Marti Technologies(MRT)

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Marti Announces Amendment to Extend Its Share Repurchase Program
Businesswire· 2025-10-02 10:00
ISTANBUL--(BUSINESS WIRE)--Türkiye's leading mobility super app Marti Technologies, Inc. ("Marti†or the "Company†) (NYSE American: MRT) today announced an amendment to extend its share repurchase program. The Company's Board of Directors (the "Board†) authorized a six month extension to its share repurchase program under which the Company may repurchase up to $2.5 million of its outstanding Class A ordinary shares until April 9, 2026. The share repurchase program was originally initiated on Ja. ...
Marti Technologies Added to S&P Global Broad Market Index (BMI)
Businesswire· 2025-09-25 10:03
Sep 25, 2025 6:03 AM Eastern Daylight Time Founded in 2018, Marti is Türkiye's leading mobility app, offering a wide variety of transportation services. Marti operates a ride-hailing service that matches riders with car, motorcycle and taxi drivers and also operates a large fleet of rental e-mopeds, e-bikes and e-scooters. All of Marti's offerings are serviced by proprietary software systems and IoT infrastructure. For more information, visit www.marti.tech. Cautionary Note Regarding Forward-Looking Stateme ...
Marti Technologies, Inc. (NYSE:MRT) Financial Overview and Growth in Ride-Hailing Sector
Financial Modeling Prep· 2025-09-23 02:00
Core Insights - Marti Technologies, Inc. (MRT) is a prominent player in Türkiye's mobility sector, particularly known for its comprehensive ride-hailing super app [1] - The company reported a significant increase in ride-hailing riders, reaching 2.28 million, which is a 107% rise year-over-year [1][5] - MRT's earnings report showed an EPS of -0.31, aligning with estimates, while revenue was $14.33 million, slightly below the expected $14.43 million [2][5] Financial Metrics - MRT has a price-to-sales ratio of 9.62, indicating a high market valuation relative to its sales [3][5] - The enterprise value to sales ratio is 13.37, suggesting a substantial valuation when factoring in debt and cash [3] - The company has a negative price-to-earnings ratio of -1.87 and an earnings yield of -53.39%, reflecting ongoing financial difficulties [3] - MRT's enterprise value to operating cash flow ratio is -9.95, highlighting cash flow challenges [4] - The debt-to-equity ratio of -1.22 indicates that MRT has more liabilities than equity [4] - Despite financial hurdles, MRT maintains a current ratio of 1.69, suggesting adequate current assets to cover short-term liabilities [4]
Marti Technologies(MRT) - 2025 H1 - Earnings Call Transcript
2025-09-22 13:32
Financial Data and Key Metrics Changes - Revenue increased by 70% from $8.4 million in H1 2024 to $14.3 million in H1 2025, primarily due to the monetization of the ride-hailing service [18] - Adjusted EBITDA improved by $5.4 million from negative $11.3 million in H1 2024 to negative $6 million in H1 2025 [20] - Cost of revenues decreased by 25% from $9.9 million in H1 2024 to $7.4 million in H1 2025 [18][19] Business Line Data and Key Metrics Changes - Unique ride-hailing riders grew from 1.1 million to 2.3 million year-over-year in H1 2025, a 107% increase [11] - Registered ride-hailing drivers increased from 171,000 to 327,000, a 92% year-over-year growth [11] - Total rides increased from 13.7 million in H1 2024 to 19.2 million in H1 2025 [17] Market Data and Key Metrics Changes - The company expanded its operations into six new metropolitan areas, increasing its reach to 10 cities, covering approximately half of Türkiye's population [7][8] - The share of riders based outside Istanbul grew from 13% to 24% over the last year, indicating strong demand in new markets [36] Company Strategy and Development Direction - The company is focusing on ride-hailing as its primary strategic direction, with plans to capture a $3 billion annual revenue opportunity in the ride-hailing market [12] - Investments are being made in building organizational capabilities, including AI engineering and performance marketing, to enhance operational efficiency and market position [9][10] - The company aims to reach 3.3 million riders and 450,000 registered drivers by the end of 2025 [11] Management's Comments on Operating Environment and Future Outlook - Management believes 2025 will be pivotal for scale and financial performance, with expectations to nearly double revenue from $18.7 million in 2024 to $34 million in 2025 [5][20] - The company is optimistic about the demand for ride-hailing services in Türkiye, especially in cities that have not previously experienced tech-based mobility solutions [34][35] Other Important Information - The company is the largest electric vehicle operator in Türkiye and the number one urban mobility app on both iOS and Android platforms [6] - The average App Store rating is 4.9 out of 5, reflecting positive user sentiment and engagement [10] Q&A Session Summary Question: What is the target level for two-wheeled electric vehicles deployed? - Management indicated that two-wheeled