Operator
In addition, our discussion today will include references to certain supplemental non-GAAP financial measures, which should be considered in addition to, and not a substitute for, our GAAP financial results. We use these non-GAAP measures in evaluating and managing Marty's business and believe they provide useful information for management and our investors. Beginning with the quarter ended June 30, 2026, we revised our calculation of adjusted EBITDA, and prior period amounts have been revised to conform with the current presentation. Reconciliations of non-GAAP measures to the corresponding GAAP measures, where appropriate, together with the description of this revision, can be found in our earnings release and earnings presentation, as well as our filings with the SEC. With that, I will now turn the call over to Alper.
Hi, everyone. Thank you for joining us today on March 2nd quarter, 2020 Tech's earnings call. The second quarter market is an inflation point for the company. We continue to deliver strong growth while achieving positive and just an EBITDA for the first time. These results, at that scale, are increasingly trending into profitability. From the beginning, our strategy has been straightforward. Build the largest and most engaged mobility network in Turkey and leveraged the network to expand into adjacent services with effective analysis. Our second quarter results demonstrate continued progress in executing this strategy. During this quarter, we continue strengthening the foundation for long-term profitable growth. Ride-hailing remains a strong growth engine across our 20-city footprint, which we have since expanded into three cities in 2003, with strong performance in both Istanbul and non-Istanbul markets. At the same time, delivery adaptation continued to accelerate and escalate among both consumers and drivers, reinforcing the approach of using our established right-handing network to effectively expand into adjacent services. The result is higher engagement, better driver utilization, and stronger technology. Looking ahead, we are also advancing our autonomous mobility strategy in the country. We're building autonomous vehicle lines to bring together autonomous vehicle technology and vehicle providers with Marta leveraging its platform, rider demand, and operational infrastructure. The first strategic step into the strategy entered into a multi-year partnership that can support autonomous vehicles on the Marta platform while engaging with additional technology and vehicle providers. Strong execution led into strong financial results. Revenue increased 141% year-over-year with nearly $20 million, while gross profit more than tripled to over $15 million. Gross profit margin expanded to a record 77%, reflecting improved unit economics and operating with much. Most importantly, adjusted EBITDA turned positive at $2.9 million and a $5.3 million improvement from the prior year quarter. This milestone demonstrates the operating leverage of our marketplace model and reflects the earnings score of our business as it continues to scale. Based on our first tax performance and current momentum, we increased our fiscal year 2026 credits to $85 million in revenue and a positive $7 million in adjusted EBITDA. The increased outlook reflects accelerating demand across our business, expanding addressable markets throughout the country, higher gross margins, and continued progress towards long-term profitable growth. The 13th number one urban mobility app in the country, Prozbo, iOS, and Android, is also the only operator offering both car and motorcycle-hailing services at scale, which we can implement via our large two-wheeled electric vehicle fleet and our on-demand delivery services. Since launch, consumers have completed 195 million trips through our platform, and 8.3 million platform consumers have used every one of our services. Ride-hailing marketplace continues to expand rapidly. As of June 30th, we had reached 4.4 million all-time ride-hailing riders and built a network of 544,000 registered drivers. These metrics are the highlights of our marketing platform, seamlessly combining mobility and industry, and are a bit to scale both supply and demand in a highly dynamic market. MARTA has simply emerged as three leading urban mobility platforms, scale, grant recognition, and operations to create meaningful competitive advantages as we continue extending our services. Globally, mobility are led by local champions who benefit from deep operational expertise and strong brand trust. 25 is no exception, with four of the five leading really absent operators in the local companies. Today, Maritow operates 30 cities representing approximately 85% of the country's GDP. This includes 10 regional cities in which we launched a variety of operations last week, further strengthening our nationwide footprint. This broad footprint enables us to launch new stores efficiently, deepen consumer engagement, and serve a substantial portion of the tourism of the market through a single industry platform. Turkey continues to present a compelling long-term mobility opportunity. Urbanization, congestion, and increasing demand for technology-enabled transportation continue to support social market growth, and Marpe is well positioned to lead the way and capture that opportunity. Our operating metrics once again reflect the strength of our integrated multi-service model. During the second quarter, TRIPS increased 73% to $18.8 million, while unique platform consumers grew even faster, right up to 76% year-over-year to $2.4 million. Importantly, TRIPS per unique platform consumer estate brought the estate despite rapid consumer growth. We view this as an encouraging indicator that our marketplace continues to sell efficiently. This combination of accelerating consumer growth and stable engagement provides a foundation for sustained revenue growth and expanding profitability. The trading service continues to be the primary driver of our overall platform growth and consumer acquisition. As of June 30th, all-time unique ride-hailing riders grew by 95% year-over-year from $2.3 million to $4.4 million. All-time registered ride-hailing driver grew by 68% from $327,000 to $544,000. We continue to achieve the operations for our jobs, driving both in and the start number. Looking ahead, our next milestone is to reach 4.9 million all-time ride-hailing riders and 580,000 registered drivers by the end of the next quarter. As our ride hailing service continues to scale, we are also seeing encouragement in the growth of our delivery services. In the second quarter, delivery adoption continued to rise among both consumers and drivers in Among all-time unique platform consumers with more than one trip, approximately 80% of motorcycle hailing consumers and 31% of car hailing consumers use these services after first engaging with another motor service. In addition, 73% of motorcycle-hailing consumers and 13% of bar-hailing consumers are subsequently adopted in general services. The outside service engagement with all of these drugs were produced. During the second quarter of 2018, service was 3.1.5, and revenue per consumer was and seven times high for model service consumers called the single service management. This requires the current utility and the keyness of our integrated model service platform. And on the supply side, growing driver adoption continues to reinforce the strength of our integrated model service. Everything is down. 55% of motorcycle-hailing drivers and 22% including the second course will complete significant and single service drivers, with tips for a motorcycle driver four times higher and tips for a car driver two times higher. Each new service edits our network strength, utilization, and drives deep engagement. Marketplace, we're increasingly deploying across our organization to improve efficiency, which is increasing up. Our focus is on enabling rapid iteration and fast time to market, We are doing this without increasing team prices. In practice, we are applying AI across our tech tech operations in the marketplace. This includes dynamic pricing, improve marketplace efficiency, and effective performance marketing, helping us optimize spending spending. We are also leveraging AI for creative content production, allowing us to accelerate experimentation and to increase our marketing up more effectively. Thank you, Aipesh.
Our second quarter results reflect the scalability of Marta's business model. TRIPS increased 73% year-over-year, while unique platform consumers grew even faster, increasing 76%. Engagement remains strong, with trips per unique platform consumer broadly stable at 7.9 despite the rapid expansion of our consumer base. Growth was driven primarily by increasing ride-hailing usage across our existing cities, alongside encouraging momentum in cross-service adoption across the platform. We also exceeded our operational targets, ending the quarter with 4.4 million all-time unique ride-hailing riders and 544,000 registered drivers. As part of our fleet optimization strategy, we continue to decommission our existing two-wheeled electric vehicle fleet, reducing the number of average daily two-wheeled electric vehicles deployed from 24.1,000 in the second quarter of 2025 to 20.9,000 in the second quarter of 2026. This reflects our ongoing focus on capital efficiency and resource allocation. On the financial side, revenue more than doubled year over year, while costs grew at a slower rate, resulting in substantial gross margin expansion and allowing us to deliver positive adjusted EBITDA for the first time. I'm now going to go into the details of our revenue and cost of revenue figures. Q2 revenue increased 141% year over year to nearly $20 million, continuing the strong momentum we have seen throughout the year. This growth was primarily driven by the continued success of our platform subscription package monetization, together with increasing trips and unique platform consumers. Importantly, cost of revenues increased only 32%, despite significantly higher business volumes. At the same time, cost efficiency improved significantly across several major cost categories. Personnel expenses declined from 16.5% to 7.6% of revenue, depreciation and amortization from 8.5% to 2.6%, and operating lease expenses from 4.2% to 1.3%. These efficiencies, particularly the reduction in personnel and depreciation and amortization costs as a percentage of revenue, contributed to the decline in cost of revenues from 43% to 23% of revenue. Following a 400% year-over-year increase in gross profit in the first quarter, it grew a further 223% year-over-year in the second quarter. At the same time, cost of revenues continued to decline as a percentage of revenue, driving gross profit margin expansion from 57% to 77%. This operating leverage is also evident in our first half performance. During the first six months of the year, revenue