Marti Technologies, Inc.

Hello, everyone, and thank you for joining us for the Marti Technologies' full-year 2025 conference call. Before we begin, I'd like to mention that today's earnings release and slide presentation are available on Marti's investor relations website at ir.marti.tech. We also find links to our SEC filings along with other information about Marti. Joining me on today's call are Oghuz Alparochtem, Marti's founder and CEO, and John Cadogan, Marquis Co-Founder, President, and COO. Before we begin, I'd like to remind everyone that statements made on this call, as well as in today's earnings release and accompanying slide presentation, contain forward-looking statements regarding our financial outlook, business plans, objectives, goals, and strategies, and other future events and developments, including statements about the market and revenue potential of our services. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include those described in our filings with the SEC, today's earnings release, and the accompanying slide presentation, and are based on current expectations and beliefs as of today, April 13, 2026. In addition, our discussion today will include references to certain supplemental non-GAAP financial measures, which should be considered in addition to and not as a substitute for our GAAP financial results. We use these non-GAAP measures in evaluating and managing Marti's business and believe they provide useful information for our investors. Reconciliations of the non-GAAP measures to the corresponding GAAP measures, where appropriate, can be found in today's earnings release and slide presentation, as well as our filing with the SEC. With that, I'll turn the call over to Albert.

Thank you all for joining us today for Marti's full year 2025 earnings call. Marta continues to position itself as 2K's leading mobility super app with a single integrated platform offering eight services and operating across 20 cities nationwide. These services include car, motorcycle, and taxi ride hailing, motorcycle and car delivery, as well as our owned and operated e-bike, e-moped, and e-scooter fleet. In 2025, we successfully scaled into a true multi-service mobility platform. We expanded our ride-hailing footprint into 16 additional cities, significantly increasing our addressable market and strengthening our network density. At the same time, we successfully launched delivery services in Istanbul, marking a major step forward in executing our multi-service mobility platform strategy. 2025 also included a pivotal milestone for Martha. As the first full year of platform monetization, we delivered breakthrough revenue growth with revenue more than doubling to $39.2 million and exceeding our guidance by $5.2 million. This strong performance was driven by robust customer adoption and increased monetization across the platform and the momentum we're seeing supports our confidence in delivering $70 million in revenue for 2026, that's 707. At the same time, we made meaningful and accelerated progress towards profitability. Gross profit margin improved dramatically from negative 15.5% to 61.1%. We're really proud of this, guys. Demonstrating the operating leverage and scalability of our platform model. This also reinforces our path towards sustainable profitability as our network continues to mature. Our adjusted EBITDA loss narrowed by 37% to $12.1 million, exceeding our guidance by $4.9 million. We are targeting to achieve $1 million of positive adjusted EBITDA in 2026, representing a $13.1 million improvement. Overall, we believe that our continued execution across monetization, geographic expansion, and multi-service integration is strengthening our financial performance and positioning MARTA to capture Turkey's large and emerging mobility opportunity with increasing efficiency and resilience. We are the number one urban mobility app in Turkey across both iOS and Android platforms. We are also the only operating car and motorcycle hailing service at scale. and the largest two-wheel electric vehicle operator in the country, complemented by our on-demand delivery services. We reached 160.2 million all-time trips and 7.4 million unique platform consumers since our launch. Our ride-hailing service continues to scale rapidly and, as of the first quarter of 2026, has reached 3.8 million all-time unique ride-hailing riders and 490,000 registered drivers. These metrics reflect the strength of our multi-service platform, combining mobility and delivery, and our ability to consistently scale both supply and demand in a highly dynamic market. Although we're the youngest player in Turkey's urban mobility market, we are the clear market leader. It is also important to note that of the top five urban mobility apps in the country, four are operated by local players. This is in line with global benchmarks, which have demonstrated that local companies often win in the mobility because of the operational advantages, deep local market knowledge, regulatory agility, stronger consumer and driver relationships, tailored service offerings, trust and brand reception. By the end of 24, we had already established a strong ride-hailing presence