$MRT

Marti Technologies, Inc.

CIK:0001852767|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 39,241,487	$ 18,659,655	$ 20,029,552
Operating expenses:
Cost of revenues	(15,253,318)	(21,548,566)	(24,084,598)
General and administrative expenses	(28,051,013)	(49,248,578)	(15,130,045)
Selling and marketing expenses	(12,953,898)	(9,347,807)	(7,347,777)
Research and development expenses	(3,007,443)	(1,963,025)	(1,954,842)
Other expenses	(9,399,169)	(3,055,655)	(2,773,643)
Other income	891,241	1,194,039	657,926
Total operating expenses	(67,773,600)	(83,969,592)	(50,632,979)
Loss from operations	(28,532,113)	(65,309,937)	(30,603,427)
Fair value gain on derivative instrument	1,381,157
Financial income	1,350,670	1,408,491	3,561,427
Financial expense	(15,645,752)	(9,979,536)	(6,772,719)
Loss before income tax expense	(41,446,038)	(73,880,982)	(33,814,719)
Income tax expense
Net loss	(41,446,038)	(73,880,982)	(33,814,719)
Net loss attributable to stockholders	(41,446,038)	(73,880,982)	(33,814,719)
Other comprehensive loss
Foreign currency translation adjustments
Total comprehensive loss	$ (41,446,038)	$ (73,880,982)	$ (33,814,719)
Net loss per share
Weighted average shares used to compute basic and diluted net loss per share (in Shares)	78,047,498	58,966,238	50,578,134
Weighted average shares used to compute diluted net loss per share (in Shares)	78,047,498	58,966,238	50,578,134
Net loss per common share – basic (in Dollars per share)	$ (0.53)	$ (1.25)	$ (0.67)
Net loss per common share – diluted (in Dollars per share)	$ (0.53)	$ (1.25)	$ (0.67)

Consolidated Statement of Cash Flows - USD ($)	12 Months Ended
Consolidated Statement of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flow from operating activities
Net loss	$ (41,446,038)	$ (73,880,982)	$ (33,814,719)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,587,348	8,691,138	10,044,644
Loss on disposal of assets	32,120		566,676
Share-based, compensation, net	11,280,399	35,660,544	1,991,884
Interest expense-income, net	8,608,879	3,680,822	5,910,128
Fair value gain on derivative instrument	(1,381,157)
Foreign exchange gains	(720,095)	(396,626)	(2,726,407)
Provision for inventory obsolescence	18,244	316,664	62,805
Other non-cash	834,078	(17,293)	1,542,985
Changes in operating assets and liabilities:
Account receivable	(300,298)	(15,164)	186,796
Inventories	21,075	265,103	657,574
Other current assets	933,388	977,967	96,027
Accounts payable	2,425,634	(1,145,470)	(777,408)
Deferred revenue	284,104	294,840	221,803
Accrued expenses and other current liabilities	1,041,067	491,393	1,171,435
Net cash used in operating activities	(14,781,252)	(25,077,064)	(14,865,777)
Cash flow from investing activities
Purchase of vehicles			(4,086,670)
Purchase of property and equipment	(485,329)	(332,354)	(652,374)
Purchase of intangible assets	(56,402)	(706,924)	(102,150)
Proceeds from disposal of property and equipment			21,306
Net cash used in investing activities	(541,731)	(1,039,278)	(4,819,888)
Cash flow from financing activities
Repurchases of shares	(367,632)
Net proceeds from reverse acquisition			29,629,196
Proceeds from issuance of convertible notes	19,929,687	18,000,000	7,500,000
Proceeds from exercise of employee share options	167,930
Repayment of convertible notes		(930,000)
Repayment of term loans	(1,750,000)	(5,138,890)	(7,201,820)
Re-purchase of warrants		(89,970)	(1,315,222)
Net cash generated from financing activities	17,979,985	11,841,140	28,612,154
Increase/(Decrease) in cash and cash equivalents	2,657,002	(14,275,202)	8,926,489
Net increase/(decrease) in cash and cash equivalents	2,657,002	(14,275,202)	8,926,489
Cash and cash equivalents at beginning of the year	5,148,857	19,424,059	10,497,570
Cash and cash equivalents at ending of the year	7,805,859	5,148,857	19,424,059
Supplemental disclosures of cash flow information:
Interest paid, net	(7,020,300)	(5,284,030)	(447,730)
Conversion of convertible notes into shares	$ 2,220,431	$ 2,000,000

Consolidated Balance Sheets - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 7,805,859	$ 5,148,857
Accounts receivable, net	503,820	203,522
Inventories	1,990,925	2,030,244
Other current assets	3,639,417	4,035,397
Total current assets	13,940,021	11,418,020
Non-current assets
Property and equipment	2,653,810	5,493,171
Operating lease right of use assets	907,418	837,348
Intangible assets	351,212	589,588
Other non-current assets	11,950,000	2,040,522
Total non-current assets	15,862,440	8,960,629
Total assets	29,802,461	20,378,649
Current liabilities
Short-term financial liabilities, net	3,694,936	4,555,895
Accounts payable	4,076,540	1,650,906
Operating lease liabilities	620,095	484,043
Deferred revenue	2,129,152	1,845,048
Accrued expenses and other current liabilities	3,868,532	2,786,556
Total current liabilities	14,389,255	11,322,448
Non-current liabilities
Long-term financial liabilities, net	82,116,160	70,119,275
Operating lease liabilities	135,715	87,713
Employee benefit liabilities	249,215	290,124
Total non-current liabilities	82,501,090	70,497,112
Total liabilities	96,890,345	81,819,560
Commitments and contingencies (Note 23)
Stockholders’ equity
Common stock	8,604	6,327
Share premium	121,762,359	85,597,939
Treasury shares	(367,632)
Accumulated other comprehensive loss	(7,557,999)	(7,557,999)
Accumulated deficit	(180,933,216)	(139,487,178)
Total stockholders’ equity	(67,087,884)	(61,440,911)
Total liabilities and stockholders’ equity	$ 29,802,461	$ 20,378,649