Slide 1: Türkiye's Mobility Super App
TÜRKİYE’S MOBILITY SUPER APP 1H 2024 INVESTOR PRESENTATION CAR-HAILING MOTORCYCLE-HAILING TAXİ-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: Agenda
1H 2024 Marti Investor Presentation Agenda Our Services Operational Highlights Financial Highlights Consolidated Financials Non-GAAP Reconciliations 3
Slide 4: 1H 2024 Marti performance overview
1H 2024 Marti performance overview Our services: • Ride-hailing: car-hailing, motorcycle-hailing, taxi-hailing • Two-wheeled electric vehicles: e-bikes, e-mopeds, and e-scooters Key figures #1 urban mobility app 59% in Türkiye (iOS & Android)1 Market share2 5.5M 97.3M All-time unique riders3 All-tim
Slide 5: Agenda
1H 2024 Marti Investor Presentation Agenda Our Services Operational Highlights Financial Highlights Consolidated Financials Non-GAAP Reconciliations 5
Slide 6: Marti's ride-hailing service growth exceeded its targets
Marti's ride-hailing service growth exceeded its targets • As of June 30, 2024, Marti outperformed its rider and driver targets, hitting over 1,100,000 unique riders and over 170,000 registered drivers • Taxi market size in Türkiye is estimated at $9 billion to $12 billion 1 from over 40,000 taxis2
Slide 7: Focused on operational efficiency in its two-wheeled EV business
Focused on operational efficiency in its two-wheeled EV business Operational developments Operational efficiency projects decreased total cost of revenues by ● Operational efficiency projects produced a 35% year-over-year reduction in the total cost of revenues: 35% y-o-y, despite managing a similar
Slide 8: Price increases and operational efficiency actions support profitability metrics
Price increases and operational efficiency actions support profitability metrics ~77% increase in price, in excess of TL depreciation against USD1 and inflation2 As a result of price increases and operational efficiency actions, we increased our pre-depreciation contribution profit per ride3 by 458%
Slide 9: Additional modalities drive multi-modal ridership, increasing spending per rider
Additional modalities drive multi-modal ridership, increasing spending per rider E-bike riders Multimodal riders ride and spend significantly more 71% 49% than single modality riders1 % of E-bike riders have % of E-bike riders have used 2+ modalities 1H 2024 previously used another Marti modality E-
Slide 10: Agenda
1H 2024 Marti Investor Presentation Agenda Our Services Operational Highlights Financial Highlights Consolidated Financials Non-GAAP Reconciliations 10
Slide 11: 1H 2023 vs. 1H 2024 Two-wheeled Electric Vehicle Operations Financial Results
1H 2023 vs. 1H 2024 Two-wheeled Electric Vehicle Operations Financial Results 1H 2023 1H 2024 ∆ Comments Average Daily Vehicles Deployed 34,439 34,566 0.4% Similar fleet size. Average Daily Rides per Vehicle 1.24 0.79 (36)% ↓ Elevated inflation producing a decline in purchasing power. Average Revenu
Slide 12: 1H 2023 vs. 1H 2024 Ride-hailing Operations Financial Results
1H 2023 vs. 1H 2024 Ride-hailing Operations Financial Results 1H 2023 1H 2024 Comments G&A (USD, thousands) (1,225) (5,198) Build out of ride-hailing HQ team to support scale, and post-July 2023 public company listing expenses. Aggressive driver and rider acquisition and retention campaigns across o
Slide 13: Guidance
Guidance 2024 Guidance for Consolidated Operations Including Ride-Hailing 1H 2024 Actual Investments 1 REVENUE $ 8.4 m $ 16.6 m ADJUSTED EBITDA 2 $ (11.3) m $ (22.5) m 1. The Company’s guidance is based on a number of assumptions that are subject to change and many of which are outside the control o
Slide 14: Agenda
1H 2024 Marti Investor Presentation Agenda Our Services Operational Highlights Financial Highlights Consolidated Financials Non-GAAP Reconciliations 14
Slide 15: Condensed Consolidated Income Statements
Condensed Consolidated Income Statements (in thousands $) 1H 2023 1H 2024 Revenue 9,485 8,409 Cost of revenues (13,018) (9,886) Gross Profit (3,533) (1,478) Selling and marketing expenses (3,211) (6,462) General and administration expenses (5,668) (9,053) Research and development expenses (1,500) (6
Slide 16: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (in thousands $) December 31, 2023 June 30, 2024 (in thousands $) December 31, 2023 June 30, 2024 Total current assets 25,696 14,189 Current liabilities 17,502 15,511 Accounts payable 2,796 2,055 Cash and cash equivalents 19,424 8,965 Short-term financial liabil
Slide 17: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows (in thousands $) 1H 2023 1H 2024 (in thousands $)1 1H 2023 1H 2024 Cash flow from operating activities Cash flow from investing activities Net loss (13,331) (21,869) Purchases of vehicles (3,431) -- Adjustments to reconcile net loss to net cash used in
Slide 18: Agenda
1H 2024 Marti Investor Presentation Agenda Our Services Operational Highlights Financial Highlights Consolidated Financials Non-GAAP Reconciliations 18
Slide 19: Non-GAAP Reconciliations – Consolidated
Non-GAAP Reconciliations – Consolidated (in thousands $) 1H 2023 1H 2024 Net loss (13,331) (21,869) Depreciation and amortization 4,672 4,359 Financial income (2,720) (559) Financial expense 1,946 4,209 Customs tax provision expense (78) 33 Lawsuit provision expense 67 16 Stock based compensation ex
Slide 20: Non-GAAP Reconciliations - Two-wheeled Electric Vehicle Operations
Non-GAAP Reconciliations - Two-wheeled Electric Vehicle Operations (in thousands $) 1H 2023 1H 2024 Net loss (9,120) (8,765) Depreciation and amortization 4,672 4,359 Financial income (2,720) (559) Financial expense 1,946 4,209 Customs tax provision expense (78) 33 Lawsuit provision expense 67 16 St
Slide 21: Non-GAAP Reconciliations – Ride-hailing Operations
Non-GAAP Reconciliations – Ride-hailing Operations (in thousands $) 1H 2023 1H 2024 Net loss (4,211) (13,104) Stock based compensation expense accrual -- 1,986 Adjusted EBITDA (4,211) (11,118) 21
Slide 22: Non-GAAP Reconciliations - Two-wheeled Electric Vehicle Operations
Non-GAAP Reconciliations - Two-wheeled Electric Vehicle Operations (in thousands $) 1H 2023 1H 2024 Revenue 9,485 8,409 Cost of revenues (13,018) (9,886) Cost of revenues, excl. fleet depreciation1 (8,734) (5,711) Fleet depreciation (cost of revenues) (4,284) (4,176) Gross profit (3,533) (1,478) Fle
Slide 23: Non-GAAP Reconciliations - Two-wheeled Electric Vehicle Operations
Non-GAAP Reconciliations - Two-wheeled Electric Vehicle Operations (in thousands $) 1H 2023 1H 2024 Cost of revenues (13,018) (9,886) Fleet depreciation (Cost of revenues) 4,284 4,176 Cost of revenues, excl. fleet depreciation1 (8,734) (5,711) 1. Cost of revenues, excl. fleet depreciation is calcula
Slide 24: Marti Investor Relations
MARTI INVESTOR RELATIONS investor.relations@marti.tech 24