Marti Technologies, Inc. ($MRT)

Hello, everyone, and thank you for joining us for the Marti Technologies Full Year 2025 Conference Call. Before we begin, I'd like to mention that today's earnings release and slide presentation are available on Mart's Investor Relations website at ir.marti.tech, where you also find links to our SEC filings, along with other information about Marti. Joining me on today's call are Oguz Alper Oktem, Marti's CEO and Cankut Durgun, Marti's Co-Founder, President and COO. Before we begin, I'd like to remind everyone that statements made on this call as well as in today's earnings release and accompanying slide presentation contain forward-looking statements regarding our financial outlook, business plans, objectives, goals and strategies and other future events and developments, including statements about the market and revenue potential of our services. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include those described in our filings with the SEC, today's earnings release and the accompanying slide presentation and are based on current expectations and beliefs as of today, April 13, 2026. In addition, our discussion today will include references to certain supplemental non-GAAP financial measures, which should be considered in addition to and not as a substitute for our GAAP financial results. We use these non-GAAP measures and evaluating and managing Marti's business and believe they provide useful information for our investors. Reconciliations of the non-GAAP measures to the corresponding GAAP measures where appropriate can be found in today's earnings release and slide presentation as well as our filings with the SEC. With that, I'll turn the call over to Alper.

