Marty Technologies (MRT) Q2 2025: Ride-Hailing Riders Double, Unlocking $3B Market Ambition
Marty Technologies’ pivot to ride-hailing is accelerating, with unique riders up 107% and driver supply scaling to match. The company’s multi-modal strategy is proving durable, as two-wheeled vehicles become a profitable feeder for higher-margin ride-hailing. As Marty expands into six more cities and keeps take rates intentionally low, management signals a calculated land-grab phase, prioritizing scale over near-term margin to capture Turkey’s $3B ride-hailing opportunity.
Summary
- Ride-Hailing Scale: Unique riders and drivers nearly doubled, reinforcing Marty’s leadership in Turkish urban mobility.
- Capital-Efficient Growth: Strategic resource shifts cut cost of revenues by 25% and improved adjusted EBITDA despite city expansion.
- Take Rate Upside: Management maintains low take rates to drive adoption, preserving future monetization levers.
Performance Analysis
Marty’s first half 2025 results highlight a decisive shift in business mix and operational focus. Revenue rose 70% year-over-year, driven by the monetization of ride-hailing, which now anchors the company’s growth engine. The number of unique ride-hailing riders surged 107% to 2.3 million, while registered drivers grew 92% to 327,000. This acceleration is underpinned by a deliberate expansion into six new metropolitan areas, broadening Marty’s reach to cover half of Turkey’s population.
Cost discipline and operational leverage were evident across the business. Cost of revenues fell 25%, reflecting reduced capital intensity in the two-wheeled electric vehicle segment and more field resources dedicated to the higher-margin ride-hailing platform. Adjusted EBITDA improved by $5.4 million, though it remains negative as Marty invests for scale. Notably, the company has managed to grow total rides and utilization without encountering driver supply constraints, a key differentiator versus global peers.
- Revenue Mix Shift: Ride-hailing is now the primary growth lever, with two-wheeled rentals repositioned as a profitable acquisition funnel.
- Utilization Gains: Rides per unique rider climbed, and app redesign lifted conversion rates and engagement metrics.
- Margin Improvement: Gross profit margin improved 49% as cost structure shifted toward scalable, asset-light operations.
The company’s strategic expansion and cost focus are translating into higher scale and improved unit economics, setting up Marty for long-term market dominance if execution continues.
Executive Commentary
"We are on track to almost double our revenue from $18.7 million in 2024 to $34 million in 2025 and continue to drive improvement in adjusted EBITDA. The monetization of our ride-hailing and our personal advantage are significantly enhancing our cash generation power and capital efficiency."
Oz Alper-Octum, Founder and CEO
"We reduced our cost of revenues by 25% from $9.9 million in the first half of 24 to $7.4 million in the first half of 25 as a result of increased field team attention and resources to our higher margin ride-hailing business and a continued focus on profitability enhancing measures in our two-wheeled electric vehicle service."
John Tufts Durgin, Co-founder, President and COO
Strategic Positioning
1. Multi-Modal Platform as Growth Engine
Marty’s super app integrates ride-hailing for cars, motorcycles, and taxis with owned e-bike, e-scooter, and e-moped rentals, enabling seamless urban mobility. The data shows that multi-modal users are more valuable: rides per rider are three times higher, and revenue per rider is 2.7 times higher for those using multiple services. This cross-utilization supports both user retention and organic growth, while providing a low-cost acquisition funnel for ride-hailing adoption.
2. Strategic Expansion and Local Market Dominance
Expansion into six new cities in 2025 extends Marty’s reach to 10 cities, covering half of Turkey’s population and two-thirds of its GDP. The company’s focus on local operational agility and regulatory alignment has enabled it to quickly establish market leadership, leveraging brand strength and local knowledge to outpace potential global entrants. Management is intentionally delaying monetization in new cities to accelerate adoption and entrench network effects.
3. Deliberate Take Rate Management
Take rates remain in the high single digits, well below global benchmarks, as Marty seeks to maximize rider and driver growth. Management frames this as a calculated trade-off: low take rates fuel faster adoption and market share gains, while preserving the option to raise monetization once scale and competitive barriers are established. The company projects a $3B annual revenue opportunity at maturity, based on a 30% take rate benchmark.
