Marti Technologies, Inc. (MRT) Q4 2025 Earnings Call Transcript

Hello, everyone, and thank you for joining us for the Marti Technologies Full Year 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. We also find links to our SEC filings, along with other information about Marti. Joining me on today's call are Ogres Alparochtem, Markie's founder and CEO, and Jonka Durgin, Markie's co-founder, president, and COO. Before I 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, contained 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 services. These following statements are subject to risks and uncertainties that may cause actual results of different material from those projected. These risks and uncertainties include those described in our filings with the SEC, today's earnings released, and the accompanying slide presentation that are based on current expectations and beliefs as of today, April 13, 2026. 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're using non-GAAP measures in evaluating and managing Marti's business and believe they provide useful information for 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 filing with ESCC. With that, I'll turn the floor over to Alper.

Thank you all for joining us today for Marti's full year, 2025 earnings call. MARTU continues to position itself as 2K's leading mobility shipwrap with a single integrated platform offering eight services and operating across 20 cities nationwide. These services include car, motorcycle, and taxi ride hailing, motorcycle and car delivery, as well as our owned and operated e-bike, e-moped, and e-scooter fleet. In 2085, we successfully scaled into a true multi-service mobility platform. We expanded our ride-hailing footprint into 16 additional cities, significantly increasing our addressable market, and strengthening our network density. At the same time, we successfully launched delivery services in Istanbul, marking a major step forward in executing our multi-service mobility platform strategy. Keynes 25 also included a pivotal milestone for market. As the first full year of platform monetization, we delivered breakthrough revenue growth, with revenue more than doubling to $39.2 million and exceeding our guidance by $5.2 million. This strong performance was driven by robot customer adoption and increased monetization across the platform, and the momentum we're seeing supports our confidence in delivering $70 million in revenue for 2026. That's $7.07. At the same time, we made meaningful and accelerated progress for profitability. Gross profit margin improved dramatically from negative 15.5% to 61.1%. We're really proud of this, guys. Demonstrating the operating leverage and scalability of our platform model. This also reinforces our path towards sustainable profitability as our network continues to mature. Additionally, our just EBITDA loss narrowed by 37% to $12.1 million, exceeding our guidance by $4.9 million. We are targeting to achieve $1 million of positive adjusted EBITDA in 2026, representing a $13.1 million improvement. Overall, we believe that our continuous execution across monetization, geographic expansion, and multi-service integration is strengthening our financial performance and positioning MARTA to capture Turkey's large and emerging mobility opportunity with increasing efficiency and resilience. We are the number one urban mobility app in Turkey across both iOS and Android platforms. We are also the only operator operating car and motorcycle hailing service at scale and the largest two-wheel electric vehicle operator in the country, complemented by our on-demand delivery services. We reached 160.2 million all-time trips and 7.4 million unique platform consumers since our launch. our railing service continues to scale rapidly, and as of the first quarter of 2026, has reached 3.8 million all-time unique ride-hailing riders and 490,000 registered drivers. These metrics reflect the strength of our multi-service platform, combining mobility and delivery, and our ability to consistently scale both supply and demand in a highly dynamic market. Although we're the youngest player in Turkey's urban mobility market, we are the clear market It is 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 often win in the mobility because of the operational advantages, deep local market knowledge, regulatory agility, stronger consumer and driver relationships, tailored service offerings, trust and brand perception. By the end of 2024, we had already established a strong right-hailing presence across four of three-day largest cities, that's Istanbul, Ankara, Izmir, and Antalya, creating a solid foundation for scale. Building on this foundation, 2025 was a year of rapid expansion as we accelerated the execution of our 2025-26 investment plan and significantly broadened our geographic footprint. Today, MARTA operates in 20 of the 20 or 30 largest cities, representing approximately 80% of the country's GDP, marking a step change in the scale and reach of our platform. The strategic expansion is a key milestone in our long-term vision. We're not only increasing our footprint, but also building infrastructure, network density, and operational capabilities required to make market the go-to mobility platform across the country. We continue to outperform our growth projects. Supported by strong execution across city expansion, platform improvement, and organizational scale. As of December 31, 2025, all-time unique ride-hailing riders grew 103% year-over-year, from 1.7 million to 3.4 million. All-time registered drivers in the same period grew 72% year-over-year, from 262,000 to 450,000. On a two-year basis, this growth translates