Marti Technologies, Inc. · AMEX:MRT
Marti Technologies — Q2 2025 Earnings Presentation
27 slides from Marti Technologies's earnings presentation, Sep 22, 2025
Slide 1: Türkiye’s Mobility Super App
Türkiye’s Mobility Super App Earnings Presentation 1H 2025 NYSE American: MRT Car-Hailing | Motorcycle-Hailing | Taxi-Hailing | E-BikeCAR-HAILING | E-Moped | E-Scooter MOTORCYCLE-HAILING TAXI-HAILING E-BIKE E-MOPED E-SCOOTER
Slide 2: Disclaimers
Disclaimers Forward Looking Statements This presentation, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Ex
Slide 3: Key Messages
Key Messages Operational Highlights Financial Highlights Consolidated Financials Non-GAAP Reconciliations 3
Slide 4: Key messages of 1H 2025
Key messages of 1H 2025 Shifted focus to ride-hailing • Consistently exceeded operational targets for unique ride-hailing riders and registered drivers • Began monetizing service in October 2024 Our Services • Launched a dynamic pricing model to improve service efficiency and enhance rider and drive
Slide 5: Marti by the numbers
Marti by the numbers #1 urban mobility app in Türkiye (iOS & Android)1 128.6M all-time 6.4M all-time total rides2 unique riders2 2.28M unique 327K registered ride-hailing riders3 ride-hailing drivers3 1. Number one urban mobility and ride-hailing app in Türkiye across iOS and Android, as measured by
Slide 6: Operational Highlights
Key Messages Operational Highlights Financial Highlights Consolidated Financials Non-GAAP Reconciliations 6
Slide 7: Although the youngest operator, Marti is the leading urban mobility app in Türkiye
Although the youngest operator, Marti is the leading urban mobility app in Türkiye Marti is the most downloaded Marti operates in 10 of Türkiye’s largest cities, urban mobility app in Türkiye1 representing ~65% of national GDP2 Rank Company Years of Operation Istanbul 30.4% Kocaeli 4.1% #1 6 Years B
Slide 8: Scaling organization to support a national ride-hailing champion
Scaling organization to support a national ride-hailing champion New ride-hailing organizational structure to reach ∼260 Scaling organization employees by the end of FY 2025 Actual number of ride-hailing employees Expected number of ride-hailing employees o We have restructured our organization to b
Slide 9: Our new app redesign prominently features our ride-hailing service
Our new app redesign prominently features our ride-hailing service New app redesign rider experience The new app redesign was well received by users and improved app metrics o App Store rating is 4.9 out of 5.00 o Ride request to ride conversion rate increased 2% o Weekly active users increased 16%
Slide 10: Marti’s ride-hailing service’s fast growth is exceeding targets
Marti’s ride-hailing service’s fast growth is exceeding targets Unique Ride-hailing Riders Registered Ride-hailing Drivers Actual Target1 Actual Target1 (thousands) 3,300 (thousands) 450 2,756 382 2,280 327 1,932 292 262 1,663 223 1,396 171 1,101 138 690 107 499 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 20
Slide 11: Numerous growth drivers for ride-hailing business
Numerous growth drivers for ride-hailing business Continued organic growth Launch of new cities and countries in existing cities o Additional urban population to o Growing urban demand serve in Türkiye o Expanding number of drivers o Underpenetrated cities in Türkiye’s o Loyalty program incentives n
Slide 12: Ride-hailing annual revenue potential is estimated at $3 billion
Ride-hailing annual revenue potential is estimated at $3 billion # of daily taxi trips before ride-hailing introduction # of daily taxi and ride-hailing trips 10 years after ride-hailing introduction Number of daily trips before and after ride-hailing introduction (thousands) Annual Revenue Potentia
Slide 13: Increased focus on operational efficiency and allocation of resources to our higher margin ride-hailing service
Increased focus on operational efficiency and allocation of resources to our higher margin ride-hailing service By increasing field team attention and resources to our Operational developments higher margin ride-hailing service, total cost of revenue decreased by 25% and o Operational efficiency pro