Thank you for joining us today for Marta's full year 2025 earnings Call. Marta continues to position itself as [indiscernible] leading mobility sheep with a single integrated platform, offering a service and operating across [indiscernible] nationwide. These services include car, motorcycle and taxi vialing, motorcycle and car delivery as well as our owned and operated [indiscernible] bike-based fleet. In 2025, we successfully scaled into a true multi-service mobility platform. We expanded our ride-hailing footprint into 16 additional cities, significantly increasing our addressable market and strengthening our network density. At the same time, we successfully launched delivery services in Istanbul, marking a major step forward in executing our multiservice mobility platform strategy. 2025 also included a pivotal milestone for Marti. As the first full year of platform monetization. We delivered breakthrough revenue growth with revenue more than doubling to $39.2 million and exceeding our guidance by $5.2 million. This strong performance was driven by robust customer options and increased monetization across the platform and the momentum we are seeing supports our confidence in delivering $70 million in revenue for 2026, that's 7 - 0, 70. At the same time, we made meaningful and accelerated progress towards profitability. Gross profit margin improved dramatically from negative 15.5% to 61.1%. We're really trades guys, demonstrating the operating leverage and scalability of our platform model. This also reinforces our path towards sustainable profitability as our network continues to mature. Additionally, our adjusted EBITDA loss narrowed by 37% to $12.1 million, exceeding our guidance by $4.9 million. We are targeting to achieve $1 million of positive adjusted EBITDA in 2026, representing a $13.1 million improvement. Overall, we believe that our continued execution of tools monetization, geographic expansion and multi-service integration is strengthening our financial performance and positioning Marti to capture Turkiye's large and emerging mobility opportunity with increasing efficiency and resilience. We are the #1 urban mobility app in Turkiye across both iOS and Android platforms. We are also the only operating car and motorcycle hailing service at scale and the largest Tubi electric operator in the country, complemented by our on-demand delivery services. We reached $160.2 million all-time trips and 7.4 million unique platform consumers since our launch. Our ride-hailing service continues to scale rapidly -- and as of the first quarter of 2026 has been 3.8 million all-time unique ride-hail in riders and 490,000 registered drivers. These metrics reflect the strength and the strength of our multiservice platform, combining mobility and delivery and our ability to consistently scale both supply and demand in a highly dynamic market. Although we're the undisputed leader in Turkey mobility market, we are the clear market leader. It is also important to note that of the top 5 urban mobility apps in the country, 4 are operated by local players. This is in line with global benchmarks, which have demonstrated that local companies often win in the mobility because of the operational advantages, deep local market knowledge, regulatory agility, stronger consumer and driver relationships, tailored service offerings, trust and brand reception. By the end of '24, we had already established a strong ride-hailing presence across 4 of 3 Turkiye larger cities, that's Istanbul, Ankara, Izmir and Antalya, creating a solid foundation for scale. Building on this foundation, 2025 was a year of rapid expansion as we accelerated the execution of our '25-'26 investment plan and significantly broadened our geographical footprint. Today, Marti operates in 20 of Turkiye largest cities, representing approximately 80% of the country's GDP, marking a step change in the scale and reach of our platform. The strategic expansion is a key milestone in our long-term vision. We're not only increasing our footprint but also building infrastructure, network density and operational capabilities required make Marti the go-to mobility platform across the country. Our ride-hailing service continues to outperform our growth targets, supported by strong execution across city expansion, platform improvements and organizational scale. As of December 31, 2025, all-time unique ride-hailing riders grew 103% year-over-year from 1.7 million to 3.4 million. All-time registered drivers in the same period grew 72% year-over-year from 262,000 to 450,000. On a 2-year basis, this growth translates into 161% compound annual growth rate in riders and 105% compounded annual growth rate in drivers between 2023 and 2025, highlighting the sustained momentum of our platform expansion. Importantly, we had already achieved our 2026 1st quarter targets by mid-March, demonstrating the strength and acceleration of our growth trajectory. Building on this momentum, we have set new higher targets going forward. We set targets for 4.3 million all-time by ride-hailing riders and 530,000 riders drivers by June 30, 2026. This continued outperformance reflects our ability to efficiently scale both demand and supply supported by improving network density and platform efficiency. At the same time, 2025 marks the first full year of our platform monetization. With the inflection of dynamic pricing and improved matching algorithms, representing a key inflection point in our business, driving higher efficiency and improved ride and driver satisfaction. Throughout 2025, the behavior of our consumers and drivers support our decision to offer multiple services to our platform. Our multiservice offering is being further strengthened by the launch of our deliveries with a strong adoption across both consumers and drivers. Starting with our ride-hailing consumers, we are seeing clear evidence that consumers prefer a multiservice experience. 25% of our car hailing consumers are 82% of our motorcycle having consumers use these services after previously being introduced to market by using another Marti service. Our existing services serve a highly effective consumer acquisition channel for our new services. Furthermore, 15% of our car hailing consumers and 72% of our motorcycle having consumers secondly use other market services on our platform. This highlights strong cost service engagement. On the driver side, we are also seeing rapidly adopting our divisions. Despite delivering will be being launched only in the final quarter of 2025, 31% of motorcycle hailing drivers and 9% of car hailing drivers have already performed rely trips. This demonstrates strong supply side flexibility and willingness to adopt new services such as [indiscernible]. Multiservice consumers also generate greater economic value from our platform. trips per consumer are 4.4x higher and revenue per consumer is 3.6x higher for multiservice consumers compared to consumers who use only one single service. We believe these dynamics will enforce our strategy of investing in the band of our ride-hailing delivery, ride-hailing delivery and to electric services within a unified place. Strong revenue growth from our first full year of platform monetization, the launch of ride-hailing in 16 additional cities introduction of delivery service in Istanbul, strong operational efficiency initiatives and AI-enabled cost reduction initiatives drove a significant improvement in our gross profit margin. As a result, our gross profit margin improved sharply from negative 15% in 2024 to positive 61% in 2025, will bring a $26.9 million gross profit uplift -- sorry, $26.9 million gross profit uplift. Going forward, we will continue to pursue disciplined growth with a clear focus on profitability, operational efficiencies and prudent capital allocation. We achieved accelerated growth and substantial scale consumers and drivers with limited capital investment. This penetrates our strong commitment to capital-efficient growth supported by meaningful cross-service efficiencies across our platform. Moving forward, we intend to make targeted investments to leverage multiple growth opportunities. These include increasing organic growth in existing cities, improving our consumer and driver experience initiating loyalty program incentives, selectively expanding into new cities to serve a greater share of Turkiye's urban population, increasing our take rate and further refining our dynamic pricing and matching algorithms. We believe these initiatives will position us well to capture an estimated $4 billion annual revenue opportunity in the ride-hailing business in Turkiye. Here is how we calculate the size of the revenue opportunity, that $4 billion uptick. With every global benchmark, we see that the introduction of riding service into a market [indiscernible] unmet demand significantly eclipsing the demand for tax service prior to the interior. This is because ride-hailing offer significantly better, more accessible consumer experience than taxis across all dimensions, including vehicle availability, price and driver and vehicle quality. As an example, in the city of New York, ride-hailing increased the size of the taxi market by 1.6x. There were approximately 800,000 daily take trips in Istanbul or larger cities when we launched our ride-hailing service. We believe that what happened in New York City is now happening in Istanbul. And we expect there to be 1.3 million day right here in trips in Istanbul at steady state. Istanbul taxi market accounts for about 35% of the entire country's taxi market. So assuming similar market dynamics in site in other cities, we project that there will be eventually about 3.9 million daily ride-hailing trips in Turkiye. This is about 1.4 billion chips a year, approximately $13 billion of potential gross annual booking value, $13 billion. At an assumed take rate of 30%, which is industry standard in line with global benchmarks, this equates to $4 billion of total annual revenue potential for Turkiye ride-hailing markets at maturity, and we expect Marcato capture a significant portion of that revenue. We're working really hard. I'd now like to turn it over to my partner, Cankut to present our financials.

