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01/10 01:57
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call presents mixed signals: declining revenue and increased expenses negatively impact sentiment, but the rise in unique riders and successful ride-hailing launch are positive. The Q&A reveals optimism in growth potential and a strategic advantage as a first mover. However, regulatory uncertainties and lack of specific guidance on take rates and political impacts temper enthusiasm. The ongoing share repurchase program provides some support, but overall, the mixed financial performance and uncertainties balance out to a neutral stock price reaction.
Revenue $18.7 million (down from $20 million in 2023), primarily due to a decreased number of two wheel electric vehicles on the field, partially offset by ride hailing monetization beginning in October.
Adjusted EBITDA Negative $19.3 million (compared to negative $17.7 million in 2023), driven by aggressive investments in ride hailing service prior to monetization and greater than expected operational efficiencies in two wheeled electric vehicle service.
Total Rides 31.7 million (up from 21.9 million in 2023), driven by an increase in ride hailing rides and riders.
Unique Riders 2.1 million (up from 1.8 million in 2023), driven by an increase in ride hailing rides and riders.
Unique Ride Hailing Riders 1.66 million (up from 0.5 million at the end of 2023), reflecting the successful launch and growth of the ride hailing service.
Registered Drivers 262,000 (up from 107,000 in 2023), indicating strong growth in the ride hailing service.
Cost of Revenues $21.5 million (down from $24.1 million in 2023), due to decreasing depreciation and amortization expense and operational efficiencies.
General and Administrative Expenses $49.2 million (up from $15.1 million in 2023), primarily due to increased share-based compensation expense of $37.2 million.
Cash-based General and Administrative Expenses $12.1 million (down from $13.1 million in 2023), driven by team efficiencies and streamlining of public company advisory expenses.
New Product Introduction: In January 2025, Marti introduced a dynamic pricing model to enhance efficiency and rider and driver satisfaction.
Market Expansion: Marti plans to expand its operations to additional cities in Turkey in 2025, targeting cities with populations greater than 1 million.
Market Positioning: Marti is the number one urban mobility app in Turkey and the only car hailing and motorcycle hailing provider, with a significant first-mover advantage.
Operational Efficiency: Operational efficiency projects decreased the total cost of revenues by 10.5% year-over-year despite managing a similarly sized fleet.
Cost Reduction: General and administrative expenses decreased from $13.1 million in 2023 to $12.1 million in 2024, driven by team efficiencies.
Strategic Shift: Marti has transitioned its primary focus to ride hailing, achieving significant growth in unique riders and registered drivers.
Profitability Measures: Implemented critical profitability enhancing measures and efficiency initiatives for two wheeled electric vehicle service, reducing operating losses.
Market Competition: Marti Technologies faces competitive pressures from local players in Turkey's urban mobility market, with four out of the top five apps being local. This could impact market share and pricing strategies.
Regulatory Issues: The company operates in a heavily regulated environment, which may pose risks related to compliance and operational flexibility.
Supply Chain Challenges: The company has to manage operational efficiencies in its two-wheeled electric vehicle service, which may be affected by supply chain disruptions.
Economic Factors: Turkey's economic conditions, including high costs of car ownership and limited public transport options, may influence demand for Marti's services.
Operational Efficiency: Despite achieving operational efficiencies, the company must continue to manage costs effectively to avoid negative impacts on profitability.
Investment Risks: The company plans to pursue incremental investments to support growth, which carries risks if the expected returns do not materialize.
Focus on Ride Hailing: Transitioned primary focus to ride hailing, exceeding operational targets for unique riders and registered drivers.
Dynamic Pricing Model: Introduced a dynamic pricing model in January 2025 to enhance efficiency and satisfaction.
Profitability Measures: Implemented measures to enhance profitability and reduce operating losses in two wheeled electric vehicle service.
Expansion Plans: Plans to expand operations to additional cities in Turkey in 2025 and beyond.
Acquisition of Zoba: Acquired Zoba's software for dynamic fleet optimization, improving operational efficiency.
Multimodal Transportation: Investing in balanced growth of multimodal services to enhance rider acquisition and revenue.
2025 Revenue Projection: Expecting to almost double revenue to $34 million in 2025.
Adjusted EBITDA: Aiming for positive adjusted EBITDA in 2025, excluding incremental investments.
Rider and Driver Growth Targets: Targeting 2.15 million riders and 310,000 registered drivers by June 2025.
Annual Revenue Opportunity: Potential for $3 billion annual revenue in the ride hailing market at maturity.
Share Repurchase Program: Ongoing program to purchase up to $3.5 million of ordinary shares through October 2025.
Share Repurchase Program: The company announced a share repurchase program in January 2024, allowing for the purchase of up to $3.5 million of ordinary shares at a price per share of up to $6, which remains ongoing until October 09, 2025.
The earnings call summary shows strong growth in ride-hailing metrics and improved financial performance, with a significant increase in unique riders and drivers. The Q&A highlights strategic focus on growth, AI utilization, and market expansion. Despite some vague responses, the overall sentiment is positive due to strong demand in new markets, AI advancements, and a solid cash position without immediate capital raising needs. The decrease in 2-wheeled vehicles is a minor concern but is being addressed. The positive outlook and strategic growth plans suggest a likely positive stock price movement.
The earnings call presents mixed signals: declining revenue and increased expenses negatively impact sentiment, but the rise in unique riders and successful ride-hailing launch are positive. The Q&A reveals optimism in growth potential and a strategic advantage as a first mover. However, regulatory uncertainties and lack of specific guidance on take rates and political impacts temper enthusiasm. The ongoing share repurchase program provides some support, but overall, the mixed financial performance and uncertainties balance out to a neutral stock price reaction.
The earnings call summary highlights several negative factors, such as a revenue decline in the two-wheeled segment, increased operational costs, and negative adjusted EBITDA. The Q&A section reveals a lack of monetization in the ride-hailing service, delaying revenue generation. Despite a share repurchase program, the overall sentiment is negative due to financial challenges, high inflation, and currency depreciation in Turkey. These factors suggest a likely stock price decline in the near term.
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