Marti surpasses ride-hailing targets in Türkiye

Marti Technologies (MRT), a Turkish mobility app, announced it has exceeded its June 2025 targets for riders and drivers, reaching 2.15 million riders and 314,000 drivers as of June 3rd. Despite exceeding these operational goals and a strong 60% stock return over the past year, the company faces profitability challenges, reporting a negative gross profit margin and negative EBITDA. The company has set new targets of 2.5 million riders and 350,000 drivers by September 30, 2025, and analysts have issued buy ratings with price targets suggesting significant upside potential.

Analysis

Marti Technologies, Inc. (MRT) has demonstrated notable operational progress, surpassing its rider and driver targets set for June 30, 2025, by achieving 2.15 million riders and 314 thousand registered drivers as of June 3. This represents a significant milestone, further evidenced by a 12.7% increase in riders and an 8.3% rise in registered drivers reportedly between March 25 and June 3, 2025. The company's substantial driver presence in Istanbul, with 241 thousand registered drivers compared to 20 thousand taxis, underscores its dominant market availability. However, this operational growth, which has contributed to a 60% stock return over the past year, is contrasted by challenging financial metrics, including a negative gross profit margin of -15.16% and negative EBITDA of -$57.04 million over the last twelve months. In response to its growth, Marti has set more ambitious targets: 2.50 million riders and 350 thousand drivers by September 30, 2025. Analyst sentiment appears positive, with Roth/MKM and Litchfield Hills Research initiating coverage with Buy ratings and price targets of $5.75 and $7.00, respectively, suggesting considerable upside from its current $218 million valuation. Strategic initiatives include the appointment of a new CFO and an extended share repurchase program up to $2.5 million. Despite these positive operational and analyst outlooks, InvestingPro's AI analysis did not rank MRT highly among undervalued stocks, and the company acknowledges that its forward-looking statements involve risks. The McKinsey & Company estimate of the Turkish ride-hailing market potentially expanding to $15-$20 billion by 2030 under a disruptive scenario provides a favorable long-term market context.

Key Decisions for Investors

• Investors should weigh Marti's impressive user growth and early achievement of operational targets against its current significant unprofitability, characterized by a negative gross profit margin and EBITDA.
• Monitor the company's ability to meet its revised, aggressive targets for September 30, 2025, and scrutinize upcoming financial reports for any improvement in profitability metrics, particularly gross margin and EBITDA.
• Consider the substantial upside potential indicated by analyst price targets, but balance this with the company's current financial health challenges and the cautionary note from InvestingPro's AI analysis regarding its valuation.
• Assess the potential impact of the new CFO appointment and the share repurchase program on financial performance and shareholder value, while remaining cognizant of the inherent risks associated with the company's forward-looking projections in a dynamic market.