\n| \n \nG&A(1)<\/sup> (USD, thousands)<\/p>\n<\/td>\n| \n \n(9,053)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n(12,184)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n34.6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n% of Revenue<\/p>\n<\/td>\n | \n \n108%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n85%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet Loss(2)<\/sup> (USD, thousands)<\/p>\n<\/td>\n| \n \n(21,869)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n(19,279)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n(11.8)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdj. EBITDA(3)<\/sup> (USD, thousands)<\/p>\n<\/td>\n| \n \n(11,328)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n(5,955)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n(47.4)%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdj. EBITDA Margin(4)<\/sup><\/p>\n<\/td>\n| \n \n(135)%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n(42)%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n (1)<\/sup><\/i><\/p>\n<\/td>\n | \n\n In the absence of share-based compensation expense, 1H\u201925 general & administrative expenses were $7.5M.<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n (2)<\/sup><\/i><\/p>\n<\/td>\n | \n\n In the absence of share-based compensation expense, 1H\u201925 net loss was $14.5M.<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n (3)<\/sup><\/i><\/p>\n<\/td>\n | \n\n See definition and reconciliation of Adjusted EBITDA elsewhere in this press release.<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n (4)<\/sup><\/i><\/p>\n<\/td>\n | \n\n See definition and reconciliation of Adjusted EBITDA margin elsewhere in this press release.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Operational Highlights<\/span><\/b><\/p>\n\n- \nTotal rides including ride-hailing and two-wheeled electric vehicle services reached 19.23M in 1H\u201925, an increase of 5.59M, or 40.9%, compared to 13.65M in 1H\u201924.<\/p>\n<\/li>\n
- \nTotal unique riders including ride-hailing and two-wheeled electric vehicle services reached 1.69M in 1H\u201925, an increase of 0.30M, or 21.3%, compared to 1.39M in 1H\u201924, due to increasing number of ride-hailing riders.<\/p>\n<\/li>\n
- \nRides per unique rider reached 11.4 in 1H\u201925, an increase of 1.6, or 16.2%, compared to 9.8 in 1H\u201924, due to increased availability and rider awareness of service offerings across cities driving higher utilization.<\/p>\n<\/li>\n
- \nIn light of the strong growth of our ride-hailing business in our initial operating cities of Istanbul, Ankara, Izmir, and Antalya, we launched our ride-hailing business in six additional cities in 1H\u201925: Bursa, Konya, Adana, Kocaeli, Mersin, and Kayseri. These additional city launches expand the population served by our ride-hailing service from 28.8M to 42.2M people, representing an increase of 1.5x.<\/p>\n<\/li>\n
- \nTo fully support our ride-hailing operations at scale, we have restructured our organization and established several new departments to strengthen our technological, commercial, and operational capabilities. These include AI engineering, growth, business intelligence, competitive intelligence, brand marketing, and regional offices. At the beginning of 2025, our ride-hailing team was approximately 120 employees, growing to around 180 by the end of the first half, with an expected 260 by 2025 year-end.<\/p>\n<\/li>\n
- \nWe redesigned our app to feature ride-hailing more prominently. We also streamlined onboarding, improved search and navigation, and optimized the booking flow to reduce friction. Following these changes, our ride request to ride conversion rate increased by 2%. Our average App Store rating improved to 4.9 out of 5.0 since the launch. Weekly and monthly active users increased by 16% and 12%, respectively.<\/p>\n<\/li>\n
- \nUnique ride-hailing riders grew to 2.28M in 1H\u201925, exceeding our target of 2.15M by 6.1%. This represents an increase of 1.18M riders, or 107.2%, compared to 1.10M in 1H\u201924. We outperformed our quarterly rider targets throughout 1H\u201925.<\/p>\n<\/li>\n
- \nRegistered ride-hailing drivers grew to 327 thousand in 1H\u201925, exceeding our target of 310 thousand by 5.6%. This represents an increase of 157 thousand drivers, or 91.9%, compared to 171 thousand in 1H\u201924. We outperformed our quarterly registered driver targets throughout 1H\u201925. Of our 327 thousand registered drivers, 249 thousand are in T\u00fcrkiye\u2019s largest city, Istanbul. This compares with approximately 20 thousand taxis serving the city.<\/p>\n<\/li>\n
- \nCurrently, there are approximately 800 thousand daily taxi trips in Istanbul. Based on the New York City benchmark, we expect 63% growth in the number of daily trips after the introduction of ride-hailing. This would equate to 2.9M daily ride-hailing trips in T\u00fcrkiye, as Istanbul represents 45% of T\u00fcrkiye\u2019s total taxi market share. With Marti\u2019s average gross booking value per trip of $9.2 and global operators\u2019 benchmark take rate of 30%, we believe the total market of ride-hailing business offers up to $3B in annual revenue potential.<\/p>\n<\/li>\n
- \nAverage daily two-wheeled electric vehicles deployed decreased from 34.6 thousand in 1H\u201924 to 24.8 thousand in 1H\u201925, or 28.1%, due to gradual decommissioning of fleet first introduced on the field in 2021.<\/p>\n<\/li>\n<\/ul>\n
