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Marti Technologies (MRT)
:MRT
Earnings Data
Report Date
―TBA Not Confirmed
Period Ending
―Consensus EPS Forecast
―Last Year’s EPS
―Same Quarter Last Year
Based on 1 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Apr 16, 2024
|% Change Since: 87.82%
|Next Earnings Date:Sep 30, 2024
Earnings Call Sentiment|Neutral
The earnings call conveyed a mixed sentiment with significant growth in the ride-hailing segment and operational efficiency improvements. However, the decline in revenue for the two-wheeled electric vehicle segment and high expenses in the ride-hailing segment pose challenges. The delay in monetization plans for the ride-hailing business adds uncertainty.Company Guidance
In the first half of 2024, Marti Technologies reported $8.4 million in revenue from its two-wheeled electric vehicle segment, marking a decline from $9.5 million in the same period of 2023. The company maintained a market share of 59% in this segment and achieved significant operational efficiencies, including a 35% reduction in logistics vehicle count and a 57% reduction in repair and maintenance personnel, which contributed to a 35% decrease in total cost of revenue. Additionally, Marti's ride-hailing segment experienced rapid growth, with registered drivers increasing by 60% to 171,000 and unique riders increasing by 121% to 1.1 million, despite remaining unmonetized. The company invested $26.1 million in the ride-hailing service since its launch, with $13.1 million spent in the last six months. Despite facing a 36% year-over-year decline in average daily rides per vehicle, the company managed to increase revenue per ride by 38% due to strategic pricing actions. The integration of Zoba's AI-powered fleet optimization software boosted ride efficiency, with vehicles using the system achieving 2.4 times higher daily rides in Q2 2024. Marti anticipates further scaling this system to its entire fleet, while also exploring monetization strategies for its ride-hailing service to enhance financial sustainability.Strong Growth in Ride-Hailing Segment
The number of riders grew by 121% and the number of registered drivers increased by 60% in the last six months. The company set new targets of 1.6 million riders and 245,000 registered drivers by the end of 2024.
Operational Efficiency Improvements
Cost of revenue fell by 35% due to operational efficiency projects, including a reduction in field staff, repair and maintenance personnel, and logistics vehicle count. This also included a 57% decrease in spare part cost per vehicle.
Successful Implementation of Zoba Systems
Vehicles deployed with Zoba's algorithms achieved 2.4 times higher daily rides per vehicle in Q2 2024, and the additional revenue generated has already paid back the acquisition cost.
Improved Financial Metrics
Pre-depreciation contribution profit per ride increased by 458%, and adjusted EBITDA improved significantly from negative $4.7 million to negative $0.2 million.
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MRT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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MRT Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Sep 30, 2024 | $1.97 | $1.98 | +0.51% |
| Apr 16, 2024 | $1.30 | $1.46 | +12.31% |
| Oct 13, 2023 | $0.71 | $0.65 | -8.45% |
| May 26, 2023 | $10.52 | $10.51 | -0.10% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Marti Technologies (MRT) report earnings?
Currently, no data Available
What is Marti Technologies (MRT) earnings time?
Currently, no data Available
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What is MRT EPS forecast?
Currently, no data Available
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