increased 147% year-over-year, while cost of revenues increased just 22%, resulting in gross profit growth of 279%. These results reflect the scalability of our platform and our ability to convert incremental revenue into profitability as the platform grows. The benefits of this operating leverage are clearly reflected in our profitability. Gross profit margin expanded to a record 77% in the second quarter, which reflects the scalability of our marketplace model and the strength of our unit economics. On a gap basis, net loss was $12.5 million, reflecting a one-time non-cash loss on debt extinguishment of $8.3 million, recognized in connection with the amendment of our convertible notes. In the absence of the one-time non-cash loss on debt extinguishment, net loss was $4.2 million, in comparison to $9.2 million in the prior year quarter. Most importantly, the adjusted EBITDA improved by $5.3 million year over year, turning positive at $2.9 million compared to negative $2.4 million in the prior year quarter. Our adjusted EBITDA margin also improved significantly from negative 28% in the second quarter of 2025 to positive 15% in the second quarter of this year, an improvement of 43 percentage points in a single year. Reaching positive adjusted EBITDA marks an important milestone for MARTA and reflects that our marketplace can generate profitable growth while continuing to invest in our long-term growth initiatives. Following our strong first-half performance, we increased our fiscal year 2026 guidance to reflect the continued strength of the business. We now expect fiscal year 2026 revenue of $85 million, representing 117% year-over-year growth. Our revenue of $35.4 million dollars in the first six months of 2026 already represents 42 percent of our updated full year revenue guidance by comparison in the first half of 2025 we had 14.3 million dollars of revenue which represented 37 percent of our 2025 full year revenue we also increased our fiscal year 2026 adjusted EBITDA guidance to positive seven million dollars our second quarter adjusted EBITDA of positive $2.9 million represents meaningful progress toward our increased full year adjusted EBITDA guidance. This milestone reflects the scalability of our marketplace model and the long-term earnings power of our platform. Taken all together, these results reflect the continued execution of our strategy, including the scaling of ride-hailing across our now 30-city footprint, reaching 85% of the country's GDP, the growing adoption of our delivery services, disciplined cost management, and the building of our AI-driven product capabilities to support a much larger operational platform. Based on our strong first-half performance and current operating momentum, we're well-positioned to achieve our increased full-year guidance while continuing to invest in expanding our platform and product capabilities to support long-term profitable growth. We thank you for your participating today and would like to open floor at any questions you might have.
Operator
Thank you. The floor is now open for questions. If you would like to ask a question, please press star 1 on your telephone keypad at this time. A confirmation tone will indicate that your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the star keys. Again, that's star 1 to register a question at this time. Our first question is coming from Theodore O'Neill of Litchfield Hills Research. George, please go ahead.
Thanks very much, and congratulations on the quarter. Ken Coote, last quarter you talked about gross profit margin having a ceiling of 78%, and I'm wondering if that's still the ceiling you're looking at, and if you feel that this kind of gross profit margin might attract competitors.
Thanks for your question, Theo. So last quarter, our gross profit margin was 72%, and I don't recall naming a ceiling as specific as the 78% figure, but we do believe that, of course, there will be a ceiling to gross profitability, right? This is a business with an operational offline component, and therefore there are certain variable costs that exist in the physical world that do not necessarily exist for digital-only companies, and therefore there will be a ceiling to our gross margins. I think the increase from the first quarter to the second quarter shows that we have yet to reach that ceiling. But something probably in the ballpark of what we've achieved now, something in the sort of 80 percent range, is, we believe, sustainable. In the event that competition enters the market, yes, that is something that we will address at that time. Whether that will have an impact on the gross profit margins, we'll see sort of at that moment in time. But for the foreseeable future, we do believe that the figures in the current ballpark of 80% are sustainable.
Operator
Thank you. The next question is coming from Rohit Kolkerny of Roth Capital Partners. Please go ahead.
Hey, thanks. Nice counter, nice guidance, guys. Just helping us reconcile how you think about the second half, both revenue ramp as well as EBITDA, raising the guidance on both levels, but perhaps talk through your thinking on how much of growth in revenues is coming from existing cities versus new cities. What gives you confidence on raising the revenue guidance? And then ditto for EBITDA as well with regards to margins and operating leverage, perhaps talk about gross margin versus operating leverage. How are you thinking about that in the second half? Thank you.