into 161% compound manual growth rate in riders and 105% compound manual growth rate in drivers between 2023 and 2025, highlighting the sustained momentum of our platform expansion. Importantly, we have already achieved our 2026 first quarter targets by mid-March, demonstrating the strength and acceleration of our growth trajectory. Building on its momentum, we have set new, higher targets going forward. We have set targets for 4.3 million all-time ride-hailing riders and 530,000 registered ride-hailing drivers by June 30, 2026. This continued outperformance reflects our ability to efficiently secure both demand and supply, supported by improving network density and platform efficiency. At the same time, 2025 marks the first full year of our platform manipulation, with the inflection of dynamic pricing and improved matching algorithms, representing a key inflection point in our business, driving high efficiency and improved drive and driver satisfaction. Throughout 2025, the behavior of our consumers and drivers supports our decision to offer multiple services to our platform. Our multi-service offering is being further strengthened by the launch of our deliveries, with a strong adoption across both consumers and drivers. Starting with our ride-hailing consumers, we are seeing clear evidence that consumers prefer a multi-service experience. 35% of our car-hailing consumers and 82% of our motorcycle-hailing consumers use these services after previously being introduced to market price using another market service. Our existing services serve a highly effective consumer acquisition channel for our new services. Furthermore, 15% of our car-hailing consumers and 72% of our motorcycle-hailing consumers subsequently use other market services on our platform. This highlights strong cost-service engagement. On the driver's side, we are also seeing rapidly adoption in our delivery service. Despite delivery being long as only in the final quarter of 2025, 31% of motorcycle-hailing drivers and 9% of car-hailing drivers have already performed delivery trips. This demonstrates strong supply-size flexibility and willingness to adopt new services such as business. Multi-service consumers also generate greater economic value for our platform. Trips per consumer are 4.4 times higher and revenue per consumer is 3.6 times higher for multi-service consumers compared to consumers who use only one single service. We believe these dynamics reinforce our strategy of investing in the balance load of our ride-hailing delivery and two-wheel electric services within a unified cluster. Strong revenue growth from our first full year of platform manipulation, the launch of ride-hailing in 16 additional cities, the introduction of delivery service in Istanbul, strong operational efficiency initiatives, and AI-enabled cost reduction initiatives drove a significant improvement in our growth profit margin. As a result, our gross profit margin improved sharply from negative 15% in 2024 to a positive 61% in 2025, building a 26.9 million gross profit uplift. Going forward, you will continue to pursue disciplined growth with a clear focus on profitability, operational efficiency, and prudent capital allocation. we achieved accelerated growth and the substantial scale in consumers and drivers with limited capital investment this demonstrates our strong commitment to capital efficient growth supported by meaningful cross-service efficiencies across our platform moving forward we intend to make targeted investments to leverage multiple growth opportunities these include increasing organic growth in existing cities, improving our consumer and driver experience, initiating loyalty program incentives, selectively expanding into new cities to serve a greater share of Turkey's urban population, increasing our take rate, and further refining our dynamic pricing and matching algorithms. We believe these initiatives will position us well to capture an estimated $4 billion dollars annual revenue opportunity in the ride hailing business in turkey here's how we calculate the size of the revenue opportunity that's four billion dollar ticker with every global benchmark we see that the introduction of ride hailing service into a market uncovered on that demand significantly equipping the demand for taxi service prior to the introduction of riding this is because ride hailing offers a significantly better more accessible consumer experience than taxis across all dimensions, including vehicle availability, price, and driver and vehicle quality. As an example, in the city of New York, ride-hailing increased the size of the taxi market by 1.6 There were approximately 800,000 daily taxi trips in Istanbul, our largest city, when we launched our ride-hailing service. We believe that what happened in New York City is now happening in Istanbul, and we expects there to be 1.3 million daily ride-hailing trips in Istanbul at steady state. Istanbul's taxi market accounts for about 35% of the entire country's taxi market. So, assuming similar market dynamics in Turkey as other cities, we project that there will be eventually about 3.9 million daily ride-hailing trips in Turkey. This is about 1.4 billion trips a year, approximately $13 billion of potential gross annual booking value. $13 billion. At an assumed take rate of 30%, which is industry standard, in line with global benchmarks, this equates to $4 billion of total annual revenue, potential for a three-year-old right-handling market, at maturity. And we expect Marcia to capture a significant portion of that revenue. We're working really hard at it. I'd now like to turn it over to my partner, Jungle, to present our connections.

