Marti Announces 2025 First Half Results
ISTANBUL--( BUSINESS WIRE)--Türkiye’s leading mobility super app Marti Technologies, Inc. (“Marti” or the “Company”) (NYSE American: MRT) today announced its financial and operational results for the six-month period ended June 30, 2025.
Financial and Operational Highlights for the First Half of 2025
"Over the first half of 2025, we have continued to build strong momentum in our ride-hailing business, expanding our footprint and accelerating monetization,” said Oguz Alper Oktem, Founder and CEO.
“As the only ride-hailing operator at scale in Türkiye, we serve 2.76 million unique riders with 382 thousand registered drivers as of September 20, 2025, exceeding our September 30, 2025 targets and reinforcing our market leadership.”
“Our 2025 ride-hailing monetization strategy is on track to meet 2025 guidance. Through our new investments, we aim to enhance service quality and improve user experience across all markets. We are executing on our previously announced 2025–2026 investment plan, which includes launching ride-hailing operations in six additional cities, expanding our addressable market by 1.5x, and rapidly growing our ride-hailing team.”
“We believe 2025 will be a pivotal year of scale and financial performance, with strong revenue growth and a meaningful improvement in Adjusted EBITDA, as we move swiftly to capture the growing opportunity for ride-hailing throughout Türkiye.”
“Additionally, during the first half of 2025 we continued to focus on profitability enhancing measures in our two-wheeled electric vehicle service, successfully deploying efficiency initiatives and further supporting the service with a promotional discount campaign to attract new riders and reactivate churned riders. Our two-wheeled electric vehicle campaign also helped attract more riders to our app, accelerating the growth of our ride-hailing service.”
“We continue to take advantage of strong marketing and operational synergies across our tech-enabled mobility platform and we believe the progress made in both services positions us well for continued growth in the second half of 2025.”
Financial Highlights for the First Half of 2025
Revenue
Adjusted EBITDA
Consolidated Financial and Operational Highlights in the First Half of 2025
1H 2024
1H 2025
∆
Total Rides (in millions)
13.65
19.23
40.9%
Total Unique Riders (in millions)
1.39
1.69
21.3%
Rides per Unique Rider
9.8
11.4
16.2%
Unique Ride-hailing Riders (in thousands)
1,101
2,280
107.2%
Registered Ride-hailing Drivers (in thousands)
171
327
91.9%
Average Daily Two-wheeled Electric Vehicles Deployed
34,566
24,840
(28.1)%
Revenue (USD, thousands)
8,409
14,326
70.4%
Cost of Revenues (USD, thousands)
(9,886)
(7,368)
(25.5)%
% of Revenue
118%
51%
G&A (1) (USD, thousands)
(9,053)
(12,184)
34.6%
% of Revenue
108%
85%
Net Loss (2) (USD, thousands)
(21,869)
(19,279)
(11.8)%
Adj. EBITDA (3) (USD, thousands)
(11,328)
(5,955)
(47.4)%
Adj. EBITDA Margin (4)
(135)%
(42)%
(1)
In the absence of share-based compensation expense, 1H’25 general & administrative expenses were $7.5M.
(2)
In the absence of share-based compensation expense, 1H’25 net loss was $14.5M.
(3)
See definition and reconciliation of Adjusted EBITDA elsewhere in this press release.
(4)
See definition and reconciliation of Adjusted EBITDA margin elsewhere in this press release.
Operational Highlights
Financial Highlights
Financing
Share Repurchase Program
December 31, 2025 Unique Ride-Hailing Rider and Registered Driver Targets
Marti is reaffirming its December 31, 2025 unique ride-hailing rider and registered driver targets, as summarized below:
December 31, 2025
Targets (1)
Unique Ride-hailing Riders
3.3 million
Registered Ride-hailing Drivers
450 thousand
(1)
The targeted numbers of unique riders and registered drivers by December 31, 2025 in the ride-hailing service are based on Marti’s current estimates and assumptions and are not a guarantee of future performance. The targets provided are subject to significant risks and uncertainties, including the risk factors discussed in the Company's reports on file with the SEC, that could cause actual results to differ materially. There can be no assurance that the Company will achieve the results expressed by these targets.
Full Year 2025 Guidance
Marti is reaffirming its full year 2025 guidance, as summarized below:
2025 Guidance (1)
Net Revenue
$34.0M
Adjusted EBITDA
$(17.0)M
(1)
The Company’s 2025 guidance assumes continued growth of our ride-hailing service and the absence of any fleet size expansion or replacement investments as vehicles are retired from our two-wheeled electric vehicle fleet.
