Marti Technologies, Inc.

Hello, everyone, and thank you for joining us for Marty Technologies' first quarter 2026 conference call. Before we begin, I'd like to mention that today's earnings release and earnings presentation are available on Marty's Investor Relations website at ir.marty.tech, where you will also find links to our SEC filings along with other information about Marty. Joining me on today's call are Oz Alpen-Octum, Marty's founder and CEO, and John Klitt-Durgin, Marty's 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 press earnings presentation, contain forward-looking statements regarding our financial outlook, business plans, objectives, goals, strategies, and other future events and developments, including statements about the market. 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 earnings presentation, and are based on current expectations and beliefs as of today, May 21, 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 substitution for our GAAP financial results. We use these non-GAAP measures in evaluating and managing Marty's business and believe they provide useful information for management and our investors. Reconciliations of the non-GAAP measures to the corresponding GAAP measures, where appropriate, can be found in today's earnings release and earnings presentation, as well as in our filings with the SEC. With that, I will now turn the call over to Albert.

Thank you all for joining us today to Marta's first quarter 2026 earnings call. We believe 2026 is shaping up to be a defining year for Marta. The year when the scale we have built begins translating into sustained financial performance and profitability. Reflecting on this transition, we are moving to quarterly financial reporting beginning this year so that we can share our progress more frequently as the business continues to accelerate. Our first quarter results provide strong early validation of our business strategy. We delivered triple-digit percentage revenue growth, a step change in gross margin, and adjusted EBITDA that is now near break-even. All while continuing to expand our platform and service across the country. We have reached an important inflection point as it relates to our operating leverage. The company continues to evolve into Turkey's leading mobility super app. offering eight services and operating across 20 cities on a single integrated platform. 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. During the first quarter, ride hailing remained our primary growth engine, expanding strongly both in Istanbul and in newer markets as adoption broadened geographically. At the same time, it began to drive meaningful traction in our delivery service in Istanbul, demonstrating the power of leveraging our existing driver and consumer network to launch adjacent services efficiently. This traction is evident not just in demand from consumers, validating our position within the marketplace, but also in the response from our drivers, who are embracing the new way to expand their revenue opportunity within our platform. We also expanded our two-wheeled electric vehicle footprint into two additional cities, leveraging a capital-efficient growth model that builds on the infrastructure already in place from our ride-hailing operations. This execution serviced into strong financial performance. Revenue grew by 156% year-over-year to $15.4 million, reinforcing our confidence in achieving our 26 revenue guidance of $70 million. Importantly, this growth is translating into profitability. Gross profit margin improved noticeably from 36.8% to 72%. Gross profit increased more than fourfold to $11.1 million. Adjusted EBITDA loss improved to near break-even. This trajectory supports our 26 guidance target of $1 million of positive adjusted EBITDA. These results reflect what we believe is an important inflection point in Marta's operating model. We continue to make progress towards our near-term goals, and more importantly, building a long-term financial model focused on driving consistent profitability and cash generation. Overall, we believe that our continued execution across platform monetization Geographic expansion and multi-service integration is contributing to stronger financial performance and positioning the company to capture Turkey's large and emerging mobility opportunity with greater efficiency and resilience over time. Our improving financial and operational results are centered in our leadership position in the market. We are the number one mobile app in Turkey across both iOS and Android platforms. We are also the only operator offering car and motorcycle avian service at scale, and the largest two-wheeled electric vehicle operator in the country, complemented by our on-demand review services. We have reached 176.4 million all-time trips and 7.8 million all-time unique platform consumers since our launch. Our ride avian service continues to scale rapidly, And as of March 31st, 26th, has reached 3.9 million all-time unique ride-hailing riders and 496,000 registered drivers. These metrics reflect the strength of our multi-service platform, combining our mobility and delivery, and our ability to consistently scale both supply and demand in a highly dynamic market. Although we are the youngest player in Turkey's urban mobility market, we are the clear market leader here. Globally, mobility markets are typically led by local champions who benefit from deep operational expertise, regulatory alignment, and strong brand trust. Turkey is following this path with four of the five leading mobility apps operated by local companies. Today, MARTA operates in 20 cities, representing approximately 80% of the country's GDP, giving us the scale and the reach to become the default mobility platform nationwide. Increasingly, we are the option that consumers look to first, and we continue to add capabilities and offerings to serve consumers and make life in major cities across the country easier. Turkey has some of the most densely populated cities in Europe, with significant systemic challenges in mobility. This impacts day-to-day life for millions of consumers, and we believe our platform is well positioned to help directly address these needs in meaningful ways. During the first quarter of this year, our operating metrics continue to demonstrate the strength of Marta's integrated multi-service platform. Unique platform consumers increased 89% year-over-year to 2.1 million, reflecting continued growth in consumer adoption across our expanding and diversifying platform services. At the same time, trips increased even faster, growing 93% year-over-year to 16.2 million trips total. We believe these network effects are an important driver of long-term growth and operating leverage. Our ride-hailing service continues to be the primary driver of all overall platform growth and consumer acquisition, consistently outperforming our internal growth targets through strong operational execution, expanding network density, and ongoing platform improvements. As of March 31st of this year, all time, Unique ride-hailing riders grew by 101% year-over-year from 1.9 million to 3.9 million, and all-time registered ride-hailing drivers grew by 70% year-over-year from 292,000 to 496,000. This continued growth reflects the strong scaling trajectory of our ride-hailing marketplace over the last several years. Between 2023 and 2025, all-time unique ride-hailing riders increased with a compound annual growth rate of 161%, while all-time registered ride-hailing drivers increased with a compound annual growth rate of 105%. Building on this momentum, we have set new, higher targets going forward. Our targets for June 30th, 2026 are 4.3 million all-time ride-hailing riders and 530,000 registered ride-hailing drivers. We believe these higher targets reflect our ability to continue scaling both demand and supply while improving network density and platform efficiency. Following the launch of our dynamic pricing model in 2025, Our automated dynamic pricing model is now live across all cities, while our new and enhanced matching algorithm is currently live across more than half of our operating footprint. Both initiatives were designed to improve service efficiency and strengthen rider and driver satisfaction. Following the strong growth of our ride-hailing marketplace, we're also beginning to see encouraging momentum in the expansion of our delivery services. Although deliveries were only launched in Istanbul during the fourth quarter of last year, both consumer and driver adoption continued to accelerate throughout the first quarter of this year. Our ride-hailing ecosystem continues to serve as the foundation for scaling new services efficiently. Existing market consumers are increasingly adopting additional services on the platform, while our established driver network is enabling us to expand delivery operations with limited incremental infrastructure requirements. On the consumer side, we are seeing strong cross-service engagement across the platform. Approximately 33% of car-hailing consumers and 82% of motorcycle-hailing consumers use these services after first engaging with other market services. In addition, 14% of car-hailing consumers and 73% of motorcycle-hailing consumers subsequently adopted additional services within the MARTA platform. Multi-service engagement also continues to drive strong platform economics. During the first quarter of this year, trips per consumer were 2.8 times higher and revenue per consumer was 2.3 times higher for multi-service consumers compared to single service consumers. We believe this reflects the growing utility and thickness of our integrated multi-service platform. On the supply side, Adoption of our delivery service by drivers has accelerated quickly, even though the service has been live for only about six months. As of the first quarter of this year, 51% of motorcycle-hailing drivers and 23% of car-hailing drivers had completed delivery trips. Similarly, multi-service drivers completed significantly more trips than single-service drivers, with trips for motorcycle drivers 2.3 times higher and trips for car drivers 2.5 times higher. We believe this demonstrates the flexibility of our driver base and the operational benefits of leveraging an already scaled mobility network to launch adjacent services. Overall, we believe these trends validate our strategy of building an integrated mobility platform where ride-hailing drives initial scale and network formation, while additional services such as delivery further increase engagement and utilization across our platform. I'd now like to turn over to my partner, Janko, to present our financials.

