\nT\u00fcrkiye\u2019s leading mobility super app Marti Technologies, Inc. (\u201cMarti\u201d or the \u201cCompany\u201d) (NYSE American: MRT) today announced its financial and operational results for the full year ended December 31, 2024.\n<\/p>\n
Financial and Operational Highlights for the Full Year 2024<\/b><\/p>\n \u201c<\/i>This past year, we sharpened our focus on ride-hailing, drove significant adoption by both riders and drivers, and started monetizing the service with driver subscription packages. As a result, we enter 2025 as the only at-scale ride-hailing operator in the country, with 1.66M unique riders, 262 thousand registered drivers, and a brand that is synonymous with ride-hailing and mobility in T\u00fcrkiye. We believe we are poised to almost double company revenue and to achieve positive Adjusted EBITDA in 2025, excluding incremental investments to accelerate ride-hailing growth, which we may choose to make during the year. We anticipate that 2025 will be a year of significant scaling of our ride-hailing service and the reflection of monetization on our financial performance, as we move swiftly to capture the growing opportunity for ride-hailing throughout T\u00fcrkiye,<\/i>\u201d<\/i> said Oguz Alper Oktem, founder and CEO.<\/i><\/p>\n \u201cCurrently, there are approximately 800 thousand daily taxi trips in \u0130stanbul. Based on the New York benchmark, we expect 63% growth in the number of daily trips following the introduction of ride-hailing. This would equate to 2.9M daily ride-hailing trips in T\u00fcrkiye given that Istanbul represents 45% of T\u00fcrkiye\u2019s total taxi market share. With Marti\u2019s average gross booking value per trip of $9.20 and a global take rate of 30%, we believe the total market of ride-hailing business offers up to $3 billion in annual revenue potential.\u201d<\/i><\/p>\n \u201cLooking forward, we may pursue incremental investments in our ride-hailing service to capitalize on multiple growth drivers, including organic growth in existing cities with loyalty programs, improvements to user experience, launch of operations in new cities and countries, increased take rate, and implementation of dynamic pricing. We believe these initiatives, if undertaken, would support our path toward capturing a $3 billion annual revenue opportunity in the ride-hailing business.\u201d<\/i><\/p>\n \u201cAdditionally, in 2024 we continued to focus on profitability enhancing measures in our two-wheeled electric vehicle service, successfully deploying efficiency initiatives that have reduced operating losses and the capital requirements of the business.\u201d<\/i><\/p>\n \u201cTaken together, the marketing and operational synergies of our ride-hailing and two-wheeled electric vehicle services are obvious, and we believe the progress of the last year will continue into 2025, as we continue to leverage our large installed customer base.\u201d<\/i><\/p>\n Financial Highlights for Full Year 2024<\/b><\/p>\n Revenue<\/i><\/b><\/p>\n Adjusted EBITDA<\/i><\/b><\/p>\n Share Repurchase Program<\/i><\/b><\/p>\n Acquisitions<\/i><\/b><\/p>\n Consolidated Financial and Operational Highlights in 2024<\/b><\/p>\n \n\u00a0\n<\/p>\n<\/td>\n \n2023\n<\/p>\n<\/td>\n \n2024\n<\/p>\n<\/td>\n \n\u2206\n<\/p>\n<\/td>\n<\/tr>\n \nNumber of Total Rides (in millions)\n<\/p>\n<\/td>\n \n21.93\n<\/p>\n<\/td>\n \n31.71\n<\/p>\n<\/td>\n \n44.6%\n<\/p>\n<\/td>\n<\/tr>\n \nNumber of Total Unique Riders (in millions)\n<\/p>\n<\/td>\n \n1.81\n<\/p>\n<\/td>\n \n2.13\n<\/p>\n<\/td>\n \n17.5%\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNumber of Unique Ride-hailing Riders (in thousands)\n<\/p>\n<\/td>\n \n499\n<\/p>\n<\/td>\n \n1,663\n<\/p>\n<\/td>\n \n233.5%\n<\/p>\n<\/td>\n<\/tr>\n \nNumber of Registered Ride-hailing Drivers (in thousands)\n<\/p>\n<\/td>\n \n107\n<\/p>\n<\/td>\n \n262\n<\/p>\n<\/td>\n \n145.9%\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAverage Daily Two-wheeled Electric Vehicles Deployed\n<\/p>\n<\/td>\n \n34,585\n<\/p>\n<\/td>\n \n32,597\n<\/p>\n<\/td>\n \n(5.7)%\n<\/p>\n<\/td>\n<\/tr>\n \nRevenue (USD, thousands)\n<\/p>\n<\/td>\n \n20,030\n<\/p>\n<\/td>\n \n18,660\n<\/p>\n<\/td>\n \n(6.8)%\n<\/p>\n<\/td>\n<\/tr>\n \nCost of Revenues (USD, thousands)\n<\/p>\n<\/td>\n \n(24,085)\n<\/p>\n<\/td>\n \n(21,549)\n<\/p>\n<\/td>\n \n(10.5)%\n<\/p>\n<\/td>\n<\/tr>\n \n% of Revenue\n<\/p>\n<\/td>\n \n120%\n<\/p>\n<\/td>\n \n15%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nG&A1<\/sup> (USD, thousands)\n<\/p>\n<\/td>\n \n(15,130)\n<\/p>\n<\/td>\n \n(49,249)\n<\/p>\n<\/td>\n \n225.5%\n<\/p>\n<\/td>\n<\/tr>\n \n% of Revenue\n<\/p>\n<\/td>\n \n76%\n<\/p>\n<\/td>\n \n264%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet Loss2<\/sup> (USD, thousands)\n<\/p>\n<\/td>\n \n(33,815)\n<\/p>\n<\/td>\n \n(73,881)\n<\/p>\n<\/td>\n \n118.5%\n<\/p>\n<\/td>\n<\/tr>\n \nAdj. EBITDA3<\/sup> (USD, thousands)\n<\/p>\n<\/td>\n \n(17,692)\n<\/p>\n<\/td>\n \n(19,274)\n<\/p>\n<\/td>\n \n8.9%\n<\/p>\n<\/td>\n<\/tr>\n \nAdj. EBITDA Margin4<\/sup><\/p>\n<\/td>\n \n(88)%\n<\/p>\n<\/td>\n \n(103)%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n (*) Expectations and targets are not necessarily indicative of future attainment. June 30, 2025 Unique Ride-Hailing Rider and Registered Driver Targets<\/b><\/p>\n \nMarti is reaffirming its June 30, 2025 Unique Ride-Hailing Rider and Registered Driver Targets, as summarized below:\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n June 30, 2025 Targets(1)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n \nNumber of Unique Ride-hailing Riders (in thousands)\n<\/p>\n<\/td>\n \n2.15 million\n<\/p>\n<\/td>\n<\/tr>\n \nNumber of Registered Ride-hailing Drivers (in thousands)\n<\/p>\n<\/td>\n \n310 thousand\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n (1)<\/sup><\/i><\/p>\n<\/td>\n The targeted number of ride-hailing riders and registered drivers by June 30, 2025 in the Ride-Hailing Service are based on Marti\u2019s current estimates and assumptions and are not a guarantee of future performance. The targets provided are subject to significant risks and uncertainties, including the risk factors discussed in the Company’s reports on file with the Securities and Exchange Commission (\u201cSEC\u201d), that could cause actual results to differ materially. There can be no assurance that the Company will achieve the results expressed by these targets.