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Marti Technologies - MRT STOCK NEWS

Welcome to our dedicated page for Marti Technologies news (Ticker: MRT), a resource for investors and traders seeking the latest updates and insights on Marti Technologies stock.

Marti Technologies Inc (MRT) delivers electric urban mobility solutions through its integrated fleet of e-mopeds, e-bikes, and e-scooters powered by proprietary IoT systems. This dedicated news hub provides investors and industry observers with verified updates on corporate developments, financial performance, and technological advancements.

Access real-time announcements including quarterly earnings, strategic partnerships, fleet expansion initiatives, and sustainability progress. Our curated repository ensures transparent access to press releases, regulatory filings, and operational milestones directly from Marti Technologies.

Key coverage areas include technology innovations in vehicle connectivity, market expansion updates across urban centers, and financial disclosures critical for informed analysis. Bookmark this page for streamlined tracking of MRT's evolving position in the competitive micromobility sector.

News

Marti Technologies, Inc. Appoints New Chief Financial Officer

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Marti Technologies has appointed Oguz Erkan as the new CFO, effective May 17, 2024, replacing Cem Yasar Ozey. Erkan brings extensive experience from his roles at GlaxoSmithKline and Arçelik-Beko, making him well-suited to support Marti’s growth. The company appreciates Ozey's contributions during their first year as a US public company. CEO Oguz Alper Oktem highlighted Erkan's expertise in managing large-scale finances and completing value-creation projects. Erkan holds degrees in Business Administration and an Executive MBA from Koç University.

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Marti Announces Amendment to up to $2.5M Share Repurchase Program

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Marti Technologies, Inc. announced an amendment to its share repurchase program, extending it for 3 months with a ceiling price of $3.30 per share. The program allows the repurchase of up to $2.5 million of outstanding Class A ordinary shares until October 9, 2024.
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Marti’s Ride-Hailing Service Reaches Over 788,000 Riders and Over 145,000 Registered Drivers

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Marti Technologies, Inc. has achieved significant milestones in its ride-hailing business, reaching over 788,000 unique riders and over 145,000 registered drivers as of April 23, 2024. The company has experienced a 58% growth in ride-hailing riders and a 36% growth in registered drivers from December 31, 2023, to April 23, 2024. Marti plans to increase its target to 900,000 unique riders by June 30, 2024, while maintaining a target of 155,000 registered drivers. The company operates in Türkiye and aims to provide safe, affordable rides for riders while offering economic opportunities for drivers. With over 145,000 registered drivers, Marti surpasses the number of taxis in Istanbul by 6.2 times, ensuring widespread availability across the city. McKinsey & Company estimates the potential size of the Turkish ride-hailing market to reach $15 billion to $20 billion by 2030.
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Marti Announces Full Year 2023 Results

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Marti Technologies, Inc. announces its financial and operational results for the full year 2023, highlighting capital efficient investments in ride-hailing and operational efficiencies in the two-wheeled electric vehicle rental business. Despite a net loss of $33.8M, Marti achieved revenue of $20.0M and adjusted EBITDA of $(17.7)M, in line with forecasts. The company retained 59% market share in the two-wheeled electric vehicle rental segment and plans to increase investments in ride-hailing in 2024.
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Marti Technologies, Inc. to Report Full Year 2023 Results on April 16, 2024

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Marti Technologies, Inc. (MRT) will release its full year 2023 financial and operational results on April 16, 2024. The company, known as Türkiye’s leading mobility super app, will host a conference call and webcast to discuss the results. Investors can access the live webcast and participate in the call to gain insights into Marti's performance.
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Marti Launches Taxi-Hailing Service as Its Sixth Urban Transportation Modality

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Marti Technologies, Inc. (NYSE American: MRT) expands its urban mobility services with the launch of a taxi-hailing service in Istanbul. The company aims to cater to the transportation needs of urban residents by offering a diverse range of services, including car-hailing, motorcycle-hailing, and now taxi-hailing. With over 610,000 unique riders and 125,000 registered drivers, Marti's entry into the taxi market is expected to positively impact driver availability and increase ridership. McKinsey & Company projects significant growth potential for the Turkish ride-hailing market by 2030, estimating a market size of $15 billion to $20 billion.
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Marti Acquires Zoba’s AI-Powered Optimization Platform to Increase Ridership and Reduce Operational Costs

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Marti Technologies, Inc. has acquired all of the intellectual property and software assets of Zoba Inc., a leader in fleet optimization solutions for two-wheeled electric vehicle operations. The AI-powered SaaS platform and dynamic fleet optimization algorithms of Zoba are expected to enhance revenue generation and reduce field operations costs for two-wheeled electric vehicle operators. The acquisition is part of Marti's focus on creating operational efficiencies in its two-wheeled electric vehicle operations, with a fleet of over forty thousand e-bikes, e-mopeds, and e-scooters. The company aims to increase revenue and reduce costs by leveraging Zoba's software, which has already shown positive results in pilot projects. Marti also plans to further develop the operations of its ride-hailing business using Zoba's software as a foundation.
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Marti introduces multi-modal subscription packages to increase rider usage and improve the operational efficiency of its two-wheeled electric vehicle business

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Türkiye's leading mobility super app, Marti Technologies, Inc. (NYSE American: MRT), has introduced subscription packages for riders to use its two-wheeled electric vehicle services, including e-bikes, e-mopeds, and e-scooters. The packages offer daily, weekly, and monthly options to prepurchase rides, aiming to increase ridership and improve operational efficiency. Pilot studies have shown increased ridership among package subscribers and a positive contribution to Marti's operational efficiency and profitability. The subscription packages are part of Marti's efforts to expand its multi-modal mobility services and offer a single app to meet all urban transportation needs in Türkiye.
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Marti Announces up to $2.5M Share Repurchase Program

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Marti Technologies, Inc. (NYSE American: MRT) announced a share repurchase program, authorizing up to $2.5 million of its outstanding Class A ordinary shares. The program represents approximately 7.9% of the company's market capitalization as of January 9, 2024, with a closing price of $0.6510. The repurchase program is effective immediately and valid for six months. It is being financed from the proceeds of a $5.0 million convertible note investment made by Farragut Square Global Master Fund. The remaining proceeds will be used for general corporate purposes, including accelerating the growth of Marti's ride-hailing service.
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Marti Announces Completion of Redemption of Outstanding Warrants

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Marti Technologies, Inc. (MRT) completes redemption of outstanding warrants at $0.07 per warrant, delisting from NYSE American following expiration of offer to purchase warrants at $0.10 each.
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Marti Technologies

NYSE:MRT

MRT Rankings

#2397 Ranked by Market Cap
N/A Ranked by Dividends

MRT Stock Data

180.15M
32.07M
46.25%
17.8%
0.17%
Software - Application
Services-auto Rental & Leasing (no Drivers)
Link
Turkey
WASHINGTON