Hello, everyone, and thank you for joining us for Marti Technologies First Half 2025 Conference Call. Before we begin, I'd like to mention that today's earnings release and slide presentation are available on Marti's Investor Relations website at ir.marti.tech, where you will also find links to our SEC filings, along with other information about Marti. Joining me on today's call are Oguz Alper Oktem, Marti's Founder and CEO; and Cankut Durgun, Marti's Co-Founder, President and COO. Before we begin, I'd like to remind everyone that statements made on this call as well as in today's earnings release and accompanying slide presentation contain forward-looking statements regarding our financial outlook, business plans, objectives, goals and strategies and other future events and developments, including statements about the market and revenue potential of our products and services. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include those described in our filings with the SEC, today's earnings release and the accompanying slide presentation and are based on our current expectations and beliefs as of today, September 22, 2025. In addition, our discussion today will include references to certain supplemental non-GAAP financial measures, which should be considered in addition to and not as a substitute for our GAAP financial results. We use these non-GAAP measures in evaluating and managing Marti's business and believe they provide useful information to our investors. Reconciliations of the non-GAAP measures to the corresponding GAAP measures, where appropriate, can be found in today's earnings release and slide presentation as well as our filings with the SEC. With that, I will now turn the call over to Alper.

Thank you all for joining us today for Marti's first half 2025 Earnings Call. Marti is Türkiye’s leading mobility super app, bringing together six transportation services on a single platform. These include our ride-hailing marketplace for cars, motorcycles, and taxis, as well as our owned and operated rental service for e-bikes, e-scooters, and e-mopeds. Collectively, our ride-hailing operations and two-wheeled electric vehicle rentals provide users with a seamless, flexible, and sustainable way to move around Türkiye. Three years ago, we made a key strategic business decision to evolve our business model to align with Türkiye's growing mobility demands, transitioning our primary focus from two-wheeled electric vehicles to ride-hailing. We began monetizing our ride-hailing service in October 2024. In January 2025, we introduced a dynamic pricing model to further enhance efficiency and rider and driver satisfaction. We believe that today's results demonstrate that this strategic move is working. We have strong momentum and are consistently exceeding operational targets for both unique ride-hailing riders and registered ride-hailing drivers. At the same time, in our two-wheeled electric vehicle service, we have continued to implement critical profitability-enhancing measures and have successfully deployed efficiency initiatives, resulting in a notable reduction in both operating losses and capital requirements. Importantly, these efficiency initiatives have helped us channel field team attention and resources to our higher-margin ride-hailing service, translating into improved financial performance. We believe 2025 will be a pivotal year for scale and financial performance with strong revenue growth and significant improvement in adjusted EBITDA as we move swiftly to capture the growing opportunity for ride-hailing in Türkiye. We are on track to almost double our revenue from $18.7 million in 2024 to $34 million in 2025 and continue to drive improvement in adjusted EBITDA. Lastly, the monetization of our ride-hailing service and our first mover advantage are significantly enhancing our cash generation power and capital efficiency. We believe this bolstered financial strength positions us well to scale operations further and capture Türkiye’s long-term mobility market opportunity with increased resilience and flexibility. We are the number one urban mobility app on both iOS and Android app stores in Türkiye. We are the only operator offering car-hailing and motorcycle-hailing services at scale in the country and the largest electric vehicle operator in Türkiye. We have served over 128.6 million rides to 6.4 million unique riders since our launch. In the first half of this year, we consistently outperformed our ride-hailing targets, hitting 2.28 million unique ride-hailing riders and 327,000 registered ride-hailing drivers. Although we are the youngest player in Türkiye’s urban mobility market, we are the clear market leader. It's also important to note that of the top five urban mobility apps in the country, four are operated by local players. This is in line with global benchmarks, which have demonstrated that local companies are often successful in mobility markets because of their operational advantages, deep local market knowledge, regulatory agility, strong rider and driver relationships, tailored service offerings, and trust and brand perception in the countries they respectively operate in. Last year, in 2024, we solidified our ride-hailing business in four of Türkiye’s largest cities, Istanbul, Ankara, Izmir, and Antalya. This strong foundation set the stage for our previously announced 2025-2026 investment plan. In 2025, we began executing on this plan and expanded into six additional metropolitan areas: Bursa, Konya, Adana, Kocaeli, Mersin, and Kayseri, with operations now spanning ten cities, representing approximately half of Türkiye’s population and nearly two-thirds of its GDP. We have significantly expanded our ride-hailing service reach. To accelerate adoption in these new markets, we are prioritizing growth and do not foresee monetizing services in these cities in 2025. This strategic expansion is a key step in our long-term vision. However, we're not just expanding our footprint, but we're building the infrastructure and the capabilities to make Marti the go-to ride-hailing platform across the country. In 2025, we've prioritized building the right organizational structure to support our rapid ride-hailing growth. We have structured our organization to ensure we can manage operations at scale. As part of our transformation, we introduced several new departments that