Thank you, Adpash. Turning to our 2025 full-year results, we delivered a strong growth across our platform while continuing to improve profitability. We increased our total trips 60% year-over-year from $31.7 million in 2024 to $50.8 million. This was driven by an increasing number of ride-hailing trips as a result of higher usage in our existing cities, successful new city launches, and growing cross-service adoption on our platform. The number of unique platform consumers who used our services at least once during the year increased 44% year-over. This growth was also primarily driven by a higher number. Trips per unique platform consumer rose 11% to 16.5%, reflecting improved service availability and cross-service platform. As shared earlier in the presentation, the number of unique ride-hailing riders that have used our service since its launch increased from $1.7 million to $3.4 million, while the number of registered drivers increased from $262,000 to $450,000. As a result of the gradual decommissioning of our existing two-wheel electric vehicle fleet, our number of average daily two-wheel electric vehicles deployed decreased from $32,600 in 2024 to $23,200 in 2020. On the financial side, revenue more than doubled to $39.2 million, representing a 110% year-over-year increase. This strong growth was primarily driven by the successful completion of our first full year of platform-level monetization, the scaling of our platform, the introduction of dynamic pricing, and increased consumer engagement across our multi-service platform. We also delivered meaningful cost reductions. The cost of revenues declined 29% to $15.3 million, driven by operational efficiencies across our multiple services, lower depreciation costs, reduced field logistics costs, and several AI-enabled cost reduction initiatives inside the company. As a result of strong revenue growth, increasing scale, and meaningful cost reductions, we turned our gross profit from a loss of $2.9 million in 2024 to a profit of $24 million in 2025. Our gross profit margin improved sharply as a result from negative 15% to 61%. Our general and administrative expenses also decreased 43%, from $49.2 million in 2024 to $28.1 million in 2024. This is primarily driven by lower share-based compensation expenses and lower insurance costs. Including share-based comp, general and administrative expenses increased to $16.1 million. This is in line with the scaling of our organization to support the growth of our multi-service. As a result, our adjusted EBITDA improved by $7.2 million from negative $19.3 million in 2024 to negative $12.1 million in the performance of our pretty important milestone for our growth and profitability. By the end of 2026, we expect once again to close to double our annual revenue, 2026 investment plan, including continued investments in our ride-hailing business, delivery service, build-out of our organizational case and plans, and we'd like to...

I'll be conducting a question and answer session. If you'd like to be placed in the question queue, please press star 1 on your telephone keypad to indicate your line is in the question queue, and you may press star 2 if you'd like to remove your question from Rohit Kankarni from Rough Capital Partners. Your line is now live.

Hey, thank you for taking the questions, comrades on 2025. I guess to kick things off, maybe talk about what you're seeing in Istanbul versus all the other new cities that you have added specifically with growth and how profitability in the core city proportion of rides compared to all the new cities that you had added last year um great question well first of all we're really surprised because our initial assessment a few years back about the distribution of you know potential future trips between Istanbul and the other cities was much more lopsided towards Istanbul.

As you know, Istanbul is a, you know, 20 million city, that's a quarter of Turkey, but it is the financial and cultural capital. It's just, as a result, you always tend to, I guess, exaggerate the potential of Istanbul and, you know, downplay the potential of the other 80 cities in Turkey. However, we're really positively surprised by how large the demand is outside of Istanbul. I believe right now Istanbul's close to 50% of our business, and the other 50% comes from the other ADCs, and we've only launched around 20. There's a lot more cities that we're going to launch, and we expect Istanbul to go down to 35% eventually.

Okay, great. And I guess a question on the multi-service offering. Now you have motorcycle, car, as well as delivery. Maybe talk about how does that affect both driver and rider acquisition, and how do you think of the potential revenue per consumer as you fully ramp multiple services across all the cities that you have?

