Marti Technologies : Investor Presentation FY 2025*

Published: 2026-04-15 16:34:14 ET MRT

Published on 04/15/2026 at 04:34 pm EDT

FY 2025

Earnings Presentation

Fiscal Year 2025

NYSE American: MRT

CAR-HAILING MOTORCYCLE-HAILING TAXI-HAILING E-BIKE E-MOPED E-SCOOTER

Key messages of FY 2025

Successfully scaled into a true multi-service mobility platform

Expanded ride-hailing footprint to 16 additional cities during the year, reaching 20 cities nationwide, and significantly increasing addressable market and network density

Successfully launched delivery services in Istanbul, marking a major step toward a multi-service mobility platform strategy

Delivered breakout revenue growth within the first full year of monetization

Revenue more than doubled to $39.2M, exceeding guidance by $5.2M

Strong adoption and increased monetization drove outperformance

Momentum supports confidence in achieving $70.0M 2026 revenue guidance

Substantial gross profit margin expansion

Gross profit margin improved dramatically from (15.5)% to 61.1%

Demonstrates the operating leverage and scalability of the platform model

Confirms the path toward sustainable profitability as the network matures

Meaningful and accelerating progress toward profitability

Adjusted EBITDA loss narrowed 37% to $(12.1)M, exceeding guidance by $4.9M

Targeting to achieve 2026 guidance of $1M positive Adjusted EBITDA, a $13.1M improvement

Our Services

Ride-hailing

car-hailing motorcycle-hailing taxi-hailing

Two-wheeled

electric vehicles

e-bikes

e-mopeds e-scooters

Deliveries

motorcycle deliveries car deliveries

Marti by the numbers

urban mobility app in Türkiye

(iOS & Android)1

160.2M

all-time trips2

7.4M

all-time

unique platform consumers2

3.8M

all-time unique ride-hailing riders3

490K

all-time registered ride-hailing drivers3

Number one urban mobility and ride-hailing app in Türkiye across iOS and Android, as measured by the total number of downloads among all apps in the urban mobility and ride/taxi-hailing/sharing category in FY 2025. Download figures based on Sensor Tower. Third-party data included herein 5

has been obtained from publicly available sources and has not been independently verified by the Company. The Company makes no representation or warranty, express or implied, as to the accuracy or completeness of such information.

Ride-hailing, delivery, and two-wheeled electric service operational KPI is included as of December 31, 2025 since inception. 3. Ride-hailing KPI is included as of March 17, 2026 since inception of the service.

Key Messages Operational Highlights Financial Highlights Consolidated Financials Non-GAAP Reconciliations

Although the youngest operator, Marti is the leading urban mobility app in Türkiye

Marti is the most downloaded

urban mobility app in Türkiye1

Marti operates in 20 of Türkiye's largest cities,

representing ~80% of national GDP2

Rank

Company

Years of Operation

7 Years

Local Operator

13 Years

International Operator

12 Years

Local Operator

7 Years

Local Operator

7 Years

Istanbul

30.4%

Tekirdağ

1.7%

Kocaeli

4.1%

Sakarya

1.2%

Samsun

1.1%

Yalova

0.4%

Bursa

3.9%

Eskişehir

1.1%

Ankara

9.6%

Izmir

6.1%

Manisa

1.6%

Kayseri

1.4%

Aydın

1.0%

Denizli

1.0%

Konya

2.1%

Adana

2.1%

Muğla

1.3%

Antalya

3.5%

Mersin

2.1%

Gaziantep

1.9%

Ride-hailing operations

Ride-hailing and two-wheeled electric vehicle operations

Ride-hailing, delivery, and two-wheeled electric vehicle operations

been obtained from publicly available sources and has not been independently verified by the Company. The Company makes no representation or warranty, express or implied, as to the accuracy or completeness of such information. 7

Turkstat as of December 31, 2023 (GDP data per city source).

Third-party data included herein has been obtained from publicly available sources and has not been independently verified by the Company. The Company makes no representation or warranty, express or implied, as to the accuracy or completeness of such information.

