Marti Technologies Reported H1 2025 Revenue Of $14.3M, Up By 70.4% YoY
Türkiye's leading mobility super app Marti Technologies, Inc. ("Marti" or the "Company") (NYSE:MRT) today announced its financial and operational results for the six-month period ended June 30, 2025.
Financial and Operational Highlights for the First Half of 2025
- Ride-Hailing Growth Surpasses Targets: Rapid growth of ride-hailing service, with 2.28M unique ride-hailing riders (up 107% YoY) and 327 thousand registered ride-hailing drivers (an increase of 92% YoY) as of period-end, exceeding operational targets throughout the period.
- Improved Financial Performance Driven by Monetization of Ride-Hailing: Revenue of $14.3M (up 70% YoY), net loss of $19.3M (narrowed by 12% YoY), and Adjusted EBITDA of $(6.0)M (narrowed by 47% YoY); on track to achieve 2025 guidance of $34.0M in revenue and $(17.0)M in Adjusted EBITDA, primarily as a result of monetizing ride-hailing service beginning in October 2024.
- Strengthening Market Leadership with Focused 2025–2026 Investment Plan: Marti launched ride-hailing services in six new cities—expanding the population served by its services by 1.5x—and is rapidly growing its ride-hailing team. The ride-hailing team grew from approximately 120 employees at the beginning of 2025 to around 180 in 1H'25. Following two years of strategic investment, 2025 will be the first full year of ride-hailing monetization.
"Over the first half of 2025, we have continued to build strong momentum in our ride-hailing business, expanding our footprint and accelerating monetization," said Oguz Alper Oktem, Founder and CEO.
"As the only ride-hailing operator at scale in Türkiye, we serve 2.76 million unique riders with 382 thousand registered drivers as of September 20, 2025, exceeding our September 30, 2025 targets and reinforcing our market leadership."
"Our 2025 ride-hailing monetization strategy is on track to meet 2025 guidance. Through our new investments, we aim to enhance service quality and improve user experience across all markets. We are executing on our previously announced 2025–2026 investment plan, which includes launching ride-hailing operations in six additional cities, expanding our addressable market by 1.5x, and rapidly growing our ride-hailing team."
"We believe 2025 will be a pivotal year of scale and financial performance, with strong revenue growth and a meaningful improvement in Adjusted EBITDA, as we move swiftly to capture the growing opportunity for ride-hailing throughout Türkiye."
"Additionally, during the first half of 2025 we continued to focus on profitability enhancing measures in our two-wheeled electric vehicle service, successfully deploying efficiency initiatives and further supporting the service with a promotional discount campaign to attract new riders and reactivate churned riders. Our two-wheeled electric vehicle campaign also helped attract more riders to our app, accelerating the growth of our ride-hailing service."
"We continue to take advantage of strong marketing and operational synergies across our tech-enabled mobility platform and we believe the progress made in both services positions us well for continued growth in the second half of 2025."
Financial Highlights for the First Half of 2025
Revenue
- $14.3M in revenue in 1H'25, 70.4% higher compared to 1H'24, driven by the monetization of our ride-hailing service, which began in October 2024.
- We are on track to achieve our FY'25 revenue guidance of $34.0M.
Adjusted EBITDA
- $(6.0)M Adjusted EBITDA in 1H'25, a 47.4% improvement compared to 1H'24, driven primarily by the monetization of our ride-hailing service.
- We are on track to achieve our FY'25 Adjusted EBITDA guidance of $(17.0)M.
Consolidated Financial and Operational Highlights in the First Half of 2025
| 1H 2024 | 1H 2025 | ∆ | |
| Total Rides (in millions) | 13.65 | 19.23 | 40.9% |
| Total Unique Riders (in millions) | 1.39 | 1.69 | 21.3% |
| Rides per Unique Rider | 9.8 | 11.4 | 16.2% |
| Unique Ride-hailing Riders (in thousands) | 1,101 | 2,280 | 107.2% |
| Registered Ride-hailing Drivers (in thousands) | 171 | 327 | 91.9% |
| Average Daily Two-wheeled Electric Vehicles Deployed | 34,566 | 24,840 | (28.1)% |
| Revenue (USD, thousands) | 8,409 | 14,326 | 70.4% |
| Cost of Revenues (USD, thousands) | (9,886) | (7,368) | (25.5)% |
| % of Revenue | 118% | 51% | |
| G&A(1) (USD, thousands) | (9,053) | (12,184) | 34.6% |
| % of Revenue | 108% | 85% | |
| Net Loss(2) (USD, thousands) | (21,869) | (19,279) | (11.8)% |
| Adj. EBITDA(3) (USD, thousands) | (11,328) | (5,955) | (47.4)% |
| Adj. EBITDA Margin(4) | (135)% | (42)% |
| (1) | In the absence of share-based compensation expense, 1H'25 general & administrative expenses were $7.5M. | |
| (2) | In the absence of share-based compensation expense, 1H'25 net loss was $14.5M. | |
| (3) | See definition and reconciliation of Adjusted EBITDA elsewhere in this press release. | |
| (4) | See definition and reconciliation of Adjusted EBITDA margin elsewhere in this press release. |
Operational Highlights
- Total rides including ride-hailing and two-wheeled electric vehicle services reached 19.23M in 1H'25, an increase of 5.59M, or 40.9%, compared to 13.65M in 1H'24.