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Full Year 2025 Guidance<\/b><\/p>\n \nMarti is reaffirming its full year 2025 guidance, as summarized below:\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2025 Guidance<\/b><\/p>\n<\/td>\n<\/tr>\n Net Revenue(1)<\/sup><\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$34.0M\n<\/p>\n<\/td>\n<\/tr>\n Adjusted EBITDA(2)<\/sup><\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$3.0M\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 1.<\/i><\/p>\n<\/td>\n The Company\u2019s 2025 guidance assumes continued growth of our ride-hailing service and the absence of any fleet size expansion or replacement investments as vehicles are retired from our two-wheeled electric vehicle fleet.<\/i><\/p>\n<\/td>\n<\/tr>\n 2.<\/i><\/p>\n<\/td>\n The Company\u2019s 2025 guidance excludes any incremental investments to support continued ride-hailing growth which we may choose to make during the year.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n The full year 2025 guidance provided herein and the targeted number of riders and registered drivers by year end in the ride-hailing service are based on Marti\u2019s current estimates and assumptions and are not a guarantee of future performance. The 2025 guidance and targets provided are subject to significant risks and uncertainties, including the risk factors discussed in the Company’s reports on file with the Securities and Exchange Commission (\u201cSEC\u201d), that could cause actual results to differ materially. There can be no assurance that the Company will achieve the results expressed by this guidance or the targets.<\/i><\/p>\n Conference Call Information<\/b><\/p>\n \nMarti will host a conference call today to discuss its financial and operational results for the full year 2024. See details below. A supplemental investor deck can be accessed from the Company\u2019s investor relations website (https:\/\/ir.marti.tech\/<\/a>) where it will remain available for six months.\n<\/p>\n \nDate:\n<\/p>\n<\/td>\n \nApril 29, 2025\n<\/p>\n<\/td>\n<\/tr>\n \nTime:\n<\/p>\n<\/td>\n \n3:30 p.m. Istanbul \/ 1:30 p.m. London \/ 8:30 a.m. New York Time\n<\/p>\n<\/td>\n<\/tr>\n \nDial-in:\n<\/p>\n<\/td>\n \n877-485-3103 \/ +1 201-689-8890\n<\/p>\n<\/td>\n<\/tr>\n \nWebcast & Replay & Archive Link:\n<\/p>\n<\/td>\n https:\/\/event.choruscall.com\/mediaframe\/webcast.html?webcastid=KyUxGfY3<\/a><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Non-GAAP Financial Measures<\/b><\/p>\n \nCertain financial information and data contained herein are not presented in accordance with generally accepted accounting principles of the United States (\u201cGAAP\u201d) including, but not limited to, adjusted EBITDA, adjusted EBITDA margin and certain ratios and other metrics derived therefrom. We define these metrics as follows:\n<\/p>\n Adjusted EBITDA<\/b> is calculated by adding depreciation, amortization, taxes, financial expenses (net of financial income) and one-time charges and non-cash adjustments, to net income (loss). The one-time charges and non-cash adjustments are mainly comprised of customs tax provision expenses resulting from the one-time amendment of customs duties and lawsuit provision expense which Marti did not consider the provision to be reflective of its normal cash operations.\n<\/p>\n Adjusted EBITDA margin<\/b> is calculated as Adjusted EBITDA divided by revenue.\n<\/p>\n \nThese non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company\u2019s financial results. Therefore, these measures should not be considered in isolation or as an alternative to revenue, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that the Company\u2019s presentation of these measures may not be comparable to similarly titled measures used by other companies. The Company believes these non-GAAP measures of financial results provide useful information for management and investors regarding certain financial and business trends relating to the Company\u2019s financial condition and results of operations. The Company believes the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company\u2019s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures and accordingly, should always be considered as supplemental financial results to those calculated in accordance with GAAP.\n<\/p>\n \nThis financial information and data contained herein also includes certain projections of non-GAAP financial measures. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.\n<\/p>\n About Marti:<\/b><\/p>\n \nFounded in 2018, Marti is T\u00fcrkiye\u2019s leading mobility app, offering multiple transportation services to its riders. Marti operates a ride-hailing service that matches riders with car, motorcycle and taxi drivers, and operates a large fleet of rental e-mopeds, e-bikes, and e-scooters. All of Marti\u2019s offerings are serviced by proprietary software systems and IoT infrastructure. For more information, visit www.marti.tech<\/a>.