Marti's ride-hailing service is exceeding growth targets

(thousands)

Unique Ride-hailing Riders Registered Ride-hailing Drivers

(thousands)

Target1

3,384

3,802

2,756

2,280

1,663

1,932

1,101

1,396

499

690

Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Q2 2026

4,300

450

490

382

327

262

292

171

223

107

138

Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Q2 2026

530

Marti Continues to Outperform

its Rider and Driver Targets

Marti reached 3.8 million unique ride-hailing riders2 and

490 thousand registered drivers2

Targeting 4.3 million unique ride-hailing riders and 530 thousand registered

drivers by June 30, 2026

The Start of Monetization is

a Significant Inflection Point

2025 was the first full year of platform monetization

Launched a dynamic pricing model and improved matching algorithm

designed to improve service efficiency and enhance rider and driver satisfaction

The Company's ride-hailing targets are based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company 8

will achieve these results.

Ride-hailing KPI is included as of March 17, 2026 since inception of the service.

Our multi-service offering is further strengthened by the launch of deliveries

Strong multi-service usage among ride-hailing consumers

15%

Multi-service consumers complete more trips and spend more than single service consumers2in 2025

% of car-hailing consumers who have previously used another Marti service

35%

Car-hailing consumers

% of car-hailing consumers who have subsequently used 2+ services

Single service consumers Multi-service consumers

% of motorcycle-hailing consumers who have previously used another Marti service

82%

% of motorcycle-hailing consumers who have subsequently used 2+

72%

Motorcycle-hailing consumers

Strong multi-service adoption among drivers1

31%

% of motorcycle-hailing drivers also performed delivery services

services

1.0X

4.4X

1.0X

3.6X

Motorcycle-hailing drivers

Car-hailing drivers

Motorcycle-delivery drivers

% of car-hailing drivers also performed delivery services

Car-delivery drivers

Trips per consumer Revenue per consumer

Includes only ride-hailing and delivery trips performed by drivers and used by consumers in İstanbul in Q4 2025. 9

Consumers with more than one trip included in analysis, FY 2025 ride-hailing, delivery, and two-wheeled electric vehicle trips and revenues are analyzed.

Remarkable gross profit margin expansion driven by revenue growth and AI-enabled cost reduction initiatives

Key drivers of gross profit margin expansion

First full year of monetization across the Marti platform significantly increased revenue and unit economics

Ride-hailing launch in 16 additional cities

Launch of delivery service:

increased cross platform benefits,

drove higher revenue per consumer, and

improved platform economics

AI-enabled cost reduction initiatives

Marti will continue to pursue disciplined growth with a strong focus on profitability, operational efficiency, and capital allocation

Strong revenue growth and operational efficiency

drove $26.9M gross profit uplift, with margin swinging from (15%) to 61%

Gross profit(1)(USD, thousands) Gross profit margin(2)(%)

23,988

61%

(2,889)

(15)%

FY 2024 FY 2025

Gross profit is a GAAP metric and is calculated by deducting cost of revenues from revenue. 10

Gross profit margin is a GAAP metric and is calculated as gross profit divided by revenue.

Numerous growth drivers for our platform

Continued organic growth

in existing cities

Growing urban demand

Expanding number of drivers

Loyalty program incentives

Improved consumer experience

Launch of new cities and countries

Additional urban population to

serve in Türkiye

Underpenetrated cities in Türkiye's neighboring countries

Scalable operational playbook

Dynamic pricing

Demand-supply forecasting

Real-time fare adjustments

Optimizing match rates and revenue per trip

Increasing take rate

New subscription packages

Introduction of commission model

Increasing take rate to align with global benchmarks

Ride-hailing annual revenue potential is estimated at $4 billion

Annual Revenue Potential

$4 billion

# of daily ride-hailing trips in İstanbul

1.3 million

Taxi market share of Istanbul as a percentage of Türkiye

35%

# of daily ride-hailing trips in Türkiye

3.9 million

Average gross booking value per trip

$9.20

Global take-rate benchmark2

30%

Number of daily trips before and after ride-hailing introduction (thousands)

# of daily taxi trips before ride-hailing introduction

# of daily taxi and ride-hailing trips 10 years after ride-hailing introduction

New York1İstanbul1

768

472

1,324

812

1.0X 1.63X 1.0X 1.63X

Ride-hailing greatly expanded the market in New York City

toddwschneider.com New York City number of daily trips increased by 63% from January 2015 to October 2024. A similar growth trajectory is projected for Istanbul, with January 2025 as the baseline. 12

Uber Technologies, Inc., Q4 2025 Earnings, Supplemental Data, February 4, 2026.