Financial Highlights<\/span><\/b><\/p>\n\n- \n$7.4M cost of revenues in 1H\u201925, 25.5% lower compared to $9.9M in 1H\u201924. Cost of revenues reduction was driven primarily by increasing field team attention and resources to a higher margin ride-hailing service and continued focus on profitability enhancing measures in our two-wheeled electric vehicle service. As our focus on ride-hailing increases, we believe we will see further reductions in cost of revenues as a percentage of revenue.<\/p>\n<\/li>\n
- \n$12.2M general and administrative expenses in 1H\u201925, 34.6% higher compared to $9.1M in 1H\u201924, driven by increasing share-based compensation expense of $4.7M. In the absence of share-based compensation expense, 1H\u201925 general & administrative expenses were $7.5M.<\/p>\n<\/li>\n<\/ul>\n
Financing<\/span><\/b><\/p>\n\n- \nIn April 2025, we entered into a Convertible Notes subscription agreement for up to an aggregate principal amount of $23.0M of Convertible Notes with a maturity date of April 2029. These Convertible Notes fully fund our growth plans over the next year.<\/p>\n<\/li>\n<\/ul>\n
Share Repurchase Program<\/span><\/b><\/p>\n\n- \nMarti\u2019s share repurchase program, which was adopted in January 2024, enables us to purchase up to $2.5M of our ordinary shares through October 2025.<\/p>\n<\/li>\n<\/ul>\n
December 31, 2025 Unique Ride-Hailing Rider and Registered Driver Targets<\/b><\/p>\n \nMarti is reaffirming its December 31, 2025 unique ride-hailing rider and registered driver targets, as summarized below:<\/p>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n December 31, 2025
\n
Targets(1)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nUnique Ride-hailing Riders<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n3.3 million<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRegistered Ride-hailing Drivers<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n450 thousand<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n (1)<\/i><\/p>\n<\/td>\n | | \n\n The targeted numbers of unique riders and registered drivers by December 31, 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 SEC, 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:<\/p>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025 Guidance(1)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Net Revenue<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$34.0M<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted EBITDA<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$(17.0)M<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n (1)<\/sup><\/i><\/p>\n<\/td>\n | \n\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<\/table>\n The full year 2025 guidance provided herein and the targeted numbers of unique ride-hailing riders and registered ride-hailing 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 1H\u201925. 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.<\/p>\n \n\n| \n \nDate:<\/p>\n<\/td>\n | \u00a0<\/td>\n | September 22, 2025<\/td>\n<\/tr>\n | \n| \n \nTime:<\/p>\n<\/td>\n | \u00a0<\/td>\n | 3:30 p.m. Istanbul \/ 1:30 p.m. London \/ 8:30 a.m. New York Time<\/td>\n<\/tr>\n | \n| \n \nDial-in:<\/p>\n<\/td>\n | \u00a0<\/td>\n | 877-485-3103 \/ +1 201-689-8890<\/td>\n<\/tr>\n | \n| \n \nWebcast & Replay & Archive Link:<\/p>\n<\/td>\n | \u00a0<\/td>\n | https:\/\/event.choruscall.com\/mediaframe\/webcast.html?webcastid=Jl55ehEG<\/a><\/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:<\/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.<\/p>\n Adjusted EBITDA margin<\/b> is calculated as Adjusted EBITDA divided by revenue.<\/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.<\/p>\n \nThis financial information and data contained herein also includes certain projections of non-GAAP financial measures. Due to the high variability and difficultly 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.<\/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>.<\/p>\nCautionary 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 numbers of unique 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.<\/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.<\/p>\n \n\n| \n Condensed Consolidated Balance Sheets<\/b>\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| \n (in thousands $)<\/b><\/p>\n<\/td>\n | \n December 31, 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n June 30, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n ASSETS<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Current assets:<\/b><\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| \n \nCash and cash equivalents<\/p>\n<\/td>\n | \n \n5,149<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,208<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccounts receivable, net<\/p>\n<\/td>\n | \n \n204<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n758<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInventories<\/p>\n<\/td>\n | \n \n2,030<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,087<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther current assets<\/p>\n<\/td>\n | \n \n4,035<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,879<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total current assets<\/b><\/p>\n<\/td>\n | \n 11,418<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 10,932<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Non-current assets:<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProperty, plant and equipment, net<\/p>\n<\/td>\n | \n \n5,493<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,130<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating lease right of use assets<\/p>\n<\/td>\n | \n \n837<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n657<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIntangible assets<\/p>\n<\/td>\n | \n \n590<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n440<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther non-current assets<\/p>\n<\/td>\n | \n \n2,041<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,057<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total non-current assets<\/b><\/p>\n<\/td>\n | \n 8,961<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 6,283<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Total assets<\/b><\/p>\n<\/td>\n | \n 20,379<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 17,216<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n LIABILITIES AND STOCKHOLDERS\u2019 EQUITY<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Current liabilities<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nShort-term financial liabilities, net(1)<\/sup><\/p>\n<\/td>\n| \n \n4,556<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,124<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccounts payable<\/p>\n<\/td>\n | \n \n1,651<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,931<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating lease liabilities<\/p>\n<\/td>\n | \n \n484<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n394<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDeferred revenue<\/p>\n<\/td>\n | \n \n1,845<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,000<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccrued expenses and other current liabilities<\/p>\n<\/td>\n | \n \n2,787<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,708<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total current liabilities<\/b><\/p>\n<\/td>\n | \n 11,322<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 11,157<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Non-current liabilities:<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLong-term financial liabilities, net(1)<\/sup><\/p>\n<\/td>\n| \n \n70,119<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n78,865<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating lease liabilities, net of current portion<\/p>\n<\/td>\n | \n \n88<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n39<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther non-current liabilities<\/p>\n<\/td>\n | \n \n290<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n317<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total non-current liabilities<\/b><\/p>\n<\/td>\n | \n 70,497<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 79,221<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total liabilities<\/b><\/p>\n<\/td>\n | \n 81,820<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 90,378<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Stockholders\u2019 equity<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCommon stock<\/p>\n<\/td>\n | \n \n6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTreasury shares<\/p>\n<\/td>\n | \n \n—<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(195)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nShare premium<\/p>\n<\/td>\n | \n \n85,598<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n93,349<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccumulated other comprehensive loss<\/p>\n<\/td>\n | \n \n(7,558)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(7,558)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccumulated deficit<\/p>\n<\/td>\n | \n \n(139,487)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(158,766)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total stockholders\u2019 equity<\/b><\/p>\n<\/td>\n | \n (61,441)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (73,163)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Total liabilities and stockholders\u2019 equity<\/b><\/p>\n<\/td>\n | \n 20,379<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 17,216<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n (1)<\/sup> $3.2M of short-term financial liabilities, net and $76.1M of long-term financial liabilities, net consist of convertible notes with a $1.65 exercise price.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n Condensed Consolidated Income Statements<\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| \n (in thousands $)<\/b><\/p>\n<\/td>\n | \n January 1 –<\/b><\/p>\n June 30, 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n January 1 –<\/b><\/p>\n June 30, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRevenue<\/p>\n<\/td>\n | \n \n8,409<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n14,326<\/p>\n<\/td>\n<\/tr>\n | \n| \n Operating expenses:<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCost of revenue<\/p>\n<\/td>\n | \n \n(9,886)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(7,368)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGeneral and administrative expenses(1)<\/sup><\/p>\n<\/td>\n| \n \n(9,053)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(12,184)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSelling and marketing expenses<\/p>\n<\/td>\n | \n \n(6,462)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,067)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nResearch and development expenses<\/p>\n<\/td>\n | \n \n(611)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,111)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther expenses<\/p>\n<\/td>\n | \n \n(1,599)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,339)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther income<\/p>\n<\/td>\n | \n \n984<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n205<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total