• Revenue: $18.7 million for 2024, exceeding guidance by $2.1 million.
• Adjusted EBITDA: Negative $19.3 million, better than guidance by $3.2 million.
• Total Rides: Increased from 21.9 million in 2023 to 31.7 million in 2024.
• Unique Riders: Grew from 1.8 million to 2.1 million in 2024.
• Ride-Hailing Riders: Increased from 500,000 to 1.66 million by end of 2024.
• Registered Drivers: Grew from 107,000 to 262,000 in 2024.
• Cost of Revenues: Reduced by 11% from $24.1 million in 2023 to $21.5 million in 2024.
• General and Administrative Expenses: Increased by 226% to $49.2 million, primarily due to share-based compensation.
• Cash-Based General and Administrative Expenses: Decreased from $13.1 million in 2023 to $12.1 million in 2024.
• Projected 2025 Revenue: Expected to almost double to $34 million.

• Warning! GuruFocus has detected 3 Warning Signs with MRT.

Release Date: April 29, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Marti Technologies Inc (MRT) has successfully transitioned its primary focus to ride-hailing, consistently exceeding operational targets for both unique ride-hailing riders and registered drivers.
• The company introduced a dynamic pricing model in January 2025, enhancing efficiency and satisfaction for both riders and drivers.
• Marti Technologies Inc (MRT) is on track to almost double its revenue from $18.7 million in 2024 to $34 million in 2025, with expectations to achieve positive adjusted EBITDA.
• The company is the number one urban mobility app in Turkey, serving over 109.4 million rides to 5.9 million unique riders since its launch.
• Marti Technologies Inc (MRT) has implemented critical profitability-enhancing measures, resulting in a notable reduction in operating losses and capital requirements for its two-wheeled electric vehicle service.

Negative Points

• Despite revenue growth, Marti Technologies Inc (MRT) reported a negative $19.3 million adjusted EBITDA for 2024.
• The company's general and administrative expenses increased by 226% from 2023 to 2024, primarily due to increased share-based compensation expenses.
• Marti Technologies Inc (MRT) faces potential regulatory challenges as it works to establish a full regulatory framework for ride-hailing in Turkey.
• The company operates in a market with constant political turmoil, which could pose risks to its operations.
• Marti Technologies Inc (MRT) has a cash position of roughly $5 million as of the end of 2024, indicating potential need for additional capital to support growth.

Q & A Highlights

Q: Can you talk about how dynamic pricing has helped the ride-hailing monetization model since its launch and the early signs of success? A: Oguz Alper Oktem, Co-Founder and CEO, explained that dynamic pricing has improved match rates by adjusting prices based on demand and various factors like weather and events. This ensures optimal pricing for both riders and drivers, enhancing trip numbers. The ride-hailing service is new to Turkey, and the demand is high due to the lack of quality alternatives, leading to strong growth in driver applications and increased activity among registered drivers.

Q: How do you view the competitive environment in the ride-hailing market, and what are your expectations for the future? A: Oguz Alper Oktem stated that being the first mover in Turkey's ride-hailing market is a significant advantage. The market is expected to evolve into a duopoly or oligopoly, with local players having an edge due to their understanding of the market. Marti is prepared for competition and aims to maintain its dominant position through local expertise and operational advantages.

Q: What are the assumptions behind your 2025 revenue and EBITDA guidance, and how do you plan to achieve these targets? A: Cankut Durgun, Founder and President, mentioned that the guidance assumes continued operations in existing cities without new launches and a similarly sized G&A team. The company plans to gradually increase take rates and focus on efficient growth in ride-hailing, which is expected to drive revenue and EBITDA improvements.

Q: How do you balance growth versus profitability, and what is your focus for 2025? A: Cankut Durgun highlighted that Marti remains growth-focused, especially in the ride-hailing market, which is still in its early stages in Turkey. While monetization has begun, the company prioritizes growth over profitability. The ride-hailing opportunity is substantial, and Marti aims to capture it fully before exploring other verticals.

Q: Are there any potential political changes in Turkey that might impact Marti in 2025? A: Oguz Alper Oktem noted that Turkey has a history of mild political turmoil, but the country's economy is solid, and urban mobility needs persist regardless of political changes. Marti's business model is resilient, and the company does not foresee any major political developments affecting its operations.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.