ISTANBUL – Marti Technologies, Inc. (NYSE American: MRT), a leading mobility service provider in Türkiye, revealed its first-half 2024 financial results, with $8.4 million in revenue and a net loss of $21.9 million. The company met operational goals in ride-hailing and saw improvements in its electric vehicle rental business.
Adjusted EBITDA for the period was negative $11.3 million, down 28% due to ride-hailing investments. Marti aims to achieve $16.6 million in revenue and negative $22.5 million in adjusted EBITDA for the year.
The ride-hailing service, launched in October 2022, attracted 1.1 million riders and 171 thousand drivers. Marti holds a 59% market share in electric vehicle rentals.
Following the acquisition of Zoba in February 2024, Marti saw improved vehicle utilization. Cash decreased by 54%, leading to a share repurchase program up to $2.5 million. The company reduced operating costs by $3.0 million.
Marti remains optimistic, reaffirming its 2024 guidance. The information is based on a press release from Marti Technologies.
Marti reported significant growth in ride-hailing, surpassing targets with over 1.1 million riders and 170,000 drivers. The company aims for further growth by the end of September 2024.
Marti appointed a new CFO, Oguz Erkan, and is strategically positioned in the growing ride-hailing market.
InvestingPro Insights
InvestingPro data complements Marti’s financial report, highlighting cash burn and challenges. Despite this, Marti has shown a strong return in the last three months, reflecting investor optimism.
