Hitit (HTTBT), a provider of airline and travel technology solutions, increased its sales revenue by 14% in the first nine months of 2026, reaching USD$ 35.5M. The company recorded an EBITDA margin of 41%, while passenger volume processed through its technology platforms grew by 12%.
6 November 2026, Istanbul – Hitit (HTTBT), which develops software and technology solutions for the airline and travel industries, has announced its financial results for the first nine months of 2026. The company’s sales revenue increased by 14% compared to the same period last year, reaching USD$ 35.5M. Hitit recorded EBITDA of USD$ 14.4M and an EBITDA margin of 41% during the period, while net profit stood at USD$ 7.1M.
With 81% of its revenue generated in foreign currencies and SaaS accounting for 72% of total sales, Hitit continued to serve 73 partners across 51 countries on six continents. Passenger volume processed through the company’s technology platforms increased by 12% year-on-year, while its net cash position stood at USD$ 3.7M as of September 30, 2026.
“We Manage Our Financial Resources with a Focus on Investment and Efficiency”
Hitit’s CFO Sezer Tuğ Özmutlu, commented on the company’s financial performance and investment strategy: “In the first nine months of 2026, we increased our sales revenue by 14% to USD$ 35.5M, while achieving EBITDA of USD$ 14,4M and an EBITDA margin of 41%. With net profit reaching USD$ 7.1M during the period, we remained focused on managing our investments and financial resources in a balanced manner to support our growth. Generating 81% of our revenue in foreign currencies, while most of our costs are denominated in Turkish lira, provides a natural hedge against currency fluctuations. Meanwhile, SaaS revenue, which accounts for 72% of our total sales, supports our recurring revenue model and contributes to greater financial predictability.
During this period, we invested USD$ 16.0M in technology and product development, equivalent to 45% of our sales revenue. We view these investments not simply as expenditures addressing today's needs, but as strategic allocations of resources that strengthen our future growth potential and competitive position. While continuing to invest in areas that we expect to contribute to economies of scale and operational efficiency over the medium term, our net cash position stood at USD$ 3.7M as of September 30, 2026. Our priority is to maintain financial flexibility by carefully balancing cash flow from operations, investments and other cash outflows.
Hitit’s management vision goes beyond managing periodical results. It is about building a structure that translates investments in technology into sustainable profitability, strong cash generation and long-term value for stakeholders. With this in mind, we place equal importance on the quality and pace of growth, combining financial discipline with innovation in our resource allocation. Our goal is to maintain a strong balance sheet today while preserving the flexibility to invest in tomorrow's growth opportunities. We see a resilient financial structure that supports Hitit's technology vision and enables us to respond swiftly to opportunities while navigating uncertainty as a fundamental part of this approach.”
"Hitit Expands Its Global Export Network Despite Challenging Industry Conditions"
Hitit’s CEO Nevra Onursal Karaağaç, commented on the company's global operations and technology development initiatives: “Despite the continued impact of high fuel costs, geopolitical developments and economic uncertainty on the aviation industry, we maintained our strong performance and delivered a successful first nine months of 2026. During Q3, covering July–September, we successfully added new airlines to our customer portfolio and expanded our export markets, despite the continued challenges facing the aviation industry and the difficult operating conditions airlines have been navigating. A key factor behind this achievement has been our unwavering commitment to technology investments and product development, keeping pace with our partners' evolving needs. As airlines across different regions of the world face increasingly diverse requirements, their expectations of technology providers are also changing. Alongside deepening our collaborations with existing partners, we continue to explore opportunities in new markets and evolve our products to meet the changing needs of the airline industry.’’
“Building on Our Digital Transformation Expertise Through Artificial Intelligence”
This year, we introduced numerous new functionalities across Crane, our comprehensive portfolio of solutions covering passenger services, operational planning, accounting and cargo processes. These enhancements help airlines improve passenger satisfaction and loyalty while delivering greater operational agility, efficiency and profitability. Through developments guided by our AI-focused roadmap, we are helping airlines prepare for the future. For years, Hitit’s technology has supported airlines throughout their digital transformation journeys. Today, we are building on this experience and taking it further through our work in artificial intelligence. The convergence of digital transformation and AI will bring significant benefits to airlines across multiple areas, from operational efficiency and revenue optimization to passenger experience and decision-making. Playing a role in shaping this transformation and contributing to the future of the aviation and travel industries is a major source of motivation for us.”
Ms. Karaağaç also shared updates on the company's new products beyond the Crane portfolio: “Airline retailing, payment systems and distribution technologies are among our key areas of focus. In airline retailing, one of the industry's most significant technology transformations in recent years, our Hitit Oxygen platform served more than 10 million passengers in its first year. In September, we had the opportunity to present our technology initiatives in Offer and Order Management and payment settlement to industry representatives at IATA's Demo Day event in Geneva. We are also making significant progress in payment technologies, an integral part of the airline and travel ecosystem, through Hitit Elektrum. We have gained strong momentum in moving from product development towards commercialization. Looking ahead, we will continue to develop next-generation solutions that support airlines' commercial and operational processes, expand our technology portfolio and contribute to the industry's transformation.”
Advancing Development Across Next-Generation Technology Platforms
Hitit continued its product development efforts in airline retailing, payment technologies and distribution systems. Discussions with various airlines regarding the adoption of Hitit Oxygen are ongoing, while the migration of Hitit Elektrum's smart routing, card vault and rule-based fraud prevention modules to the new infrastructure has been largely completed. AI-powered test automation and quality assurance processes have also been enhanced.
The Agency Distribution System (ADS) has also been expanded with a new product catalogue covering non-flight services such as hotels, car rentals, transfers, lounges, insurance and e-SIM services. Contracting and integration work with service providers for these offerings is ongoing, with the aim of expanding distribution channels and creating new revenue models.