strengthen our technological, commercial, and operational capabilities. These new departments include AI engineering to optimize matching and pricing, growth in CRM functions to drive engagement and loyalty, performance and brand marketing to strengthen our market position, and business and competitive intelligence to sharpen our decision-making. To give you a sense of the growth in the scale of our organization, at the beginning of this year, we had approximately 120 team members dedicated to ride-hailing. By the end of the first half of 2025, our ride-hailing team has increased to approximately 180 members, and we expect to reach around 260 team members by the end of this year. To further accelerate the growth of our ride-hailing service, we also launched a major redesign of our app in 2025. The key change is placing ride-hailing more prominently at the center of our user experience, making it faster and more intuitive for riders to book a trip. Beyond the design of our app, we also streamlined our onboarding, improved our search and navigation, and optimized the booking flow to reduce friction. We are encouraged by the impact of these decisions. Since launch, our conversion rate has increased by 2%, meaning more visitors are successfully completing their ride requests. In addition, since launch, our average App Store rating is 4.9 out of 5, reflecting positive user sentiment. We're also seeing stronger user engagement. Weekly and monthly active users have increased by 16% and 12%, respectively. Importantly, user comments highlight that the new design feels simpler, cleaner, and more reliable. Overall, we believe the redesign not only strengthens our brand perception but also directly drives higher adoption and usage of ride-hailing, which is central to our long-term growth strategy. As a result of our new city launches, the investments we're making in the growth of our organization, and our app redesign, our number of unique ride-hailing riders have grown 107% year-over-year in the first half of this year from 1.1 million to 2.3 million. Our number of registered ride-hailing drivers grew by 92% year-over-year from 171,000 to 327,000. We intend to continue investing in the cost-effective growth of our ride-hailing service in 2025 and beyond and aim to reach 3.3 million unique riders and 450,000 registered drivers by the end of 2025. We achieved accelerated growth and substantial scale in riders and registered drivers with limited capital investment, demonstrating our commitment to capital-efficient growth of our ride-hailing business. Moving forward, we intend to make targeted investments to leverage multiple growth opportunities, including increasing organic growth in existing cities, improving our rider and driver experiences, initiating loyalty incentives, launching new cities to serve a greater share of Türkiye's urban population, refining our dynamic pricing engine, and increasing our take rate. We believe these initiatives will support our path toward capturing an estimated $3 billion annual revenue opportunity in the ride-hailing business. Here is how we calculate the size of the revenue opportunity. With every global benchmark, we see that the introduction of ride-hailing service into a market uncovers unmet demand significantly eclipsing the demand for taxi service prior to the introduction of ride-hailing. This is because ride-hailing offers a significantly better, more accessible customer experience than taxis across all dimensions, including vehicle availability, price, and driver and vehicle quality. For example, in New York City, ride-hailing increased the size of the taxi market by 1.6 times. There were approximately 800,000 daily rides in Istanbul, our largest city when we launched our ride-hailing operations. We believe that what happened in New York is now happening in Istanbul, and we expect that there will be 1.3 million daily ride-hailing rides in Istanbul at steady state. Istanbul's taxi market accounts for about 45% of Türkiye’s taxi market. Assuming similar market dynamics in Türkiye’s other cities, we project that there will eventually be about 2.9 million daily ride-hailing rides in Türkiye. This represents about 1 billion rides a year or approximately $10 billion of potential gross annual booking value. At an assumed take rate of 30%, in line with global benchmarks, this equates to $3 billion of total annual revenue potential for Türkiye’s ride-hailing market maturity. As we continue to prioritize ride-hailing as our strategic focus, this also shapes how we manage our two-wheeled electric vehicle operations. In addition to channeling more field team attention and resources toward our higher-margin ride-hailing business, we also implemented operational efficiency projects in our two-wheeled electric vehicle business to increase profitability. Our strategic focus on our higher-margin ride-hailing business and operational efficiency projects decreased our total cost of revenues by 25% compared to the same period last year, in addition to our gross profit margin improving by 49%. Throughout the first half of 2025, the behavior of our riders supported our decision to offer multiple transportation services within a single app. We believe, and the data continues to show, that this multi-modal offering is aligned with rider performance. Seventy percent of our e-bikes, 84% of our e-mopeds, 40% of our car-hailing and 83% of our motorcycle-hailing riders have used these services after previously being introduced to Marti by using another Marti service. Our existing services serve as an excellent cost-free rider acquisition channel for our new services. Furthermore, 70% of our e-bike, 80% of our e-moped, 26% of our car-hailing and 83% of our motorcycle-hailing riders subsequently used other Marti services after their first e-bike, e-moped, car-hailing or motorcycle-hailing rides, respectively. These data points all show an overwhelming rider preference for multi-modal transportation services. Serving multi-modal riders also creates economic benefits for Marti. Rides per rider are three times higher, and revenue per rider is 2.7 times higher for our multi-modal riders than for our single-service riders. These statistics reinforce our decision to invest in the balanced growth of our multi-modal services. I'd now like to turn it over to my partner, Cankut, to present our financials.

