Marti Technologies Inc ((MRT)) has held its Q2 earnings call. Read on for the main highlights of the call.
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The recent earnings call for Marti Technologies Inc. painted a picture of robust growth and strategic expansion, albeit with some financial hurdles. The company showcased impressive revenue growth and operational efficiencies, yet faced challenges with increased expenses and negative EBITDA. The focus on ride-hailing and market leadership is promising, but profitability in new markets remains a challenge.
Revenue Growth and Financial Performance
Marti Technologies is on a trajectory to nearly double its revenue from $18.7 million in 2024 to $34 million in 2025. The company reported a 70% increase in revenue for the first half of 2025 compared to the same period in 2024, driven primarily by the monetization of its ride-hailing service.
Expansion of Ride-Hailing Services
The company has successfully expanded its ride-hailing services to six new metropolitan areas, now covering ten cities that represent approximately half of Türkiye’s population and nearly two-thirds of its GDP.
Growth in User Base and Engagement
Marti saw a significant increase in its user base, with unique ride-hailing riders growing 107% year-over-year and registered ride-hailing drivers increasing by 92% year-over-year. An app redesign contributed to a 2% increase in conversion rates and improved user engagement, with weekly and monthly active users rising by 16% and 12%, respectively.
Operational Efficiency Improvements
The company reduced its cost of revenues by 25% and improved its gross profit margin by 49% in the first half of 2025 compared to the same period last year, highlighting significant operational efficiency improvements.
Market Leadership and Strategic Positioning
Marti has solidified its position as the #1 urban mobility app on both iOS and Android app stores in Türkiye and is the largest electric vehicle operator in the country, maintaining its status as the market leader in Türkiye’s urban mobility sector.
Operational Challenges in New Markets
In the six new cities Marti has entered, the company has prioritized growth over monetization, which may delay immediate profitability in these regions.
Increased General and Administrative Expenses
General and administrative expenses rose by 35%, from $9.1 million in the first half of 2024 to $12.2 million in the first half of 2025, primarily due to increased share-based compensation expenses.
Negative Adjusted EBITDA
Despite improvements, Marti reported a negative adjusted EBITDA of $6 million in the first half of 2025, an improvement from negative $11.3 million in the first half of 2024.
Forward-Looking Guidance
Marti Technologies provided optimistic guidance, projecting revenue to nearly double from $18.7 million in 2024 to $34 million in 2025. The company aims to reach 3.3 million unique riders and 450,000 drivers by year-end, with a strategic focus on ride-hailing leading to reduced operating losses and improved cash generation. The expansion into ten cities supports its long-term vision to capture a $3 billion annual revenue opportunity in the ride-hailing market.
In conclusion, Marti Technologies’ earnings call highlighted a company on the rise, with strong revenue growth and strategic expansion efforts. While challenges such as increased expenses and negative EBITDA persist, the company’s focus on ride-hailing and market leadership positions it well for future success. Investors and market watchers will be keen to see how Marti navigates its path to profitability in the coming years.