Marti Technologies (MRT) H1 2024 earnings summary

Executive summary

• Achieved 1.1 million unique ride-hailing riders and 171,000 registered drivers by June 2024, surpassing initial targets, with a 59% market share in two-wheeled EV rentals.

• Two-wheeled electric vehicle segment generated $8.4 million in revenue in H1 2024, which is also the consolidated net revenue as ride-hailing remains unmonetized.

• Operational efficiencies and price increases in the two-wheeled EV segment drove significant improvements in profitability metrics despite a decline in rides per vehicle.

• Net loss widened to $21.9 million in H1 2024 from $13.3 million in H1 2023, with adjusted EBITDA at negative $11.3 million.

• Continued focus on capital-efficient growth and operational efficiency across all business segments.

Financial highlights

• H1 2024 consolidated net revenue was $8.4 million, down 11% from H1 2023; cost of revenue in the two-wheeled segment fell 35% year-over-year to $5.7 million.

• Adjusted EBITDA for H1 2024 was negative $11.3 million, with the two-wheeled segment nearly break-even at negative $0.2 million.

• Gross loss narrowed to $(1.5) million from $(3.5) million year-over-year.

• Cash and cash equivalents decreased to $9.0 million as of June 30, 2024, from $19.4 million at year-end 2023.

• Net loss increased to $21.9 million in H1 2024 from $13.3 million in H1 2023.

Outlook and guidance

• Full-year 2024 guidance remains at $16.6 million net revenue and negative $22.5 million Adjusted EBITDA.

• Targeting 1.6 million ride-hailing riders and 245,000 registered drivers by year-end 2024.

• Monetization of ride-hailing is under consideration, with pilot projects ongoing and timing dependent on regulatory, financial, and market factors.

• Plans to evaluate two-wheeled EV fleet expansion no earlier than summer 2025.