Marti Technologies Inc. (NYSE American: MRT) is an under-the-radar, yet highly promising investment opportunity, in the ride-hailing and urban mobility space. With a first-mover advantage in Turkey’s emerging ride-hailing market and an expanding multi-modal platform, Marti is positioned to become the leading operator in the country’s ride-hailing market. The company’s recent transition to monetizing its ride-hailing operations marks an inflection point, setting the stage for strong financial performance and substantial shareholder value creation.
Why Invest in Marti?
1. A Massive, Untapped Market Opportunity
Despite ride-hailing being a proven business model worldwide, regulatory and political challenges have slowed adoption in Turkey. However, with a population exceeding 85 million and significant urban mobility challenges, Turkey presents a multi-billion-dollar opportunity for ride-hailing. The market could reach a Gross Merchandise Value (GMV) of $15 to $20 billion by 2030, based on a McKinsey & Company study, and Marti’s local expertise and first-mover advantage position it to capture a significant share.
2. Inflection Point: Monetization of Ride-Hailing Business
Marti introduced ride-hailing services in October 2022 and spent two years building its driver and rider base before launching paid services in October 2024. With a critical mass of users now in place, the company is poised for rapid revenue growth and profitability, benefiting from its strong user adoption and the ability to increase prices without dampening demand.
3. Near-Term Catalysts Driving Stock Re-Rating
There are several near-term catalysts which should lead the shares to re-rate higher, including:
• Financial Breakout in 2025: After a heavy investment phase, Marti is shifting gears to monetize its ride-hailing business while stabilizing its legacy ride-sharing segment. Management projects 2025 revenue to more than double to $34 million (from $16.6M in 2024), with adjusted EBITDA of $3 million (+$25.5M YoY) and positive free cash flow.
• Enhanced Investor Engagement: The company has been attending investor conferences and recently hired FNK IR to increase investor outreach, which could attract more institutional and retail interest.
• Conservative Guidance with Upside Potential: In January 2025, Marti introduced dynamic pricing, which will allow the company to optimize revenues further. With expansion into new cities and increased take rates, financial projections may be significantly exceeded.
Marti’s Business Model: A Mobility Super App
1. Ride-Hailing (Growth Engine)
Marti’s ride-hailing platform connects users with car, motorcycle, and taxi drivers. Since its October 2022 launch, adoption has surged, with over 1.6 million unique riders and 255,000 registered drivers as of December 2024. The company targets 1.9 million unique riders and 290,000 drivers by March 2025.
Unlike Uber, which was banned from Turkey in 2019 and now operates only as a taxi-hailing service, Marti is pioneering a broad ride-hailing platform that includes motorcycles, cars, and taxis, offering a unique multi-modal solution.
2. Ride-Sharing (Established Business)
Marti operates Turkey’s largest fleet of shared two-wheeled electric vehicles, with approximately 40,000 e-mopeds, e-bikes, and e-scooters across six cities—more than double the next largest competitor. Although this business has faced economic headwinds, operational efficiencies have stabilized performance, and management expects a return to profitability.
Marti’s leadership is reinforced by being the #1 urban mobility app in Turkey across iOS and Android, according to data.ai (formerly AppAnnie), measuring in-city travel app downloads.
Valuation and Capitalization: Compelling Entry Point
| Current | As Converted | |
| Stock Price | $3.43 | $3.43 |
| Shares Outstanding | 60 million | 100 million |
| Market Cap | $206 million | $343 million |
| Cash | $9 million | $9 million |
| Debt | $68 million | $3 million |
| Enterprise Value | $265 million | $338 million |
The above reflects the capitalization of the company assuming conversion of the approximately $65 million of 2028 convertible notes which have a strike price of $1.65.
Marti’s current valuation does not reflect its growth potential
While shares of Marti started to appreciate in 2024 in anticipation of the expected financial benefits from starting to monetize its ride hailing business, there remains significant upside based on the total addressable market and expected profitable growth. With a market potential of $15 to $20 billion by 2030 according to McKinsey & Company, at Uber’s benchmark 30% global average take rate, there is a net revenue potential of $4.6 to $6 billion annually. With comparable average Enterprise Value/Revenue at nearly 2x, this translates to a valuation of $9 to $12 billion vs MRT’s current value of $338 million.
Conclusion: A High-Growth Disruptor in Turkish Mobility
Marti Technologies presents a compelling investment opportunity with a dominant market position, accelerating revenue growth, and a clear path to profitability. Marti just started charging for its ride-hailing service in October 2024 after over two years scaling the number of registered drivers and users. This is a significant inflection point that puts the company on the cusp of accelerated revenue growth and profitability. With its ability to scale prices, expand geographically, and optimize monetization strategies, Marti is well on its way to becoming the Uber of Turkey.
With strong catalysts ahead, now is the time for investors to take a serious look at Marti Technologies (NYSE American: MRT).
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