Yeah, I mean, it's just fairly simple, really. The more services you have, the more offerings you have for both consumers and your drivers, right? I mean, as you add deliveries, for example, you're offering your drivers not only ride-hailing customers or ride-hailing business, but on top of that, you're giving them potentially a few delivery opportunities a day, right? And, I mean, having received the offer of being able to do more business, drivers are happy. At the same time, the consumers that come onto the platform, you know, give their credit card information or, like, sign up their sort of security number and whatnot, they don't do it for a single service. They look and they see that there are other available services that they could use and utilize and, you know, enjoy. As a result, it actually accelerates the natural progression of a double-sided marketplace business model. The more drivers you have, the more consumers you have, and the more consumers you have, the more drivers you have. As you build on your platform with different business models, you keep your drivers and your users engaged, and your double-sided market dynamics plays out even faster. People like your platform and migrate towards you. That's why we're the largest mobility player, despite being the newest one in the country.

Also, the statistics we shared, right, like the fact that, for example, 31% of motorcycle drivers who have performed sort of a ride-hailing service with motorcycles have already performed deliveries, keeping in mind that this is based on three months of data, right? This is the tail end of 2025. I was impressed by that figure. I wasn't expecting such high sort of cross-utilization, but that does show that drivers are willing and able to perform multiple services, and that's probably largely a function of sort of the earnings opportunities being roughly similar across the two, right, if you think of sort of the average sort of ride-hailing fare versus the average delivery fare, given that those are sort of similarly – similar numbers and given that the time that a driver needs to spend in both cases, right, in ride-hailing going to pick up the rider and then sort of taking them to their destination versus in the delivery, you know, picking up the package and then delivering it to its destination. It's similar times, similar earnings opportunities. So we do see, especially on the motorcycle side, we see sort of clear cross usage. The other question you had on the part of sort of the – Okay, great.

And one last question, and then I'll get back into the queue, is around regulatory framework and any potential changes that you might anticipate with ride-sharing or just your overall business. Do you have any updates to share how we should think about that?

We've been working on a regulatory front for several months now. Since 2025 is when we really began pursuing the regulatory outcome. And this is a sort of long-term effort, right, creating laws that enable ride-hailing at the national level. It's somewhat analogous to what we achieved on the two-wheel electric vehicle side, which is something that we also embarked on three years after launching the two-wheel electric vehicle category. However, it's somewhat different, right? And the areas where it's different is that, one, it's a much larger market, right? Ride-hailing is a much larger market than two-wheel electric vehicles. And two, there's also many more interested parties in that market. And as a result of those, it takes more time, but we continue to be active across sort of ministries at the national level, working on the regulatory side.

Great. Thank you both.

From Jack Hopper from Cantor-Bichaud, your line is now live.

Hey, guys. Thanks for taking my question. I've got two, please. So first, can you just kind of help frame any exposure the business might have to the kind of ongoing conflict in the Middle East more recently? Have you seen any disruptions to services or maybe impact of fuel prices, how to kind of think about that? And then second, you know, loyalty programs as a growth driver going forward. Can you kind of talk about your progress there, maybe where you think consumers will take advantage of this and how it can sort of drive your cross-service usage, which has obviously been a pretty important letter for the growth story. Thanks.

Thank you. Well, first of all, thank God our country is not involved in any of the ongoing conflict in the region. They're, you know, sitting very comfortably at home. What's happening around us is very unfortunate. It's a tragedy, really. Nobody likes to see anybody dying, but Turkey is safe and completely unimpacted by what's going on. The only thing that obviously impacts us like the rest of the world is how this is going to affect energy prices, as a result how it's going to affect food prices, and as a result how it's going to affect general inflation. It obviously has two effects. One, it increases the cost per trip for our drivers as gas prices go up. that obviously eats into their margin. Right now, with our dynamic pricing algorithms, we always make sure that our match rates are at our target of around 95%. So sometimes we raise the price, sometimes we lower the price, but we always, you know, reach that 95% figure. However, that being said, this also increases the average price of a ticket, average trip and you know that eats into the consumer's budget and you know as inflation also builds up say downward pressure on demand but that is a global issue it has nothing to do specifically if anything because we are still at the beginning stages of scaling this business which is a paramount need in the city of Istanbul in terms of transportation it's akin to us selling water in the desert at this point because, you know, we've talked about the taxi shortages in Istanbul and, you know, our topic is to get around the city. Our services are in high demand, and, you know, I don't think we're going to see any significant effect in terms of both demand and supply for our ride-hailing business. To your second question, to increase loyalty, both on the consumer and the driver's side, We built a successful and numerous CRM team in-house that use AI, segment our data, and offer a lot of different offerings and campaigns and royalty schemes to our consumers and drivers. And they've performed really well over the past few months. That team was built essentially around six months ago. Now they're working at full scale, and we certainly see usership numbers, for example, rides per trip per driver or rides per trip per consumer per month. Stuff like that go up significantly over the past few months. I'd like to maybe I'll share those some other time. I don't have them in front of me. But, yeah, our loyalty programs are full speed ahead as well.

