GALA ACQU TÜRKİYE'S MOBILITY
SUPER APP
FY 2023 INVESTOR PRESENTATION
CAR-HAILINGMOTORCYCLE-HAILINGTAXİ-HAILINGE-BIKEE-MOPEDE-SCOOTER
Disclaimers
Forward Looking Statements
This presentation, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this presentation or during the earnings call that are not statements of historical fact, including statements about our anticipated growth, including the number of riders and registered drivers, of the ride-hailing business, the full year 2024 guidance, and the expected future performance, operational efficiencies and market opportunities of Marti and its two-wheeled electric vehicle business and ride hailing business, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning our anticipated future financial performance, our market opportunities and our expectations regarding our business plan and strategies. These statements often include words such as "anticipate," "expect," "suggests," "plan," "believe," "intend," "estimates," "targets," "projects," "should," "could," "would," "may," "will," "forecast," "outlook," "guidance" and other similar expressions. We base these forward-looking statements on our current expectations, plans, and assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at such time. Although we believe that these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect our business, results of operations and financial condition and could cause actual results to differ materially from those expressed in the forward-looking statements. These statements are not guarantees of future performance or results. The forward-looking statements are subject to and involve risks, uncertainties, and assumptions, and you should not place undue reliance on these forward-looking statements. These cautionary statements should not be construed by you to be exhaustive and the forward-looking statements are made only as of the date of this presentation. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
The full year 2024 guidance and the ride-hailing targets provided herein are based on Marti's current estimates and assumptions and are not a guarantee of future performance. The guidance provided and the ride- hailing targets are subject to significant risks and uncertainties, including the risk factors discussed in the Company's reports on file with the Securities and Exchange Commission, that could cause actual results to differ materially. There can be no assurance that the Company will achieve the results expressed by this guidance or the targets.
Non-GAAP Measures
This presentation contains non-GAAP financial measures such as adjusted EBITDA and adjusted EBITDA margin. These measures are not prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and have important limitations as analytical tools. Non-GAAP financial measures are supplemental, should only be used in conjunction with results presented in accordance with GAAP and should not be considered in isolation or as a substitute for such GAAP results. Refer to (i) the footnotes of this presentation for the definitions of the non-GAAP measures used in this presentation and (ii) the end of this presentation for a reconciliation of the non-GAAP financial measures used herein to the most directly comparable financial measures calculated and presented in accordance with GAAP.
The contents and appearance of this presentation is copyrighted and the trademarks and service marks are owned by Marti Technologies, Inc. All rights reserved.
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2023 Marti Investor Presentation Agenda
Our Services
Operational Highlights
Financial Highlights
Consolidated Financials
Non-GAAP Reconciliations
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2023 Marti performance overview
Key figures
#1 urban mobility app | 59% |
in Türkiye (iOS & Android)1 | Market share2 |
4.9M+ | $20.0M |
All-time unique riders3 | Revenue |
77.6M+106K+
All-time total rides 3 | Registered ride-hailing drivers |
1. | Number one urban mobility app in Türkiye across iOS and Android, as measured by the total number of downloads among all apps in the travel category of both stores which serve within city rather than between city transportation in 2023. Download figures based on data.ai (fka AppAnnie). | |
2. | Total app downloads as of December 31, 2023 as per data.ai (fka app.annie) as compared to five competitors in two-wheeled electric vehicle segment. Only micromobility operators included in analysis. Market share figures reflect Marti's performance across the aggregate of its existing three | |
service modalities: e-scooters,e-bikes, and e-mopeds. Individual market shares by modality are different. | 4 | |
3. | Two wheeled electric segment and ride-hailing operational kpi is included. | |
2023 Marti Investor Presentation Agenda
Our Services
Operational Highlights
Financial Highlights
Consolidated Financials
Non-GAAP Reconciliations
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Marti's ride-hailing service has exceeded its targets
- Offering car-hailing,motorcycle-hailing, and taxi-hailing services
- As of December 31, 2023, Marti has outperformed its target, hitting over 498,000 unique riders and over 106,000 registered drivers
- Taxi market size in Türkiye is estimated at $9 billion to $12 billion 1
- Currently do not enable online payment over our app or charge a fee for our service
- Invested $13.0M in our ride-hailingbusiness from its October 2022 launch through December 2023, and will continue to invest in growing the service in 2024
- Targeting over 850,000 unique riders and over 155,000 registered drivers by June 30, 2024
Actual | Target | Actual | Target | Actual |
↑302%
499
↑11% over target
124
850
450 | ↑162% |
155
107 100
↑7% over target
41
19 20
# of ride-hailing riders | # of ride-hailing registered drivers | # of taxis in Istanbul2 | ||||
June 30, 2023 (thousands) | December 31, 2023 (thousands) | December 31, 2023 Target (thousands) 3 | June 30, 2024 Target (thousands) 3 | |||
Denotes growth of actual number of ride-hailing riders and actual number of registered drivers between December 31, 2023 and June 30, 2023.
