HEPS Income Statement

Financials in millions TRY. Fiscal year is January - December.

Millions TRY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	84,652	57,047	51,339	38,229	24,792
Revenue Growth (YoY)	48.39%	11.12%	34.29%	54.20%	63.41%
Cost of Revenue	63,112	42,258	40,878	34,199	22,062
Gross Profit	21,540	14,788	10,461	4,030	2,730
Selling, General & Admin	16,505	10,512	8,361	8,036	8,009
Research & Development	828.65	740.63	595.1	436.34	204.24
Other Operating Expenses	3,065	1,470	1,051	1,705	310.01
Operating Expenses	23,570	14,771	11,703	11,397	9,160
Operating Income	-2,030	16.96	-1,242	-7,367	-6,430
Interest Expense	-11,997	-2,866	-1,989	-809.26	-579.19
Interest & Investment Income	4,928	3,104	1,267	777.26	248.54
Currency Exchange Gain (Loss)	-	334.15	2,337	2,481	5,257
Other Non Operating Income (Expenses)	3,356	-2,322	-802.41	-1,875	-1,363
EBT Excluding Unusual Items	-5,742	-1,733	-428.98	-6,794	-2,867
Gain (Loss) on Sale of Investments	-	127.62	342.92	-108.26	-116.68
Legal Settlements	-	-	195.11	-14.81	-346.56
Pretax Income	-5,742	-1,605	109.05	-6,917	-3,330
Income Tax Expense	-43.15	-	-	-	-
Net Income	-5,699	-1,605	109.05	-6,917	-3,330
Net Income to Common	-5,699	-1,605	109.05	-6,917	-3,330
Shares Outstanding (Basic)	317	328	325	326	305
Shares Outstanding (Diluted)	317	328	325	326	305
Shares Change (YoY)	-3.58%	1.09%	-0.36%	6.97%	7.19%
EPS (Basic)	-18.00	-4.89	0.34	-21.22	-10.93
EPS (Diluted)	-18.00	-4.89	0.34	-21.22	-10.93
Free Cash Flow	8,870	3,687	5,581	-990.82	-692.48
Free Cash Flow Per Share	28.01	11.23	17.18	-3.04	-2.27
Gross Margin	25.45%	25.92%	20.38%	10.54%	11.01%
Operating Margin	-2.40%	0.03%	-2.42%	-19.27%	-25.94%
Profit Margin	-6.73%	-2.81%	0.21%	-18.09%	-13.43%
Free Cash Flow Margin	10.48%	6.46%	10.87%	-2.59%	-2.79%
EBITDA	1,141	320.59	-976.08	-6,147	-5,793
EBITDA Margin	1.35%	0.56%	-1.90%	-16.08%	-23.37%
D&A For EBITDA	3,171	303.63	265.75	1,220	637.01
EBIT	-2,030	16.96	-1,242	-7,367	-6,430
EBIT Margin	-2.40%	0.03%	-2.42%	-19.27%	-25.94%
Advertising Expenses	7,306	4,292	3,505	4,200	4,862

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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