What is Marti Technologies's earnings per share (EPS)?

Marti Technologies (MRT) reported diluted earnings per share of $-0.53 for fiscal year 2025. This represents a 57.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Marti Technologies Financials

MRT

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows Marti Technologies (MRT) financial statements, including the 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).

Rhea AI MRT FY2025 2026-04-22

Marti’s FY2025 rebound was mainly a cost-reset story, while core service economics still stayed below break-even.

In FY2025, revenue nearly doubled to $39.2M, and operating margin improved sharply to -72.7%. But with gross margin still at -9.8% and SG&A down to $28.1M, the better result appears to come from overhead reduction rather than from selling its core offering profitably.

The balance sheet is still funding the business model: year-end cash was $7.8M, while annual interest expense reached $8.6M. Add negative equity and a sub-1.0x current ratio, and the company still looks reliant on external capital to bridge operating losses and debt costs.

Cash losses improved, but cash conversion still tracks the income statement more than it offsets it: operating cash outflow was -$14.8M and free cash flow was -$15.3M. Because the gap was small, the drain came mainly from ongoing operations rather than from heavy reinvestment, which makes this a capital-light but still cash-consuming model.

Financial Health Signals

Financial Health Score 38/100

Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. 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'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.

Cash Runway

Dilution

R&D Intensity

Revenue Progress

Burn Trend

Balance Sheet

Altman Z-Score Distress

-9.51

Marti Technologies scores -9.51, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($137.5M) relative to total liabilities ($96.9M). 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.

Piotroski F-Score Neutral

4/9

Marti Technologies passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.36x

For every $1 of reported earnings, Marti Technologies generates $0.36 in operating cash flow (-$14.8M OCF vs -$41.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-3.3x

Marti Technologies earns $-3.3 in operating income for every $1 of interest expense (-$28.5M vs $8.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$39.2M

YoY+110.3%

Marti Technologies generated $39.2M in revenue in fiscal year 2025. This represents an increase of 110.3% from the prior year.

EBITDA

-$24.9M

YoY+55.9%

Marti Technologies's EBITDA was -$24.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 55.9% from the prior year.

Net Income

-$41.4M

YoY+43.9%

Marti Technologies reported -$41.4M in net income in fiscal year 2025. This represents an increase of 43.9% from the prior year.

EPS (Diluted)

$-0.53

YoY+57.6%

Marti Technologies earned $-0.53 per diluted share (EPS) in fiscal year 2025. This represents an increase of 57.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$15.3M

YoY+39.9%

Marti Technologies generated -$15.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 39.9% from the prior year.

Cash & Debt

$7.8M

YoY+51.6%

Marti Technologies held $7.8M in cash against $82.1M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

86M

YoY+36.0%

Marti Technologies had 86M shares outstanding in fiscal year 2025. This represents an increase of 36.0% from the prior year.

Margins & Returns

Gross Margin

-9.8%

YoY-3.7pp

Marti Technologies'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.

Operating Margin

-72.7%

YoY+277.3pp

Marti Technologies's operating margin was -72.7% in fiscal year 2025, reflecting core business profitability. This is up 277.3 percentage points from the prior year.

Net Margin

-105.6%

YoY+290.3pp

Marti Technologies's net profit margin was -105.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 290.3 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

$3.0M

YoY+53.2%

Marti Technologies invested $3.0M in research and development in fiscal year 2025. This represents an increase of 53.2% from the prior year.