Thank you, Alper. Turning to our 2025 full year results. We delivered strong growth across our platform while continuing to improve profitability. We increased our total trips 60% year-over-year from $31.7 million in 2024 to $50.8 million in 2025. This was driven by an increasing number of ride-hailing trips as a result of higher usage in our existing cities, successful new city launches and growing cross-service adoption on our platform. The number of unique platform consumers who used our services at least once during the year increased 44% year-over-year to $3.1 million. This growth was also primarily driven by a higher number of ride hailing consumers. Trips per unique platform consumer rose 11% to 16.5%, reflecting improved service availability and cross-service platform usage. As shared earlier in the presentation, the number of unique road hailing riders that have used our service since its launch increased from $1.7 million to $3.4 million. while the number of registered drivers increased from 262,000 to 450,000 in 2025. As a result of the gradual decommissioning of our existing 2-wheel electric vehicle fleet, our number of average daily to wheeled electric vehicles deployed decreased from 32,600 in 2024 to 23,200 in 2025. On the financial side, revenue more than doubled to $39.2 million, representing 110% year-over-year increase. This strong growth was primarily driven by the successful completion of our first full year of platform level monetization the scaling of our platform, the introduction of dynamic pricing and increased consumer engagement across our multiservice platform. We also delivered meaningful cost reductions. Cost of revenues declined 29% to $15.3 million, driven by operational efficiencies across our multiple services, lower depreciation costs, reduced fuel logistics costs, and several AI-enabled cost reduction initiatives inside the company. As a result of strong revenue growth, increasing scale and meaningful cost reductions, we turned our gross profit from a loss of $2.9 million in 2024 to a profit of $24 million in 2025. Our gross profit margin improved sharply as a result for negative 15% to 61%. Our general and administrative expenses also decreased 43% from $49.2 million in 2024 to $28.1 million in 2025. This was primarily driven by lower share-based compensation expenses and lower insurance costs. Excluding share-based comp, general and administrative expenses increased to $16.8 million in 2025 compared to $12.1 million in 2024 and this increase is in line with the scaling of our organization to support the growth of our multiservice platform. As a result, our adjusted EBITDA improved by $7.2 million from negative $19.3 million in 2024 to negative $12.1 million in 2025. We believe that the accelerating performance of our services represents a pretty important milestone for our growth and profitability. By the end of 2026, we expect once again to close to double our annual revenue to $70 million in 2025 and to reach positive adjusted EBITDA. This guidance reflects the continued execution of our 2025 and 2026 investment plan, including continued investments in our ride-hailing business, the further growth of our delivery service, cost-efficient scaling and the build-out of our organizational capabilities to support a larger operational footprint. We thank you for participating today and for listening to our performance and our future investment plans and would like to answer any questions that you might have.

