Marti Technologies backs FY25 revenue view $34M, consensus $33.92M

Lowers FY25 adjusted EBITDA view to (17M) from $3M. Marti Technologies (MRT) announced a new investment plan for 2025 and 2026. Marti’s 2025 and 2026 investment plan consists of two pillars: New city launches: In light of the strong growth of its ride-hailing business in its existing cities of Istanbul, Ankara, Izmir, and Antalya, Marti is launching its business in the new cities of Bursa, Konya, Adana, Kocaeli, Mersin, and Kayseri. These new city launches expand the population living in the cities served by Marti’s ride-hailing service 1.5x, from 28.8 million to 42.2 million people. In order to prioritize the growth of its service in its new cities, Marti does not foresee charging drivers in these cities a subscription fee in 2025. Ride-hailing team growth: Marti will invest in growing and increasing the capabilities of its ride-hailing team to support a full scale ride-hailing business in Turkiye. The team will grow from its current size of around 180 people to approximately 260 people, with an emphasis on hires in the technology, product, business operations, and business performance departments that are key contributors to delivering optimal rider and driver experiences. Together with these investments, Marti reiterates its 2025 revenue forecast of $34M and revises its adjusted EBITDA forecast from $3.0M to ($17.0M).