Marti Technologies, Inc. · AMEX:MRT
Marti Technologies — FY 2023 Earnings Presentation
26 slides from Marti Technologies's earnings presentation, Apr 16, 2024
Slide 1: Türkiye's Mobility Super App – FY 2023 Investor Presentation
TÜRKİYE’S MOBILITY SUPER APP FY 2023 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
2023 Marti Investor Presentation Agenda Our Services Operational Highlights Financial Highlights Consolidated Financials Non-GAAP Reconciliations 3
Slide 4: 2023 Marti performance overview
2023 Marti performance overview Key figures #1 urban mobility app 59% in Türkiye (iOS & Android)1 Market share2 4.9M+ $20.0M All-time unique riders3 Revenue 77.6M+ 106K+ All-time total rides 3 Registered ride-hailing drivers 1. Number one urban mobility app in Türkiye across iOS and Android, as meas
Slide 5: Agenda
2023 Marti Investor Presentation Agenda Our Services Operational Highlights Financial Highlights Consolidated Financials Non-GAAP Reconciliations 5
Slide 6: Marti's ride-hailing service has exceeded its targets
Marti's ride-hailing service has exceeded its targets • Offering car-hailing, motorcycle-hailing, and taxi-hailing services • As of December 31, 2023, Marti has outperformed its target, hitting over 498,000 unique riders and over 106,000 registered drivers • Taxi market size in Türkiye is estimated
Slide 7: Marti is focused on operational efficiency in its two-wheeled EV business
Marti is focused on operational efficiency in its two-wheeled EV business Operational developments ● Ceased operations in lower performing cities and reallocated vehicles to higher performing cities to improve Average number of vehicles efficiency deployed (thousands) ● Deployed more than 4,000 new
Slide 8: Marti reallocated vehicles to higher performing cities in 2023
Marti reallocated vehicles to higher performing cities in 2023 • We ceased operations in Adana, Bursa, Eskişehir, Gaziantep, Hatay, Isparta, Samsun, Tekirdag, and Yalova • Collectively, these cities accounted for ∼7% of total revenue, but ∼14% of variable operational costs (1) . Operational cities a
Slide 9: Price increases and operational efficiency support profitability metrics
Price increases and operational efficiency support profitability metrics ~58% increase in price applied to reflect TL depreciation against As a result of price increases and operational efficiency measures, USD1 and inflation2 we increased our pre-depreciation contribution profit per ride3 by 48% US
Slide 10: Additional modalities drive multi-modal ridership, increasing spending per rider
Additional modalities drive multi-modal ridership, increasing spending per rider E-bike rider behavior (24 months into operation) Multimodal riders ride and spend significantly more 72% 50% than single modality riders1 % of E-bike riders that % of E-bike riders that have used 2+ modalities 2023 have
Slide 11: Agenda
2023 Marti Investor Presentation Agenda Our Services Operational Highlights Financial Highlights Consolidated Financials Non-GAAP Reconciliations 11
Slide 12: 2022 vs. 2023 Two-wheeled Electric Vehicle Operations Financial Results
2022 vs. 2023 Two-wheeled Electric Vehicle Operations Financial Results 2022 2023 ∆ Comments Average Daily Vehicles Deployed 33,011 34,585 5% ↑ New e-moped deployments and increased total fleet daily deployment rate. Average Daily Rides per Vehicle 2.36 1.27 (46)% ↓ Elevated inflation producing a de
Slide 13: 1H 2023 vs. 2H 2023 Two-wheeled Electric Vehicle Operations Financial Results
1H 2023 vs. 2H 2023 Two-wheeled Electric Vehicle Operations Financial Results 1H 2023 2H 2023 ∆ Comments Average Daily Vehicles Deployed 34,439 34,428 Average Daily Rides per Vehicle 1.24 1.31 6% ↑ Improved seasonality in Q3 2023. Average Revenue per Ride (USD) 1.23 1.27 4% ↑ Turkish Lira price incr
Slide 14: 2022 vs. 2023 Ride-hailing Operations Financial Results