Share Buybacks

$368K

Marti Technologies spent $368K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$485K

YoY+46.0%

Marti Technologies 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

Metric	FY25	FY24	FY23	FY22	FY21
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	-$3.8M-241.0%	-$1.1M-15.1%	-$977K+49.8%	-$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	$28.1M-43.0%	$49.2M+225.5%	$15.1M+67.4%	$9.0M+49.3%	$6.1M
Operating Income	-$28.5M+56.3%	-$65.3M-113.4%	-$30.6M-105.7%	-$14.9M-64.4%	-$9.1M
Interest Expense	-$8.6M-133.9%	-$3.7M+37.7%	-$5.9M-639.2%	-$800K-204.1%	-$263K
Income Tax	N/A	N/A	N/A	N/A	$888K
Net Income	-$41.4M+43.9%	-$73.9M-118.5%	-$33.8M-137.4%	-$14.2M+1.6%	-$14.5M
EPS (Diluted)	$-0.53+57.6%	$-1.25-86.6%	$-0.67-109.4%	$-0.32+23.8%	$-0.42

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q1'23	Q4'22
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	$357K	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	$1.2M	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MRT Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
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
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
Goodwill	N/A	N/A	N/A	N/A	N/A
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
Long-Term Debt	$82.1M+17.1%	$70.1M+27.9%	$54.8M+131.5%	$23.7M	N/A
Total Equity	-$67.1M-9.2%	-$61.4M-87.9%	-$32.7M-530.3%	$7.6M-63.0%	$20.5M
Retained Earnings	-$180.9M-29.7%	-$139.5M-112.6%	-$65.6M-67.4%	-$39.2M-1830.0%	-$2.0M

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q1'23	Q4'22
Total Assets	$29.8M+73.1%	$17.2M-15.5%	$20.4M-18.5%	$25.0M-37.8%	$40.2M	N/A	$150.5M+268.2%	$40.9M
Current Assets	$13.9M+27.5%	$10.9M-4.3%	$11.4M-19.5%	$14.2M-44.8%	$25.7M	N/A	$181K-99.1%	$20.5M
Cash & Equivalents	$7.8M+85.5%	$4.2M-18.3%	$5.1M-42.6%	$9.0M-53.8%	$19.4M+389.2%	$4.0M+2681.3%	$143K-98.6%	$10.5M
Inventory	$2.0M-4.6%	$2.1M+2.8%	$2.0M-8.3%	$2.2M-15.3%	$2.6M	N/A	N/A	$3.3M
Accounts Receivable	$504K-33.5%	$758K+272.2%	$204K-31.5%	$297K+57.8%	$188K	N/A	N/A	$375K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$96.9M+7.2%	$90.4M+10.5%	$81.8M+7.4%	$76.2M+4.5%	$72.9M	N/A	$155.8M+368.3%	$33.3M
Current Liabilities	$14.4M+29.0%	$11.2M-1.5%	$11.3M-27.0%	$15.5M-11.4%	$17.5M	N/A	$3.4M-78.8%	$15.9M
Long-Term Debt	$82.1M+4.1%	$78.9M+12.5%	$70.1M+16.6%	$60.2M+9.8%	$54.8M	N/A	N/A	$23.7M
Total Equity	-$67.1M+8.3%	-$73.2M-19.1%	-$61.4M-20.1%	-$51.2M-56.5%	-$32.7M-535.0%	-$5.1M+3.6%	-$5.3M-170.3%	$7.6M
Retained Earnings	-$180.9M-14.0%	-$158.8M-13.8%	-$139.5M-59.5%	-$87.5M-33.3%	-$65.6M	N/A	-$5.3M+86.4%	-$39.2M