across four of Turkey's largest cities. That's Istanbul, Ankara, Izmir, and Antalya. creating a solid foundation for scale. Building on this foundation, 2025 was a year of rapid expansion as we accelerated the execution of our 2025-26 investment plan and significantly broadened our geographic footprint. Today, MARTA operates in 20 of Turkey's largest cities, representing approximately 80% of the country's GDP, marking a step change in the scale and reach of our platform. The strategic expansion is a key milestone in our long-term vision. We're not only increasing our footprint, but also building infrastructure, network density, and operational capabilities required to make MARTSA the go-to mobility platform across the country. Our ride-hailing service continues to outperform our growth targets. supported by strong execution across city expansion, platform improvement, and organizational scale. As of December 31, 2025, all-time unique ride-hailing riders grew 103% year-over-year, from 1.7 million to 3.4 million. All-time registered drivers in the same period grew 72% year-over-year, from 262,000 to 450,000. On a two-year basis, this growth translates into 161% compound annual growth rate in riders and 105% compound annual growth rate in drivers between 2023 and 2025, highlighting the sustained momentum of our platform expansion. Importantly, we had already achieved our 2026 first quarter targets by mid-March, demonstrating the strength and acceleration of our growth trajectory. Building on this momentum, We have set new, higher targets going forward. We have set targets for 4.3 million all-time ride-hailing riders and 530,000 registered ride-hailing drivers by June 30, 2026. This continued outperformance reflects our ability to efficiently scale both demand and supply, supported by improving network density and platform efficiency. At the same time, 2025 marks the first full year of our platform monetization. with the interaction of dynamic pricing and improved matching algorithms representing a key inflection point in our business, driving higher efficiency and improved driver satisfaction. Throughout 2025, the behavior of our consumers and drivers supported our decision to offer multiple services through our platform. Our multi-service offering is being further strengthened by the launch of our deliveries with a strong adoption across both consumers and drivers. Starting with our ride-hailing consumers, we're seeing clear evidence that consumers prefer a multi-service experience. 35% of our car-hailing consumers and 82% of our motorcycle-hailing consumers use these services after previously being introduced to market by using another market service. Our existing services serve a highly effective consumer acquisition channel for our new services. Furthermore, 15% of our car-hailing consumers and 72% of our motorcycle-hailing consumers subsequently use under-market services on our platform. This highlights strong cross-service engagement. On the driver side, we are also seeing rapid early adoption in our delivery service. Despite delivery being launched only in the final quarter of 2025, 31% of motorcycle-hailing drivers and 9% of car-hailing drivers have already performed delivery trips. This demonstrates strong supply-side flexibility and willingness to adopt new services such as deliveries. Multi-service consumers also generate greater economic value for our platform. Trips per consumer are 4.4 times higher and revenue per consumer is 3.6 times higher for multi-service consumers compared to consumers who use only one single service. We believe these dynamics reinforce our strategy of investing in the balanced growth of our ride-hailing delivery and two-wheel electric services within a unified platform. From revenue growth from our first full year of platform monetization, The launch of ride-hailing in 16 additional cities, the introduction of delivery service in Istanbul, strong operational efficiency initiatives, and AI-enabled cost reduction initiatives drove a significant improvement in our gross profit margin. As a result, our gross profit margin improved sharply from negative 15% in 2024 to positive 61% in 2025, delivering a 26.9 million gross profit uplift. 26.9 million gross profit uplift. Going forward, we will continue to pursue disciplined growth with a clear focus on profitability, operational efficiency, and prudent capital allocation. We achieved accelerated growth and substantial scaling consumers and drivers with limited capital investment. This demonstrates our strong commitment to capital efficient growth supported by meaningful cross-service efficiencies across our platform. Moving forward, we intend to make targeted investments to leverage multiple growth opportunities. These include increasing organic growth in existing cities, improving our consumer and driver experience, initiating loyalty program incentives, selectively expanding into new cities to serve a greater share of Turkey's urban population, increasing our take rate, and further refining our dynamic pricing and matching algorithms. We believe these initiatives will position us well to capture an estimated $4 billion annual revenue opportunity in