Financial Performance - Revenue for the first half of 2025 was $14,326,434, a 70.5% increase compared to $8,408,711 in the same period of 2024[4] - Net loss for the first half of 2025 was $19,278,511, compared to a net loss of $21,868,930 in the first half of 2024, representing a 11.8% improvement[4] - The Group reported net revenue of $14,326,434 for the six months ended June 30, 2025, representing a 70.5% increase from $8,408,711 in the same period of 2024[31] - The Group incurred a segment loss before income tax expense of $19,278,511 for the six months ended June 30, 2025, compared to a loss of $21,868,930 for the same period in 2024, indicating an improvement of 11.9%[31] - The basic and diluted loss per share for 2025 was $(0.26), an improvement from $(0.38) in 2024[66] Assets and Liabilities - Total assets decreased to $17,215,539 as of June 30, 2025, down from $20,378,649 at the end of 2024, a decline of 15.5%[3] - Total liabilities increased to $90,378,192 as of June 30, 2025, compared to $81,819,560 at the end of 2024, an increase of 10.5%[3] - Cash and cash equivalents at the end of the period were $4,208,116, down from $5,148,857 at the beginning of the period, a decrease of 18.3%[9] - The Group's accumulated losses reached $158,765,689 as of June 30, 2025, with net losses of $19,278,511 for the same period[18] - Total financial liabilities increased to $82,989,141 as of June 30, 2025, compared to $74,675,170 at the end of 2024, reflecting an increase of 11.1%[47] Operating Expenses - Operating expenses for the first half of 2025 totaled $26,864,588, slightly higher than $26,627,436 in the same period of 2024[4] - Cost of revenues decreased to $7,367,528 in the first half of 2025, down 25.5% from $9,886,487 in the same period of 2024[38] - General and administrative expenses rose to $12,184,292 in 2025, an increase of 34.9% compared to $9,053,084 in 2024[38] - Selling and marketing expenses dropped significantly to $3,067,288, down 52.5% from $6,461,905 in 2024[38] - Research and development expenses increased to $1,111,242, up 81.9% from $611,317 in 2024[38] Shareholder Information - The weighted average shares used to compute basic and diluted net loss per share increased to 73,957,742 in the first half of 2025 from 57,818,937 in the same period of 2024[4] - The weighted-average shares outstanding increased from 57,818,937 in 2024 to 73,957,742 in 2025[66] - The company had 2,394,840 stock options outstanding as of June 30, 2025, which were excluded from the computation of diluted net loss per share due to being anti-dilutive[69] Legal Matters - The company is currently involved in a legal dispute regarding its ride-hailing services, with a court ruling in favor of the plaintiff on July 19, 2024[61] - The court's decision to block access to the ride-hailing app was lifted on June 20, 2023, after the company appealed[60] - The case has been postponed to September 26, 2025, for the expert committee to submit its report[63] - Individual taxi drivers may file separate lawsuits against the company for compensation due to actual losses from the ride-hailing service[64] Future Outlook - The Group's management has assessed that adequate resources and liquidity are available to meet cash flow requirements for the next twelve months[21] - The Group launched a unified subscription-based platform on October 1, 2024, integrating ride-hailing and electric vehicle services[28] - The Group operates as a single reportable segment, reflecting a strategic alignment in its internal organization and reporting structure[27] Financial Instruments - Proceeds from the issuance of convertible notes amounted to $8,375,750 in the first half of 2025, compared to $7,500,000 in the same period of 2024[9] - The Group has entered into a Note Subscription Agreement for up to $23,000,000 in 12.50% Convertible Senior Secured Notes due 2029, with $4,000,000 subscribed as of June 30, 2025[20] - The company has convertible notes with a total amount of $82,098,192 as of June 30, 2025, which includes $79,300,049 in-the-money at an exercise price of $1.65[48] Subsequent Events - The company has evaluated subsequent events and determined that there are no events requiring disclosure in the interim condensed consolidated financial statements[70]
Marti Technologies(MRT) - 2025 Q2 - Quarterly Report