MRT Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	-$14.8M+41.1%	-$25.1M-68.7%	-$14.9M-172.0%	-$5.5M-35.4%	-$4.0M
Capital Expenditures	$485K+46.0%	$332K-49.1%	$652K	N/A	N/A
Free Cash Flow	-$15.3M+39.9%	-$25.4M-63.7%	-$15.5M	N/A	N/A
Investing Cash Flow	-$542K+47.9%	-$1.0M+78.4%	-$4.8M+40.9%	-$8.2M+64.4%	-$22.9M
Financing Cash Flow	$18.0M+51.8%	$11.8M-58.6%	$28.6M+154.1%	$11.3M-73.9%	$43.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$368K	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q1'23	Q4'22
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	-$6.0M-5386.6%	-$109K+97.9%	-$5.2M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MRT Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	-9.8%-3.7pp	-6.0%-1.1pp	-4.9%+2.9pp	-7.8%-8.1pp	0.3%
Operating Margin	-72.7%+277.3pp	-350.0%-197.2pp	-152.8%-93.2pp	-59.6%-6.3pp	-53.3%
Net Margin	-105.6%+290.3pp	-395.9%-227.1pp	-168.8%-111.8pp	-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%-278.4pp	-84.1%-49.2pp	-34.8%-25.0pp	-9.8%
Current Ratio	0.97-0.0	1.01-0.5	1.47+0.2	1.29+0.2	1.07
Debt-to-Equity	-1.22-0.1	-1.14+0.5	-1.68-4.8	3.12-3.1	6.19
FCF Margin	-38.9%+97.3pp	-136.2%-58.7pp	-77.5%	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q1'23	Q4'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	0.8%	N/A
Current Ratio	0.97-0.0	0.98-0.0	1.01+0.1	0.91-0.6	1.47	N/A	0.05-1.2	1.29
Debt-to-Equity	-1.22-0.1	-1.08+0.1	-1.14+0.0	-1.18+0.5	-1.68	N/A	-29.16-32.3	3.12
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$67.1M), which causes debt-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.

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Frequently Asked Questions

What is Marti Technologies's annual revenue?

Marti Technologies (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's revenue growing?

Marti Technologies (MRT) revenue grew by 110.3% year-over-year, from $18.7M to $39.2M in fiscal year 2025.

Is Marti Technologies profitable?

No, Marti Technologies (MRT) reported a net income of -$41.4M in fiscal year 2025, with a net profit margin of -105.6%.

What is Marti Technologies's EBITDA?

Marti Technologies (MRT) had EBITDA of -$24.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Marti Technologies have?

As of fiscal year 2025, Marti Technologies (MRT) had $7.8M in cash and equivalents against $82.1M in long-term debt.

What is Marti Technologies's gross margin?

Marti Technologies (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's operating margin?

Marti Technologies (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's net profit margin?

Marti Technologies (MRT) had a net profit margin of -105.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Marti Technologies's free cash flow?

Marti Technologies (MRT) generated -$15.3M in free cash flow during fiscal year 2025. This represents a 39.9% change compared to the previous fiscal year. 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's operating cash flow?

Marti Technologies (MRT) generated -$14.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Marti Technologies's total assets?

Marti Technologies (MRT) had $29.8M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Marti Technologies's capital expenditures?

Marti Technologies (MRT) invested $485K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Marti Technologies spend on research and development?

Marti Technologies (MRT) invested $3.0M in research and development during fiscal year 2025.

Does Marti Technologies buy back shares?

Yes, Marti Technologies (MRT) spent $368K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Marti Technologies have outstanding?

Marti Technologies (MRT) had 86M shares outstanding as of fiscal year 2025.

What is Marti Technologies's current ratio?

Marti Technologies (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's debt-to-equity ratio?

Marti Technologies (MRT) had a debt-to-equity ratio of -1.22 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Marti Technologies's return on assets (ROA)?

Marti Technologies (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's cash runway?

Based on fiscal year 2025 data, Marti Technologies (MRT) had $7.8M in cash against an annual operating cash burn of $14.8M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Marti Technologies's debt-to-equity ratio negative or unusual?

Marti Technologies (MRT) has negative shareholder equity of -$67.1M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. 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's Altman Z-Score?

Marti Technologies (MRT) has an Altman Z-Score of -9.51, 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's Piotroski F-Score?

Marti Technologies (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's earnings high quality?

Marti Technologies (MRT) has an earnings quality ratio of 0.36x, considered low quality (accrual-driven). 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.

Can Marti Technologies cover its interest payments?

Marti Technologies (MRT) has an interest coverage ratio of -3.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Marti Technologies?

Marti Technologies (MRT) scores 38 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite 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.