Marti’s Ride-Hailing Service Reaches 1.61 Million Riders and 255 Thousand Registered Drivers, Exceeding December 31, 2024 Targets of 1.60 Million Riders and 245 Thousand Registered Drivers Half a Month Earlier Than Planned

Rhea-AI Summary

Marti Technologies (NYSE American: MRT) has exceeded its December 2024 targets ahead of schedule, reaching 1.61 million riders and 255,000 registered drivers by December 15, 2024. The company's ride-hailing service demonstrated strong growth with a 15% increase in riders and 14% increase in drivers from September 30 to December 15, 2024.

In Istanbul, Marti has 203,000 registered drivers, ten times more than the city's taxi fleet. The company began monetizing its ride-hailing service in October 2024 and projects $34.0 million in revenue and $3.0 million in adjusted EBITDA for 2025, up from 2024 targets of $16.6 million revenue and $(22.5) million adjusted EBITDA. McKinsey estimates Türkiye's potential ride-hailing market could reach $15-20 billion by 2030.

Positive

• Exceeded December 2024 targets for both riders and drivers ahead of schedule
• Strong growth with 15% increase in riders and 14% increase in drivers in 2.5 months
• Dominant market position with 10x more drivers than taxis in Istanbul
• Projected 2.1x revenue growth from 2024 to 2025
• Expected transition from negative to positive adjusted EBITDA in 2025
• Forecasted positive free cash flow in 2025

Negative

• Currently operating at negative adjusted EBITDA of $(22.5) million in 2024

Insights

Financial Analyst

The outperformance in user metrics coupled with ambitious 2025 financial projections signals strong market penetration in Türkiye's ride-hailing space. The projected $34.0 million revenue for 2025 represents 105% YoY growth, with a remarkable shift from negative $22.5 million to positive $3.0 million in adjusted EBITDA. The company's dominant position with 10x more drivers than traditional taxis in Istanbul demonstrates significant market disruption potential in a $9-12 billion total addressable market.

The rapid user base expansion of 15% in riders and 14% in drivers over just 2.5 months suggests strong network effects. The transition to monetization in October 2024 and projected positive free cash flow in 2025 indicates a clear path to profitability, though execution risks remain in a high-inflation environment.

Market Research Analyst

Marti's market positioning is particularly compelling given McKinsey's forecast of a $15-20 billion Turkish ride-hailing market by 2030. The company's first-mover advantage as the only scaled operator, combined with its super app strategy, creates significant barriers to entry. The 4.8/5 driver rating and formal background checks address critical trust and safety concerns in the emerging market context.

The 203,000 registered drivers in Istanbul alone, compared to 20,000 traditional taxis, demonstrates successful supply-side penetration. This extensive driver network enables better service coverage and shorter wait times, potentially accelerating user adoption and market growth beyond current projections.

Marti sets targets for March 31, 2025 of 1.90 million riders and 290 thousand registered drivers

ISTANBUL--(BUSINESS WIRE)-- Marti Technologies, Inc. (“Marti” or the “Company”) (NYSE American: MRT), Türkiye’s leading mobility super app, announced today that as of December 15, 2024, Marti’s ride-hailing service has reached 1.61 million riders and 255 thousand registered drivers, exceeding the December 31, 2024 targets of 1.60 million riders and 245 thousand registered drivers.

Marti’s number of ride-hailing riders grew 15% from September 30, 2024 to December 15, 2024. The number of registered drivers grew 14% during the same time period. The fast growth in both the rider and driver sides of Marti’s ride-hailing marketplace demonstrates the strong need for the service across Türkiye. The service intends to provide readily available, safe, and affordable rides for riders, while providing economic opportunities for drivers across the income spectrum.

Encouraged by the growth in the rider and driver bases of its ride-hailing business, Marti has set targets for 1.90 million riders and 290 thousand registered drivers by March 31, 2025.

Of Marti’s 255 thousand registered drivers, 203 thousand are in Türkiye’s largest city, Istanbul. This is in contrast to 20 thousand taxis serving the city. With 10 times as many registered drivers as taxis serving the city of Istanbul, Marti is able to offer widespread availability across the city. Furthermore, Marti’s drivers undergo formal background checks before acceptance onto the service, thereby contributing to rider safety. The average rating of Marti’s ride-hailing drivers by riders is 4.8 out of 5 stars.