Thank you, Oguz. Looking at our KPIs. We increased our total rides from 13.7 million in the first half of 2024 to 19.2 million in the first half of 2025. We also increased our unique riders who used our services at least once during the half-year from 1.4 million to 1.7 million. Both increases were primarily driven by an increase in ride-hailing rides and riders. Rides per unique rider increased by 11.4% in the first half of the year as a result of increased availability and rider awareness of our service offering across cities, which drove higher utilization. Our number of unique ride-hailing riders since our launch increased from 1.1 million to 2.3 million in the first half, while the number of registered drivers increased from 171,000 to 327,000 during the same time period. As a result of the gradual decommissioning of our existing two-wheeled electric vehicle fleet, our number of average daily two-wheeled electric vehicles deployed decreased from 34,600 in the first half of 2024 to 24,000 in the first half of 2025. We generated $14.3 million of revenue in the first half of the year, a 70% increase compared to the $8.4 million of revenue that we generated during the same period in 2024. This was primarily due to the monetization of our ride-hailing service. We reduced our cost of revenues by 25% from $9.9 million in the first half of 2024 to $7.4 million in the first half of 2025 as a result of increased field team attention and resources to our higher-margin ride-hailing business, and a continued focus on profitability-enhancing measures in our two-wheeled electric vehicle service. These projects included optimizing the number of our field staff, repair and maintenance staff, as well as our logistics vehicle counts; increasing the number of on-field repairs as a share of total repairs; and increasing our usage of refurbished electronic and spare parts. Our general and administrative expenses increased by 35% from $9.1 million in the first half of 2024 to $12.2 million in the first half of 2025, driven by increased share-based compensation expense of $4.7 million. Excluding this non-cash share-based compensation expense, G&A expenses increased to $7.5 million or an increase of about 13% compared to the $6.6 million in G&A, excluding share-based compensation expense in the first half of 2024. This increase is primarily attributable to the investments we're making in our ride-hailing team. As a result, our adjusted EBITDA improved by $5.4 million from negative $11.3 million in the first half of 2024 to negative $6 million in the first half of 2025. We believe the accelerating performance of our ride-hailing business represents a pivotal milestone for our company's growth and profitability. By the end of 2025, we reiterate our plans to nearly double our annual revenue from $18.7 million to $34 million and to improve our adjusted EBITDA by $2.3 million. This 2025 guidance incorporates the 2025-2026 investment plan we shared earlier, which includes the launch of ride-hailing in six new cities and the expansion of our ride-hailing team to support scaled operations. We thank you for participating today, and we'll be glad to answer any questions that you might have.

Today's first question is coming from Theodore O'Neill of Litchfield Hills Research.

First question on the two-wheeled electric vehicles deployed. Can you talk about, is there some level you're trying to get to? I'm assuming you're not trying to get it to zero?