[Operator Instructions] Our first question today is coming from Rohit Kulkarni from ROTH Capital Partners.

I guess to kick this kicking off, maybe talk about what you're seeing in Istanbul versus all the other new cities that you've added, specifically with the growth and how profitability in the core city proportion of rides compared to all the new cities that you had added last year?

Great question. Well, first of all, we're really surprised because our initial assessment a few years back about the distribution of potential future trips between Istanbul and the other cities was much more lopsided towards this demo. As you know, Istanbul is 20 million city, that's a quarter of Turkey, but it is the financial and cultural capital. It's just -- as a result, you always tend to I guess, exaggerate the potential of this table and downplay the potential of the other ADCs in Turkey. However, we're really positively surprised by how large the demand is outside of Istanbul. I believe right now, Istanbul is close to 50% of our business. And the other 50% comes from the other ADCs. And we've only launched around 20. But there's a lot more sites that we're going to launch, and we expect Istanbul to go down to 35% eventually.

Okay. Great. And I guess a question on the multi-service offering. Now you have a motorcycle card as well as delivery -- maybe talk about how does that affect both the driver and rider acquisition? And how do you think of kind of the potential revenue per consumer as you fully ramp multiple services across all the cities that you have?

Yes. I mean it's just -- it's fairly simple, really, the more services you have, the more offerings you have for both consumers and your drivers, right? I mean -- as you add deliveries, for example, you're offering your drivers, not only ride-hailing customers or ride hearing business. But on top of that, you're giving them potentially a few delivery opportunities a day, right? And I mean giving -- having received the offer of being able to do more business, drivers are happy. At the same time, the consumers that come on to the platform, give their credit card information or by sign up their sort of security number and whatnot. They don't do it for a single service. They look and they see that there are other available service that they could use and utilize and enjoy. As a result, it actually accelerates the natural progression of a double-sided marketplace business model. The more drivers you have, the more consumers you have and the more consumers, you have the more drivers you have. As you build on your platform with different business models, you keep your drivers and your users engaged in market dynamic plays out even faster. People like our platform and migrate towards you. That's why we're the largest mobility player despite being the newest one in the country.

Also, Rohit, like the statistics we shared, right, like the fact that, for example, 31% of motorcycle drivers who have performed sort of a ride-hailing service with motorcycles have already performed deliveries. Keeping in mind that this is based on 3 months of data, right, this is the tail end of 2025. That I was impressed by that figure. I wasn't expecting such high sort of cross utilization. But that does show that drivers are willing and able to perform multiple services, and that's probably largely a function of sort of the earnings opportunity being roughly similar across the 2, right? If you think of sort of the average sort of ride-hailing fare versus the average delivery fare, given that those are sort of similar numbers. And given that the time that a driver needs to spend in both cases, right, in ride hailing going to pick up the rider and then sort of taking them to their destination versus in a delivery picking up the package and then delivering it to its destination. It's similar time, similar earnings opportunities. So we do see, especially on the motorcycle side, we see sort of clear cross usage for our service. The other question you had on the -- with respect to the previous question you had, you also asked about sort of monetization. What's important to keep in mind is as of the end of last year, right, we were only monetizing in 3 cities. And therefore, there is -- and part of sort of the growth that we foresee in 2026 as well as in other years, is the fact that we will be rolling out monetization in additional cities beyond sort of the initial 3 that we had in 2025.

Okay. Great. And one last question, and then I'll get back into the queue is around regulatory framework and any potential changes that you might anticipate with the ride sharing or just your overall business. Do you have any updates to share how we should think about that?

