ISTANBUL - Marti Technologies, Inc. (NYSE American: MRT), a leading Turkish mobility super app, has updated its unique rider target for June 30, 2024, raising the goal from 850,000 to 900,000. The company, which offers a variety of ride-hailing services, including car hailing, motorcycle hailing, and a recently launched taxi-hailing service, has maintained its registered driver target at 155,000.
As of April 23, 2024, Marti reported over 788,000 unique riders and more than 145,000 registered drivers. The company experienced a 58% increase in riders and a 36% growth in registered drivers from December 31, 2023. The majority of these drivers, over 122,000, operate in Istanbul, compared to the city's 19,845 taxis.
Marti's growth reflects a strong demand for its services in Türkiye, aiming to provide accessible, safe, and affordable transportation options for riders, while offering economic opportunities for drivers.
Marti's ride-hailing drivers, who are required to pass formal background checks before acceptance onto the service, have received an average rating of 4.8 out of 5 stars from riders. Notably, the company does not currently enable online payment over its app, nor does it charge a service fee.
The taxi market in Türkiye was estimated to be worth between $9 billion and $12 billion in 2021, according to McKinsey & Company. The consultancy also projected that ride-hailing could expand the market to $15 billion to $20 billion by 2030 under a "Disruptive Scenario," by offering more cost-effective and convenient services.
Marti, founded in 2018, is recognized as Türkiye's leading mobility app, offering multiple transportation services, including a fleet of rental e-mopeds, e-bikes, and e-scooters, all supported by proprietary software systems and IoT infrastructure.
The information in this article is based on a press release statement from Marti Technologies, Inc. It's important to note that projections and targets mentioned are not guaranteed future results, and actual outcomes may vary.
InvestingPro Insights
Marti Technologies, Inc. (NYSE American: MRT), while ambitiously raising its rider target, faces significant financial challenges based on the latest metrics from InvestingPro. The company's market capitalization stands at a modest $81.56 million, reflecting the scale of its operations within the competitive ride-hailing industry.
An InvestingPro Tip highlights that Marti Technologies may encounter difficulties in making interest payments on its debt, which is a critical factor for investors to consider given the company's financial health. The firm's gross profit margin for the last twelve months as of Q4 2023 was negative at -20.25%, underscoring the challenges Marti faces in maintaining profitability amidst its expansion efforts.
Despite the growth in ridership, another InvestingPro Tip suggests that analysts are not optimistic about the company's sales trajectory, anticipating a decline in the current year. This could be a concern for potential investors, particularly when coupled with a P/E ratio of -1.94 and a P/E ratio (adjusted) of -2.41 for the same period, indicating that the market values the company's earnings negatively.
However, it's not all concerning news. Marti has seen a strong return over the last month, with a 1-month price total return of 82.17%. This recent performance could indicate a positive market response to the company's strategic moves or a potential rebound from previous lows.
For those interested in a deeper dive into Marti's financials and future prospects, InvestingPro offers additional tips on the company. Readers can use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to a comprehensive array of analytics and insights. With 15 additional InvestingPro Tips listed, investors can gain a more nuanced understanding of Marti Technologies' position in the market.
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