실적분석 2026년 8월 19일

Marti Technologies ($MRT) Q2 2026 Earnings Analysis — Revenue Beats, First Adjusted EBITDA Profit

Earnings Scorecard

Revenue: $19.99 million (up +140.7% year over year, vs. $19.71 million estimate) ✅ Beat

EPS (earnings per share): GAAP loss per share of -$0.15 (estimate of -$0.07 was on an adjusted basis — different metric, not directly comparable)

Guidance: Reiterated — 2026 full-year revenue of $85 million and adjusted EBITDA of $7 million (same as the July-end proposal)

Stock reaction: +2.00% after hours ($2.04) — as of 09:04 KST on 08-19

Positives

Revenue surprise: $19.99 million beat the $19.71 million estimate; up +141% year over year

First swing to profit: Adjusted EBITDA of $2.91 million, turning positive from a loss a year earlier

Margin expansion: Gross margin of 77%, a sharp rise from 57% a year earlier

The expansion of the ride-hailing marketplace and the ramp of subscription-based monetization moved together, lifting both top-line and profitability metrics. Users and driver counts both exceeded the company's quarterly targets, with city expansion taking shape as the central driver of core-business growth.

Negatives

Wider net loss: Net loss attributable to shareholders of $12.50 million, up +36% year over year

One-time accounting hit: Non-cash debt extinguishment loss of $8.30 million from a change in convertible bond terms

Deeper loss per share: GAAP loss per share of $0.15, wider than $0.12 a year earlier

Cash-flow metrics in the core business improved, but the bottom-line loss looks bigger because of the one-time item. Long-term financial debt balances also rose, so funding and dilution risks remain in play.

What Management Said

Management highlighted the combination of doubled revenue, record gross profit, and the first adjusted EBITDA profit, expressing confidence in second-half growth. The full-year figures themselves were unchanged from the prior outlook, leaving the market to weigh the durability of the profit trajectory rather than any further upside to guidance.

Market Reaction and What to Watch Next

The revenue surprise and the first quarterly adjusted EBITDA profit offset the wider one-time net loss, and the stock edged up after hours.

It remains to be seen whether adjusted EBITDA stays positive through the second half.

The path to the $85 million revenue and $7 million adjusted EBITDA full-year guidance needs to be tracked.

It's time to check progress toward the cumulative ride-hailing users and registered drivers targets at the end of September (4.9 million and 580,000, respectively).