We've been working on a regulatory front for several months now. Since 2025 is when we really began pursuing the regulatory outcome. And this is a sort of a long-term effort, right, creating laws that enable ride-hailing at the national level. It's somewhat analogous to what we achieved on the 2-wheeled electric vehicle side, which is something that we also embarked on 3 years after launching the 2-wheeled electric vehicle category. However, it's somewhat different, right? And the areas where it's different is that, one, it's a much larger market, right? Ridehailing is a much larger market than 2-wheeled electric vehicles. And two, there's also many more interested parties in that market. And as a result of those, it takes more time, but we continue to be active across sort of ministries at the national level working on the regulatory side.

Our next question is coming from [ Jack Halper ] from Cantor.

Got 2, please. So first, can you just kind of help frame any exposure of the business might have to the kind of ongoing conflict in the Middle East more recently. Do you see any disruptions to services or maybe impact of fuel prices, how to kind of think about that? And then second, the loyalty program is a growth driver going forward. Can you kind of talk about your progress there, maybe where you think consumers will take advantage of this and how it can sort of drive your cross-service usage, which has obviously been a pretty important lever for the growth story?

Thank you. Well, first of all, thank God, our country is not involved in any of the ongoing conflict in the region. We are sitting very comfortably at home. What's happening around us is being unfortunate. It's a tragedy really. Nobody would like to see anybody dying, but Turkey is safe and is completely unimpacted by what's going on. The only thing that obviously impacts us like the rest of the world is how this is going to affect energy prices, as a result, how it's going to affect food prices. And as a result, how is it going to affect general inflation. It obviously has 2 effects. One, it increases the cost per trip for our drivers as gas prices go up, that obviously, each is their margin. But now with our dynamic pricing algorithms, we always make sure that our match rates are at our target of around 95%. So sometimes you raise the price, sometimes you lower the price, but we always reach that 95% bigger. However, that being said, this also increases the average price of a ticket, average ship, and that eats into the consumers' budget. And as inflation also builds up, this creates a downward pressure on demand. But that is a global issue. It has nothing moves specifically with us. If anything, because we are still at the beginning stages of scaling this business, which is a paramount need in the city of Istanbul in terms of transportation. It's akin to us selling water in the desert at this point because we've talked about the taxi shortages in Istanbul and of top it is to get around the city. Our services are in high demand. And I don't think we're going to see any significant effect in terms of both demand and supply for our ride-hailing business. And to your second question, to increase loyalty, both on the consumer and the driver side, we were trying to build a successful and numerous CRM team in-house that use AI, segment our data and offer a lot of different offerings and campaigns and loyalty schemes to our consumers and drivers and they've performed really well over the past few months. That team was built essentially around 6 months ago. Now they're working at full scale. And we certainly see usership numbers present rides per crypto driver or rides per consumer per month. stuff like that go up significantly over the past few months. And I'd like to maybe I'll share those some other time. I don't have that in front of me. But yes, loyalty programs are full speed ahead as well.

Let me just add something -- a bit more data on the fuel side, Jack, because that's the impact that it does have again, on fuel prices, but that also was a very limited impact. And the reason is, I mean, Turkey actually has a subsidy fund for energy price volatility. And this is something that wasn't created just for this crisis, in particular, but it has existed for decades. And the reason is because oil is priced in dollars and the Turkish lira intends to depreciate relative to the dollar. And as a result, this fund has always been in place to counteract the potential short-term volatility in oil prices. And I didn't check this week. Oil prices are sort of real time, sort of based on a few tweets sort of oil prices can go in either direction these days. But when I last checked last week, I saw that since the beginning of the crisis, Oil prices have gone up about 45%, 50%, but gas prices for Turkish consumers had gone up only 9%. And the delta there is because of the government's subsidization, right? And if you think about sort of our drivers, right, if you say fuel, for example, is, let's say, 20% of their cost base, a 9% increase in something that is 20% of your cost base comes to sort of a 2% increase. And that's the reason why we are really not feeling any impact so far. The question, of course, is that how long is this conflict is going to last? And how -- what are the more sort of long-term oil price is going to be. Our government certainly as a result of this fund that they have had in place for a while now and they're correct sort of use of it in this particular crisis, I believe that as long as these prices last sort of months rather than years, and as long as the oil prices remain sort of similar to the levels at which they are currently at, it's going to have absolutely no impact on our business. But if this crisis lasts several years or it deepens in terms of the ultimate outcome that it has on oil prices, that's when we would look at -- follow that closely and take precautionary measures if it's deemed necessary.

