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Marti Technologies [MRT:AMEX]: Revenue Soars 110% in FY2025, But Liquidity Concerns Persist Strong Revenue Growth Despite Net Loss: Marti Technologies [MRT:AMEX] achieved a 110% increase in revenue to $39.2 million in FY2025, surpassing its full-year guidance by 15%, even while reporting a net loss of $41.4 million. Improved Profitability Metrics: The company narrowed its net loss by $32.4 million year-over-year and improved Adjusted EBITDA by $7.2 million to a loss of $12.1 million, while delivering a healthy 61% gross profit margin. Liquidity Concerns Amid Operational Growth: Despite strong operational momentum — including a 103% increase in unique ride-hailing riders and a 72% increase in registered drivers — Marti faces potential liquidity challenges, with a current ratio of 0.98. Marti Technologies, Inc., trading as [MRT:AMEX], operates Türkiye’s leading mobility super app. The company provides comprehensive transportation services through an extensive network of e-mopeds, e-bikes, and e-scooters, along with a popular ride-hailing service connecting passengers with car and motorcycle drivers. On April 13, 2026, Marti Technologies reported its full-year 2025 financial results. The company posted revenue of $39.2 million, representing 110% year-over-year growth and exceeding its own guidance by approximately $5.2 million. This strong top-line performance was driven by successful monetization of its ride-hailing platform. Despite the robust revenue growth, Marti reported a net loss of $41.4 million for FY2025. This represents a significant $32.4 million improvement compared to the prior year. The company also achieved a solid 61% gross profit margin, reflecting improved operational efficiency and the contribution from higher-margin ride-hailing services. On the profitability front, Adjusted EBITDA improved by $7.2 million to a loss of $12.1 million, beating the company’s guidance. This progress was supported by strong user growth, with unique ride-hailing riders up 103% and registered drivers up 72% for the full year. From a balance sheet perspective, Marti presents a mixed picture. The current ratio stands at 0.98, which is below 1.0 and may indicate potential short-term liquidity challenges as the company continues to scale. Additionally, the debt-to-equity ratio is negative (-1.14), reflecting that total liabilities exceed shareholders’ equity — a situation often seen in growth-oriented companies with accumulated losses. Overall, Marti delivered impressive revenue and operational growth in 2025 while making meaningful progress on profitability metrics. However, investors will likely monitor the company’s liquidity position and path to sustainable positive cash flow closely in the coming quarters.