Marti extends share buyback program until April 2026

ISTANBUL - Türkiye’s mobility super app Marti Technologies, Inc. (NYSE American:MRT), currently valued at $155 million, announced Wednesday an extension to its share repurchase program, allowing the company to buy back up to $2.5 million of its outstanding Class A ordinary shares until April 9, 2026.

The program, initially launched on January 10, 2024, was previously set to expire on October 9, 2025. Marti’s board maintained the maximum purchase price of $6.00 per share, significantly above the company’s closing price of $2.00 as of Wednesday. According to InvestingPro data, the stock has declined over 35% in the past six months, though analysts maintain price targets ranging from $3 to $7 per share. Technical indicators suggest the stock is currently in oversold territory.

The repurchase program takes effect immediately, with the company able to buy shares through private negotiations or open-market transactions in compliance with securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934.

Management will determine the specific timing and amount of repurchases based on various factors, including their assessment of the shares’ intrinsic value, market conditions, available liquidity, and the company’s business strategy. While InvestingPro analysis indicates strong revenue growth of nearly 30% in the last twelve months, the company’s overall financial health score remains weak, with 13 additional key insights available to subscribers.

The board retains the authority to review the program periodically and may extend its terms, increase the authorized amount, or suspend or discontinue it at any time.

Marti operates ride-hailing services matching riders with car, motorcycle, and taxi drivers, while also maintaining a fleet of rental e-mopeds, e-bikes, and e-scooters throughout Türkiye, according to the company’s press release statement. The company’s gross profit margin stands at 23%, reflecting its operational efficiency in the competitive mobility sector.

In other recent news, Marti Technologies has been added to the S&P Global Broad Market Index, effective September 22, 2025. This inclusion reflects the company’s growing presence in the global market. Marti Technologies has reported a 70% year-over-year revenue growth for the first half of 2025, driven by the expansion of its ride-hailing business and entry into six new cities. Benchmark has maintained a Buy rating on Marti Technologies with a $5 price target, citing strong performance. Meanwhile, Cantor Fitzgerald has reiterated its Neutral rating with a $3 price target, noting that while revenue was in line with expectations, EBITDA fell slightly short.

The company has surpassed its ride-hailing targets ahead of schedule, reaching 2.52 million riders and 357,000 registered drivers by August 12. New goals have been set for 3.30 million riders and 450,000 drivers by the end of the year. In a strategic move, Marti announced plans to hold approximately 20% of its cash reserves in Bitcoin, with the potential to increase crypto holdings to 50% and possibly include other digital assets like Ethereum and Solana. This decision forms part of a new corporate treasury strategy, with all assets held through a regulated custodian.

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