Yeah, so on the revenue guidance, the primary reason why we increased the revenue guidance for the year is because we were seeing much faster growth in the volume of trips taking place on our platform than what we had initially anticipated. So that was the main reason for the increase in the revenue guidance. As a result, as long as that volume growth continues as took place in the first half, we do foresee reaching our $85 million revenue target for the year. There is no new city expansion or no new city monetization assumptions baked in to the revenue forecast that we have for the year. As long as the sort of volume of trips growth continues, then we do anticipate reaching that revenue forecast. From the adjusted EBITDA front, if you look at the gross profit profile of the company, and you assume that that stays in the sort of 80% range, then that will leave us with significant room to not only sort of achieve the $7 million adjusted EBITDA forecast that we put, but perhaps to also make some investments in the fixed cost structure of the company as well. We've sort of retained a fairly healthy margin, I would say, in light of the sort of the revenue growth of the company, as well as the gross profit margins in the $7 million EBITDA forecast that we've shared for the year. The other way to look at that, the other way to look at that road is that just this quarter, right, just this quarter, we finished with $2.9 million of EBITDA. And therefore, even if there were absolutely no continued growth in the business and no improvement on a quarterly basis in the EBITDA profile of the business. Then across the next two quarters, that would suggest roughly $6 million of additional EBITDA. And therefore, on an aggregate full-year basis, you're pretty much already at the $7 million figure.
Okay. And I guess with regards to the volume growth, can you talk about what's driving the volume growth? Is it more frequency of existing riders, more riders coming to the platform, existing cities like Istanbul or outside of Istanbul? Perhaps just kind of color the shape of the growth and what's driving the volume.
The new cities are a very important boat driver. So that's part of the reason why we launched 10 new cities a few weeks ago now. and we launched those in tandem because we are seeing much faster growth outside of Istanbul than what we had originally baked in. Right now, Istanbul as a share of our business is already down to below 50%. And at steady state, we assume that Istanbul is going to be about a third of the business. And the new city performance shows that that's a very reasonable assumption for the for the company the growth is coming primarily outside of Istanbul at this stage while Istanbul also continues to grow the other cities are growing at a faster clip okay fantastic I guess one last question any latest updates on the regulatory developments as far as ride-sharing or even last minute delivery in with the Turkey government so the last-minute delivery the parcel delivery service it is fully regulated in Turkey right now as to the ride hailing service so just like our administration regulated the the micro mobility sector in the past recently they actually announced so led by our Ministry of Industry and Technology and signed in a presidential circular, we also announced our AI action plan at the state level. And this AI action plan, for example, I counted, and it actually includes 12 references to autonomous vehicles, ranging from the need to have autonomous vehicles, technology developed within the borders of our country to incentivizing the existing very strong vehicle manufacturing. You know, Turkey is one of the largest exporters of sort of cars to the European Union. It has a very strong manufacturing base to incentivizing those. And our Ministry of Industry and Technology, therefore, is working on a plan to enable, not at scale deployments of autonomous vehicles, but pilot deployments of autonomous vehicles over the next year or so. And similar discussions continue to take place in the ride-hailing space. And with regards to timing, you know, we believe that our state knows best and that they will regulate the sector at the right moment in time.
Okay. Thank you very much, John Cook. Thank you.
Operator
Thank you. The next question is coming from Jack Halpert of Cantor Fitzgerald. Please go ahead.
Hey, guys. Thanks for taking my questions. I've just got two, please. So on the Tensor partnership, I know you kind of just talked a little bit about the regulation side on AVs, but kind of what is the realistic timeline for actual deployment here? It seems like maybe just pilots in the near to medium term. And then kind of as it scales, should investors expect any sort of CapEx or JV funding commitments? from Marty as a part of this, or is it purely just sort of an aggregation demand side role? And then secondly, just on the delivery side of things, obviously, it looks like your delivery penetration from motorcycle drivers increased sequentially. How big of an opportunity can parcel delivery be here, and what does the monetization story look like? Thank you.