2022 vs. 2023 Ride-hailing Operations Financial Results 2022 2023 Comments (Oct-Dec) FY G&A (USD, thousands) (410) (4,758) Build out of ride-hailing HQ team to support scale. of which, Cost of Ride* -- (95) Rent expense. Aggressive driver and rider acquisition and retention campaigns across online a
Slide 15: 1H 2023 vs. 2H 2023 Ride-hailing Operations Financial Results
1H 2023 vs. 2H 2023 Ride-hailing Operations Financial Results 1H 2023 2H 2023 Comments G&A (USD, thousands) (1,225) (3,533) Build out of ride-hailing HQ team to support scale. of which, Cost of Ride* -- (95) Rent expense. Aggressive driver and rider acquisition and retention campaigns across online
Slide 16: Guidance
Guidance 2024 Guidance for Consolidated 2023 Actual 2023 Forecast Deviation Operations Including Ride-Hailing Investments 1 REVENUE $ 20.0 m $ 20.1 m $(0.1) m $ 16.6 m ADJUSTED 2 $ (17.7) m $ (17.8) m $ 0.1 m $ (22.5) m EBITDA 1. The Company’s guidance is based on a number of assumptions that are su
Slide 17: Agenda
2023 Marti Investor Presentation Agenda Our Services Operational Highlights Financial Highlights Consolidated Financials Non-GAAP Reconciliations 17
Slide 18: Consolidated Income Statements
Consolidated Income Statements (in thousands $) 2022 2023 Revenue 24,988 20,030 Cost of revenues (27,093) (24,085) Gross Profit (2,104) (4,055) Selling and marketing expenses (1,646) (7,348) General and administration expenses (9,041) (15,130) Research and development expenses (1,878) (1,955) Other
Slide 19: Consolidated Balance Sheets
Consolidated Balance Sheets (in thousands $) December 31, 2022 December 31, 2023 (in thousands $) December 31, 2022 December 31, 2023 Total current assets 20,455 25,696 Current liabilities 15,867 17,502 Accounts payable 3,574 2,796 Cash and cash equivalents 10,498 19,424 Short-term financial liabili
Slide 20: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (in thousands $) 2022 2023 (in thousands $) 2022 2023 Cash flow from operating activities Cash flow from investing activities Net loss (14,246) (33,815) Purchases of vehicles (7,186) (4,087) Adjustments to reconcile net loss to net cash used in 10,031 17,393 Pur
Slide 21: Agenda
2023 Marti Investor Presentation Agenda Our Services Operational Highlights Financial Highlights Consolidated Financials Non-GAAP Reconciliations 21
Slide 22: Non-GAAP Reconciliations – Consolidated
Non-GAAP Reconciliations – Consolidated (in thousands $) 2022 2023 Net loss (14,246) (33,815) Depreciation and amortization 9,097 10,045 Financial income (2,567) (3,561) Financial expense 1,932 6,773 Customs tax provision expense 78 32 Lawsuit provision expense 175 846 Stock based compensation expen
Slide 23: Non-GAAP Reconciliations - Two-wheeled Electric Vehicle Operations
Non-GAAP Reconciliations - Two-wheeled Electric Vehicle Operations (in thousands $) 2022 2023 1H 2023 2H 2023 Net loss (12,862) (22,160) (7,789) (14,371) Depreciation and amortization 9,097 10,045 4,672 5,373 Financial income (2,567) (3,561) (2,720) (842) Financial expense 1,932 6,773 616 6,157 Cust
Slide 24: Non-GAAP Reconciliations - Consolidated
Non-GAAP Reconciliations - Consolidated (in thousands $) 2022 2023 Revenue 24,988 20,030 Cost of revenues (27,093) (24,085) Cost of revenues, excl. fleet depreciation1 (18,636) (14,762) Fleet depreciation (cost of revenues) (8,456) (9,322) Gross profit (2,104) (4,055) Fleet depreciation (cost of rev
Slide 25: Non-GAAP Reconciliations - Two-wheeled Electric Vehicle Operations
Non-GAAP Reconciliations - Two-wheeled Electric Vehicle Operations (in thousands $) 2022 2023 1H 2023 2H 2023 Cost of revenues (26,922) (24,085) (13,018) (11,067) Fleet depreciation (Cost of revenues) 8,456 9,322 4,284 5,039 Cost of revenues, excl. fleet depreciation1 (18,465) (14,762) (8,734) (6,02
Slide 26: Marti Investor Relations
MARTI INVESTOR RELATIONS investor.relations@marti.tech 26