electric vehicles are integral to the service offering and will be reevaluated in summer 2026 based on customer needs and traffic to ride-hailing [22][23][24] Question: How is driver supply and AI engineering impacting the business? - There are no constraints in onboarding additional drivers, with driver supply increasing year-over-year. AI engineering is critical for optimizing pricing and enhancing rider and driver experiences [26][29] Question: What are the current take rates compared to global benchmarks? - Current take rates are in the high single digits, with significant upside potential for future increases [33] Question: How does the company balance growth and profitability? - The company is focused on growth while maintaining low take rates to capture market share, with plans to reassess the balance between fundraising and take rates in the future [42][64] Question: What is the strategy regarding the regulatory environment in Türkiye? - The company believes it is uniquely positioned to introduce and regulate new transportation services in Türkiye [48] Question: How does the company view its crypto treasury strategy? - The crypto strategy is designed to diversify non-operating cash, primarily held in USD, with a small fraction in Bitcoin as a store of value [50][51]
Marti Technologies(MRT) - 2025 H1 - Earnings Call Transcript
2025-09-22 13:32
Financial Data and Key Metrics Changes - Revenue increased by 70% from $8.4 million in the first half of 2024 to $14.3 million in the first half of 2025, primarily due to the monetization of the ride-hailing service [18] - Adjusted EBITDA improved by $5.4 million from negative $11.3 million in the first half of 2024 to negative $6 million in the first half of 2025 [20] - Cost of revenues decreased by 25% from $9.9 million in the first half of 2024 to $7.4 million in the first half of 2025 [18][19] Business Line Data and Key Metrics Changes - Unique ride-hailing riders increased from 1.1 million to 2.3 million year-over-year in the first half of 2025, a growth of 107% [11] - Registered ride-hailing drivers grew by 92% year-over-year, from 171,000 to 327,000 [11] - Total rides increased from 13.7 million in the first half of 2024 to 19.2 million in the first half of 2025 [17] Market Data and Key Metrics Changes - The company expanded its operations into six additional metropolitan areas, bringing its total to ten cities, which represent approximately half of Türkiye's population and nearly two-thirds of its GDP [7][8] - The share of riders based outside of Istanbul grew from 13% to 24% over the last year, indicating strong demand in new markets [36] Company Strategy and Development Direction - The company is focusing on ride-hailing as its primary strategic direction, with plans to capture an estimated $3 billion annual revenue opportunity in the ride-hailing business [12] - Investments are being made in building organizational capabilities to support rapid growth in ride-hailing, including the introduction of new departments such as AI engineering and performance marketing [9][10] - The company aims to reach 3.3 million riders and 450,000 registered drivers by the end of 2025 [11] Management's Comments on Operating Environment and Future Outlook - Management believes that 2025 will be a pivotal year for scale and financial performance, with strong revenue growth and significant improvement in adjusted EBITDA [4] - The company is optimistic about the demand for ride-hailing services in Türkiye, especially in secondary cities that have not previously experienced tech-based mobility solutions [34][35] - The management is confident in the operational advantages of local companies in the mobility market, which enhances their competitive position [7] Other Important Information - The company has served over 128.6 million rides to 6.4 million unique riders since its launch [6] - The average App Store rating is 4.9 out of 5, reflecting positive user sentiment [10] - The company has raised an additional convertible note financing of $23 million in April, which fully funds the growth of the business for the next 12 months [64] Q&A Session Summary Question: What is the target level for two-wheeled electric vehicles deployed? - Management believes two-wheeled electric vehicle operations are integral to their service offering and will reevaluate the fleet size in summer 2026 [23][24] Question: How is driver supply and AI engineering impacting the business? - There are no constraints in onboarding additional drivers, and the AI engineering team is critical for optimizing pricing and enhancing rider and driver experiences [26][29] Question: What are the current take rates compared to global benchmarks? - Current take rates are in the high single digits, with significant upside potential for future increases [33] Question: How does the company balance growth and profitability? - The company is focused on growth while maintaining low take rates to capture market share, with plans to optimize profitability as the market matures [42] Question: What is the regulatory environment for ride-hailing in Türkiye? - The company believes it is well-positioned to introduce and regulate new transportation services in Türkiye [48] Question: What is the strategy regarding crypto treasury? - The company is diversifying its non-operating cash into USD and Bitcoin as a store of value, while the majority remains in USD [51] Question: What are the unit economics for rider and driver incentives? - Rider and driver incentives are limited, with low acquisition costs due to the existing brand presence and user base [56]