That's right. Thanks for the question, Theo. We do believe that two-wheeled electric vehicle operations are an integral part of our service offering because of the multi-modal statistics that Oguz shared earlier. We foresee operating all three of those modalities and having all three available in our app because they're not only an important source of customer acquisition; we've also in some of the CRM campaigns that we launched recently are seeing that they're also a great source of driving traffic to our ride-hailing service. The priority that we place on growing our ride-hailing service does mean that they're going to be an integral part of our service moving forward. The specific number we're going to be reevaluating in the summer of 2026, at that time based on the decommissioning rates as well as the size of the fleet that we believe is necessary to meet customer needs and to continue to direct as much additional traffic as possible to our ride-hailing business. We're going to be making the two-wheeled electric vehicle fleet decision at that time.

Could you comment on the driver supply and bringing more drivers into the system? Additionally, can you discuss how the AI aspect is benefiting your business?

So on the driver supply side, we continue to face no constraints in onboarding additional drivers. For example, if you look at other global markets, many of the companies operating in those markets as they have scaled have needed to strike partnerships, for example, with banks or car rental firms in order to increase their driver supply simply because in their respective markets, there weren't sufficient numbers of drivers with cars to continue to serve the platform. We're very, very far from reaching those constraints. We continue to grow drivers, I believe we shared the figures, but I believe roughly two times year-over-year. We're actually seeing an increase rather than a decrease in the pace of new driver sign-ups. I attribute that to the fact that as our marketplace grows larger because of the network effects intrinsic in the marketplace, what happens is drivers actually have the opportunity to earn more income when there are more riders on the service. Therefore, rather than base effects kicking in and then sort of driver growth declining, we have an increase in the pace of both driver acquisition as well as the engagement of those drivers as our rider base increases. With respect to your second question regarding the AI engineering team, this is probably the most important team that we are building right now. That’s the reason why we highlighted it first in terms of the new teams that we're building as part of our new organizational structure. The reason it's critical is because many decisions like pricing on the rider side, but also like the calculation of the take rates on the driver side as well as much of the rider and driver experience funnels are now being done by AI tools. We're fortunate to have access to the most talented individuals in Türkiye, but we're also working with advisers as well as new team members abroad, many of whom have deep experience working in these fields at other ride-hailing firms globally to ensure that we're able to deploy the same capabilities in Türkiye and offer the combination of the right customer and driver experiences, the right pricing, and the same level of service that riders and drivers receive abroad will be available to them in Türkiye as a result of these investments.

The next question is coming from Jack Halpert of Cantor Fitzgerald.

Two, please. So first, on monetization. You've given a lot of color on where you see the long-term ride-hailing monetization going. Can you just elaborate on where current take rates are versus the global benchmarks and maybe where you were back in April and then sort of how you think these are evolving over the next 12 to 18 months? And then second, just on demand in new markets. Can you just talk a little bit about what you're seeing in terms of rider frequency and retention? I know you just commented on the supply side, but curious on the demand side as well.

I'll take the question on the take rates. Our take rates continue to be in the high single digits as of the end of the first half of this year. That's similar to where they were in the prior earnings call, where, I don't know if it was you, Jack, but there was a similar question. Therefore, we continue to have significant upside potential in increasing the take rates to positively impact our monetization levels moving forward. I'll let my partner, Alper take the second question.

In Türkiye, if you consider it to be a part of Europe, it's the largest country in Europe with approximately 85 million, probably 90 million people. In Türkiye, there are 24 cities that have a population of one million or higher. The largest city in Europe is Istanbul. It is our largest market. But outside of it, we still have 23 very large cities with populations over one million. Wherever we go, we see very strong demand. Obviously, most of, if not all, these markets have never experienced any type of tech-based mobility solutions. No ride-hailing company ever entered these secondary cities in Türkiye nor has any taxi-hailing business ever scaled there. So whenever we go, we see incredible demand and very high user excitement, since we are a household name in Türkiye because of our social media presence and the popularity of our two-wheeled electric vehicle segment and our branding and marketing endeavors over the past few years. We expect a much larger percentage of our trips to be conducted or taken place in the secondary markets that we're launching into.