4. AI-Driven Operational Optimization
Investments in AI engineering are central to Marty’s ability to optimize pricing, driver matching, and user experience. The company has built new teams focused on AI, growth, CRM, and business intelligence to drive efficiency and engagement. Early results include a 2% lift in conversion rates and double-digit increases in active user metrics, underscoring the impact of data-driven decision-making in scaling operations.
5. Capital Efficiency and Cash Management
Recent $23M convertible note financing provides runway for expansion, with management emphasizing that current take rates and operational improvements are sufficient to fund growth over the next 12 months. The company’s approach to crypto treasury—allocating a portion of non-operating cash to Bitcoin—reflects a pragmatic response to local currency volatility, not a speculative shift in business model.
Key Considerations
Marty’s Q2 2025 results reflect a company in aggressive expansion mode, balancing rapid market entry with disciplined cost control and a focus on building long-term strategic moats.
Key Considerations:
- Network Effects in Action: Growth in both riders and drivers accelerates as the platform scales, mitigating supply constraints and reinforcing Marty’s first-mover advantage.
- Monetization Flexibility: Low current take rates create future upside, but also delay path to profitability if competitive dynamics shift.
- Multi-Modal Synergy: Two-wheeled rentals serve as a cost-effective acquisition and engagement channel, supporting ride-hailing growth without significant incremental spend.
- Operational Leverage: Efficiency initiatives in two-wheeled vehicles and field operations reduce capital needs, freeing resources for high-ROI expansion.
- Regulatory and Currency Management: Local market knowledge and proactive cash management (including selective crypto allocation) help Marty navigate Turkey’s unique macro environment.
Risks
Key risks include intensifying competition if global ride-hailing platforms re-enter Turkey, regulatory shifts that could impact operational flexibility, and macroeconomic volatility (including currency devaluation) that could affect both demand and cost structure. Marty’s current negative adjusted EBITDA and reliance on low take rates mean that any delay in scaling or monetization could pressure liquidity and profitability timelines. The company’s crypto treasury allocation, while limited, introduces incremental financial risk.
Forward Outlook
For the second half of 2025, Marty guided to:
- Continued expansion of ride-hailing into new cities, with a target of 3.3 million riders and 458,000 registered drivers by year-end.
- Annual revenue approaching $34 million, nearly double 2024 levels.
For full-year 2025, management reiterated guidance:
- Adjusted EBITDA improvement of $2.3 million, with ongoing investment in team and technology to support scale.
Management highlighted several factors that will influence results:
- Monetization in new cities will be delayed to maximize adoption and network effects.
- Efficiency gains and AI-driven optimization will continue to drive margin improvement and user engagement.
Takeaways
Marty’s Q2 2025 results underscore a pivotal inflection in Turkish mobility, as the company leverages its super app platform and local market strengths to outpace legacy competitors and global peers.
- Ride-Hailing Traction: Doubling of riders and drivers signals strong product-market fit and validates the multi-modal strategy as a durable competitive advantage.
- Strategic Monetization Delay: Management’s choice to keep take rates low in the near term is a calculated bet on long-term market share and pricing power.
- Execution Watchpoint: Investors should monitor Marty’s ability to translate scale into sustainable margin improvement, especially as new city launches ramp and competitive dynamics evolve.
Conclusion
Marty Technologies is executing a high-velocity expansion strategy, with ride-hailing adoption and operational leverage outpacing legacy models. The company’s disciplined approach to monetization and capital allocation positions it well to dominate Turkey’s mobility market, but sustained execution and careful risk management will be critical as the landscape evolves.
Industry Read-Through
Marty’s rapid scaling and multi-modal integration offer a blueprint for urban mobility platforms in emerging markets, where local market knowledge and operational agility can trump global scale. The company’s deliberate take rate strategy and AI-driven operational focus highlight the importance of balancing growth and profitability in winner-takes-most markets. For regional mobility players and global platforms eyeing re-entry, Marty’s results reinforce the need for local adaptation, disciplined capital deployment, and a clear path to network effects. The Turkish market’s unique regulatory and macro backdrop underscores the value of local-first strategies over one-size-fits-all global playbooks.