Marti begun monetizing its ride-hailing service in October 2024. As the only at scale ride-hailing operator in the country, together with the monetization of its ride-hailing service, Marti expects to complete 2025 with $34.0 million of revenue and $3.0 million of adjusted EBITDA*. These figures are up from Marti’s 2024 performance targets of $16.6 million of revenue and $(22.5) million of adjusted EBITDA^(*).

Marti’s 2025 forecast represents 2.1 times growth over its expected revenue figure for 2024, and an adjusted EBITDA improvement of $25.5 million. Marti also forecasts achieving positive free cash flow in 2025^(*).

McKinsey & Company, a consultancy group, estimates the taxi market size in Türkiye at $9 billion to $12 billion as of 2021. Further, under the “Disruptive Scenario 2030”, ride-hailing is expected to increase the size of the taxi market by offering cheaper and more convenient rides. McKinsey & Company estimates the potential size of the Turkish ride-hailing market in 2030 at $15 billion to $20 billion^(**).

The 2025 revenue, adjusted EBITDA and free cash flow guidance provided herein are based on Marti’s current estimates and assumptions and are not a guarantee of future performance. Such guidance is subject to significant risks and uncertainties, including the risk factors discussed in the Company's reports on file with the Securities and Exchange Commission (“SEC”), that could cause actual results to differ materially. There can be no assurance that the Company will achieve the results expressed by this guidance.

^(*) This press release does not include a reconciliation of forward-looking Adjusted EBITDA for 2024 or 2025 because the Company is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to the Company’s results.

^(**) Expectations and targets are not necessarily indicative of future attainment.

Non-GAAP Financial Measures

Certain financial information and data contained herein are not presented in accordance with generally accepted accounting principles of the United States (“GAAP”), including adjusted EBITDA.

We define these metrics as follows: Adjusted EBITDA as depreciation, amortization, taxes, financial expenses (net of financial income) and one-time charges and non-cash adjustments, plus net income (loss). The one-time charges and non-cash adjustments are mainly comprised of customs tax provision expenses resulting from the one-time amendment of customs duties and lawsuit provision expense which the Company does not consider the provision to be reflective of its normal cash operations.

About Marti:

Founded in 2018, Marti is Türkiye’s leading mobility app, offering multiple transportation services to its riders. Marti operates a ride-hailing service that matches riders with car, motorcycle, and taxi drivers, and operates a large fleet of rental e-mopeds, e-bikes, and e-scooters. All of Marti’s offerings are serviced by proprietary software systems and IoT infrastructure. For more information, visit www.marti.tech.

Cautionary Note Regarding Forward-Looking Statements

Certain statements made in this press release constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements related to the anticipated growth, including the number of riders and registered drivers of the ride-hailing business, the ride-hailing targets by March 31, 2025, and the expected future performance and market opportunities of Marti and the ride-hailing business, the Company’s expected revenue and adjusted EBITDA for 2025, and the Company’s expectation to reach positive free cash flow in 2025. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including the risks discussed in the Company’s filings with the SEC, including the Company’s Annual Report on Form 20-F. Marti undertakes no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241216329808/en/

Investor Contact

Marti Technologies, Inc.

Turgut Yilmaz

investor.relations@marti.tech

Source: Marti Technologies, Inc.

FAQ

What are Marti's (MRT) rider and driver growth numbers for Q4 2024?

Marti achieved 15% growth in riders and 14% growth in registered drivers from September 30 to December 15, 2024, reaching 1.61 million riders and 255,000 drivers.

What is Marti's (MRT) revenue projection for 2025?

Marti projects $34.0 million in revenue for 2025, representing 2.1 times growth over its 2024 expected revenue of $16.6 million.

How does Marti's (MRT) driver count compare to traditional taxis in Istanbul?

Marti has 203,000 registered drivers in Istanbul, which is 10 times more than the city's 20,000 taxis.

When did Marti (MRT) begin monetizing its ride-hailing service?

Marti began monetizing its ride-hailing service in October 2024.

What are Marti's (MRT) targets for March 31, 2025?

Marti has set targets to reach 1.90 million riders and 290,000 registered drivers by March 31, 2025.