Let me just add a few numbers to that. In our most recent press release, Jack, where we shared our progress toward meeting some of the quarterly targets that we set for our ride-hailing business, we did share there, for example, that the share of our riders based outside of Istanbul grew from 13% to 24% over the last year, and that our share of registered drivers based out of Istanbul grew from 18% to 26%. This is at a moment in time where the six new cities that we launched were relatively nascent. As a result, these figures are primarily coming from our four city operations: Istanbul, Ankara, Antalya, and Izmir. Even in looking at those four cities, you can see that close to one-fourth of the riders and drivers are coming from outside of Istanbul. As we add more cities, that number is going to, of course, further grow. The steady-state there is something that's implicit in the market sizing calculations we perform. In the market sizing calculations we perform, we assume that Istanbul is going to be 45% of the total in Türkiye. Personally, I believe that’s sort of an upper limit and likely going to be less than that. But those are the numbers to keep in mind.

Our next question is coming from Rohit Kulkarni of ROTH Capital Partners.

Nice set of results. I have a few questions. First, just talk through your kind of growth versus profitability plans over the next six to eighteen months. I know you've started to launch into new cities that may not monetize while existing cities are probably monetizing at a higher rate. Perhaps talk through that, where the second half implied guidance kind of says to us about revenues coming from existing cities versus investments into new cities? How are you thinking about that over the next six months and heading into '26?

I'll take the first question. I'll let my partner take the second. In terms of growth and profitability, we are in a very large position because we are the only player in the market, and we can play with take rates whenever we want. We see the inelastic demand when it comes to ride-hailing because in a city or in a country that is in need of any type of tech-enabled mobility solution, what we are doing is sort of impossible to replace. The taxi situation in Istanbul or the rest of the country is obviously bad. As a result, we see inelastic demand. So what we're trying to do right now is just to grow as much as possible while we're the only player in the market. It’s simply because the lower we charge in terms of take rates, the faster we grow. You could today potentially say, hey, we're going to raise our take rates and increase our profitability. Since we're the only player in the market, and we face inelastic demand, we would increase our profitability immediately; I could just call someone and have them increase prices within 20 minutes, and the entire outlook of the company financially would be different. But what we are doing right now is trying to optimize. We’re doing this very carefully with a lot of calculations and a lot of thought. What we're doing is we are taking as little as we possibly can to be in a financially strong position while we can promote growth as much as we can. This is the optimal point of a very sophisticated equation that we're trying to solve as we move along.

And then on your question about the revenue mix and the profitability of other cities I think I touched on sort of the revenue mix in the answer to Jack's question. A good way to think about the revenue mix is as a share of the registered driver and rider base in the cities where we operate. The figures that I shared earlier in that sort of 25% figure was at a moment in time where we had yet to launch the six new cities; therefore, Istanbul versus Ankara, Antalya, and Izmir is a good way to think about the revenue mix of those cities. With regards to the profitability, what's important to note is that in the four cities where we originally launched, if you look at their contribution margin, defined as the revenue earned from drivers in those cities minus the variable costs to serve those cities minus the direct marketing costs. These costs include performance marketing primarily designed to attract and retain individual riders and drivers. That excludes sort of brand building and offline marketing campaigns and so forth. If you subtract the direct marketing costs which are assigned to those cities, we're already profitable in each of those four existing cities. Now that we have shown that we have the ability to do that with low single-digit take rates, our first goal is to continue to invest in growing as fast as possible in those cities as well as to launch new cities and beef up our ride-hailing team.

Fantastic. I have a few unrelated questions for both of you. Can you provide any updates regarding the ride-sharing industry and the regulatory environment in Türkiye?

We believe that we're the only team that has the ability to introduce new transportation services that have never been deployed in Türkiye. We also believe that we're the only team that has the ability to regulate these services, and we've shown this in other modalities. We are working on doing the same in the ride-hailing modality.

And finally, recently, you announced that crypto treasury-related press release. Maybe talk through how you think about that as a strategy, and given the volatility in local currency, how this is something that investors should think about?

It's a very good question. It was somewhat surprising to be on the receiving end of that. Our strategy is as follows: we do know of several companies that announced crypto strategies, not as a means of diversification of their non-operating cash, but almost as an investment strategy, almost as the launch of a new business line for the company. That's not the case for us. Our crypto strategy was designed by looking at the cash flow that we keep as a buffer at Marti that we do not use for our operations. It's sort of like rainy day cash flow, and that cash was held in the form of U.S. dollars. We looked at the performance, of course, of the U.S. dollar relative to crypto assets, which we believe have proven their ability to serve as a store of value. Not just any crypto asset, but crypto assets that have proven their ability to serve as a store of value. We said, let's take an initial position by diversifying the non-operating cash of the company across USD and Bitcoin initially, which we believe to date is the only cryptocurrency that has proven its ability to serve as a store of value. Even in doing so, the majority of our rainy day cash remains held in the form of USD, but a certain fraction currently remains held as Bitcoin.

