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• It's like the Lime or Bird of Turkey and Eastern Europe.
• Think of it as Uber or Lyft for electric scooters and bikes.

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• Electric Vehicle Sharing Service: Provides on-demand access to a fleet of electric vehicles for local transportation in MENA and Eastern Europe.
• Seagull Application: A mobile application designed to connect users with available electric vehicles for rental and transport purposes.

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Marti Technologies (MRT) operates a micro-mobility service that provides electric vehicles for local transport, primarily selling its services directly to individual consumers through its Seagull application. The company serves the following categories of customers:

• Urban Commuters: Individuals who use the electric vehicles for daily travel within urban areas, such as commuting to work, school, or other regular appointments.
• Casual Riders/Tourists: Individuals, including tourists and local residents, who use the service for recreational purposes, sightseeing, or spontaneous short-distance trips around the city.
• Short-Distance Travelers/Last-Mile Users: Individuals seeking convenient and efficient transportation for short distances, often to bridge the gap between public transport stops and their final destinations.

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Oguz Alper Oktem co-founded Marti Technologies, Inc. in November 2018 with his sister Sena Öktem. Before establishing Marti, he served as Chief Operating Officer at BluTV in Istanbul starting in 2014. His career began at Deutsche Bank's London office, where he focused on nuclear energy projects. He also worked at McKinsey & Company and was an investor in Kolektif House. He holds a Master of Science in political economy from The London School of Economics and Political Science and a Bachelor of Arts in economics from the University of Chicago. Marti has received backing from the European Bank for Reconstruction Development (EBRD) and Autotech Ventures, a mobility-focused venture capital firm.

Cenk Özeker was appointed Chief Financial Officer of Marti Technologies, Inc. effective May 14, 2025. He brings over 25 years of extensive senior finance and operational leadership experience from various companies across Europe and Türkiye. Prior to joining Marti, he was the Managing Director at Newport Shipping UK from 2021 to 2024. Before that, he served as Managing Director of Icron Software in Amsterdam from 2019 to 2021. Earlier in his career, he held significant finance and operations leadership roles at companies such as Pepsi, Beymen, H.O. Sabancı Holding, and Unilever. Mr. Özeker earned his Bachelor of Arts in Economics from Istanbul University and a Master of Business Administration from the University of Louisiana at Monroe.

Cankut Durgun is a Co-Founder of Marti Technologies and has served as the company's President and Chief Operating Officer since June 2025, and President since December 2018. Before co-founding Marti, Mr. Durgun was a co-founder and general partner at Aslanoba Capital, a venture capital firm, from June 2013 to September 2017. Prior to that, he was also a co-founder and general partner of Romulus Capital, another venture capital firm, from October 2008 to June 2013. He holds a Bachelor of Science in Economics and Management Science from Massachusetts Institute of Technology and a Master of Business Administration from Stanford University.

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Here are the key risks to Marti Technologies:

1. Weak Financial Performance and Path to Profitability: Marti Technologies has historically been in a loss-making phase with negative free cash flow. While the company is actively transitioning towards a monetization phase for its ride-hailing business and forecasts achieving positive adjusted EBITDA and free cash flow in 2025, its ability to consistently reach and maintain profitability remains a significant risk. Analysts also point to weak financial performance (losses, negative free cash flow, and negative equity/leverage risk) as a factor holding down its stock score.
2. Regulatory Uncertainty: The ride-hailing market in Turkey, where Marti Technologies primarily operates, currently lacks a specific regulatory framework. While Marti anticipates that the introduction of regulations could lead to positive outcomes similar to other formalized markets, the absence of clear regulations introduces uncertainty. Future regulatory decisions could significantly impact the company's operating model, pricing strategies, or market access, presenting a material risk.
3. Market Penetration and Competitive Pressures: Despite being a leading mobility app in Turkey, Marti faces ongoing challenges in market penetration and consumer adoption, particularly evident in its two-wheel electric vehicle segment. The company has experienced a decrease in average daily rides per vehicle in this segment due to "reduced consumer purchasing power" and operates in a competitive landscape, requiring continuous investment and adaptation to maintain its market position and grow its user base.

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The aggressive expansion of established ride-hailing and delivery giants (such as Bolt and Uber) into the micro-mobility sector within Marti Technologies' key operating regions (MENA and Eastern Europe, including Istanbul). These companies possess vast financial resources, extensive existing user bases, and well-developed technological platforms and logistical networks, enabling them to quickly scale micro-mobility fleets and potentially undercut competitors or offer integrated transportation solutions that Marti, as a specialized micro-mobility provider, may struggle to match.

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• Rapid Growth in Ride-Hailing Trips: Marti expects continued rapid growth in the number of ride-hailing trips. The company has consistently exceeded operational targets for unique ride-hailing riders and registered drivers, indicating sustained expansion in its core mobility service. Marti has successfully grown its ride-hailing service, surpassing 2025 year-end targets for riders and drivers and setting new goals for early 2026.
• Increased Monetization through Higher Take Rates and Dynamic Pricing: The company projects revenue growth from increasing its take rates in cities where its ride-hailing service has been monetized. Marti initiated monetization of its ride-hailing services in October 2024 and introduced a dynamic pricing model in January 2025, which is already showing strong momentum.
• Expansion and Monetization of Services in New Cities: Marti has a clear strategy of expanding its ride-hailing services into new cities across Turkey and then monetizing these new markets. The company launched ride-hailing services in six new cities during the first half of 2025, significantly expanding its addressable market, with plans to expand to a total of 20 cities. The introduction of monetization in these newly launched cities is expected to contribute to future revenue.
• Growing Contribution from Delivery Services: Marti's delivery services are anticipated to increase in volume and revenue contribution. The company views the introduction and scaling of delivery services as a key component in leveraging its platform for further growth.

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Share Repurchases

• Marti Technologies initiated a share repurchase program on January 10, 2024, authorizing the buyback of up to $2.5 million of its Class A ordinary shares.
• This program was extended until April 9, 2026, from its initial expiry on October 9, 2025.
• The board has maintained a maximum purchase price of $6.00 per share for the repurchases.

Share Issuance

• Marti Technologies became a publicly traded company on July 11, 2023, through a SPAC merger with Galata Acquisition Corp., with its shares trading on the NYSE American Stock Exchange under "MRT".
• The business combination was valued at a pro forma enterprise value of approximately $532 million.
• The combined company was expected to receive up to approximately $147 million from Galata's trust account at closing, in addition to commitments for $57.5 million in new investments, including $40 million from Galata's sponsors.

Inbound Investments

• As part of the SPAC merger, Galata Acquisition Corp. had approximately $147 million in trust, and commitments for $57.5 million in new investments were secured, with $40 million coming from Galata's sponsors.
• In January 2024, a $5 million convertible note investment from Farragut Square Global Master Fund backed the company's share repurchase program.
• The company raised $23 million in convertible note financing in April 2025, which was stated to fully fund growth for the subsequent 12 months, with no further capital raises planned.

Capital Expenditures

• Marti Technologies reported annual capital expenditures of $4.841 million in 2023 and $1.039 million in 2024.
• For the period ending June 30, 2025, capital expenditures were $282.4K.
• These investments have been primarily focused on strengthening Marti's market position in Turkey by deploying additional vehicles for existing and new modalities and expanding its ride-hailing service.