MRT Marti Technologies, Inc.

Overview and Growth

In fiscal 2025, Marti Technologies, Inc. recorded $39.24M of revenue, net loss of $41.45M, and an operating cash outflow of $14.78M. The $39.24M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $18.66M in fiscal 2024, revenue recorded a 110.3% year-over-year increase. The company reported diluted EPS of -$0.53, adding a shareholder-level measure to the absolute income figures considered below. A diluted share base of 78.05M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. At period end, total assets were $29.80M, framing the scale of the company’s operating and financing commitments. Asset turnover was 1.32x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Direct costs exceeded revenue, producing a gross loss of $3.83M before operating expenses. Relative to revenue, the gross deficit measured 9.8% before operating expenses. The company recorded an operating loss of $28.53M after the reported operating expense base. An operating margin of -72.7% reflected costs exceeding revenue-level gross profit by 72.7% of sales. The bottom-line result was a net loss of $41.45M after operating, financing, tax, and other recognized items. The net loss equaled 105.6% of revenue, showing the bottom-line deficit relative to the company’s sales base. Negative EBITDA totaled $24.94M, confirming that the earnings deficit remained before depreciation and amortization. The pretax result was a loss of $41.45M, establishing the deficit before tax effects. Pretax margin was -105.6%, reflecting a pre-tax loss equal to 105.6% of revenue. The net loss equaled 139.1% of period-end assets, showing the deficit relative to the asset base. The bottom-line deficit decreased from $73.88M in fiscal 2024 to $41.45M.

Liquidity and Capital Structure

At period end, the $29.80M asset base was financed through $96.89M of liabilities and -$67.09M of equity. The company reported negative equity of -$67.09M, a capital deficit that reduces its ability to absorb losses through book equity. At period end, current assets of $13.94M compared with current liabilities of $14.39M, defining the company’s short-term resource position. Current assets covered only 0.97x of current liabilities, so current liabilities exceeded current assets at period end. Reported cash and equivalents were $7.81M, separating immediately recognizable cash resources from the rest of the current-asset base. The cash balance equaled 54.2% of current liabilities, showing how much near-term coverage came from cash alone. Borrowings totaled $85.81M, adding a fixed financing obligation alongside the company’s equity capital. Debt represented 287.9% of total assets, placing borrowing in the context of the company’s full resource base. Book equity represented -225.1% of total assets, quantifying the balance-sheet share supported by shareholder capital. Liabilities represented 325.1% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 26.2%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 46.2% higher than fiscal 2024 assets of $20.38M, measuring the company’s own balance-sheet change. The reported cash balance changed 51.6% from $5.15M in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

Operating activities used $14.78M of cash, resulting in an operating cash outflow for the year. Capital expenditures used $485.33K in addition to the operating cash outflow, increasing the total cash consumed by operations and investment during the period. The company recorded a $15.27M cash deficit after capital spending for the period. Free-cash-flow margin was -38.9%, reflecting a cash deficit equal to 38.9% of revenue after capital spending. The free-cash-flow deficit equaled 51.2% of total assets, placing the cash shortfall against the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.