The following is a summary of the Marti Technologies, Inc. (MRT) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Marti Technologies ended FY 2023 with a net revenue of $20 million, matching their projected amount.

• The cost of revenue showed a reduction as it fell to $14.8 million in 2023, down from $18.5 million in 2022, owing to operational efficiency measurements.

• The EBITDA for 2023 stood at a negative $6.7 million, indicating increased expenses when compared to 2022's negative $2.5 million.

• The projected revenue for 2024, based on current investments, is set at $16.6 million with an anticipated EBITDA of negative $22.5 million.

• The company recorded a 20% decrease in revenue in 2023 from their two-wheeled electric vehicle segment.

Business Progress:

• Since its inception, Marti Technologies has served over 77 million rides to more than 4.9 million unique customers and holds a 59% market share in the two-wheeled electric vehicle sector in Turkey.

• There has been a substantial increase in the number of riders and registered drivers for their ride-hailing service, launched in October 2022, indicating a thriving sector of the business.

• Integration of services is a key area of focus for the company, with considerable customer crossover observed between different ride types.

• The company acquired all intellectual property and software assets of Zoba to further enhance operational efficiency in 2024.

• A forward plan for growth in ride-hailing service is on the cards, with the aim to reach 850,000 riders and 155,000 registered drivers by June 2024.

More details: Marti Technologies IR

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