Marti Technologies (MRT) H1 2025 earnings summary

Executive summary

• Achieved strong operational momentum with a strategic shift to ride-hailing, launching monetization in October 2024 and dynamic pricing in January 2025, supported by app redesign and organizational restructuring.

• Expanded operations to 10 cities, increasing the addressable market by 1.5x and covering half of Türkiye's population and nearly two-thirds of its GDP.

• Achieved #1 position as the most downloaded urban mobility app in Türkiye, with 128.6M all-time rides and 6.4M unique riders as of June 30, 2025.

• Organizational growth targeted ~260 employees by end of FY 2025, with new departments established to support ride-hailing scale.

Financial highlights

• Revenue for H1 2025 reached $14.3M, up 70.4% from $8.4M in H1 2024, driven by ride-hailing monetization.

• Adjusted EBITDA improved by $5.4M, from -$11.3M in H1 2024 to -$6.0M in H1 2025, with margin improving from (135)% to (42)%.

• Net loss narrowed to $19.3M in H1 2025 from $21.9M in H1 2024; share-based compensation was $4.7M.

• Cost of revenues decreased by 25.5% year-over-year, from $9.9M to $7.4M.

• Gross profit margin turned positive at 49% in H1 2025, up from (18)% in H1 2024.

Outlook and guidance

• FY 2025 revenue guidance reaffirmed at $34.0M, nearly double 2024 actuals.

• Adjusted EBITDA expected to improve from $(19.3)M in 2024 to $2.3M in 2025.

• Targeting 3.3M unique ride-hailing riders and 450K registered drivers by year-end 2025.

• Guidance assumes continued ride-hailing growth and no new fleet investments for two-wheeled vehicles.

• Continued investment in new city launches and ride-hailing team expansion.