Marti Technologies, Inc. MRT
We are a blank check company incorporated as a Cayman Islands exempted company on February 26, 2021. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, or reorganization or engaging in any other similar business combination with one or more businesses or entities, which we refer to throughout this Annual Report on Form 10-K as our initial business combination.
While we may pursue an initial business combination opportunity in any business, industry, sector or geographic region, we intend to focus on technology-enabled financial services businesses in emerging markets. Segments we might explore include, but are not limited to, insurance, reinsurance and insurance services, asset management, retail or investment banking, and merchant acquisition & payment processing.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $33.6K | $417.8K | $664.5K | $436.2K | $17.0M | — |
| Cost of revenue | $15.3M | $21.5M | $24.1M | $27.1M | $17.0M | — |
| Gross profit | -$15.2M | -$21.1M | -$23.4M | -$26.7M | $43.9K | — |
| R&D | $3.0M | $2.0M | $2.0M | $1.9M | $1.0M | — |
| SG&A | $28.1M | $49.2M | $15.1M | $9.0M | $6.1M | — |
| Total operating expenses | $59.3M | $82.1M | $48.5M | $39.7M | $26.1M | — |
| Operating income | -$28.5M | -$65.3M | -$30.6M | -$14.9M | -$9.1M | — |
| Interest expense | $8.6M | $3.7M | $5.9M | $799.5K | $262.9K | — |
| Pre-tax income | -$41.4M | -$73.9M | -$33.8M | -$14.2M | -$13.6M | — |
| Income tax | — | — | — | — | $887.6K | — |
| Net income | -$41.4M | -$73.9M | -$33.8M | -$14.2M | -$14.5M | — |
| EPS, basic | -0.53 | -1.25 | -0.67 | -0.32 | -0.42 | — |
| EPS, diluted | -0.53 | -1.25 | -0.67 | -0.32 | -0.42 | — |
| Shares, diluted (wtd. avg.) | 78.0M | 59.0M | 50.6M | 44.1M | 34.2M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $7.8M | $5.1M | $19.4M | $10.5M | $13.2M | $3.5M |
| Receivables | $503.8K | $203.5K | $188.4K | $375.2K | — | — |
| Inventory | $2.0M | $2.0M | $2.6M | $3.3M | — | — |
| Total current assets | $13.9M | $11.4M | $25.7M | $20.5M | $758.3K | — |
| Property, plant and equipment | $2.7M | $5.5M | $13.5M | $19.3M | — | — |
| Other intangibles | $351.2K | $589.6K | $183.9K | $159.6K | — | — |
| Total assets | $29.8M | $20.4M | $40.2M | $40.9M | $147.5M | — |
| Accounts payable | $4.1M | $1.7M | $2.8M | $3.6M | — | — |
| Short-term debt | $3.7M | $4.6M | $10.4M | $7.3M | — | — |
| Total current liabilities | $14.4M | $11.3M | $17.5M | $15.9M | $706.2K | — |
| Long-term debt | $82.1M | $70.1M | $54.8M | $23.7M | — | — |
| Total liabilities | $96.9M | $81.8M | $72.9M | $33.3M | $5.7M | — |
| Retained earnings | -$180.9M | -$139.5M | -$65.6M | -$39.2M | -$2.0M | — |
| Total equity | -$67.1M | -$61.4M | -$32.7M | $7.6M | $20.5M | $2.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$14.8M | -$25.1M | -$14.9M | -$5.5M | -$4.0M | — |
| Depreciation and amortisation | $3.6M | $8.7M | $10.0M | $9.1M | $5.5M | — |
| Stock-based compensation | $11.3M | $35.7M | $2.0M | $1.7M | $868.8K | — |
| Capital expenditure | $485.3K | $332.4K | $652.4K | — | — | — |
| Investing cash flow | -$541.7K | -$1.0M | -$4.8M | -$8.2M | -$22.9M | — |
| Financing cash flow | $18.0M | $11.8M | $28.6M | $11.3M | $43.1M | — |
| Buybacks | $367.6K | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001213900-26-042974.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | — | $17.0M | $436.2K | $664.5K | $417.8K | $33.6K |
| Gross profit | — | $43.9K | -$26.7M | -$23.4M | -$21.1M | -$15.2M |
| Net income | — | -$14.5M | -$14.2M | -$33.8M | -$73.9M | -$41.4M |
Others in SIC 7510
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| R | RYDER SYSTEM INC | $10.39B | 22.7x | 0.2% |
| UHAL-B | U-Haul Holding Co /NV/ | $9.67B | — | 3.6% |
| CAR | AVIS BUDGET GROUP, INC. | $3.58B | — | -1.2% |
| HTZ | HERTZ GLOBAL HOLDINGS, INC | $644.2M | — | 2.1% |
| VAI | Senmiao Technology Ltd | $31.4M | — | -18.5% |