Marti Technologies(MRT) - 2025 H1 - Earnings Call Transcript
2025-09-22 13:32
Financial Data and Key Metrics Changes - Revenue increased by 70% from $8.4 million in the first half of 2024 to $14.3 million in the first half of 2025, primarily due to the monetization of the ride-hailing service [18] - Adjusted EBITDA improved by $5.4 million from -$11.3 million in the first half of 2024 to -$6 million in the first half of 2025 [20] - Cost of revenues decreased by 25% from $9.9 million in the first half of 2024 to $7.4 million in the first half of 2025 [18][19] Business Line Data and Key Metrics Changes - Unique ride-hailing riders grew from 1.1 million to 2.3 million year-over-year, a 107% increase [11] - Registered ride-hailing drivers increased from 171,000 to 327,000, a 92% increase [11] - Total rides increased from 13.7 million in the first half of 2024 to 19.2 million in the first half of 2025 [17] Market Data and Key Metrics Changes - The company expanded its operations to six additional metropolitan areas in 2025, bringing total operations to 10 cities, covering approximately half of Türkiye's population [7][8] - The share of riders based outside of Istanbul grew from 13% to 24% over the last year [36] Company Strategy and Development Direction - The company is focusing on ride-hailing as its primary business model, transitioning from two-wheeled electric vehicles to ride-hailing services [3][4] - A significant investment plan for 2025-2026 has been announced, aimed at expanding ride-hailing services and enhancing operational capabilities [7][20] - The introduction of a dynamic pricing model in January 2025 is expected to enhance efficiency and satisfaction for riders and drivers [3] Management's Comments on Operating Environment and Future Outlook - Management believes 2025 will be a pivotal year for scale and financial performance, with expectations to nearly double revenue from $18.7 million in 2024 to $34 million in 2025 [5][20] - The company anticipates capturing a $3 billion annual revenue opportunity in the ride-hailing business as it scales operations [12] Other Important Information - The company is the largest electric vehicle operator in Türkiye and the number one urban mobility app on both iOS and Android [6] - The average App Store rating is 4.9 out of 5, indicating strong user sentiment [10] Q&A Session Summary Question: What is the target level for two-wheeled electric vehicles deployed? - Management believes two-wheeled electric vehicle operations are integral to the service offering and will reevaluate the fleet size in summer 2026 [22][23] Question: How is driver supply and AI engineering impacting the business? - There are no constraints in onboarding additional drivers, with a year-over-year increase in driver signups [26][27] - AI engineering is critical for optimizing pricing and enhancing rider and driver experiences [29] Question: What are the current take rates compared to global benchmarks? - Current take rates are in the high single-digits, with significant upside potential for future increases [33] Question: How does the company view growth versus profitability? - The company is focused on growth while maintaining low take rates to capture market share, with plans to optimize profitability as the market matures [41][42] Question: What is the regulatory environment for ride-hailing in Türkiye? - The company believes it is well-positioned to introduce and regulate new transportation services in Türkiye [48] Question: How is the company approaching its crypto treasury strategy? - The strategy involves diversifying non-operating cash into USD and Bitcoin as a store of value, with the majority still held in USD [51]
Marti Technologies(MRT) - 2025 H1 - Earnings Call Transcript
2025-09-22 13:30
Financial Data and Key Metrics Changes - Revenue increased by 70% from $8.4 million in H1 2024 to $14.3 million in H1 2025, primarily due to the monetization of the ride-hailing service [18][20] - Adjusted EBITDA improved from negative $11.3 million in H1 2024 to negative $6 million in H1 2025, indicating a significant reduction in operating losses [20] - Cost of revenues decreased by 25% from $9.9 million in H1 2024 to $7.4 million in H1 2025, reflecting efficiency measures [18][20] Business Line Data and Key Metrics Changes - Unique ride-hailing riders grew from 1.1 million to 2.3 million year-over-year, a 107% increase [10][17] - Registered ride-hailing drivers increased from 171,000 to 327,000, a 92% increase [10][17] - Average daily two-wheeled electric vehicles deployed