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 Transcript