Marti Technologies is Türkiye's mobility super app at the first quarter of positive adjusted earnings before interest, taxes, depreciation, and amortization, and the residual claim still sits under a convertible stack that the latest annual report prepared on a going-concern basis. The second-quarter print shows the ride-hailing marketplace converting scale into contribution, not just trips. The investment debate is whether subscription monetization of a now-national footprint can fund that residual claim before country risk and the note overhang reassert themselves.
Revenue more than doubled as platform subscription packages, not fleet rentals, became the monetization engine. Gross margin expanded because cost of revenues grew far slower than volume, which is the operating case bulls want to see compound. The counterargument is that net loss still widened on a large non-cash extinguishment tied to amending the April notes. Cash remains thin against long-term financial liabilities near $82 million. Management is still monetizing only seven of thirty cities.
Adjusted earnings before interest, taxes, depreciation, and amortization flipped to a $3 million profit. Raised full-year guidance now points to $85 million of revenue. The next several quarters resolve whether newly launched cities dilute take rate faster than subscription packages lift it, and whether operating cash use can close before the convertible calendar does.