In response to your first question, Jack, so the Tensor deployment is – it's going First, we have to prove that the technology works and is safe in Turkey, right? So before scaling and before any larger financing commitments, for example, you know, the JV commitments potentially that you mentioned, we have to prove that the technology works and does so safely. And that is our immediate goal. The first step in achieving that goal is recognizing that the autonomous vehicle sector is in a slightly different state than it was maybe two years ago. So two years ago, the limiting constraint for the growth of the sector was actually demand, right? There was sufficient supply to conduct initial pilots, but the demand, potentially related to how fashionable it was, potentially related to how many proof points there were around the safety data, and therefore the regulatory receptiveness to this, the sector was demand-constrained. Now the reverse is the case, right? Now it's actually supply constrained, right? Because the ride-hailing market didn't have any supply constraint in its initial growth because drivers with cars and eventually drivers without cars who could get car financing, like that already existed. Whereas now in the autonomous vehicle space, that's not the case. Perhaps with the exception of Tesla that has an existing sort of installed car base, the CapEx and the requirement of building an actual physical sort of autonomous vehicle is the constraint and therefore autonomous vehicle technology providers as well. While they are increasing in number and that layer of the stack we do believe is eventually going to roughly commoditize, at the current stage, they are prioritizing deployments based on how large the markets are and not only how large they are in the short term, but more importantly, how large those deployments will be in the long term. And in this supply-constrained market, our objective is to launch as many vehicles as possible, as soon as possible, but we also do recognize that our partners, whether it's Tensor, whether it's the other discussions that we continue to have, right, our goal is to build an autonomous vehicle alliance for Turkey, where we provide the demand, we provide the operations and repair and maintenance capabilities, and we work with multiple autonomous vehicle providers, not just Tensor. Our goal is to bring them live as soon as possible, but, of course, in light of what each supplier that we work with can produce in terms of timeline, as well as in light of the regulatory requirements for building a successful pilot, because the goal is not the number of vehicles in the pilot, for example. the goal is actually how well you show that the pilot works so that you can scale as fast as possible uh following that with regards to your question on the delivery side the deliveries market in uh parcel delivery we believe is about 10 to 20 percent of the total scale of the delivery market uh so right now it's important to emphasize like our parcel delivery it does not include merchants listed in our app right so what we do is we show you a screen where you input where you are you input where you want the uh the delivery to you know go into in terms of eventual destination and then one of our motorcycle or car drivers comes and picks that product up and then takes it to its destination while it could theoretically be used for the delivery of groceries or restaurant on from foods, that use case only really scales and begins to scale when you have a merchant integrations. And that's not something that we currently have. That is something that we plan to add once we have built the demand for the delivery service that we are currently doing. And then we go back to the merchant side and then start onboarding merchants. We're still in phase one. The immediate next step for deliveries is, and the parcel delivery specifically, is expanding outside of Istanbul. Right now, that's still a sort of Istanbul-based business, but I do believe that we have sufficient proof points within the city of Istanbul to seriously consider expanding that service to other cities in a similar fashion to how we expanded ride-hailing, right? So in ride-hailing, we went from one city launch to eventually four cities, including Ankara, Antalya, and Izmir, and then subsequently added additional cities before adding our eventual last 10. That's the same playbook that we're going to apply in the parcel delivery space.
I would like to add something. The company are in a unique spot because it's done micro-mobility at scale before. And AV ride-sharing is actually not an extension of a micro-ability business. Still, electric vehicles on the field are operated by a bunch of operators at scale. It's a capex-heavy business, and scaling has a lot to do with the supply side of it. So, and there's one big lesson we learned in micro-mobility is you have to enter at the right time with the right product at the right scale. Generally, early adoption forces you to buy vehicles that are sub-quality, less than you want. Vehicles that don't serve you really well. Vehicles that are not perfectly adapted to the environment you're operating. and you end up buying an earlier version, which then is very hard to replace because it requires a lot more cap. It needs a time until the right vehicle arrives, and then scaling at the right time is the right thing to do. Had you known this about automobility in the past, the problem would have done it differently. A little bit more for better fleets out at scale and both those, because lifetime of those newer vehicles are better because they're longer operation of those vehicles cheaper and just the it is better consumer um experience so as a result i think uh our scale maybe has a lot to do with much effect like regulation um timing supplies etc It has a lot to do with being able to the perfect car or almost perfect car for the Turkish environment, which is cheaper labor costs and higher equipment costs. We need a vehicle that's a little bit cheaper than what operates around the world to make the unit economics more operable. Right now, in the market, I see a vehicle that for us will scale rapidly, but when the opportunity itself, I think, will be the first ones to know that is the right thing to do.
Operator
Thank you. The next question is coming from Dick Ryan of Oak Ridge Financial. Please go ahead.
Thanks for taking my questions. So, John, just on a couple of financial clarifications, if you will, the gross margin with With stronger activity in the spring and summer months, will you be able to carry that? I know you talked about a sustainable gross margin going forward, but is there any seasonal component when we get into kind of the December and the March quarters?
There is a seasonal component, but it's not very large. So, you know, this isn't the micro-mobility business where, you know, you have 50% declines or so in the winter months relative to the summer months. The ride-hailing business, we, especially at this stage, we continue to see growth in the winter months. We see less growth than we do in the summer months, but at this stage of the business, we continue to see growth. And as long as we continue to see growth, we do anticipate the gross margins continuing to reflect that.
Okay. And on the revenue guidance, if you just split the difference for the second half of the year, it's roughly $25 million per quarter. Will that skew more towards Q3 than Q4?