Slide 14: Additional services drive multi-modal ridership, increasing spending per rider
Additional services drive multi-modal ridership, increasing spending per rider Multi-modal riders ride and spend significantly more 70% 70% % of e-bike riders who have % of e-bike riders who previously used another have subsequently used than single service riders1 Marti service 2+ services Single s
Slide 15: Financial Highlights
Key Messages Operational Highlights Financial Highlights Consolidated Financials Non-GAAP Reconciliations 15
Slide 16: 1H 2024 vs. 1H 2025 Financial Results
1H 2024 vs. 1H 2025 Financial Results 1H 2024 1H 2025 ∆ Comments Total Rides (in millions) 13.65 19.23 40.9% Increasing number of ride-hailing rides. Total Unique Riders (in millions) 1.39 1.69 21.3% Increasing number of ride-hailing riders. Increasing availability and rider awareness of service off
Slide 17: 2025 Guidance
2025 Guidance 2024 Actual 2025 Guidance1 Revenue $18.7 million $34.0 million 1.8 TIMES GROWTH Adjusted EBITDA2 $(19.3) million $(17.0) million $2.3 MILLION IMPROVEMENT 1. The Company’s 2025 guidance is based on a number of assumptions that are subject to change and many of which are outside the cont
Slide 18: Consolidated Financials
Key Messages Operational Highlights Financial Highlights Consolidated Financials Non-GAAP Reconciliations 18
Slide 19: Condensed Consolidated Income Statements
Condensed Consolidated Income Statements (in thousands $) 1H 2024 1H 2025 Revenue 8,409 14,326 Operating expenses: Cost of revenue (9,886) (7,368) General and administrative expenses1 (9,053) (12,184) Selling and marketing expenses (6,462) (3,067) Research and development expenses (611) (1,111) Othe
Slide 20: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (in thousands $) December 31, 2024 June 30, 2025 Total current assets 11,418 10,932 Cash and cash equivalents 5,149 4,208 Accounts receivable, net 204 758 Inventories 2,030 2,087 Other current assets 4,035 3,879 Total non-current assets 8,961 6,283 Property, pla
Slide 21: Condensed Consolidated Balance Sheets (cont’d)
Condensed Consolidated Balance Sheets (cont’d) (in thousands $) December 31, 2024 June 30, 2025 Total current liabilities 11,322 11,157 Short-term financial liabilities, net1 4,556 4,124 Accounts payable 1,651 1,931 Operating lease liabilities 484 394 Deferred revenue 1,845 2,000 Accrued expenses an
Slide 22: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows (in thousands $) June 30, 2024 June 30, 2025 OPERATING ACTIVITIES Loss before tax (21,869) (19,279) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 4,359 1,796 Loss on disposal of assets 15 -- S
Slide 23: Condensed Consolidated Statements of Cash Flows (cont’d)
Condensed Consolidated Statements of Cash Flows (cont’d) (in thousands $) June 30, 2024 June 30, 2025 INVESTING ACTIVITIES Purchase of treasury shares -- (195) Purchase of property and equipment (90) (282) Purchase of intangible assets (642) -- B. Net cash used in investing activities (732) (478) FI
Slide 24: Non-GAAP Reconciliations
Key Messages Operational Highlights Financial Highlights Consolidated Financials Non-GAAP Reconciliations 24
Slide 25: Non-GAAP Reconciliations - Consolidated
Non-GAAP Reconciliations - Consolidated (in thousands $) June 30, 2024 June 30, 2025 Net loss (21,869) (19,279) Depreciation and amortization 4,359 1,796 Financial income (559) (233) Financial expense 4,209 6,973 Customs tax provision expense 33 -- Lawsuit provision expense 16 57 Share-based compens
Slide 26: Non-GAAP Reconciliations - Consolidated
Non-GAAP Reconciliations - Consolidated (in thousands $) June 30, 2024 June 30, 2025 Revenue 8,409 14,326 Cost of revenue (9,886) (7,368) Gross Profit1 (1,478) 6,959 Gross Profit Margin (%)2 (18)% 49% 1. Gross Profit is a non-GAAP metric and is calculated by deducting cost of revenue from revenue. 2
Slide 27: Marti Investor Relations
MARTI INVESTOR RELATIONS investor.relations@marti.tech