Thank you. Our first quarter results reflect the operating leverage inherent in our platform model. We increased our quarterly trips 93% and the number of unique platform consumers who used our services at least once, 89% year over year. Trips per unique platform consumer rose to 7.9, reflecting improved service availability and cross-service platform usage. This was primarily driven by an increasing number of ride-hailing trips, and consumers as a result of higher usage in our existing cities, new city launches, improved service availability, and growing cross-service adoption on our platform. We outperformed our quarterly operational targets for both all-time unique ride-hailing riders and registered ride-hailing drivers in the first quarter of the year, with riders increasing 101% and drivers growing 70% year over year. As a result of the gradual decommissioning of our two-wheeled electric vehicle fleet, Our number of average daily two-wheeled electric vehicles deployed decreased from 25.5 thousand to 20.4 thousand in the first quarter of 2026. On the financial side, revenue more than doubled year over year, while costs grew only modestly, driving a significant expansion in gross margin and bringing adjusted EBITDA to near break-even. I'm now going to go into the details of our revenue and cost of revenue figures. Revenue more than doubled to $15.4 million in the first quarter of 2026. This represents 156% year over year increase, approximately four times higher than our 2023 to 2025 revenue CAGR of 40%. This strong growth was primarily driven by the continued success of our platform subscription package monetization, increasing trips and unique platform consumers. Cost of revenues increased just 14% to $4.3 million, significantly lagging our revenue growth rate. This reflects higher business volume across the platform, partially offset by a decrease in depreciation and amortization expenses. As a percentage of revenue, cost of revenues declined sharply from 63% in the first quarter of 2025 to just 28% in the first quarter of 2026. As a result, Our gross profit increased more than 400% year over year, from $2.2 million to $11.1 million quarterly, representing $8.9 million of improvement. Our gross profit margin expanded to 72% in the first quarter of 2026, up from 37% in the first quarter of 2025. This reflects the strong monetization of our platform and improving unit economics at scale. Adjusted EBITDA improved by $3.1 million year-over-year, narrowing from negative $3.6 million in Q1 2025 to negative $0.5 million in Q1 2026. Our adjusted EBITDA margin improved from negative 60% to negative 3%, representing a significant improvement of 57 percentage points year-over-year. Based on our first quarter performance and continued operational momentum, we remain confident in our full-year 2026 guidance of $70 million in revenue and $1 million of positive adjusted EBITDA. Our revenue of $15.4 million already represents 22% of our full-year revenue guidance. In contrast, our first quarter 2025 revenue of $6 million represented 15% of our 2025 full-year revenue. In addition, as of the first quarter, we've already achieved $9.4 million of the total $30.8 million revenue increase that we expect for the full year. Our adjusted EBITDA of negative $.5 million in the first quarter represents a $3.1 million year-over-year improvement. This is 24% of the $13.1 million total full-year improvement necessary to reach our 2026 full-year guidance. So we remain confident in both the revenue and adjusted EBITDA guidance that we've set for the year. The guidance reflects the continued execution of our strategy, the scaling of ride-hailing across our 20-city footprint, the growing adoption of our delivery services, disciplined cost management, and the build-out of product capabilities to support a larger and more complex operational platform. Thank you for participating today and we'd be glad to address any questions.