Marti Technologies, Inc. - MRT STOCK NEWS

Marti Technologies (NYSE American: MRT), Türkiye's leading mobility super app, has appointed Deniz Terlemez as Interim Chief Financial Officer, effective November 1, 2024, succeeding Oguz Erkan. Terlemez, previously serving as Finance Director, brings over 15 years of executive finance experience. His background includes roles at Reef Technology as Senior Finance Manager, Vestel Companies as Group Reporting and Audit Manager, and Seaboard as Financial Controller. The transition comes as the company continues to scale its ride-hailing business monetization efforts, building upon the infrastructure established under Erkan's leadership.

Marti Technologies, Inc. (NYSE American: MRT), Türkiye's leading mobility super app, has extended its share repurchase program by six months until April 9, 2025. The program, initially launched on January 10, 2024, allows the company to repurchase up to $2.5 million of its outstanding Class A ordinary shares. The Board has also increased the ceiling price for share repurchases from $3.30 to $5.00 per share. As of October 8, 2024, Marti's share price was $2.04.

The repurchase program can be executed through privately negotiated or open-market transactions, subject to applicable securities laws. The Board retains the right to review, extend, or increase the program, which can also be suspended or discontinued at any time. The timing and amount of repurchases will be determined by management based on various factors, including the company's assessment of its shares' intrinsic value, market conditions, and strategic considerations.

Marti Technologies, Inc. (NYSE American: MRT), Türkiye's leading mobility super app, has initiated monetization of its ride-hailing service. After two years of growth, Marti is now offering driver subscription packages, allowing drivers to purchase the right to receive ride requests from Marti's riders. With over 225,000 registered drivers, Marti stands as the only at-scale app-based ride-hailing operator in the country.

Competing with smaller offline providers, Marti's app-based system offers a more efficient method of connecting riders with drivers. Offline drivers typically pay around $300 per month for ride requests. Marti's subscription prices will dynamically adjust based on real-time ride request volumes, potentially reaching similar price points.

Marti Technologies announced its financial and operational results for the first half of 2024. The company reported revenue of $8.4M, a net loss of $21.9M, and an adjusted EBITDA of $(11.3)M. Despite these losses, Marti is on track to meet its FY’24 guidance of $16.6M in revenue and $(22.5)M in adjusted EBITDA. The ride-hailing segment saw significant growth, with 1.1 million riders and 171 thousand drivers, but currently does not contribute to revenue as no fees are charged. The two-wheeled electric vehicle rental business achieved adjusted EBITDA neutrality, with a $4.4M improvement over 1H’23. Operational efficiencies, including the acquisition of Zoba, contributed to a $3.0M reduction in operating costs. However, revenue from this segment declined by 11% YoY due to fewer average daily rides per vehicle. Marti's liquidity stood at $9.0M, a 54% decrease from FY’23, impacted by investments in the ride-hailing service.

Marti Technologies, Inc. (NYSE American: MRT), Türkiye's leading mobility super app, has announced it will release its 2024 first half financial and operational results on September 30, 2024, before U.S. markets open. The company will host an analyst and investor conference call and live webcast to discuss these results at 3:30 p.m. Istanbul / 1:30 p.m. London / 8:30 a.m. New York time on the same day.

Interested parties can access the live webcast through a provided link, and a replay will be available on Marti's Investor Relations website following the call. The company's results presentation will also be accessible on their Investor Relations website on September 30, 2024.

Marti Technologies (NYSE American: MRT), Türkiye's leading mobility super app, has exceeded its September 30, 2024 targets for ride-hailing service a month early. As of August 31, 2024, Marti has reached over 1,300,000 riders and over 205,000 registered drivers, surpassing the original targets of 1,300,000 riders and 190,000 drivers. The company has set new targets for September 30, 2024: over 1,350,000 riders and over 215,000 registered drivers.

Marti's ride-hailing service has shown significant growth, with an 18% increase in riders and a 21% increase in registered drivers from June 30 to August 31, 2024. In Istanbul alone, Marti has over 167,000 registered drivers, 8.5 times more than the city's 19,845 taxis. The company emphasizes safety with formal background checks for drivers, who maintain an average rating of 4.8 out of 5 stars.

Marti Technologies (NYSE American: MRT), Türkiye's leading mobility super app, announced a significant development in the ride-hailing sector. The Ministry of Treasury and Finance has issued a ruling enabling ride-hailing drivers to pay income taxes on their earnings through the Marti app. This decision requires drivers to establish corporate entities in compliance with Türkiye's tax code.

CEO Oguz Alper Oktem views this as a positive step towards confirming the legality of ride-hailing driver income. The ruling allows Marti to digitally collect and transmit information about rides, income, and tax obligations to the authorities. To support this transition, Marti is offering legal guidance and financial support to drivers in setting up corporate entities.

McKinsey & Company estimates the potential Turkish ride-hailing market size at $15-20 billion by 2030. Marti projects that the sector could generate around $2 billion in annual tax revenue at steady state, addressing the issue of tax leakage prevalent in the traditional taxi sector.

Marti Technologies, Türkiye’s leading mobility super app, announced that its ride-hailing service exceeded its June 30, 2024 targets, reaching over 1,100,000 riders and 170,000 registered drivers. This represents a 121% increase in riders and a 60% increase in drivers from December 31, 2023. The company has now set new targets for September 30, 2024: over 1,300,000 riders and 190,000 registered drivers. In Istanbul alone, Marti boasts over 141,000 drivers compared to 19,845 taxis. Marti’s drivers undergo background checks and hold an average rating of 4.8 out of 5 stars. The Turkish ride-hailing market is projected to grow significantly, with McKinsey & Company estimating it could reach $15 billion to $20 billion by 2030.

Pershing Square Capital Management (PSCM) has announced the sale of a 10% common equity interest in Pershing Square Holdco, a new partnership owning 100% of PSCM, for $1.05 billion to strategic investors including Arch Capital Group (ACGL). This sale involves an internal reorganization of PSCM's ownership structure, resulting in a deemed assignment under the Investment Advisers Act of 1940. The reorganization has been approved by the Pershing Square Holdings (PSH) board, ensuring no changes to PSCM's management team or its investment management role. Furthermore, an independent Board of Directors has been established. Bill Ackman remains the largest shareholder of the controlling The transaction aims to accelerate growth in assets under management and maintain high long-term returns for investors.