1. | McKinsey and Company's Turkish Consumer Mobility Market Assessment from 2021. | |
2. | Number of taxis in Istanbul - https://www.sozcu.com.tr/iste-istanbulda-taksi-basina-dusen-musteri-sayisi-wp7753005. | 6 |
3. | The Company's ride hailing targets are based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will |
achieve these results.
Marti is focused on operational efficiency in its two-wheeled EV business
Average number of vehicles
deployed (thousands)
35
33
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2021 | 2022 | 2023 |
Operational developments
- Ceased operations in lower performing cities and reallocated vehicles to higher performing cities to improve efficiency
- Deployed more than 4,000 new e-mopeds to higher performing cities
- Maintained monthly theft and vandalism rate below 0.1% of fleet
- Continued to focus on operational efficiency projects, including the assessment of staff and field operations vehicle count and increased usage of refurbished electronic and spare parts, which produced an ∼%11 year- over-yearreduction in the total cost of revenues
- Continue to focus on operational efficiency in our two wheeled electric vehicle business in 2024 and will evaluate the opportunity to expand our fleet no earlier than the summer of 2025
- In February 2024, we completed the acquisition of all of the intellectual property and software assets of Zoba, the leading AI-poweredSaaS platform offering dynamic fleet optimization algorithms for two-wheeledelectric vehicle operators
Human capital developments
- 132 professionals at HQ and 421 field team members, as of December 31, 2023
- Hired new CFO, General Manager and Deputy General Manager in 2023
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Marti reallocated vehicles to higher performing cities in 2023
- We ceased operations in Adana, Bursa, Eskişehir, Gaziantep, Hatay, Isparta, Samsun, Tekirdag, and Yalova
- Collectively, these cities accounted for ∼7% of total revenue, but ∼14% of variable operational costs (1) .
Operational cities as of Dec'22 | Operational cities as of Dec'23 |
Istanbul | Samsun | Istanbul |
Kocaeli | Kocaeli |
Tekirdag
Yalova
Bursa
Eskişehir
Izmir | Izmir |
Isparta
Gaziantep | ||||||
Muğla | Adana | Hatay | Muğla | |||
Antalya | Mersin | Antalya | Mersin | |||
Marti's footprint | Operations | Multi Modal Operations | Marti's footprint | Operations | Multi Modal Operations |
1. Calculated over the last 12 months of operational performance | 8 |
Price increases and operational efficiency support profitability metrics
~58% increase in price applied to reflect TL depreciation against
USD1 and inflation2
USD / TRY Index (Q1'23 = 100)
Price of 10 min. scooter ride (TRY)
As a result of price increases and operational efficiency measures, we increased our pre-depreciation contribution profit per ride3 by 48% despite the y-o-y decline in average daily rides per vehicle
Pre-Depreciation Contribution | Average Daily Rides |
Profit per Ride (USD) | per Vehicle |
170
160
158
0.50 | 3.00 |
0.45 | |
2.36 | 2.50 |
150
148
154
0.40 | |
0.35 | 0.33 |
140
130
120
110
100
146
135143
133
115
106
Q1'23 | Q2'23 | Q3'23 | Q4'23 | ||||
Price | Inflation | FX Rate | |||||
0.30 | 2.00 | ||||||||
0.25 | 0.22 | 1.27 | 1.50 | ||||||
0.20 | |||||||||
0.15 | 1.00 | ||||||||
0.10 | 0.50 | ||||||||
0.05 | |||||||||
0.00 | 0.00 | ||||||||
2022 | 2023 | ||||||||
Pre-Depreciation Contribution Profit per Ride (USD) | Average Daily Rides per Vehicle | ||||||||
1. Central Bank of the Republic of Türkiye forex selling exchange rates for the last business day of the specified month.
2. | Inflation data is calculated based on monthly inflation rates announced by Central Bank of the Republic of Türkiye. | 9 |
3. | Pre-depreciation contribution profit per ride is calculated by adding depreciation per ride to gross profit per ride. |
Additional modalities drive multi-modal ridership, increasing spending per rider
E-bike rider behavior (24 months into operation) | Multimodal riders ride and spend significantly more | |
72% | 50% | than single modality riders1 |
% of E-bike riders that | % of E-bike riders that have | 2023 |
have previously used | used 2+ modalities | |
another Marti modality | ||
5.3x | 5.3x | |
E-moped rider behavior (30 months into operation) | ||
85% | 64% | |
% of E-moped riders that | % of E-moped riders that | |
have previously used | have used 2+ modalities | |
another Marti modality | ||
Car-hailing rider behavior (15 months into operation) | ||
57% | 32% | |
% of car-hailing riders that | % of car-hailing riders that | |
have previously used | have used 2+ modalities | |
another Marti modality | ||
Motorcycle-hailing rider behavior (15 months into operation) |
Rides per rider | Revenue per rider |
84%64%
% of motorcycle-hailing | % of motorcycle-hailing |
riders that have | riders that have used 2+ |
previously used another | modalities |
Marti modality |
Single modality riders 2+ modality riders
1. Customers with more than 1 ride included in analysis, 2023 rides and revenues are analyzed. Ride-hailing service is excluded.
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Marti Technologies Inc. published this content on 16 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 April 2024 12:30:05 UTC.