Our next question is coming from Fawne Jiang of Benchmark Company.

I have two questions. First, I want to follow up on the unit economics. You provided some information about your existing city, but I’m curious about your current user incentives and any driver incentives. How should we understand the dynamics there? Secondly, regarding your new cities, I know it's still early in the investment cycle. Do you anticipate that the unit economics in the six new cities will differ from the first group of your existing four cities? Any insights on this would be helpful.

Yes. Thanks for your questions, Fawne. To respond to the first one regarding the rider and driver incentives, they remain very, very limited. The reason why this question is the right question is because you're probably thinking of markets like the U.S., where when I was living there in the early 2010s, I remember competitors giving $500 sign-up bonuses for drivers that were completing a few trips. That's not the case in Türkiye. If you look at our driver acquisition costs, we pay back our driver acquisition costs within a month of that driver driving for our service. On the rider side, other than sort of cross-promoting our service with our two-wheeled electric vehicle fleet and other than one-off sort of rider acquisition campaigns, we have very negligible rider acquisition activities, and we leverage primarily the existing brand that Marti has and the existing very large user base that we had from our two-wheeled electric vehicle service. That’s the reason why on both of those metrics, we've been able to grow very cost-efficiently. Regarding how we see the unit economics playing out in our new city launches, I don’t believe these will be different. The driver and rider acquisition costs are fairly low. However, we do see that the average fares for our new cities in some cases are lower than those in our core markets like Istanbul. That’s only natural and a function of purchasing power. But if you think of the cost to serve, some of our variable costs are also similarly lower because of the local teams that we have in those cities. As a result, we’ll be able to operate with similar margins, we believe, in the new cities as we have been operating in the four existing cities.

Since we have compared Türkiye market with the global market, it seems like in the other regions, global ride-hailing providers are embracing autonomous driving and robotaxis. I understand you guys are at a very early stage of the market. Just your thoughts on the future of autonomous driving and the strategic path forward?

We believe that autonomous driving is certainly going to constitute the majority of our ride-hailing trips, perhaps within a decade in markets like the U.S. and markets that are advanced in terms of technology adoption, as well as markets where the economics make sense. Many people in the U.S., for example, look at the autonomous ride-hailing market and say, well, the solution, the problem that needs to be solved is regulatory. Once there's regulatory acceptance, then autonomous ride-hailing is going to be a thing. In Türkiye, while that is necessary, there’s an additional complicating factor, which is the economics. The revenue per mile or kilometer that we have for our ride-hailing service in Türkiye is significantly lower than that in the U.S. As a result, the substitute transportation options in the form of ride-hailing that autonomous vehicles need to undercut in terms of price will take a lot longer for autonomous vehicles to undercut ride-hailing prices in Türkiye than in markets like the U.S. However, as we have been in every other tech-enabled transportation service category that we've introduced to Türkiye so far, we are also in active discussions to pioneer the introduction of autonomous vehicles in Türkiye, and we are in discussions with multiple partners for this.

The next question is coming from Sid Havaldar of Crescent Enterprises.

Congrats to get on a great half and the growth in revenue. Just really two questions from my side. One, which are related: given the existence of cash position, I would love to understand how you're thinking about maybe raising more cash or how that balances out with the take rate for the ride-hailing operations, especially as you expand? Would it ideally be through issuing more convertible notes or increasing the take rates to achieve cash flow positive status?

So we raised an additional convertible note financial of $23 million in April, and that fully funds the growth of the business with even our existing take rate over the next 12 months. Therefore, we're not looking to raise any additional capital for the foreseeable future. We also expect developments in the new cities we've launched, whether in terms of scale or monetization, and existing cities and the incremental scale they bring over time will also positively impact the cash position. Probably six to twelve months from now, we'll be having discussions about what the right trade-off between additional fundraising and take rates will be. We'll have those discussions then.

This brings us to the end of the question-and-answer session. I would like to turn the floor back over to management for closing comments.

Thank you, everybody, for chiming in. Thanks for your questions. We look forward to seeing you next time.

Thanks, everyone. Talk to you next time. Goodbye.

Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time, and enjoy the rest of your day.