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