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Marti Technologies (MRT)
:MRT
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Marti Technologies
(NYSE MKT:MRT)
Rating:42Neutral
Price Target:
$2.50
▼(-4.21%Downside)
Positive Factors
Competitive Advantage
Marti enjoys a first mover and local operator advantage, protected from foreign entrants and positioned for aggressive scaling in the absence of formal regulations.
Growth Potential
Marti offers investors a unique opportunity with attractive value creation potential, given the large total addressable market.
Market Position
Marti is uniquely positioned to shape the future of urban transport in the country and capture significant share in a sector where structural demand for affordable, tech-enabled mobility is only beginning to emerge.
Negative Factors
Regulatory Risks
Regulatory uncertainty remains a concern, and while emerging regulations are expected to favor domestic players, they could also open the door for multinational players, increasing competition and risk to Marti’s market share and long-term earnings.
Marti Technologies (MRT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$205.86M
Dividend YieldN/A
Average Volume (3M)81.01K
Price to Earnings (P/E)―
Beta (1Y)0.03
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees442
SectorTechnology
Sector Strength81
IndustrySoftware - Application
Share Statistics
EPS (TTM)-1.25
Shares Outstanding76,244,360
10 Day Avg. Volume106,688
30 Day Avg. Volume81,011
Financial Highlights & Ratios
PEG Ratio1.33
Price to Book (P/B)59.20
Price to Sales (P/S)0.00
P/FCF Ratio-32.93
Enterprise Value/Market Cap2.26
Enterprise Value/Revenue7.30
Enterprise Value/Gross Profit-216.70
Enterprise Value/Ebitda-3.05
Forecast
1Y Price Target
$5.19Price Target Upside98.85% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
Marti Technologies Business Overview & Revenue Model
Company DescriptionMarti Technologies Inc. provides urban transportation services to riders in Turkey. It also operates a mobility app that provides multiple transportation services to its riders; and operates a fleet of e-mopeds, e-bikes, and e-scooters. The company was founded in 2018 and is based in Istanbul, Turkey.
How the Company Makes MoneyMarti Technologies makes money through a multi-faceted revenue model that includes service fees from its ride-sharing platform, subscription fees for access to its vehicle connectivity solutions, and revenue from partnerships with cities and municipalities for implementing smart city technologies. The company also generates income through strategic collaborations with automotive manufacturers and technology firms, which help to expand its market reach and enhance its offerings.
Marti Technologies Earnings Call Summary
Earnings Call Date:Sep 30, 2024
(Q4-2024)
| % Change Since: -17.41%|
Next Earnings Date:Apr 29, 2025
Earnings Call Sentiment Neutral
Marti Technologies has shown significant growth in its ride hailing services, with promising revenue forecasts and operational efficiencies. However, the decrease in overall revenue and increased administrative costs present challenges. The company is focused on growth, leveraging its market leadership and technological advancements.Q4-2024 Updates
Positive Updates
Ride Hailing Service Expansion and Monetization
Marti Technologies transitioned their focus to ride hailing services, monetizing them in October 2024 and implementing a dynamic pricing model in January 2025. This strategic shift has led to a 233% increase in unique ride hailing riders and a 146% increase in registered drivers in 2024.
Revenue Growth and Positive EBITDA Forecast
The company is on track to almost double its revenue from $18.7 million in 2024 to $34 million in 2025, with expectations to achieve positive adjusted EBITDA in 2025.
Operational Efficiency in Two-Wheeled Electric Vehicle Business
Operational efficiency measures led to a 10.5% reduction in the total cost of revenues year-over-year despite maintaining a similar fleet size. The acquisition of Zoba's AI technology improved vehicle deployment efficiency, doubling daily rides per vehicle.
Market Leadership and First-Mover Advantage
Marti is the number one urban mobility app in Turkey, with a first-mover advantage in ride hailing and the largest electric vehicle operator in the country.
Negative Updates
Decrease in Overall Revenue
Despite the monetization of ride hailing services, overall revenue decreased from $20 million in 2023 to $18.7 million in 2024, primarily due to the reduced number of two-wheeled electric vehicles deployed.
Increased General and Administrative Expenses
General and administrative expenses increased by 226% from $15.1 million in 2023 to $49.2 million in 2024, largely due to increased share-based compensation.
Negative Adjusted EBITDA
Adjusted EBITDA was negative $19.3 million in 2024, which is 8.9% lower than the previous year's adjusted EBITDA of negative $17.7 million, influenced by aggressive investments in ride hailing services.