Let me just add something, a bit more data on the fuel side, Jack, because the impact that it does have is, again, on fuel prices, but that also is a very limited impact. And the reason is, I mean, Turkey actually has a subsidy fund for energy price volatility. And this is something that wasn't created just for this crisis in particular, but it has existed for decades. And the reason is because oil is priced in dollars and the Turkish lira tends to depreciate relative to the dollar. And as a result, this fund has always been in place to counteract the potential short-term volatility in oil prices. And I didn't check this week. You know, oil prices are sort of real-time, sort of based on a few tweets, sort of. Oil prices can go in either direction these days. But when I last checked last week, I saw that since the beginning of the crisis, oil prices have gone up about 45%, 50%. percent, but gas prices for Turkish consumers had gone up only 9 percent. And the delta there is because of the government's subsidization, right? And if you think about sort of our drivers, right, if you say fuel, for example, is let's say 20 percent of their cost base, a 9 percent increase in something that is 20 percent of your cost base comes to sort of a 2 percent increase, and that's the reason why we are really not feeling any impact so far. The question, of course, is how long is this cost? a while now in their crisis, I believe that as long as this crisis lasts sort of months and as long as the oil prices remain sort of similar to the levels at which they are currently at, it's going to have absolutely no impact on our business. But if this crisis lasts several years or it deepens in terms of the ultimate outcome that it has on oil prices, that's when we would look at, you know, follow that closely and take precautionary measures if it's deemed necessary.

Got it. very helpful to you guys a reminder that star one to be placed into question queue our next question is coming from Sam default from Oak Ridge financial your line is that live hey gentlemen congratulations on the year-end results my question is turning guidance for for 26 you know around the 70 million revenue and number you mentioned three cities were monetized in 25 and additional cities anticipating to be monetized in 26, you know, of those 17 remaining cities, how many do you guys anticipate bringing online in 2026 and at what point in the year? And then in that 70 million revenue target, does that include delivery services? And, you know, if not, how do you see that shaping up long-term as a percentage of overall revenue?

Yeah, so it does include delivery services, right? It's a company-wide revenue target that we share. And the moment when delivery, however, is going to be sort of having a much larger impact, it's important to clarify sort of the nature of the delivery services that we're offering now, right? The nature of the delivery services that we're offering now is rapid inner-city parcel deliveries. We are not competing in the food delivery or the grocery delivery space, at least directly, right? So, you know, could a consumer theoretically request a delivery to be made from a restaurant or a grocer on our app? Yes, they could, but we're not listing, like, restaurants. This isn't the equivalent of, like, a DoorDash in the U.S. It's more similar to a courier inner-city parcel delivery service. As a result, the volume that we're targeting right now is a much smaller base of volume, and the eventual revenue impact as a result of the delivery business is also going to be a reflection of that. Now, in the future, do we have the ability to take the initial position that we have built in this delivery space, take the additional utilization that we're offering to our drivers, both motorcycle and car drivers, and then, you know, once we've built the demand for a delivery service, then go back to the supply side and, you know, onboard merchants directly, that is, of course, a possibility, but that's something that's going to play out over time, not immediately. And with regards to your other question about the monetization of our cities, look at certain key metrics prior to embarking on monetization. And those metrics are primarily tied to the level of demand that we can drive to each ultimate driver, right? As that level of demand increases to a level where they are able to earn a significant sort of earnings by driving for our app, that is the moment when we look to turn on the monetization switch. And that's something that we anticipate sort of turning on monetization for other cities in 2026. And those are parts of the increase in the guidance, the revenue guidance that we have However, the ultimate timing and the ultimate sort of specifics of which of those cities will be monetized, that's something that we look at on a case-by-case basis by looking at some of the metrics that I shared.

