M | -$13.1M | -9.3% | $212.6M | 51/100 |
| eGain Corporation EGAN | FY2026 | $91.1M | $8.9M | 9.7% | $148.7M | 52/100 |
Where Marti Technologies, Inc. Ranks
Frequently Asked Questions
What is Marti Technologies, Inc.'s annual revenue?
Marti Technologies, Inc. (MRT) reported $39.2M in total revenue for fiscal year 2025. This represents a 110.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Marti Technologies, Inc.'s revenue growing?
Marti Technologies, Inc. (MRT) revenue grew by 110.3% year-over-year, from $18.7M to $39.2M in fiscal year 2025.
Is Marti Technologies, Inc. profitable?
No, Marti Technologies, Inc. (MRT) reported a net loss of $41.4M in fiscal year 2025.
What is Marti Technologies, Inc.'s EBITDA?
Marti Technologies, Inc. (MRT) had EBITDA of -$24.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Marti Technologies, Inc. have?
As of fiscal year 2025, Marti Technologies, Inc. (MRT) had $7.8M in cash and equivalents against $82.1M in long-term debt.
What is Marti Technologies, Inc.'s gross margin?
Marti Technologies, Inc. (MRT) had a gross margin of -9.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Marti Technologies, Inc.'s operating margin?
Marti Technologies, Inc. (MRT) had an operating margin of -72.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Marti Technologies, Inc.'s free cash flow?
Marti Technologies, Inc. (MRT) recorded an outflow of $15.3M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Marti Technologies, Inc.'s operating cash flow?
Marti Technologies, Inc. (MRT) recorded an outflow of $14.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Marti Technologies, Inc.'s total assets?
Marti Technologies, Inc. (MRT) had $29.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Marti Technologies, Inc.'s capital expenditures?
Marti Technologies, Inc. (MRT) invested $485K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Marti Technologies, Inc. spend on research and development?
Marti Technologies, Inc. (MRT) invested $3.0M in research and development during fiscal year 2025.
What is Marti Technologies, Inc.'s current ratio?
Marti Technologies, Inc. (MRT) had a current ratio of 0.97 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Marti Technologies, Inc.'s return on assets (ROA)?
Marti Technologies, Inc. (MRT) had a return on assets of -139.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Marti Technologies, Inc.'s P/E ratio?
Marti Technologies, Inc. (MRT) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $168.9M as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Marti Technologies, Inc.'s price-to-sales ratio?
Marti Technologies, Inc. (MRT) trades at 4.3x sales, its market capitalization divided by $39.2M revenue, FY2025. The market capitalization is $168.9M as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Marti Technologies, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Marti Technologies, Inc. (MRT) held $7.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $14.8M over that year. Dividing the one by the other, the reported balance equals about 6 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is Marti Technologies, Inc.'s debt-to-equity ratio negative or not reported?
Marti Technologies, Inc. (MRT) has negative shareholder equity of -$67.1M as of fiscal year 2025, so no debt-to-equity or liabilities-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Marti Technologies, Inc.'s Altman Z-Score?
Marti Technologies, Inc. (MRT) has an Altman Z-Score of -9.31, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Marti Technologies, Inc.'s Piotroski F-Score?
Marti Technologies, Inc. (MRT) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Marti Technologies, Inc.'s earnings high quality?
Marti Technologies, Inc. (MRT) reported a net loss of $41.4M while operations used $14.8M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Marti Technologies, Inc.?
Marti Technologies, Inc. (MRT) scores 36 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is the average of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.