Türkiye’s leading mobility super app, Marti Technologies, Inc. (“Marti” or the “Company”) (NYSE American: MRT) announces its expectation to reach positive free cash flow in 2025 and presents 2025 guidance.
After two years of investing in growing its ride-hailing business, Marti announced in October 2024 that it has begun monetizing its ride-hailing service.
As the only at scale ride-hailing operator in the country, together with the monetization of its ride-hailing service, Marti expects to complete 2025 with $34.0 million of revenue and $3.0 million of adjusted EBITDA*. These figures are up from Marti’s 2024 performance targets of $16.6 million of revenue and $(22.5) million of adjusted EBITDA*. Marti’s 2025 forecast represents 2.1 times growth over its expected revenue figure for 2024, and an adjusted EBITDA improvement of $25.5 million.
Marti also forecasts achieving positive free cash flow in 2025.
Outlook for 2025
The Company provides its full year 2025 outlook as follows:
|
|
2024 Guidance |
2025 Guidance |
Change |
|
Revenue |
$16.6 million |
$34.0 million |
2.1 times growth |
|
Adjusted EBITDA |
$(22.5) million |
$3.0 million |
$25.5 million improvement |
The 2025 revenue, adjusted EBITDA and free cash flow guidance provided herein are based on Marti’s current estimates and assumptions and are not a guarantee of future performance. Such guidance is subject to significant risks and uncertainties, including the risk factors discussed in the Company’s reports on file with the Securities and Exchange Commission (“SEC”), that could cause actual results to differ materially. There can be no assurance that the Company will achieve the results expressed by this guidance.
* This press release does not include a reconciliation of forward-looking Adjusted EBITDA for 2024 or 2025 because the Company is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to the Company’s results.
Non-GAAP Financial Measures
Certain financial information and data contained herein are not presented in accordance with generally accepted accounting principles of the United States (“GAAP”), including adjusted EBITDA.
We define these metrics as follows: Adjusted EBITDA as depreciation, amortization, taxes, financial expenses (net of financial income) and one-time charges and non-cash adjustments, plus net income (loss). The one-time charges and non-cash adjustments are mainly comprised of customs tax provision expenses resulting from the one-time amendment of customs duties and lawsuit provision expense which the Company does not consider the provision to be reflective of its normal cash operations.
About Marti:
Founded in 2018, Marti is Türkiye’s leading mobility app, offering multiple transportation services to its riders. Marti operates a ride-hailing service that matches riders with car, motorcycle, and taxi drivers, and operates a large fleet of rental e-mopeds, e-bikes, and e-scooters. All of Marti’s offerings are serviced by proprietary software systems and IoT infrastructure. For more information, visit www.marti.tech.
Cautionary Note Regarding Forward-Looking Statements
Certain statements made in this press release constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements related to the ride-hailing business and its anticipated growth and impact on the Company’s cash flow, the Company’s expected revenue and adjusted EBITDA for 2025, and the Company’s expectation to reach positive free cash flow in 2025. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including the risks discussed in the Company’s filings with the SEC, including the Company’s Annual Report on Form 20-F. Marti undertakes no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise, except as required by law.
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