Marti Technologies (MRT) H2 2024 earnings summary

Executive summary

• Shifted strategic focus to ride-hailing, now the primary growth driver, with monetization starting in October 2024 and dynamic pricing introduced in January 2025.

• Achieved market leadership in Türkiye, serving 1.66 million unique ride-hailing riders and 262,000 registered drivers by year-end 2024.

• Multimodal platform strategy validated by high cross-utilization rates among riders, boosting ride frequency and revenue per user.

• Two-wheeled electric vehicle service stabilized with profitability measures reducing operating losses and capital needs.

• Operations span four of Türkiye's largest cities, covering about 50% of national GDP.

Financial highlights

• 2024 revenue reached $18.7 million, surpassing guidance by $2.1 million, but down from $20 million in 2023 due to a smaller two-wheeled EV fleet.

• Adjusted EBITDA for 2024 was negative $19.3 million, outperforming guidance by $3.2 million, but lower than 2023’s negative $17.7 million due to pre-monetization investments.

• Total rides grew from 21.9 million in 2023 to 31.7 million in 2024; unique riders increased from 1.8 million to 2.13 million.

• Cost of revenues reduced by 10.5% year-over-year to $21.5 million, driven by operational efficiencies.

• Cash and cash equivalents declined from $19.4 million to $5.1 million year-over-year.

Outlook and guidance

• 2025 revenue expected to nearly double to $34 million, with positive adjusted EBITDA targeted, excluding incremental ride-hailing growth investments.

• Targeting 2.15 million unique ride-hailing riders and 310,000 registered drivers by June 2025.

• Guidance assumes continued operations in four major cities with a stable G&A team and current single-digit take rates.

• No expansion of the two-wheeled EV fleet planned before summer 2026.