[Operator Instructions] Our next question is coming from [ Sam Default ] from Oak Ridge Financial.

Congratulations on the year-end results. My question is surrounding guidance for '26. On the $70 million revenue number, you mentioned 3 cities were monetized in '25 and additional cities anticipating to be monetized in '26 remaining cities. How many do you guys anticipate bringing online in 2026 and at what point in the year? And then in that $70 million revenue target, does that include delivery services and if not, how do you see that shaping up long term as a percentage of overall revenue?

Yes. So it does include delivery services, right? It's a company-wide revenue target that we shared. And the moment when delivery, however, is going to be sort of having a much larger impact, it's important to clarify sort of the nature of the delivery services that we're offering now, right? The nature of the delivery services that we're offering now is rapid inner city parcel deliveries. We are not competing in the food delivery or the grocery delivery space, at least directly, right? So could a consumer theoretically request a delivery to be made from a restaurant or a grocer on our app, yes, they could, but we're not listing like restaurants. This isn't the equivalent of [ LegadorDash ] in the U.S. It's more similar to courier intercity parcel Liberty service. As a result of the volume that we're targeting right now is a much smaller base of volume and the eventual revenue impact as a result of the delivery business is also going to be a reflection of that. Now in the future, do we have the ability to take the initial position that we have built in this delivery space, take the additional utilization that we're offering to our drivers, both motorcycle and car drivers. And then once we build the demand for a delivery service, then go back to the supply side and onboard merchants directly, that is, of course, a possibility, but that's something that's going to play out over time, not immediately in 2026. With regards to your other question about the monetization of our cities, we look at certain key metrics prior to embarking on monetization. And those metrics are primarily tied to the level of demand that we can drive to each ultimate driver, right? As that level of demand increases to a level where they are able to earn a significant sort of earnings by driving for our app. That is the moment when we look to turn on the monetization switch. And that's something that we anticipate sort of turning on monetization for further cities in 2026. And those are part of the increase in the guidance, the revenue guidance that we have shown. However, the ultimate timing and the ultimate sort of specifics of which of those cities will be monetized, that's something that we look at on a case-by-case basis by looking at some of the metrics that I shared.

Got you. And you spoke on the regulation front as well. Assuming some form of regulation gets passed and competitors enter the market, how do you see that impacting your customer acquisition costs and your cap and you anticipate needing additional cash or capital raising to meet that additional spend? Or at that point in time, do you anticipate kind of the results from operation funding that additional spend?

We benefit in both ways. It's the way that I look at it, right? On one end, yes, the regulatory outcome is a positive one because it fully legitimizes the business. And that does create probably overnight sort of additional supply and demand. Therefore, it propels the growth of the business more importantly. However, in the current status quo, the benefit, as you highlighted, is that our growth comes at a very -- in a very, very sort of capital-efficient way. And so we sort of win in both scenarios is the way that we look at it. When the eventual competition enters the market, whether that is pre or post regulatory outcome, then we do believe that the continued sort of capital efficiency that we will have as a result of having built such a large first mover advantage, right, will be one that will allow us to continue to grow sort of relatively capital efficiently. Yes, CACs and driver acquisition costs will increase relative to their current levels. But what's important to note is that sort of the reason why many ride-hailing firms in markets larger than Turkey spent sort of billions of dollars competing and growing is because they started neck and neck sort of within a few months of each other in their respective markets. In the case of Turkey, as of right now, we have like a 3-plus year head start, right? And while you therefore might expect competitive market in Turkey, to spend, let's say, adjusting sort of what was spent in some other larger markets than Turkey, which was billions of dollars, you might expect Turkey to spend sort of hundreds of millions of dollars. We remain confident that as a result of our first-mover advantage, we will be able to keep a number in the tens of millions of dollars. However, this is all a function of what the eventual competition is going to be like and what the spending of that competition is going to be like at that time.

