Marti Technologies (MRT) H2 2024 earnings summary

Executive summary

• Ride-hailing became the primary growth driver; monetization began in October 2024 and dynamic pricing launched in January 2025.

• Ended 2024 with 1.66M unique ride-hailing riders and 262K registered drivers; reported 109.4M all-time rides and 5.9M unique riders.

• Operations spanned four of Türkiye’s largest cities, covering ~50% of national GDP.

• Multimodal users generated 3.7x more revenue and 4.1x more rides than single-modality users.

Financial highlights

• FY24 revenue was $18.7M, down 6.8% YoY but $2.1M above guidance; lower average daily two-wheeled vehicle deployment contributed to the decline.

• Adjusted EBITDA loss was $19.3M, $3.2M better than guidance, versus a $17.7M loss in FY23.

• Total rides rose 44.6% to 31.71M and unique riders increased 17.5% to 2.13M.

• Cost of revenues fell 10.5% to $21.5M, reflecting lower depreciation and fleet and field-operation efficiencies.

• Net loss was $73.9M, including $37.2M in share-based compensation; operating cash use was $25.1M and year-end cash was $5.1M.

Outlook and guidance

• FY25 guidance targets $34.0M revenue and $3.0M Adjusted EBITDA; EBITDA guidance excludes incremental ride-hailing investments.

• June 2025 targets are 2.15M unique ride-hailing riders and 310K registered drivers.

• Potential growth investments include loyalty programs, user-experience improvements, new cities and countries, higher take rates and dynamic pricing.