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ISTANBUL - Marti Technologies, Inc. (NYSE American: MRT), a prominent mobility service provider in Türkiye with a market capitalization of $193 million, has announced the recent achievement of surpassing its March 31, 2025, goals by reaching 1.91 million riders and 290 thousand registered drivers as of March 25, 2025. The company’s stock has shown remarkable performance, gaining over 330% in the past year according to InvestingPro data. The company’s ride-hailing service saw a significant growth of 18.6% in riders and 13.9% in registered drivers from December 15, 2024, to March 25, 2025.
In response to this growth, Marti has set new targets for June 30, 2025, aiming for 2.15 million riders and 310 thousand registered drivers. The company’s ride-hailing service is designed to offer safe, affordable transportation options for riders, while also providing economic opportunities for drivers.
The majority of Marti’s drivers are concentrated in Istanbul, Türkiye’s largest city, where the company boasts 225 thousand registered drivers compared to the city’s 20 thousand taxis. This disparity highlights Marti’s capacity to provide extensive service coverage. However, InvestingPro analysis reveals the company faces financial challenges, with a weak Financial Health Score of 1.26 and negative EBITDA of $24.14 million in the last reported period. The company also emphasizes rider safety by conducting formal background checks on drivers, who have received an average rating of 4.8 out of 5 stars by riders.
Consultancy group McKinsey & Company has estimated the taxi market size in Türkiye to be between $9 billion and $12 billion as of 2021. Under the "Disruptive Scenario 2030," ride-hailing services like Marti are expected to expand the taxi market by offering more affordable and convenient transportation options, potentially growing the market to $15 billion to $20 billion by 2030.
Marti, founded in 2018, has positioned itself as Türkiye’s leading mobility app, offering a suite of transportation services including car, motorcycle, and taxi rides, as well as a fleet of rental e-mopeds, e-bikes, and e-scooters, all powered by proprietary software systems and IoT infrastructure.
The company’s forward-looking statements highlight its anticipation of continued growth in the ride-hailing sector and the pursuit of market opportunities. However, these projections are not guaranteed and are subject to various risks and uncertainties. InvestingPro data indicates analysts expect sales to decline in the current year, with the company not anticipated to achieve profitability. Subscribers to InvestingPro can access 8 additional key insights about Marti’s financial outlook and market position. The information in this article is based on a press release statement from Marti Technologies, Inc.
In other recent news, Marti Technologies, Inc. has announced an extension of its share repurchase program. The company’s Board of Directors has authorized a six-month prolongation, allowing the repurchase of up to $2.5 million of its outstanding Class A ordinary shares. The ceiling price for these buybacks has been raised to $6.00 per share, effective immediately until October 9, 2025. The initial program began on January 10, 2024, with a previous amendment extending it to April 9, 2025. This recent development raises the maximum price per share from the earlier cap of $5.00. The repurchases may occur in privately negotiated transactions or on the open market, following the Securities Exchange Act of 1934 regulations. The timing and volume of these buybacks will be at the discretion of the company management, considering factors like market conditions and strategic priorities. Marti Technologies retains the right to review, alter, or suspend the repurchase program at any time.
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