The full year 2025 guidance provided herein and the targeted numbers of unique ride-hailing riders and registered ride-hailing drivers by year-end in the ride-hailing service are based on Marti’s current estimates and assumptions and are not a guarantee of future performance. The 2025 guidance and targets provided are 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 or the targets.
Conference Call Information
Marti will host a conference call today to discuss its financial and operational results for 1H’25. See details below. A supplemental investor deck can be accessed from the Company’s investor relations website ( https://ir.marti.tech/) where it will remain available for six months.
Date:
Time:
Dial-in:
Webcast & Replay & Archive Link:
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, but not limited to, adjusted EBITDA, adjusted EBITDA margin and certain ratios and other metrics derived therefrom. We define these metrics as follows:
Adjusted EBITDA is calculated by adding depreciation, amortization, taxes, financial expenses (net of financial income) and one-time charges and non-cash adjustments, to 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 Marti did not consider the provision to be reflective of its normal cash operations.
Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by revenue.
These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to revenue, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that the Company’s presentation of these measures may not be comparable to similarly titled measures used by other companies. The Company believes these non-GAAP measures of financial results provide useful information for management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. The Company believes the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures and accordingly, should always be considered as supplemental financial results to those calculated in accordance with GAAP.
This financial information and data contained herein also includes certain projections of non-GAAP financial measures. Due to the high variability and difficultly in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.
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 Statement Regarding Forward-Looking Information
This press release contains statements that are not based on historical fact and are “forward-looking statements’’ within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. For example, statements about the anticipated growth, including the numbers of unique riders and registered drivers, of the ride-hailing business, the full year 2025 guidance, and the expected future performance, operational efficiencies and market opportunities of Marti and its two-wheeled electric vehicle service and ride-hailing service, are forward-looking statements. In some cases, you can identify forward looking statements by terminology such as, or which contain the words “will,” “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “intend,” “may,” “plan,” “possible,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would” and variations of these words or similar expressions. Such forward-looking statements are subject to risks, uncertainties and other factors. Actual results may differ materially from the expectations expressed or implied in the forward-looking statements as a result of known and unknown risks and uncertainties.
These forward-looking statements are based on estimates and assumptions that, while considered reasonable by Marti and its management are inherently uncertain and are subject to a number of risks and assumptions. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond Marti’s control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Known risks and uncertainties include but are not limited to: (i) volatility in the price of the Company’s securities due to a variety of factors, including without limitation changes in the competitive and highly regulated industries in which the Company currently or plans to operate, variations in competitors’ performance and success and changes in laws and regulations affecting the Company’s business, (ii) the Company’s ability to implement business plans, forecasts, and other expectations, and identify opportunities, (iii) the risk of downturns in the highly competitive tech-enabled mobility services industry, (iv) the Company’s ability to build its brand and consumers’ recognition, acceptance and adoption of its brand, (v) the risk that the Company may not be able to effectively manage its growth, including its design, research, development and maintenance capabilities, (vi) technological changes and risks associated with doing business in an emerging market, (vii) risks relating to dependence on and use of certain intellectual property and technology, (viii) uncertain global, regional, and domestic economic conditions, and (ix) other important factors or risks discussed in the Company’s filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investors Relations section of Company’s website at https://ir.marti.tech. Investors should carefully consider the risks and uncertainties described in the documents filed by the Company from time to time with the SEC as most of the factors are outside the Company’s control and are difficult to predict. As a result, the Company’s actual results may differ from its expectations, estimates and projections and consequently, such forward-looking statements should not be relied upon as predictions of future events. The Company cautions not to place undue reliance upon any forward-looking statements, including its 2025 guidance and ride-hailing targets, which speaks only as to management expectations and beliefs as of the date they are made. The Company disclaims any obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.