No. As long as the business continues to grow, which it will continue to grow in the fourth quarter, the pace of growth will be lower in the fourth quarter than it is in the third quarter, if history is a guide. However, as long as it continues to grow, that means that we have more trips, and when you have more trips, that should roughly translate into more revenue.
Great. And it's good to see the contributions from the other cities kind of, you know, diversifying away from Istanbul's contribution. What is the level of monetization now of the 20 cities that you expanded into And when will the 10 new cities start being monetized? Is that 2027?
27 at the earliest. The way we think about monetization is that in the Istanbul launch, for example, we began monetizing in that city more than two years after the initial launch. It probably will take less time for new cities in the current case because we have the experience. And with experience, you can sort of, on a relative basis, you can grow faster in your new city launches than you did in your initial city. But we're in no hurry to monetize the new cities. With regards to your first question, we're currently monetizing seven of the 30 cities that we operate in.
Okay, one last one. Any early comments on what your anticipations or your aspirational goals are for 2027?
Grow, baby, grow. That's the thing. Al-Ped is the aspirational one, so I'll defer to Al-Ped Amin's question.
Look, I say this analogy all the time, but we are selling water in the desert in the sense that tech-enabled mobility, especially urban mobility, is highly demanded in Istanbul and other large Turkish cities because of the congestion, the traffic, just the hardships around moving within a city. So we are providing a very valuable service and we see the demand, we see the adoption, we see users, you know, essentially loving us as a brand and just complementing our service. So goal is to get the service, the ride hailing service, the bread and butter of the business now to as many people as possible, as fast as possible across the country. so um to 2026 is going to be 2027 is going to be all about higher usage higher drivers higher number of users and just more revenue perfect okay thanks for taking my questions and congratulations on continued very strong performance thank you thank you once again ladies and gentlemen that's star one if you have a question at this time.
Operator
Our next question is coming from Fon Jiang of the Benchmark Company. Please go ahead.
Thanks for taking my question. Two on my side. First, on the tick rate, I think you mentioned that you're currently monetizing seven out of your 30 cities.
Just wonder what's the effective tick rate for the existing 70 cities you are monetizing, and how should we think about the trajectory of the take rate uh when these cities continue to mature on the growth side thanks for your question bond so our take rate it remains to be in the mid-teens and uh that's at the sort of total scale of the operations right so that's at the country level uh that take rate uh we don't break out the take rate into what it is in the cities that we monetize and those that we don't but the seven cities of course like are the larger cities, of course. They're the first cities that we launched, and the earlier cities that we launched are the ones that we monetized first.
Understood. Second question is really more about your investment and capital allocation. You mentioned that you are confident to achieve full-year EBITDA, upgrade EBITDA target. At the same time, you also leave room to reinvest. So I guess what are the key areas you are going to incrementally invest in the second task. On top of that, you have quite a few, I think, action going on. You reset your safety, buying back your shares, continually investing in the business. How should we think about your capital allocation strategy?
Let me start with the buyback. So we do have, as you referred to, we do have up to $2.5 million buyback program in place. And that has been active for quite a time now. And we have in the past extended the duration of our buyback programs. The current one, I think, is scheduled to expire sometime in October of this year. And we do anticipate as long as the share price remains at a level that we continue to believe is undervalued, we do anticipate continuing to buy back our shares. That said, this is a capital allocation issue, right? And we are still very much a growth stage company. The market size that we talk about, for example, we talk about sort of the eventual ride-hailing market being a $3 to $4 billion revenue opportunity in Turkey. Together with our increased revenue guidance, we're still at sub $100 million, right? $85 million of revenue forecast for this year. And therefore, Or the majority of the investments that we will be making will be to increase the growth, as Alper said, you know, grow, baby, grow, increase the growth of our ride-hailing business, whether that's new city launches, whether that's accelerating the pace of rider and driver acquisition in these cities through various marketing channels, whether that's uh revitalizing sort of uh our existing riders and drivers who have used the service but maybe use it at a smaller scale when liquidity was less and therefore the experience on potentially both sides of the marketplace was less attractive than it is now um re-engaging those riders and drivers that's the prior the priority that we have uh ahead of ourselves right That's fair.
Thanks for the answer. Congrats on a good quarter.
Operator
Thank you. Ladies and gentlemen, that brings us to the end of today's question and answer session. We would like to thank you all for your participation and your interest in Mardi Technologies. You may disconnect your lines at this time or log off the webcast and enjoy the rest of your day.