the ride-hailing business in Turkey. Here's how we calculate the size of the revenue opportunity, that $4 billion figure. With every global benchmark, we see that the introduction of ride-hailing service into a market uncovers unmet demands, significantly increasing the demand for taxi service prior to the introduction of ride-hailing. This is because ride-hailing offers a significantly better, more accessible consumer experience than taxis across all dimensions, including vehicle availability, price, and driver and vehicle quality. As an example, In the city of New York, ride hailing increased the size of the taxi market by 1.6 times. There were approximately 800,000 daily taxi trips in Istanbul, our largest city, when we launched our ride hailing service. We believe that what happened in New York City is now happening in Istanbul, and we expect there to be 1.3 million daily ride hailing trips in Istanbul at steady state. Istanbul's taxi market accounts for about 35% of the entire country's taxi market. So assuming similar market dynamics in Turkey as other cities, we project that there will be eventually about 3.9 million daily ride-hailing trips in Turkey. This is about 1.4 billion trips a year, approximately $13 billion of potential gross annual booking value. $13 billion. At an assumed take rate of 30%, which is industry standard, in line with global benchmarks, this equates to $4 billion of total annual revenue potential for Turkey's ride-hailing market at maturity. And we expect MARTA to capture a significant portion of that revenue. We're working really hard at it. I'd now like to turn it over to my partner, Django, to present our credentials. Thank you.

Thank you, Alper. Turning to our 2025 full year results, we delivered strong growth across our platform while continuing to improve profitability. We increased our total trips 60% year over year from 31.7 million in 2024 to 50.8 million in 2025. This was driven by an increasing number of ride hailing trips as a result of higher usage in our existing cities, successful new city launches, and growing cross service adoption on our platform. The number of unique platform consumers who used our services at least once during the year increased 44% year over year to 3.1 million. This growth was also primarily driven by a higher number of ride-hailing consumers. Trips per unique platform consumer rose 11% to 16.5%, reflecting improved service availability and cross-service platform usage. As shared earlier in the presentation, the number of unique ride-hailing riders that have used our service since its launch increased from 1.7 million to 3.4 million, while the number of registered drivers increased from 262,000 to 450,000 in 2025. As a result of the gradual decommissioning of our existing two-wheeled electric vehicle fleet, our number of average daily two-wheeled electric vehicles deployed decreased from 32.6 thousand in 2024 to 23.2 thousand in 2025. On the financial side, revenue more than doubled to $39.2 million, representing 110% year-over-year increase. This strong growth was primarily driven by the successful completion of our first full year of platform level monetization, the scaling of our platform, the introduction of dynamic pricing, and increased consumer engagement across our multi-service platform. We also delivered meaningful cost reductions, the cost of revenues declined 29% to $15.3 million, driven by operational efficiencies across our multiple services, lower depreciation costs, reduced field logistics costs, and several AI-enabled cost reduction initiatives inside the company. As a result of strong revenue growth, increasing scale, and meaningful cost reductions, we turned our gross profit from a loss of $2.9 million in 2024 to a profit of $24 million in 2025. Our gross profit margin improved sharply as a result from negative 15% to 61%. Our general and administrative expenses also decreased 43% from $49.2 million in 2024 to $28.1 million in 2025. This was primarily driven by lower share-based compensation expenses and lower insurance costs. Excluding share-based comp, General and administrative expenses increased to $16.8 million in 2025 compared to $12.1 million in 2024. And this increase is in line with the scaling of our organization to support the growth of our multi-service platform. As a result, our adjusted EBITDA improved by $7.2 million from negative $19.3 million in 2024 to negative $12.1 million in 2025. We believe that the accelerating performance of our services represents a pretty important milestone for our growth and profitability. By the end of 2026, we expect once again to close to double our annual revenue to $70 million in 2025 and to reach positive adjusted EBITDA. This guidance reflects the continued execution of our 2025 and 2026 investment plan, including continued investments in our ride-hailing business, the further growth of our delivery service, cost-efficient scaling, and the build-out of our organizational capabilities to support a larger operational footprint. We thank you for participating today and for listening to our performance and our future investment plans and would like to answer any questions that you might have.