Marti Technologies, Inc. (“Marti” or the “Company”) (NYSE American: MRT), Türkiye’s leading mobility super app, announced today that as of December 15, 2024, Marti’s ride-hailing service has reached 1.61 million riders and 255 thousand registered drivers, exceeding the December 31, 2024 targets of 1.60 million riders and 245 thousand registered drivers.
Marti’s number of ride-hailing riders grew 15% from September 30, 2024 to December 15, 2024. The number of registered drivers grew 14% during the same time period. The fast growth in both the rider and driver sides of Marti’s ride-hailing marketplace demonstrates the strong need for the service across Türkiye. The service intends to provide readily available, safe, and affordable rides for riders, while providing economic opportunities for drivers across the income spectrum.
Encouraged by the growth in the rider and driver bases of its ride-hailing business, Marti has set targets for 1.90 million riders and 290 thousand registered drivers by March 31, 2025.
Of Marti’s 255 thousand registered drivers, 203 thousand are in Türkiye’s largest city, Istanbul. This is in contrast to 20 thousand taxis serving the city. With 10 times as many registered drivers as taxis serving the city of Istanbul, Marti is able to offer widespread availability across the city. Furthermore, Marti’s drivers undergo formal background checks before acceptance onto the service, thereby contributing to rider safety. The average rating of Marti’s ride-hailing drivers by riders is 4.8 out of 5 stars.
Marti begun monetizing its ride-hailing service in October 2024. 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(*).
McKinsey & Company, a consultancy group, estimates the taxi market size in Türkiye at $9 billion to $12 billion as of 2021. Further, under the “Disruptive Scenario 2030”, ride-hailing is expected to increase the size of the taxi market by offering cheaper and more convenient rides. McKinsey & Company estimates the potential size of the Turkish ride-hailing market in 2030 at $15 billion to $20 billion(**).
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.
(**) Expectations and targets are not necessarily indicative of future attainment.
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 anticipated growth, including the number of riders and registered drivers of the ride-hailing business, the ride-hailing targets by March 31, 2025, and the expected future performance and market opportunities of Marti and the ride-hailing business, 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241216329808/en/