Key Messages Operational Highlights Financial Highlights Consolidated Financials Non-GAAP Reconciliations

2024 vs. 2025 Financial Results

2024

2025

∆

Comments

Trips (in millions)

31.71

50.84

60.3%

Increasing number of ride-hailing trips driven by growing usage in existing

cities plus new city launches

Unique Platform Consumers (in millions)

2.13

3.08

44.3%

Trips per Unique Platform Consumer

14.9

16.5

11.1%

All-time Unique Ride-hailing Riders (in thousands)

1,663

3,384

103.5%

All-time Registered Ride-hailing Drivers (in thousands)

262

450

71.7%

New city launches, marketing, and increased cross-service utilization

potential

Average Daily Two-wheeled Electric Vehicles Deployed

32,597

23,172

(28.9)%

Revenue (USD, thousands)

18,660

39,241

110.3%

Growing trip volumes and first full year of platform monetization

Operational efficiencies achieved across our multi-service platform,

Cost of Revenues (USD, thousands) (21,549) (15,253) (29.2)%

reduction initiatives

% of Revenue

115%

39%

G&A1(USD, thousands)

(49,249)

(28,051)

(43.0)%

Decrease in share-based compensation expense and insurance costs. In the

absence of share-based compensation expense, 2025 G&A was $16.8M

% of Revenue

264%

71%

Gross Profit (USD, thousands)

(2,889)

23,988

n.m.

Gross Profit Margin

(15)%

61%

Adj. EBITDA2(USD, thousands)

(19,274)

(12,104)

(37.2)%

Adj. EBITDA Margin2

(103)%

(31)%

In the absence of share-based compensation expense, 2025 general & administrative expenses were $16.8M. 14

Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP metrics. See Non-GAAP Reconciliations for definitions and reconciliation.

Guidance

Revenue Adjusted EBITDA2

($ in millions) ($ in millions)

+$30.8

+78%

+$5.2

+15%

$70.0

$39.2

2025 Guidance

2026 Guidance1

2025 Actual

2025 Guidance

2025 Actual

2026 Guidance1

$1.0

+$13.1

+$4.9

The Company's 2026 guidance is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will 15

achieve these results.

Adjusted EBITDA is a non-GAAP metric. See Non-GAAP Reconciliations for definitions and reconciliation.

Key Messages Operational Highlights Financial Highlights Consolidated Financials Non-GAAP Reconciliations

Consolidated Income Statements

($ in thousands)

2024

2025

Revenue

18,660

39,241

Operating expenses:

Cost of revenues

(21,549)

(15,253)

General and administrative expenses1

(49,249)

(28,051)

Selling and marketing expenses

(9,348)

(12,954)

Research and development expenses

(1,963)

(3,007)

Other expenses

(3,056)

(9,399)

Other income

1,194

891

Total operating expenses

(83,970)

(67,774)

Loss from operations

(65,310)

(28,532)

Fair value gain on derivative instrument

1,381

Financial income

1,408

1,351

Financial expense

(9,980)

(15,646)

Loss before income tax expense

(73,881)

(41,446)

Income tax expense

Net loss2

(73,881)

(41,446)

2025 general & administrative expenses include share-based compensation expense of $11.3M. In the absence of share-based compensation expense, 2025 general & administrative expenses were $16.8M. 17

2025 net loss includes share-based compensation expense of $11.3M. In the absence of share-based compensation expense, 2025 net loss was $30.2M.