Understood. I'll hop back in queue.

Next question today is coming from [ Paul Fret ] from Alliance Global Partners.

The first of which is you mentioned AI helping you reduce costs. Can you expand on that statement?

So we just went over 2 weeks ago, roughly, a pretty comprehensive presentation of the impact of AI across sort of departments. And whether it's in the chatbot that's been built for our call center and customer service operations, whether it is in the use of AI for driver identification, right, on both the individual side as well as the vehicle side. Whether it's the use of traditional sort of those are sort of like specific to our business example. Then there's the obvious one, which is just coding tools and the tremendous lift that those tools produce for companies, software developers, right? So far, we have always used those as a source of additional output, right, rather than trying to sort of reduce inputs, although there are many companies that are also reducing the inputs. But what we're trying to do, given that we're growing so fast, so far, we've sort of used them as way to increase the output of the existing teams that we have in the organization while complementing it with sort of ride-hailing specific use cases.

I'd like to add something. This is probably my like 12th or 13th year running tech companies and start-ups. The pace at which we produce code and improved our products, has increased exponentially over the past 6 months. Stuff that used to take 5 months, a year, 6 months, whatever, to code and to see the final product, now it takes weeks, sometimes days. It's not only the speed at which software output is produced, but also the quality. Our coders used to just write the code themselves now. They have AI produced to code, and then they just act like Arctic. This improves small mistakes and general quality improves design improves UX, includes just made every single quarter exponentially better than what they used to be 6 months ago. So I think the biggest change that we see is the quality and the just the pace at which we improve ourselves, which given the fact that we are an upstart in the ride-hailing sector, compared to the global giants out there. It actually helped us bridge the gap between the quality of our product and the quality of the best products out there in the market, they just shrunk significantly. So this has been great for us. Our dynamic pricing algorithms to just how our app functions, just the look and feel of our app has caught up to the rest of the world, much faster than it would have had, had there not been the AI revolution in software engineering.

Great. That's really helpful. And then my second question goes to, and you mentioned Cankut, but take rates. Can you talk about take rates in the third quarter, fourth quarter or an exit rate and compare them to what's built into your guidance for 2026.

We do continue to include both sort of increased monetization in cities that we currently do not monetize as well as sort of gradual increases in the take rates over time. whether that's sort of in the results in 2025 for our 2026 forecast. But we still compare it to sort of the global benchmark, right? The global benchmark that we share is 30%, in excess of 30%, and we continue to remain very, very far away from that figure, and we have ample upside to -- even in the monetized cities, increased monetization levels.

If I could try to pin you down a little bit more on -- I think the last time we talked about take rates, they were high single digit, low double digits. Is that a fair range right now? Or could you just help me understand where you are in that process of trying to get to that global target?

Relative to what we shared last, there haven't been significant changes.

That's a very important point, right? Our projected revenue for this year is $70 million and the take rate is lower single to -- or the higher single to lower double digits. And the take rate is completely within our control. It's just -- we adjusted so that the don't curb growth when we don't have to. But if you were to step on the accelerator on the take rate, our financial profile would be very different this year. We kept saying this last year because we didn't start monetizing and we said that the financial profile of the company is going to be very different once we start turning the dials on the take rate. And you see the results this year right before your eyes from negative 15.5% to positive 61.1%. Those numbers could be significantly better if we decide to check up our take rate, which can be done within a few minutes once we decide to do so, but we're just optimizing for growth right now.