\n<\/p>\n Cautionary Statement Regarding Forward-Looking Information<\/b><\/p>\n \nThis press release contains statements that are not based on historical fact and are \u201cforward-looking statements\u2019\u2019 within the meaning of the \u201csafe harbor\u201d provisions of the Private Securities Litigation Reform Act of 1995. For example, statements about the anticipated growth, including the number of riders and registered drivers, of the ride-hailing business, the full year 2025 guidance, and the expected future performance, operational efficiencies and market opportunities of Marti and its two-wheeled electric vehicle service and ride hailing service, are forward-looking statements. In some cases, you can identify forward looking statements by terminology such as, or which contain the words \u201cwill,\u201d \u201caim,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccontinue,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cforecast,\u201d \u201cfuture,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cplan,\u201d \u201cpossible,\u201d \u201cpredict,\u201d \u201cproject,\u201d \u201cseek,\u201d \u201cshould,\u201d \u201ctarget,\u201d \u201cwill,\u201d \u201cwould\u201d and variations of these words or similar expressions. Such forward-looking statements are subject to risks, uncertainties and other factors. Actual results may differ materially from the expectations expressed or implied in the forward-looking statements as a result of known and unknown risks and uncertainties.\n<\/p>\n \nThese forward-looking statements are based on estimates and assumptions that, while considered reasonable by Marti and its management are inherently uncertain and are subject to a number of risks and assumptions. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond Marti\u2019s control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Known risks and uncertainties include but are not limited to: (i) volatility in the price of the Company\u2019s securities due to a variety of factors, including without limitation changes in the competitive and highly regulated industries in which the Company currently or plans to operate, variations in competitors\u2019 performance and success and changes in laws and regulations affecting the Company\u2019s business, (ii) the Company\u2019s ability to implement business plans, forecasts, and other expectations, and identify opportunities, (iii) the risk of downturns in the highly competitive tech-enabled mobility services industry, (iv) the Company\u2019s ability to build its brand and consumers\u2019 recognition, acceptance and adoption of its brand, (v) the risk that the Company may not be able to effectively manage its growth, including its design, research, development and maintenance capabilities, (vi) technological changes and risks associated with doing business in an emerging market, (vii) risks relating to dependence on and use of certain intellectual property and technology, (viii) uncertain global, regional, and domestic economic conditions, and (ix) other important factors or risks discussed in the Company\u2019s filings with the SEC, accessible on the SEC\u2019s website at www.sec.gov<\/a> and the Investors Relations section of Company\u2019s website at https:\/\/ir.marti.tech<\/a>. Investors should carefully consider the risks and uncertainties described in the documents filed by the Company from time to time with the SEC as most of the factors are outside the Company\u2019s control and are difficult to predict. As a result, the Company\u2019s actual results may differ from its expectations, estimates and projections and consequently, such forward-looking statements should not be relied upon as predictions of future events. The Company cautions not to place undue reliance upon any forward-looking statements, including its 2025 guidance and ride-hailing targets, which speaks only as to management expectations and beliefs as of the date they are made. The Company disclaims any obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.\n<\/p>\n Consolidated Balance Sheet<\/b><\/p>\n<\/td>\n (in thousands $)<\/b><\/p>\n<\/td>\n December 31, 2023<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n December 31, 2024<\/b><\/p>\n<\/td>\n<\/tr>\n ASSETS<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Current assets:<\/b><\/p>\n<\/td>\n \nCash and cash equivalents\n<\/p>\n<\/td>\n \n19,424\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,149\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccounts receivable, net\n<\/p>\n<\/td>\n \n188\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n204\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInventories\n<\/p>\n<\/td>\n \n2,612\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,030\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOperating lease right of use assets\n<\/p>\n<\/td>\n \n224\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n—\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther current assets\n<\/p>\n<\/td>\n \n3,248\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,035\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total current assets<\/b><\/p>\n<\/td>\n 25,696<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 11,418<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Non-current assets:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nProperty, equipment and deposits, net\n<\/p>\n<\/td>\n \n13,531\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,493\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOperating lease right of use assets\n<\/p>\n<\/td>\n \n800\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n837\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIntangible assets\n<\/p>\n<\/td>\n \n184\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n590\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther non-current assets\n<\/p>\n<\/td>\n \n—\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,041\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total non-current assets<\/b><\/p>\n<\/td>\n 14,515<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 8,961<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total assets<\/b><\/p>\n<\/td>\n 40,211<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 20,379<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n LIABILITIES AND STOCKHOLDERS\u2019 EQUITY<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Current liabilities<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nShort-term financial liabilities, net\n<\/p>\n<\/td>\n \n10,448\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,5561<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable\n<\/p>\n<\/td>\n \n2,796\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,651\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOperating lease liabilities\n<\/p>\n<\/td>\n \n413\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n484\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDeferred revenue\n<\/p>\n<\/td>\n \n1,550\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,845\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccrued expenses and other current liabilities\n<\/p>\n<\/td>\n \n2,295\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,787\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total current liabilities<\/b><\/p>\n<\/td>\n 17,502<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 11,322<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Non-current liabilities:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLong-term financial liabilities, net\n<\/p>\n<\/td>\n \n54,803\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n70,1191<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOperating lease liabilities\n<\/p>\n<\/td>\n \n278\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n88\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther non-current liabilities\n<\/p>\n<\/td>\n \n326\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n290\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total non-current liabilities<\/b><\/p>\n<\/td>\n 55,407<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 70,497<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total liabilities<\/b><\/p>\n<\/td>\n 72,909<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 81,820<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Stockholders\u2019 equity<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCommon stock\n<\/p>\n<\/td>\n \n6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nShare premium\n<\/p>\n<\/td>\n \n40,461\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n85,598\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccumulated other comprehensive loss\n<\/p>\n<\/td>\n \n(7,558\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(7,558\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nAccumulated deficit\n<\/p>\n<\/td>\n \n(65,606\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(139,487\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total stockholders\u2019 equity<\/b><\/p>\n<\/td>\n (32,698<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (61,441<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n<\/tr>\n Total liabilities and stockholders\u2019 equity<\/b><\/p>\n<\/td>\n 40,211<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 20,379<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 1.<\/i><\/p>\n<\/td>\n $2.9M of short-term financial liabilities, net and $70.1M long-term financial liabilities, net consist of convertible notes with a $1.65 exercise price.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Consolidated Income Statements<\/b><\/p>\n<\/td>\n (in thousands $)<\/b><\/p>\n<\/td>\n January 1 –<\/b><\/p>\n December 31, 2023<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n January 1 –<\/b><\/p>\n December 31, 2024<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRevenue\n<\/p>\n<\/td>\n \n20,030\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n18,660\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Operating expenses:<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCost of revenues\n<\/p>\n<\/td>\n \n(24,085\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(21,549\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nResearch and development expenses\n<\/p>\n<\/td>\n \n(1,955\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,963\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administrative expenses\n<\/p>\n<\/td>\n \n(15,130\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(49,249)1<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nSelling and marketing expenses\n<\/p>\n<\/td>\n \n(7,348\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(9,348\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nOther income\n<\/p>\n<\/td>\n \n658\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,194\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther expenses\n<\/p>\n<\/td>\n \n(2,774\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3,056\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n Total operating expenses<\/b><\/p>\n<\/td>\n (50,633<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (83,970<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n<\/tr>\n Loss from operations<\/b><\/p>\n<\/td>\n (30,603<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (65,310<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nFinancial income\n<\/p>\n<\/td>\n \n3,561\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,408\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nFinancial expense\n<\/p>\n<\/td>\n \n(6,773\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(9,980\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n Loss before income tax expense<\/b><\/p>\n<\/td>\n (33,815<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (73,881<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIncome tax expense\n<\/p>\n<\/td>\n \n—\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n—\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Net loss<\/b><\/p>\n<\/td>\n (33,815<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (73,881<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet loss attributable to stockholders\n<\/p>\n<\/td>\n \n(33,815\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(73,881\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n Other comprehensive loss<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nForeign currency translation adjustments\n<\/p>\n<\/td>\n \n—\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n—\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total comprehensive loss<\/b><\/p>\n<\/td>\n (33,815<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (73,881<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n 1.<\/i><\/p>\n<\/td>\n 2024 general & administrative expenses include share-based compensation expense of $37.2M. In the absence of share-based compensation expense, 2024 general & administrative expenses were $12.1M.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Consolidated Statements of Cash Flows<\/b><\/p>\n<\/td>\n (in thousands $)<\/b><\/p>\n<\/td>\n January 1 \u2013<\/b><\/p>\n December 31, 2023<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n January 1 \u2013<\/b><\/p>\n December 31, 2024<\/b><\/p>\n<\/td>\n<\/tr>\n Operating activities<\/b><\/p>\n<\/td>\n \nLoss before tax\n<\/p>\n<\/td>\n \n(33,815\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(73,881\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n Adjustments to reconcile net loss to net cash used in operating activities:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization\n<\/p>\n<\/td>\n \n10,045\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,691\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLoss on disposal of assets\n<\/p>\n<\/td>\n \n567\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n—\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nShare-based compensation, net of forfeitures\n<\/p>\n<\/td>\n \n1,992\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n35,661\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInterest expense-income, net\n<\/p>\n<\/td>\n \n5,910\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,681\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nForeign exchange gains\n<\/p>\n<\/td>\n \n(2,726\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(397\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nProvision for inventory obsolescence\n<\/p>\n<\/td>\n \n63\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n317\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther non-cash\n<\/p>\n<\/td>\n \n1,543\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(17\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Changes in operating assets and liabilities:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccount receivable\n<\/p>\n<\/td>\n \n187\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(15\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nInventories\n<\/p>\n<\/td>\n \n658\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n265\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther current assets\n<\/p>\n<\/td>\n \n96\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n978\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable\n<\/p>\n<\/td>\n \n(777\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,145\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nDeferred revenue\n<\/p>\n<\/td>\n \n222\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n295\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccrued expenses and other current liabilities\n<\/p>\n<\/td>\n \n1,171\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n491\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Net cash used in operating activities<\/b><\/p>\n<\/td>\n (14,866<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (25,077<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Cash flow from investing activities<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPurchase of vehicles\n<\/p>\n<\/td>\n \n(4,087\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n—\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPurchase of other property and equipment\n<\/p>\n<\/td>\n \n(652\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(332\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nProceeds from disposal of property, plant and equipment\n<\/p>\n<\/td>\n \n21\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n—\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPurchases of intangible assets\n<\/p>\n<\/td>\n \n(102\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(707\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n Net cash used in investing activities<\/b><\/p>\n<\/td>\n (4,820<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (1,039<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Cash flow from financing activities<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet