Marti Technologies, Inc. · AMEX:MRT
Marti Technologies — Q4 2024 Earnings Presentation
26 slides from Marti Technologies's earnings presentation, Apr 29, 2025
Slide 1: Earnings Presentation FY 2024
EARNINGS PRESENTATION FY 2024 NYSE American: MRT CAR-HAILING 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 FY 2024
Key messages of FY 2024 Shifted company 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
Slide 5: Marti by the numbers
Marti by the numbers #1 urban mobility app in Türkiye (iOS & Android)1 109.4M 5.9M all-time all-time total rides2 unique riders2 1.66M 262K unique 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: 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 4 of Türkiye’s largest cities, urban mobility app in Türkiye1 representing ~50% of national GDP2 Istanbul Rank Company Years of Operation GDP:30.4% #1 6 Years Ankara 9.6%
Slide 8: Ride-hailing service's fast growth is exceeding targets
Marti’s ride-hailing service’s fast growth is exceeding targets Number of Unique Ride-hailing Riders Number of Registered Ride-hailing Drivers Actual Target1 Actual Target1 (thousands) (thousands) 2,150 310 290 1,910 262 1,663 223 1,396 171 1,101 138 690 107 499 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 20
Slide 9: 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 serve o Growing urban demand in Türkiye o Expanding number of drivers o Underpenetrated cities in Türkiye’s o Loyalty program incentives n
Slide 10: 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 11: Operational efficiency in two-wheeled electric vehicle service
Continued focus on operational efficiency in two-wheeled electric vehicle service Operational developments Operational efficiency projects decreased total cost of revenues by 10.5% y-o-y, despite managing a similarly sized fleet Cost of revenues (USD, thousands) o Operational efficiency projects pro
Slide 12: Operational efficiency in two-wheeled electric vehicle service (cont'd)
Continued focus on operational efficiency in two-wheeled electric vehicle service (cont’d) Operational efficiencies provided by Zoba acquisition Daily rides per vehicle deployed o In February 2024, we acquired all of the intellectual property and software assets of Zoba, the leading AI-powered SaaS
Slide 13: Additional modalities drive multi-modal ridership
Additional modalities drive multi-modal ridership, increasing spending per rider Multimodal riders ride and spend significantly more than 68% % of e-bike riders who have previously used another Marti modality 70% E-bike riders % of e-bike riders who have subsequently used 2+ modalities single modali
Slide 14: Financial Highlights
Key Messages Operational Highlights Financial Highlights Consolidated Financials Non-GAAP Reconciliations 14
Slide 15: 2024 Actual vs 2024 Guidance
2024 Actual vs 2024 Guidance 2024 Actual 2024 Guidance1 Revenue $18.7 million $16.6 million $2.1 MILLION IMPROVEMENT Adjusted EBITDA2 ($19.3) million ($22.5) million $3.2 MILLION IMPROVEMENT 1. The Company’s guidance, which is the financial forecast as provided on April 16, 2024, is based on a numbe
Slide 16: 2023 vs. 2024 Financial Results
2023 vs. 2024 Financial Results 2023 2024 ∆ Comments Number of Total Rides (in millions) 21.93 31.71 44.6% Increasing number of ride-hailing rides. Number of Unique Riders (in millions) 1.81 2.13 17.5% Increasing number of ride-hailing riders. Number of Unique Ride-hailing Riders (in thousands) 499
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 $3.0 million $22.3 MILLION IMPROVEMENT 1. The Company’s 2025 guidance excludes any incremental investments to support continued ride-hailing growth which we may choose to ma
Slide 18: Consolidated Financials
Key Messages Operational Highlights Financial Highlights Consolidated Financials Non-GAAP Reconciliations 18
Slide 19: Consolidated Income Statements
Consolidated Income Statements (in thousands $) 2023 2024 Revenue 20,030 18,660 Cost of revenues (24,085) (21,549) Gross profit (4,055) (2,889) Selling and marketing expenses (7,348) (9,348) General and administrative expenses (15,130) (49,249) 1 Research and development expenses (1,955) (1,963) Oth
Slide 20: Consolidated Balance Sheets
Consolidated Balance Sheets (in thousands $) December 31, 2023 December 31, 2024 Total current assets 25,696 11,418 Cash and cash equivalents 19,424 5,149 Accounts receivable, net 188 204 Inventories 2,612 2,030 Operating lease right of use assets 224 -- Other current assets 3,248 4,035 Total non-cu
Slide 21: Consolidated Balance Sheets (cont'd)
Consolidated Balance Sheets (cont’d) (in thousands $) December 31, 2023 December 31, 2024 Current liabilities 17,502 11,322 Accounts payable 2,796 1,651 Short-term financial liabilities, net 10,448 4,556 1 Operating lease liabilities 413 484 Deferred revenue 1,550 1,845 Accrued expenses and other cu
Slide 22: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (in thousands $) December 31, 2023 December 31, 2024 Operating activities Net loss (33,815) (73,881) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 10,045 8,691 Loss on disposal of assets 567 -- Share-ba
Slide 23: Consolidated Statements of Cash Flows (cont'd)
Consolidated Statements of Cash Flows (cont’d) (in thousands $) December 31, 2023 December 31, 2024 Cash flow from investing activities Purchase of vehicles (4,087) -- Purchase of other property and equipment (652) (332) Proceeds from disposal of property, plant and equipment 21 -- Purchases of inta
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 $) December 31, 2022 December 31, 2023 December 31, 2024 Net loss (14,246) (33,815) (73,881) Depreciation and amortization 9,097 10,045 8,691 Income tax expense -- -- -- Financial income (2,567) (3,561) (1,408) Financial expense 1,932 6,773 9,980
Slide 26: Marti Investor Relations
MARTI INVESTOR RELATIONS investor.relations@marti.tech