Marti Technologies Reports 2024 Revenue of $18.7M, Surpassing Guidance; Net Loss of $73.9M, Adjusted EBITDA Beats Forecast

Reuters
30 May
Marti Technologies Reports 2024 Revenue of $18.7M, Surpassing Guidance; Net Loss of $73.9M, Adjusted EBITDA Beats Forecast

Marti Technologies Inc. has released its latest financial results, reporting a financial income of $3.561 million compared to $1.408 million in the previous period. The company also reported a financial expense of $6.773 million, down from $9.980 million previously. Notably, the customs tax provision expense stood at $32,000, with no comparable figure from the prior period. In terms of provisions, the lawsuit provision expense increased to $846,000 from $184,000. Additionally, stock-based compensation expense saw a significant decrease, amounting to $1.989 million compared to $37.161 million in the last reporting period. The company's Adjusted EBITDA was reported as a negative $17.692 million, an improvement from the previous period's negative $19.274 million. The Adjusted EBITDA margin improved to a negative 88.3% from a negative 103.3%. Marti Technologies also provided forward-looking statements regarding anticipated growth, including expectations for its ride-hailing business and two-wheeled electric vehicle service. These statements are subject to risks and uncertainties, and actual results may differ materially from current expectations.

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