Gotcha.

And you spoke on the regulation front as well. You know, assuming some form of regulation gets passed and competitors enter the market, How do you see that impacting your customer acquisition costs and your cash spend? Do you anticipate needing additional capital raising to meet that additional spend? Or at that point in time, do you anticipate kind of the results from operation funding that additional spend?

We benefit in both ways is the way that I look at it, right? On one end, yes, the regulatory outcome is a positive one because it fully legitimizes the business. And that does create probably overnight sort of additional supply and demand. And that, therefore, propels the growth of the business more importantly. However, you know, in the current status quo, the benefit, as you highlighted, is that our growth comes in a very, very sort of capital-efficient way. And so we sort of win in both scenarios is the way that we look at it. When the eventual competition enters the market, whether that is pre- or post-regulatory outcome, then we do believe that the continued sort of capital efficiency that we will have as a result of having built such a large first-mover advantage, right, will be one that will allow us to continue to grow sort of relatively capital efficiently. Yes, CACs and driver acquisition costs will increase relative to their current levels, But what's important to note is that sort of the reason why many ride-hailing firms in markets larger than Turkey spent sort of billions of dollars competing and growing is because they started neck and neck, sort of within a few months of each other in their respective markets. In the case of Turkey, as of right now, we have like a three-plus year at start, right? And while you therefore might expect Turkey to spend sort of hundreds of millions of dollars, We remain confident that as a result of our first mover advantage, we're in the tens of millions.

The question today is coming from Pofac from Alliance Global Partners Alliance, now live.

Yeah, thanks for checking my questions. The first of which is you mentioned AI helping you reduce costs. Can you expand on that statement?

So we just went over two weeks ago, roughly, a pretty comprehensive presentation of the impact of AI across sort of departments. and whether it's in, you know, the chat box that's been built for our call center and customer service operations, whether it is in the use of AI for driver identification, right, on both the individual side as well as the vehicle side, whether it's the use of traditional sort of – Those are sort of, like, specific to our business examples, and there's the obvious one, which is just, you know, coding tools and the tremendous uplift that the company's software developers, right? So far, we have always used those as a source of additional output, right, rather than trying to sort of reduce inputs, although there are many companies that are also reducing the inputs. But what we're trying to do, given that we're growing so fast, so far we've sort of used them as a way to increase the outputs of the existing teams that we have in the organization, while complementing it with sort of ride-hailing-specific use cases.

I'd like to add something. This is probably my, like, 12th or 13th year running tech companies and startups. the pace at which we produce code and improve our products has increased exponentially over the past six months. Stuff that used to take, you know, five months, a year, six months, whatever, to code and to see the final product now takes weeks, sometimes days. It's not only the speed at which software output is produced, but also the quality. Our coders used to just write the code themselves now, AI produced the code and they just act like architects. This improves slow mistakes and general quality, improves design, improves UX, improves UI. just made every single coder exponentially better than what they used to be six months ago. So I think the biggest change that we see is the quality and the pace at which we improve ourselves, which, you know, given the fact that we are an upstart in the ride-hailing sector compared to the global giants out there, it actually helped us bridge the gap between the quality of our product and the quality of the best products out there in the market has just shrunk significantly. So this has been great for us. Our dynamic pricing algorithms to just how our app functions, just the look and feel of our app has caught up to the rest of the world much faster than it would have had had there not been the AI revolution in software engineering.

Great. That's really helpful. And then my second question goes to, and you may have mentioned it, Jan Koot, but take rates. Can you talk about take rates in the third quarter, fourth quarter, or an exit rate, and compare them to what's built into your guidance for 2026?

We do continue to include both sort of increased monetization in cities that we currently do not monetize, as well as sort of gradual increases in the take rates over time, whether that's sort of in the results in 2025 or for our 2026 forecast. But we still compare it to sort of the global benchmark, right? The global benchmark that we share is 30%, in excess of 30%, and we continue to remain very, very far away from that figure, and we have ample upside to even in the monetized cities.

If I could try to pin you down a little bit more, and I think the last time, you know, we talked about take rates, they were, you know, high single-digit, low double-digit. Is that a fair range right now, or could you just help me understand where you are in that process of trying to get to that global, you know, target?

Relative to what we shared last, there haven't been significant changes.