proceeds from reverse acquisition\n<\/p>\n<\/td>\n \n29,629\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n—\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nProceeds from issuance of convertible notes\n<\/p>\n<\/td>\n \n7,500\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n18,000\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRepayment of convertible notes\n<\/p>\n<\/td>\n \n—\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(930\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nProceeds from term loans\n<\/p>\n<\/td>\n \n—\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n—\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPayments of term loans\n<\/p>\n<\/td>\n \n(7,202\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(5,139\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nRe-purchase of warrants\n<\/p>\n<\/td>\n \n(1,315\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(90\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n Net cash generated from financing activities<\/b><\/p>\n<\/td>\n 28,612<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 11,841<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n (Decrease)\/increase in cash and cash equivalents<\/b><\/p>\n<\/td>\n 8,926<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (14,275<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n<\/tr>\n Effect of exchange rate changes<\/b><\/p>\n<\/td>\n —<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n —<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Net increase in cash and cash equivalents<\/b><\/p>\n<\/td>\n 8,926<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (14,275<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n<\/tr>\n Cash and cash equivalents at beginning of the year<\/b><\/p>\n<\/td>\n 10,498<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 19,424<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Cash and cash equivalents at ending of the year<\/b><\/p>\n<\/td>\n 19,424<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 5,149<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Non-GAAP Reconciliations<\/b><\/p>\n<\/td>\n Consolidated Adjusted EBITDA<\/i><\/b><\/p>\n<\/td>\n (in thousands $)<\/b><\/p>\n<\/td>\n FY 2023<\/b><\/p>\n<\/td>\n FY 2024<\/b><\/p>\n<\/td>\n<\/tr>\n Net loss<\/b><\/p>\n<\/td>\n \n(33,815\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(73,881\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization\n<\/p>\n<\/td>\n \n10,045\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,691\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nFinancial income\n<\/p>\n<\/td>\n \n(3,561\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(1,408\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nFinancial expense\n<\/p>\n<\/td>\n \n6,773\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,980\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCustoms tax provision expense\n<\/p>\n<\/td>\n \n32\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n—\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLawsuit provision expense\n<\/p>\n<\/td>\n \n846\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n184\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nStock based compensation expense\n<\/p>\n<\/td>\n \n1,989\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n37,161\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Adjusted EBITDA<\/b><\/p>\n<\/td>\n (17,692<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n (19,274<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n<\/tr>\n Adjusted EBITDA margin<\/b><\/p>\n<\/td>\n (88.3<\/b><\/p>\n<\/td>\n %)<\/b><\/p>\n<\/td>\n (103.3<\/b><\/p>\n<\/td>\n %)<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250428859646\/en\/<\/a><\/span><\/p>\n Investor Contact KEYWORDS:<\/b> Turkey Europe<\/p>\n INDUSTRY KEYWORDS:<\/b> Technology General Automotive Fleet Management EV\/Electric Vehicles Other Transport Apps\/Applications Alternative Vehicles\/Fuels Automotive Vehicle Technology Transport Other Technology IOT (Internet of Things) Software Other Automotive<\/p>\n\n
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<\/i>(**) The targeted number of ride-hailing riders and registered drivers by June 30, 2025 in the Ride-Hailing Service are based on Marti\u2019s current estimates and assumptions and are not a guarantee of future performance. The targets provided are subject to significant risks and uncertainties, including the risk factors discussed in the Company’s reports on file with the Securities and Exchange Commission (\u201cSEC\u201d), that could cause actual results to differ materially. There can be no assurance that the Company will achieve the results expressed by these targets.
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<\/i>(***) Pilot results and past performance are not necessarily indicative of future attainment.<\/i><\/p>\n\n
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\n \n \n \n \n <\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
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\n \n \n \n \n <\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \u00a0<\/td>\n <\/tr>\n \n \n \n \n \u00a0<\/td>\n <\/tr>\n \n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n <\/p>\n
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Marti Technologies, Inc.
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Turgut Yilmaz
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investor.relations@marti.tech<\/a><\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20250428859646\/en\/2451886\/3\/Mart%C4%B1_Logo.jpg\"){kind=logo}
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