Consolidated Balance Sheets

($ in thousands)

December 31, 2024

December 31, 2025

Total current assets

11,418

13,940

Cash and cash equivalents

5,149

7,806

Accounts receivable, net

204

504

Inventories

2,030

1,991

Other current assets

4,035

3,639

Total non-current assets

8,961

15,862

Property and equipment

5,493

2,654

Operating lease right of use assets

837

907

Intangible assets

590

351

Other non-current assets

2,041

11,950

Total assets

20,379

29,802

Consolidated Balance Sheets (cont'd)

$3.7M of short-term financial liabilities, net and $77.9M long-term financial liabilities, net consist of convertible notes with a $1.65 exercise price.

($ in thousands)

December 31, 2024

December 31, 2025

Total current liabilities

11,322

14,389

Short-term financial liabilities, net1

4,556

3,695

Accounts payable

1,651

4,077

Operating lease liabilities

484

620

Deferred revenue

1,845

2,129

Accrued expenses and other current liabilities

2,787

3,869

Total non-current liabilities

70,497

82,501

Long-term financial liabilities, net1

70,119

82,116

Operating lease liabilities

136

Employee benefit liabilities

290

249

Total stockholders' equity

(61,441)

(67,088)

Common stock

Share premium

85,598

121,762

Treasury shares

(368)

Accumulated other comprehensive loss

(7,558)

Accumulated deficit

(139,487)

(180,933)

Total liabilities and stockholders' equity

20,379

29,802

Consolidated Statement of Cash Flows

($ in thousands)

2024

2025

Cash flow from operating activities

Net loss

(73,881)

(41,446)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

8,691

3,587

Loss on disposal of assets

Share-based, compensation, net

35,661

11,280

Interest expense-income, net

3,681

8,609

Fair value gain on derivative instrument

(1,381)

Foreign exchange gains

(397)

(720)

Provision for inventory obsolescence

317

Other non-cash

(17)

834

Changes in operating assets and liabilities:

Account receivable

(15)

(300)

Inventories

265

Other current assets

978

933

Accounts payable

(1,145)

2,426

Deferred revenue

295

284

Accrued expenses and other current liabilities

491

1,041

Net cash used in operating activities

(25,077)

(14,781)

Consolidated Statement of Cash Flows (cont'd)

($ in thousands)

2024

2025

Cash flow from investing activities

Purchase of property and equipment

(332)

(485)

Purchase of intangible assets

(707)

(56)

Net cash used in investing activities

(1,039)

(542)

Cash flow from financing activities

Repurchases of shares

(368)

Proceeds from issuance of convertible notes

18,000

19,930

Proceeds from exercise of employee share options

168

Repayment of convertible notes

(930)

Repayment of term loans

(5,139)

(1,750)

Re-purchase of warrants

(90)

Net cash generated from financing activities

11,841

17,980

Increase/(Decrease) in cash and cash equivalents

(14,275)

2,657

Net increase/(decrease) in cash and cash equivalents

(14,275)

2,657

Cash and cash equivalents at beginning of the year

19,424

5,149

Cash and cash equivalents at ending of the year

5,149

7,806

Key Messages Operational Highlights Financial Highlights Consolidated Financials

Non-GAAP Reconciliations - Consolidated

($ in thousands, except percentages)

2024

2025

Net loss

(73,881)

(41,446)

Net loss margin

(396)%

(106)%

Depreciation and amortization

8,691

3,587

Financial income

(1,408)

(1,351)

Financial expense

9,980

15,646

Customs tax provision expense

Lawsuit provision expense

184

179

Share-based compensation expense

37,161

11,280

Adjusted EBITDA1

(19,274)

(12,104)

Adjusted EBITDA margin2

(103)%

(31)%

Adjusted EBITDA is a non-GAAP metric and is calculated by adding depreciation, amortization, taxes, financial expenses (net of financial income) and one-time charges and non-cash adjustments, to net income (loss). The one-time charges and non-cash adjustments are mainly comprised of customs 23

tax provision expenses resulting from the one-time amendment of customs duties and lawsuit provision expense which Marti did not consider the provision to be reflective of its normal cash operations.

Adjusted EBITDA margin is a non-GAAP metric and is calculated as Adjusted EBITDA divided by revenue.

MARTI INVESTOR RELATIONS

[email protected]

Disclaimer

Marti Technologies Inc. published this content on April 15, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 15, 2026 at 20:33 UTC.