The following is a summary of the Marti Technologies, Inc. (MRT) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Marti Technologies reported a Q2 2024 consolidated net revenue of $8.4 million, primarily generated from the two-wheeled electric vehicle segment.

• The company achieved significant operational efficiencies, reducing total cost of revenues by 35% year-over-year, falling from $8.7 million to $5.7 million.

• Adjusted EBITDA for the two-wheeled electric vehicle segment approached breakeven, improving from a negative $4.7 million in the first half of 2023 to nearly negative $0.2 million.

• Despite challenges, Marti maintained its pricing power with a revenue per ride increase of 38% year-over-year in USD terms, reflecting strategic price adjustments in response to inflation and currency depreciation.

Business Progress:

• Marti continued to expand its user base, surpassing initial ride-hailing targets with 1.1 million unique riders and 171,000 registered drivers by June 30, 2024.

• Investment in the ride-hailing service reached $13.1 million in the first half of 2024, focusing on achieving capital efficient growth.

• The acquisition of Zoba's assets has resulted in operational improvements, with deployed vehicles achieving up to 2.4 times the daily rides compared to those without Zoba's system.

Opportunities:

• Marti's multimodal services, which integrate car hailing, motorcycle hailing, e-bike, and e-scooter options, continue to attract and retain users, demonstrating robust cross-usage among different modalities.

Risks:

• Ongoing challenges related to inflation and currency depreciation in Turkey impact consumer spending power and operational costs, although the company has managed to adjust its pricing model effectively.

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