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ISTANBUL - Marti Technologies, Inc. (NYSE American: MRT), Türkiye’s premier mobility super app, has recently announced surpassing its June 30, 2025 goals, reaching 2.15 million riders and 314 thousand registered drivers as of June 3. This achievement exceeds the set targets of 2.15 million riders and 310 thousand drivers. The company, currently valued at $218 million, has shown mixed financial signals according to InvestingPro data, with a strong 60% stock return over the past year despite recent market volatility.
The company recorded a 12.7% increase in riders and an 8.3% rise in registered drivers from March 25 to June 3, 2025. Marti attributes this growth to the high demand for its ride-hailing service, which aims to provide safe, accessible, and economical transportation options for users, while also offering economic opportunities for drivers across different income levels. While operational metrics show promise, InvestingPro analysis reveals challenges with a -15.16% gross profit margin and negative EBITDA of -$57.04 million in the last twelve months. Subscribers can access 10+ additional ProTips and detailed financial metrics.
In light of this performance, Marti has revised its objectives, setting a new target of 2.50 million riders and 350 thousand registered drivers by September 30, 2025. A significant portion of Marti’s driver base operates in Istanbul, Türkiye’s largest city, where 241 thousand of its registered drivers contrast with the 20 thousand taxis available. With a driver fleet more than twelve times the size of the city’s taxi service, Marti boasts widespread availability throughout Istanbul. The company ensures rider safety through formal background checks on its drivers, who have earned an average rating of 4.8 out of 5 stars from riders.
Consultancy group McKinsey & Company estimated the Turkish taxi market to be worth between $9 billion and $12 billion as of 2021 and projected that ride-hailing could expand the market to $15 billion to $20 billion by 2030 under a "Disruptive Scenario." This forecast suggests that ride-hailing services like Marti could contribute to increased convenience and cost savings for customers.
Marti, established in 2018, is Türkiye’s leading mobility app, offering a variety of transportation services, including car, motorcycle, and taxi rides, as well as a large fleet of rental e-mopeds, e-bikes, and e-scooters, all supported by proprietary software and IoT infrastructure. The company’s current market position shows potential, with analyst price targets ranging from $3 to $7, suggesting significant upside potential despite current challenges with profitability.
The company’s statements regarding its anticipated growth and market opportunities are forward-looking and involve risks and uncertainties. These projections are not guaranteed and could differ materially from actual results. Marti has stated it has no obligation to publicly update any forward-looking statements unless required by law. The information for this article is based on a press release statement.
In other recent news, Marti Technologies has announced the appointment of Cenk Özeker as its new Chief Financial Officer, signaling a strategic move to bolster growth. The company, based in Türkiye, is also celebrating surpassing its rider and driver targets as of March 25, 2025, with 1.91 million riders and 290,000 registered drivers. Looking ahead, Marti aims to reach 2.15 million riders and 310,000 drivers by June 30, 2025. In terms of analyst perspectives, Roth/MKM has initiated coverage with a Buy rating and a price target of $5.75, while Litchfield Hills Research also started coverage with a Buy rating, setting a $7.00 price target. These ratings reflect confidence in Marti’s growth prospects and competitive positioning in the shared mobility market. Additionally, Marti has extended its share repurchase program, now allowing the buyback of up to $2.5 million of Class A ordinary shares, with a revised ceiling price of $6.00 per share. This initiative is part of the company’s broader strategy to enhance shareholder value. These developments highlight Marti Technologies’ continued focus on expansion and financial performance.
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