Marti reports first operating profit as quarterly revenue rises 128.1%

Turkish mobility platform Marti reported its first positive quarterly operating income, at $2.7 million, compared with an $8.8 million operating loss a year earlier. Third-quarter revenue rose 128.1% to $24.7 million, the company said in its earnings release. Revenue per trip increased 56.3% to $1.13, while trips rose 45.9% to 21.97 million. Total operating expenses, including revenue costs, increased 11.9%, below revenue growth. Marti generated $1.0 million in operating cash flow for its second consecutive positive quarter, but still recorded a $1.0 million net loss.