That's a very important point. right? Our projected revenue for, you know, this year is $70 million, and the take rate is lower single to, the higher single to lower double digits. And the take rate is completely within our control. It's just, we adjust it so that we don't curb growth, and then we don't have to. But if you were to step on the accelerator on the take rate, our financial profile would be very different this year. We kept saying this last year because we didn't start monetizing and we said that the financial profile of the company is going to be very different once we start turning the dials on the take rate and you see the results this year right before your eyes from negative 15.5% to positive 61.1%. Those numbers could be significantly better if we decide to check up our take rate, which can be done within a few minutes once we decide to do so, but we're just optimizing for growth right now.

To clarify, though, you don't have any increase in your take rates built into your 2026 guidance?

We do have small increases built in. The timing thereof, again, is going to depend. It's on a case-by-case basis. We look at the driver metrics in each city, and whether it's the turning lot of monetization or whether it is the increase of a take rate in that particular city, it is a function of the sort of underlying driver dynamics in that city. But it's still very small percentages, right?

I mean, we're nowhere near the global benchmark of 30%. You know, we're not going to get even close to that this year. Then again, we could if you wanted to, which would have, you know, which would double quadruple our revenues.

Thanks for your time.

From Sid Haveldar from Crescent Enterprises, your line is now live.

Hey guys, congratulations on the growth so far and on the seller to FY25. My question is more surrounding the growth and understanding that, you know, beyond the geographic expansion, is there sort of a plan to continue expanding the incentives program?

And then the impact that would have on sort of the cash outplay and ultimately sort of the cash requirements of the business um well you know we keep saying this and you know we every single time um realize that we have actually understated the reality of the situation um turkey is such a large market and it is so deprived of these services for the past you know decade or so when these services exploded elsewhere in the world but turkey was left behind um the the potential of the market just keeps increasing and increasing again. And I've said this, but I want to underline this before. Had you asked me, as the founder and CEO of this business, what would Istanbul's share be in ride-hailing in Turkey before we launched this business? I would have said 65%, 70%. We're now down to 45%. And the market is so large. The opportunity is so big, right? Right now, what we're calculating is like a 13% possible GMB. and we're nowhere near reaching that potential even closely. The growth potential is maybe tenfold at this point. So there's no other business line or no other geography in the world that a company like ourselves could go and achieve higher growth rates. So that's why we're digging deep in this market, and we see that the market is rewarding us every single time we go deeper and deeper.

The other way to look at this is also in terms of sort of what the capital outlays are, right? I mean, we shared how we reached 60% gross profit margin this year, right? If you assume 60% gross profit margin on $70 million of revenue, that's $40 million of capital prior to fixed costs in marketing, essentially. And therefore, we will, of course, if we are going from there to sort of positive EBITDA rather than sort of large positive EBITDA. That is because from a marketing perspective, from sort of a continued organizational development, especially in some of the new cities that we're launching perspective, we are continuing to invest at a level which shows that the business, even with the current level of monetization, has the ability to be profitable, while the line additional investments is at the margins of a ride-hailing business in terms of right-hailing firms globally.

The bottom line is very simple. I fully agree with Jankot. It's that while growth is cheap, with no rival in sight, to make life than competitors when they emerge. That's what we're doing right now. Otherwise, the financial profile would be very different than what you're seeing right now.

Okay, that's very helpful to understand. And then, just lastly, I think, from understanding the cash position today and what we can expect sort of to the end of 2026 and sort of the capital bridge for that as you looked at your profitability.

So I think we shared that we finished the year with about $8 million of cash. And we also shared how we do have two convertible notes outstanding. One of them is a note that we signed on in April 2025. And we have the ability to draw down – we have drawn down $13 million from that note and have the ability to draw down a further 10. And if necessary for the business, in light of the sort of, one, sort of the existing cash flow generation, but two, also our growth plans, we have the ability to draw down on that during the course of the year. any additional capital needs beyond the existing capital that we already have in place, both within the company as well as available for drawdown, should we choose.

Thank you. Professor Mayan.

Question and answer session. I'd like to turn the floor back over for any further or closing comments.

We're all good. Thank you very much, everybody, for listening.

Thank you. That does conclude today's teleconference webcast. May just connect your line at this time and have a wonderful day. We thank you for your participation today.