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 for H1 2024, with 59% market share in two-wheeled EV rentals.

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

• Continued investment in ride-hailing, with $13.1 million invested in H1 2024, focusing on capital-efficient growth.

• Operational efficiency initiatives and price increases in the two-wheeled EV segment led to significant cost reductions and improved profitability metrics, despite a decline in rides per vehicle.

• Multimodal strategy and Zoba AI-powered fleet optimization acquisition drove higher engagement, revenue per rider, and operational improvements.

Financial highlights

• H1 2024 net revenue was $8.4 million, down 11% from H1 2023, with no revenue yet from ride-hailing.

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

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

• Cost of revenue decreased 35% year-over-year to $5.7 million; G&A costs fell 43% to $3.6 million.

• Revenue per ride in USD increased 38% year-over-year to $1.69.

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 active consideration, with pilot projects ongoing and timing dependent on optimal business conditions, cash needs, and regulatory progress.

• Plans to continue capital-efficient growth in ride-hailing and evaluate two-wheeled EV fleet expansion no earlier than summer 2025.