Condensed Consolidated Balance Sheets
(in thousands $)
December 31, 2024
June 30, 2025
ASSETS
Current assets:
Cash and cash equivalents
5,149
4,208
Accounts receivable, net
204
758
Inventories
2,030
2,087
Other current assets
4,035
3,879
Total current assets
11,418
10,932
Non-current assets:
Property, plant and equipment, net
5,493
4,130
Operating lease right of use assets
837
657
Intangible assets
590
440
Other non-current assets
2,041
1,057
Total non-current assets
8,961
6,283
Total assets
20,379
17,216
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Short-term financial liabilities, net (1)
4,556
4,124
Accounts payable
1,651
1,931
Operating lease liabilities
484
394
Deferred revenue
1,845
2,000
Accrued expenses and other current liabilities
2,787
2,708
Total current liabilities
11,322
11,157
Non-current liabilities:
Long-term financial liabilities, net (1)
70,119
78,865
Operating lease liabilities, net of current portion
88
39
Other non-current liabilities
290
317
Total non-current liabilities
70,497
79,221
Total liabilities
81,820
90,378
Stockholders’ equity
Common stock
6
8
Treasury shares
--
(195)
Share premium
85,598
93,349
Accumulated other comprehensive loss
(7,558)
(7,558)
Accumulated deficit
(139,487)
(158,766)
Total stockholders’ equity
(61,441)
(73,163)
Total liabilities and stockholders’ equity
20,379
17,216
(1) $3.2M of short-term financial liabilities, net and $76.1M of long-term financial liabilities, net consist of convertible notes with a $1.65 exercise price.
Condensed Consolidated Income Statements
(in thousands $)
January 1 -
June 30, 2024
January 1 -
June 30, 2025
Revenue
8,409
14,326
Operating expenses:
Cost of revenue
(9,886)
(7,368)
General and administrative expenses (1)
(9,053)
(12,184)
Selling and marketing expenses
(6,462)
(3,067)
Research and development expenses
(611)
(1,111)
Other expenses
(1,599)
(3,339)
Other income
984
205
Total operating expenses
(26,627)
(26,865)
Loss from operations
(18,219)
(12,538)
Financial expense
(4,209)
(6,973)
Financial income
559
233
Loss before income tax expense
(21,869)
(19,279)
Income tax expense
--
--
Net loss (2)
(21,869)
(19,279)
Net loss attributable to stockholders
(21,869)
(19,279)
Other comprehensive loss
--
--
Total comprehensive loss
(21,869)
(19,279)
(1)
1H 2025 general and administrative expenses include share-based compensation expense of $4.7M. In the absence of share-based compensation expense, 1H 2025 general & administrative expenses were $7.5M.
(2)
1H 2025 net loss includes share-based compensation expense of $4.7M. In the absence of share-based compensation expense, 1H 2025 net loss was $14.5M.
Condensed Consolidated Statements of Cash Flows
(in thousands $)
January 1 –
June 30, 2024
January 1 –
June 30, 2025
OPERATING ACTIVITIES
Loss before tax
(21,869)
(19,279)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
4,359
1,796
Loss on disposal of assets
15
--
Share-based compensation, net of forfeitures
2,483
4,730
Interest expense, net
3,633
5,795
Foreign exchange loss/(gain), net
(120)
945
Other non-cash
727
417
Changes in operating assets and liabilities:
Accounts receivable
(109)
(554)
Inventories
231
(30)
Other current assets
570
788
Accounts payable
(741)
280
Deferred revenue
67
155
Accrued expenses and other current liabilities
269
(52)
A. Net cash used in operating activities
(10,484)
(5,009)
INVESTING ACTIVITIES
Purchase of treasury shares
--
(195)
Purchase of property and equipment
(90)
(282)
Purchase of intangible assets
(642)
--
B. Net cash used in investing activities
(732)
(478)
FINANCING ACTIVITIES
Proceeds from issuance of convertible notes
7,500
8,376
Repayment of convertible notes
(930)
--
Repayment of term loans
(2,639)
(833)
Interest paid
(3,084)
(3,164)
Proceeds from exercise of employee share options
--
168
Payments on warrants
(90)
--
C. Net cash generated from financing activities
757
4,547
D. Decrease in cash and cash equivalents (A+B+C)
(10,459)
(941)
E. Cash and cash equivalents at beginning of the period
19,424
5,149
Cash and cash equivalents at ending of the period (D+E)
8,965
4,208
Non-GAAP Reconciliations
Consolidated Adjusted EBITDA
(in thousands $)
1H 2024
1H 2025
Net loss
(21,869)
(19,279)
Depreciation and amortization
4,359
1,796
Financial income
(559)
(233)
Financial expense
4,209
6,973
Customs tax provision expense
33
--
Lawsuit provision expense
16
57
Share-based compensation expense
2,483
4,730
Adjusted EBITDA
(11,328)
(5,955)
Adjusted EBITDA margin
(134.7%)
(41.6%)