Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Marti Technologies, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
17
25
20
18.7
39.2
Cost of revenue
17
27.1
24.1
21.5
15.3
Gross profit
0.04
-2.1
-4.06
-2.89
24
Research and development
1.04
1.88
1.95
1.96
3.01
Selling and marketing
1.26
1.65
7.35
9.35
13
General and administrative
6.05
9.04
15.1
49.2
28.1
Operating expenses
39.7
48.5
82.1
59.3
Operating income
-9.05
-14.9
-30.6
-65.3
-28.5
Interest income
0.18
2.57
3.56
1.41
1.35
Other non-operating income
2.11
Pre-tax income
-13.6
-14.2
-33.8
-73.9
-41.4
Income tax
0.89
Net income
-14.5
-14.2
-33.8
-73.9
-41.4
EBITDA
-3.58
-5.78
-20.6
-56.6
-24.9
EPS, basic
-0.42
-0.32
-0.67
-1.25
-0.53
EPS, diluted
-0.42
-0.32
-0.67
-1.25
-0.53
Shares, basic (weighted)
34.2
44.1
50.6
59
78
Shares, diluted (weighted)
34.2
44.1
50.6
59
78
Balance sheet
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0.61
10.5
19.4
5.15
7.81
Receivables
0.38
0.19
0.2
0.5
Inventory
3.33
2.61
2.03
1.99
Other current assets
0.15
3.57
3.25
4.04
3.64
Total current assets
0.76
20.5
25.7
11.4
13.9
Property, plant and equipment
19.3
13.5
5.49
2.65
Lease right-of-use assets
0.84
0.8
0.84
0.91
Intangible assets
0.16
0.18
0.59
0.35
Long-term investments
0.1
0.01
Other non-current assets
2.04
12
Total assets
147
40.9
40.2
20.4
29.8
Accounts payable
0.71
3.57
2.8
1.65
4.08
Accrued liabilities
0.71
3.15
0.41
0.75
0.54
Deferred revenue
1.33
1.55
1.85
2.13
Short-term debt
7.29
10.4
4.56
3.69
Total current liabilities
0.71
15.9
17.5
11.3
14.4
Long-term debt
16.4
54.8
70.1
82.1
Lease liabilities
0.67
0.28
0.09
0.14
Other non-current liabilities
0.36
0.33
0.29
0.25
Total liabilities
5.74
33.3
72.9
81.8
96.9
Total debt
23.7
65.3
74.7
85.8
Paid-in capital
0
Retained earnings
-2.03
-39.2
-65.6
-139
-181
Treasury stock
-0.37
Other comprehensive income
-7.56
-7.56
-7.56
-7.56
Shareholders' equity
20.5
7.6
-32.7
-61.4
-67.1
Total equity
20.5
7.6
-32.7
-61.4
-67.1
Total liabilities and equity
147
40.9
40.2
20.4
29.8
Cash flow statement
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-14.5
-0.84
-33.8
-73.9
-41.4
Depreciation and amortization
5.47
9.1
10
8.69
3.59
Stock-based compensation
0.87
1.66
1.99
35.7
11.3
Change in receivables
-0.19
-0.21
0.19
-0.02
-0.3
Change in inventory
-1.75
-2.1
0.66
0.27
0.02
Change in payables
2.37
1.66
-0.78
-1.15
2.43
Cash from operations
-4.04
-5.47
-14.9
-25.1
-14.8
Capital expenditures
-0.65
-0.33
-0.49
Cash from investing
-22.9
-8.16
-4.82
-1.04
-0.54
Stock issued
0.17
Share buybacks
-0.37
Cash from financing
43.1
11.3
28.6
11.8
18
Exchange rate effect
-6.45
-0.35
8.93
-14.3
2.66
Net change in cash
9.71
-2.72
8.93
-14.3
2.66
Free cash flow
-15.5
-25.4
-15.3
Interest paid
0.18
0.9
0.45
5.28
7.02
Income taxes paid
0.53
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.15 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
61.1%
Gross profit / revenue.
Operating margin
-72.7%
Operating income / revenue.
EBITDA margin
-63.6%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-105.6%
Pre-tax income / revenue.
Net margin
-105.6%
Net income / revenue.
FCF margin
-38.9%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-37.7%
Cash from operations / revenue.
Return on assets (ROA)
-165.2%
Net income / average total assets.
Return on invested capital (ROIC)
-237.2%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
7.7%
Research and development expense / revenue.
Stock-based pay / revenue
28.7%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1.2%
Capital expenditures / revenue.
D&A / revenue
9.1%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
110.3%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
16.2%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
46.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-10.0%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
32.4%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
21.0%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.97x
Current assets / current liabilities.
Quick ratio
0.58x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.54x
(Cash + short-term investments) / current liabilities.
Debt / assets
287.9%
Total debt / total assets.
Liabilities / assets
325.1%
Total liabilities / total assets.
Net debt
$78.0M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.53
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$0.53
Net income per basic share, as reported (split-adjusted).
Revenue per share
$0.50
Revenue / diluted weighted shares.
FCF per share
-$0.20
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.19
Cash from operations / diluted weighted shares.
Book value per share
-$0.86
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
4.71x
Market cap / revenue.
EV/Sales
6.70x
Enterprise value / revenue.
FCF yield
-8.3%
Free cash flow / market cap.
Earnings yield
-22.4%
Net income / market cap (the inverse of P/E).
Shareholder yield
0.2%
(Dividends paid + share buybacks) / market cap.
What was Marti Technologies, Inc.'s revenue in fiscal 2025?
Marti Technologies, Inc. reported revenue of $39.2M for fiscal 2025, 110.3% higher than the year before.
Was Marti Technologies, Inc. profitable in fiscal 2025?
No. It reported a net loss of $41.4M.
How much free cash flow did Marti Technologies, Inc. generate in fiscal 2025?
Cash from operations of $14.8M minus capital expenditures of $485.3K left free cash flow of -$15.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.