Company Guidance
During the Marti Technologies, Inc. Full Year 2024 Earnings Conference Call, the company outlined their strategic focus on ride-hailing operations in Turkey, emphasizing a significant shift towards monetizing this service which commenced in October 2024. The company's efforts have led to substantial growth in both unique ride-hailing riders, which surged by 233% to 1.66 million, and registered drivers, which expanded by 146% to 262,000. This growth trajectory is expected to continue, with forecasts aiming for 2.15 million riders and 310,000 drivers by mid-2025. Marti's revenue for 2024 exceeded expectations, reaching $18.7 million, driven largely by the new monetization strategy, and they anticipate doubling this to $34 million in 2025. Additionally, Marti plans to achieve positive adjusted EBITDA in 2025, excluding further investments in ride-hailing growth. Operational efficiencies have been a focus, with a 10.5% reduction in costs for their two-wheeled electric vehicle service, supported by the acquisition of Zoba's AI-driven fleet optimization technology. The company currently dominates the Turkish market as the leading urban mobility app, serving over 109.4 million rides to 5.9 million unique riders since its inception, and plans to expand operations across more Turkish cities to capture a larger share of the $3 billion annual revenue opportunity in Turkey’s ride-hailing market.Marti Technologies Financial Statement Overview
Summary
Marti Technologies faces significant financial challenges: declining revenues, negative margins, high leverage, negative equity, and poor cash flows. These issues suggest a need for strategic restructuring to enhance financial stability.Income Statement
Marti Technologies is experiencing declining revenue with a negative revenue growth rate in recent years. The company has been struggling with negative gross and net profit margins, indicating challenges in managing costs and achieving profitability. The negative EBIT and EBITDA margins further underline operational inefficiencies and a lack of profitability at the operating level.25
Negative
Balance Sheet
The balance sheet shows high leverage with a significantly negative stockholders' equity, indicating potential solvency issues. The debt-to-equity ratio is concerning due to the negative equity, suggesting the company is heavily reliant on debt financing. The equity ratio is negative, reflecting financial instability and risks associated with high liabilities relative to assets.20
Very Negative
Cash Flow
The company has negative free cash flow, indicating an inability to generate sufficient cash from operations to cover capital expenditures. The operating cash flow to net income ratio is negative, highlighting inefficiencies in converting operational activities into cash. Although there is some financing cash inflow, the reliance on external funding is not sustainable in the long term.30
Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 18.66M | 20.03M | 24.99M | 17.00M | 9.76M | Gross Profit |
| -2.89M | -3.95M | -1.99M | 598.13K | 244.84K | EBIT |
| -65.31M | -30.60M | -14.71M | -9.02M | -3.95M | EBITDA |
| -56.62M | -17.00M | -3.22M | -3.54M | 1.43M | Net Income Common Stockholders |
| -73.88M | -33.81M | -14.25M | -14.47M | -4.63M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 5.15M | 19.42M | 10.50M | 13.22M | 3.50M | Total Assets |
| 20.38M | 40.21M | 40.88M | 38.99M | 13.64M | Total Debt |
| 75.25M | 65.94M | 26.50M | 14.33M | 9.44M | Net Debt |
| 70.10M | 46.52M | 16.00M | 1.11M | 5.94M | Total Liabilities |
| 81.82M | 72.91M | 33.28M | 18.47M | 10.96M | Stockholders Equity |
| -61.44M | -32.70M | 7.60M | 20.52M | 2.69M |
| Cash Flow | Free Cash Flow | |||
| -25.41M | -19.71M | -13.66M | -2.38M | -15.62M | Operating Cash Flow |
| -25.08M | -14.87M | -5.47M | 2.59M | 2.10M | Investing Cash Flow |
| -1.04M | -4.82M | -8.16M | -4.97M | -17.71M | Financing Cash Flow |
| 11.84M | 28.61M | 11.26M | -5.02M | 32.45M |
Marti Technologies Technical Analysis
Negative
2.61
Price Trends
2.97
Negative
3.10
Negative
2.81
Negative
Market Momentum
-0.14
Positive
41.81
Neutral
35.92
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MRT, the sentiment is Negative. The current price of 2.61 is below the 20-day moving average (MA) of 2.80, below the 50-day MA of 2.97, and below the 200-day MA of 2.81, indicating a bearish trend. The MACD of -0.14 indicates Positive momentum. The RSI at 41.81 is Neutral, neither overbought nor oversold. The STOCH value of 35.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MRT.
Marti Technologies Risk Analysis
Marti Technologies disclosed 81 risk factors in its most recent earnings report. Marti Technologies reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Marti Technologies Peers Comparison
Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $210.83M | 31.04 | 4.60% | ― | 11.28% | 43.07% | |
66 Neutral | $224.26M | 33.41 | 13.10% | ― | 12.31% | 187.89% | |
62 Neutral | $11.92B | 10.03 | -7.37% | 3.70% | 7.32% | -8.25% | |
60 Neutral | $160.55M | 13.28 | 23.24% | ― | 0.20% | ― | |
56 Neutral | $167.14M | ― | -22.66% | ― | -25.43% | -135.09% | |
50 Neutral | $228.94M | ― | -24.47% | ― | -8.39% | 7.79% | |
42 Neutral | $205.86M | ― | 103.42% | ― | ― | ― |
* Technology Sector Average
Performance Comparison
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PERF
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.