Marti Technologies (MRT) H2 2023 earnings summary

Executive summary

• FY 2023 revenue was $20.030M, net loss was $33.815M and consolidated adjusted EBITDA was $(17.692)M; revenue and adjusted EBITDA were near forecasts of $20.1M and $(17.8)M.

• Ride-hailing exceeded year-end rider and driver targets without generating revenue; two-wheeled rental shifted from fleet growth toward operating efficiency.

• Multi-modal riders recorded 5.3x the rides and revenue per rider of single-modality riders; ride-hailing was excluded from the comparison.

Financial highlights

• FY 2023 revenue was $20.030M versus $24.988M in 2022; gross loss was $4.055M versus $2.104M.

• Operating loss was $30.603M versus $14.881M, and net loss was $33.815M versus $14.246M.

• Consolidated adjusted EBITDA was $(17.692)M versus $(3.873)M in 2022.

• Cash and cash equivalents rose to $19.424M at Dec. 31, 2023, from $10.498M; FY 2023 operating cash use was $14.866M.

• FY 2023 ride-hailing investment totaled $11.654M in expenses; cumulative investment from launch through Dec. 2023 was $13.0M.

Outlook and guidance

• FY 2024 guidance: revenue of $16.6M and adjusted EBITDA of $(22.5)M, including ride-hailing investment.

• June 30, 2024 ride-hailing targets: 850K+ unique riders and 155K+ registered drivers.

• 2024 priorities included faster ride-hailing investment and continued rental efficiency measures; fleet expansion would be evaluated no earlier than summer 2025.

• Guidance assumptions include unmonetized ride-hailing growth and no rental-fleet expansion or replacement investment; targets and guidance are not guarantees.