Aug 19, 2026 earnings call — Positive adjusted EBITDA and Tensor autonomous partnership
Adjusted EBITDA turned positive at $2.9 million; company raised fiscal 2026 revenue guidance to $85 million.
Revenue $0.0B (est $0.0B) · EPS $-0.15 (est $-0.07)
Key quotes
"We continue to deliver strong growth while achieving positive adjusted EBITDA for the first time."
"Ride-hailing remains a strong growth engine across our 20-city footprint, which we have since expanded into 30 cities in Q3 with strong performance in both Istanbul and non-Istanbul markets."
"As the first strategic step in this strategy, we entered into a multiyear partnership with Tensor to deploy autonomous vehicles on the Marti platform while engaging with additional technology and vehicle providers."
Analyst Q&A 5
gross profit margin limit
Q (Theodore O'Neill · Litchfield Hills): He asked if the gross profit margin still has a ceiling near 78% and whether such high margins might attract competitors.
A: Management said last quarter gross profit margin was 72% and they did not specifically set a 78% ceiling. They said there will be a ceiling because of physical-world costs, and they believe figures around 80% are sustainable. If competition enters, they will address any impact at that time.
"But for the foreseeable future, we do believe that the figures in the current ballpark of 80% are sustainable." — Cankut Durgun (COO)
why raise revenue and EBITDA forecasts
Q (Rohit Kulkarni · ROTH Capital Partners): He asked how much second-half revenue growth comes from existing versus new cities, why revenue guidance was raised, and how to think about EBITDA, margins, and operating leverage.
A: They raised revenue guidance because trip volume grew much faster than expected, and they expect to reach their $85 million revenue target as long as that volume growth continues. There are no new-city monetization assumptions in the forecast. On adjusted EBITDA, if gross profit stays in the 80% range they expect to hit the $7 million target and still have room to invest; they noted $2.9 million of EBITDA this quarter and that implies roughly $6 million more across the next two quarters.
"As a result, as long as that volume growth continues, as took place in the first half, we do foresee reaching our $85 million revenue target for the year." — Cankut Durgun (COO)
autonomous vehicles timeline and parcel delivery
Q (John Halpert · Cantor Fitzgerald): He asked the realistic timeline for Tensor autonomous deployment and whether Marti would take CapEx or JV funding commitments versus being a demand aggregator. He also asked how big parcel delivery can be and how it will monetize.
A: They said first they must prove the AV technology works and is safe in Türkiye before scaling or making larger financing commitments, and the AV sector is currently supply-constrained so timelines depend on suppliers and regulatory pilots. Their goal is to build an autonomous vehicle alliance providing demand, operations and maintenance and to work with multiple providers. On parcel delivery, they say parcel delivery is about 10% to 20% of the delivery market today, current parcel service excludes merchant integrations, and they are in Phase 1 with plans to expand outside Istanbul following the same city-launch playbook as ride-hailing.
"In response to your first question, Jack, so the Tensor deployment, it's going to -- first, we have to prove that the technology works and is safe in Türkiye, right?" — Cankut Durgun (COO)
seasonality and city monetization timing
Q (Richard Ryan · Oak Ridge Financial): He asked if stronger spring/summer gross margins will carry into winter, whether H2 revenue skews to Q3, how many of the expanded 20 cities are monetized and when the 10 new cities will be monetized, and their 2027 aspirations.
A: They said there is a seasonal component but it's not very large; ride-hailing still grows in winter, just less than in summer, and if growth continues gross margins should continue to reflect that. On quarter timing, historically growth pace is lower in Q4 than Q3 but growth should continue into Q4. Monetization of the 10 new cities would be 2027 at the earliest and today they are monetizing 7 of the 30 cities. For 2027 they said the plan is more users, more drivers, higher usage and more revenue—'grow baby grow.'
"There is a seasonal component, but it's not very large." — Cankut Durgun (COO)
take rate and capital allocation
Q (Yanfang Jiang · The Benchmark Company): She asked what the effective take rate is in the 7 monetized cities and how the take rate will evolve as cities mature, and she asked where they will incrementally invest in H2 given the upgraded EBITDA and ongoing buyback program.
A: They said the take rate is in the mid-teens at the country level and they do not break it out by city; the 7 monetized cities are the earlier, larger cities. On capital allocation, they have up to a $2.5 million buyback active and may continue buybacks if the share price remains undervalued, but as a growth-stage company the majority of incremental investment will go to grow ride-hailing—new city launches, rider and driver acquisition, marketing and reengaging users.
"So our take rate remains to be in the mid-teens, and that's at the sort of total scale of the operations, right?" — Cankut Durgun (COO)