- Total unique riders including ride-hailing and two-wheeled electric vehicle services reached 1.69M in 1H'25, an increase of 0.30M, or 21.3%, compared to 1.39M in 1H'24, due to increasing number of ride-hailing riders.
- Rides per unique rider reached 11.4 in 1H'25, an increase of 1.6, or 16.2%, compared to 9.8 in 1H'24, due to increased availability and rider awareness of service offerings across cities driving higher utilization.
- In light of the strong growth of our ride-hailing business in our initial operating cities of Istanbul, Ankara, Izmir, and Antalya, we launched our ride-hailing business in six additional cities in 1H'25: Bursa, Konya, Adana, Kocaeli, Mersin, and Kayseri. These additional city launches expand the population served by our ride-hailing service from 28.8M to 42.2M people, representing an increase of 1.5x.
- To fully support our ride-hailing operations at scale, we have restructured our organization and established several new departments to strengthen our technological, commercial, and operational capabilities. These include AI engineering, growth, business intelligence, competitive intelligence, brand marketing, and regional offices. At the beginning of 2025, our ride-hailing team was approximately 120 employees, growing to around 180 by the end of the first half, with an expected 260 by 2025 year-end.
- We redesigned our app to feature ride-hailing more prominently. We also streamlined onboarding, improved search and navigation, and optimized the booking flow to reduce friction. Following these changes, our ride request to ride conversion rate increased by 2%. Our average App Store rating improved to 4.9 out of 5.0 since the launch. Weekly and monthly active users increased by 16% and 12%, respectively.
- Unique ride-hailing riders grew to 2.28M in 1H'25, exceeding our target of 2.15M by 6.1%. This represents an increase of 1.18M riders, or 107.2%, compared to 1.10M in 1H'24. We outperformed our quarterly rider targets throughout 1H'25.
- Registered ride-hailing drivers grew to 327 thousand in 1H'25, exceeding our target of 310 thousand by 5.6%. This represents an increase of 157 thousand drivers, or 91.9%, compared to 171 thousand in 1H'24. We outperformed our quarterly registered driver targets throughout 1H'25. Of our 327 thousand registered drivers, 249 thousand are in Türkiye's largest city, Istanbul. This compares with approximately 20 thousand taxis serving the city.
- Currently, there are approximately 800 thousand daily taxi trips in Istanbul. Based on the New York City benchmark, we expect 63% growth in the number of daily trips after the introduction of ride-hailing. This would equate to 2.9M daily ride-hailing trips in Türkiye, as Istanbul represents 45% of Türkiye's total taxi market share. With Marti's average gross booking value per trip of $9.2 and global operators' benchmark take rate of 30%, we believe the total market of ride-hailing business offers up to $3B in annual revenue potential.
- Average daily two-wheeled electric vehicles deployed decreased from 34.6 thousand in 1H'24 to 24.8 thousand in 1H'25, or 28.1%, due to gradual decommissioning of fleet first introduced on the field in 2021.
Financial Highlights
- $7.4M cost of revenues in 1H'25, 25.5% lower compared to $9.9M in 1H'24. Cost of revenues reduction was driven primarily by increasing field team attention and resources to a higher margin ride-hailing service and continued focus on profitability enhancing measures in our two-wheeled electric vehicle service. As our focus on ride-hailing increases, we believe we will see further reductions in cost of revenues as a percentage of revenue.
- $12.2M general and administrative expenses in 1H'25, 34.6% higher compared to $9.1M in 1H'24, driven by increasing share-based compensation expense of $4.7M. In the absence of share-based compensation expense, 1H'25 general & administrative expenses were $7.5M.
Financing
- In April 2025, we entered into a Convertible Notes subscription agreement for up to an aggregate principal amount of $23.0M of Convertible Notes with a maturity date of April 2029. These Convertible Notes fully fund our growth plans over the next year.
Share Repurchase Program
- Marti's share repurchase program, which was adopted in January 2024, enables us to purchase up to $2.5M of our ordinary shares through October 2025.
December 31, 2025 Unique Ride-Hailing Rider and Registered Driver Targets
Marti is reaffirming its December 31, 2025 unique ride-hailing rider and registered driver targets, as summarized below:
| December 31, 2025 Targets(1) |
|
| Unique Ride-hailing Riders | 3.3 million |
| Registered Ride-hailing Drivers | 450 thousand |