Great. Just to clarify, though, you don't have any increase in your take rates built into your 2026 guidance?

We do have small increases built in. The timing thereof again, going to depend -- it's on a case-by-case basis. We look at the driver metrics in each city. And whether it's the turning out of monetization or whether it is the increase of a take rate in that particular city, it is a function of the sort of underlying driver dynamics in that city. But it's still very small percentages, right? I mean we're nowhere near the global benchmark of 30%. We're not going to get even close to that this year. Then again, we could if you wanted to, which would double, quadruple our revenues.

Our next question is coming from Sid Havaldar from Crest Enterprises.

Congratulations on the growth so far on the seller to FY '25. My question is more surrounding the growth and understanding that beyond the geographic expansion, is there sort of a plan to continue expanding the incentives program and then the impact that would have on sort of the cash outlay and ultimately, sort of the cash requirements of the business?

Well, we keep saying this in every single time realize that we have actually understated the reality of the situation. Turkey is such a large market. And it is so deprived of these services for the past decade or so when these services explored elsewhere in the world, but Turkey was left behind. The potential of the market to keep increasing and increasing again, and I said this, but I want to underline this before. Had you asked me as the Founder and CEO of this business, what would Istanbul's share be in ride-hailing in Turkiye before we launch this business, I would have said 65%, 70%. We're now down to 45%. The market is so large. The opportunity is so big, right? Right now, what we're calculating is like a 13% possible GMV. We're nowhere near reaching that potential even closely. The growth potential is maybe tenfold at this point. So there is no other business line or no other geography in the world that a company like ourselves could go and achieve higher growth rates. So that's why we're digging deep in this market, and we see that the market is rewarding us every single time we go deeper and deeper.

The other way to look at this is also in terms of sort of what the capital outlays are, right? I mean, we shared how we reached 60% gross profit margin this year, right? If you assume 60% gross profit margin on $70 million of revenue, that's $40 million of capital prior to fixed costs and marketing essentially. And therefore, we will, of course -- if we are going from there to sort of positive EBITDA rather than sort of a large positive EBITDA, that is because from a marketing perspective, from sort of a continued organizational development, especially in some of the new cities that we're launching perspective, we are continuing to invest at a level, which shows that the business even with the current level of monetization has the ability to be profitable, while also signaling that what we believe, which is that as revenue levels increase and as the need for below the line, additional investments is reduced in some new cities and from an organizational perspective. That can give you a sense of what we believe the sort of -- the reason we believe that the EBITDA margins of a ride hailing business in Turkey will be at least as attractive, if not more attractive than the EBITDA margins of ride hailing firms globally.

The bottom line is very simple. I fully agree with Cankut. It's that while growth is cheap with whole rival in sight, we're growing to be able to make life hard for our rivals and competitors when they emerge. That's what we're doing right now. Otherwise, the financial profile will be very different than what you're seeing right now.

Okay. That's very helpful to understand. And then just lastly, I think from -- I'm driving the cash position today and what we can collect sort of to the end of 2026 and sort of the capital bridge for that as you look to achieve profitability?

So I think we shared that we finished the year with about $8 million of cash. And we also shared how we do have 2 convertible notes outstanding. One of them is a note that we signed on in April 2025. And we have the ability to draw down. We have drawn down $13 million from that note and have the ability to draw down a further $10 million if necessary, for the business. in light of the sort of one sort of the existing cash flow generation, but to also our growth plans, we have the ability to draw down on that during the course of the year. So we don't see any additional capital needs beyond the existing capital that we already have in place, both within the company as well as available for drawdown should we choose to in 2026.

We reached the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

We're all good. Thank you very much, everybody, for listening.

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at the time, and have a wonderful day. We thank you for your participation today.