decreased from 34.6 thousand to 24.8 thousand due to fleet decommissioning [18] Market Data and Key Metrics Changes - The company expanded its operations to six new metropolitan areas, increasing its reach to 10 cities, covering approximately half of Türkiye's population [6][7] - The share of riders based outside Istanbul grew from 13% to 24%, indicating strong demand in secondary markets [36][37] Company Strategy and Development Direction - The company is focusing on ride-hailing as its primary business model, transitioning from two-wheeled electric vehicles to capture the growing mobility market in Türkiye [3][4] - A significant investment plan for 2025-2026 aims to enhance operational capabilities and expand into new cities [6][21] - The introduction of AI engineering teams is expected to optimize pricing and improve rider and driver experiences [28][30] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving nearly double revenue from $18.7 million in 2024 to $34 million in 2025, driven by ride-hailing growth [4][20] - The company anticipates capturing a $3 billion annual revenue opportunity in the ride-hailing market as it scales operations [11][13] - Management highlighted the importance of local market knowledge and operational advantages in competing against global players [6] Other Important Information - The company is the largest electric vehicle operator in Türkiye and the number one urban mobility app on both iOS and Android [5] - The app redesign has improved user engagement, with weekly and monthly active users increasing by 16% and 12%, respectively [9] Q&A Session Summary Question: What is the target level for two-wheeled electric vehicles? - Management indicated that two-wheeled electric vehicles are integral to the service offering and will be reevaluated in summer 2026 based on customer needs and traffic to ride-hailing [24][25] Question: How is driver supply being managed? - There are no constraints in onboarding additional drivers, with driver acquisition costs being recouped within a month of service [27] Question: What are the current take rates compared to global benchmarks? - Current take rates are in the high single digits, with significant upside potential for future increases [34] Question: How does the company view growth versus profitability? - The company is prioritizing growth while maintaining low take rates to capture market share, with plans to optimize profitability in the future [42][43] Question: What is the regulatory environment for ride-hailing in Türkiye? - The company believes it is well-positioned to introduce and regulate new transportation services in Türkiye [49] Question: How is the company approaching its crypto treasury strategy? - The strategy involves diversifying non-operating cash into USD and Bitcoin as a store of value, with the majority still held in USD [52]
Marti Technologies(MRT) - 2025 H1 - Earnings Call Presentation
2025-09-22 12:30
Financial Performance - Marti is on track to almost double revenue to $34 million for FY 2025[15] - Marti projects a $23 million improvement in Adjusted EBITDA for 2025[79] compared to an Adjusted EBITDA loss of $(193) million in 2024[76] - In 1H 2025, Marti's revenue increased by 704% to $14326 million[69] from $8409 million in 1H 2024[69] - Marti's Adjusted EBITDA improved by 474% to $(5955) million in 1H 2025[69] from $(11328) million in 1H 2024[69] - Gross profit margin improved to 49% in 1H 2025[55] from (18)% in 1H 2024[97] due to increased focus on ride-hailing[55] Operational Highlights - Marti is the 1 urban mobility app in Türkiye with 64 million all-time unique riders[17] - Marti has 228 million unique ride-hailing riders[17] and 327K registered ride-hailing drivers as of June 30, 2025[17] - Total rides increased by 409% to 1923 million in 1H 2025[69] from 1365 million in 1H 2024[69] - Unique ride-hailing riders increased by 1072% to 2280 million in 1H 2025[69] from 1101 million in 1H 2024[69] - Registered ride-hailing drivers increased by 919% to 327K in 1H 2025[69] from 171K in 1H 2024[69]
Marti Announces 2025 First Half Results
Businesswire· 2025-09-22 10:00
Financial Performance - Marti Technologies reported significant growth in ride-hailing services, achieving 2.28 million unique riders, which represents a 107% year-over-year increase [1] - The company also registered 327 thousand ride-hailing drivers, marking a 92% increase compared to the previous year [1] Operational Highlights - The rapid growth in the ride-hailing segment indicates strong market demand and operational efficiency within the company [1]
Marti Technologies, Inc. to Report 2025 First Half Results on September 22, 2025
Businesswire· 2025-09-18 13:23
Core Viewpoint - Marti Technologies, Inc. is set to announce its financial and operational results for the first half of 2025 on September 22, 2025, before U.S. markets open [1] Company Summary - Marti Technologies is recognized as Türkiye's leading mobility super app [1] - The announcement will include a conference call and live webcast for analysts and investors to discuss the results [1]