operating expenses<\/b><\/p>\n<\/td>\n | \n (26,627)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (26,865)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Loss from operations<\/b><\/p>\n<\/td>\n | \n (18,219)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (12,538)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinancial expense<\/p>\n<\/td>\n | \n \n(4,209)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(6,973)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinancial income<\/p>\n<\/td>\n | \n \n559<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n233<\/p>\n<\/td>\n<\/tr>\n | \n| \n Loss before income tax expense<\/b><\/p>\n<\/td>\n | \n (21,869)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (19,279)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome tax expense<\/p>\n<\/td>\n | \n \n—<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n—<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net loss(2)<\/sup><\/b><\/p>\n<\/td>\n| \n (21,869)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (19,279)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet loss attributable to stockholders<\/p>\n<\/td>\n | \n \n(21,869)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(19,279)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Other comprehensive loss<\/b><\/p>\n<\/td>\n | \n \n—<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n—<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total comprehensive loss<\/b><\/p>\n<\/td>\n | \n (21,869)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (19,279)<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n (1)<\/sup><\/i><\/p>\n<\/td>\n | \n\n 1H 2025 general and administrative expenses include share-based compensation expense of $4.7M. In the absence of share-based compensation expense, 1H 2025 general & administrative expenses were $7.5M.<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n (2)<\/sup><\/i><\/p>\n<\/td>\n | \n\n 1H 2025 net loss includes share-based compensation expense of $4.7M. In the absence of share-based compensation expense, 1H 2025 net loss was $14.5M.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n Condensed Consolidated Statements of Cash Flows<\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| \n (in thousands $)<\/b><\/p>\n<\/td>\n | \n January 1 \u2013<\/b><\/p>\n June 30, 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n January 1 \u2013<\/b><\/p>\n June 30, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n OPERATING ACTIVITIES<\/b><\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| \n \nLoss before tax<\/p>\n<\/td>\n | \n \n(21,869)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(19,279)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjustments to reconcile net loss to net cash used in operating activities:<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and amortization<\/p>\n<\/td>\n | \n \n4,359<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,796<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLoss on disposal of assets<\/p>\n<\/td>\n | \n \n15<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n—<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nShare-based compensation, net of forfeitures<\/p>\n<\/td>\n | \n \n2,483<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,730<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest expense, net<\/p>\n<\/td>\n | \n \n3,633<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,795<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nForeign exchange loss\/(gain), net<\/p>\n<\/td>\n | \n \n(120)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n945<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther non-cash<\/p>\n<\/td>\n | \n \n727<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n417<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Changes in operating assets and liabilities:<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccounts receivable<\/p>\n<\/td>\n | \n \n(109)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(554)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInventories<\/p>\n<\/td>\n | \n \n231<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(30)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther current assets<\/p>\n<\/td>\n | \n \n570<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n788<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccounts payable<\/p>\n<\/td>\n | \n \n(741)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n280<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDeferred revenue<\/p>\n<\/td>\n | \n \n67<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n155<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccrued expenses and other current liabilities<\/p>\n<\/td>\n | \n \n269<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(52)<\/p>\n<\/td>\n<\/tr>\n | \n| \n A. Net cash used in operating activities<\/b><\/p>\n<\/td>\n | \n (10,484)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (5,009)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n INVESTING ACTIVITIES<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPurchase of treasury shares<\/p>\n<\/td>\n | \n \n—<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(195)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPurchase of property and equipment<\/p>\n<\/td>\n | \n \n(90)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(282)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPurchase of intangible assets<\/p>\n<\/td>\n | \n \n(642)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n—<\/p>\n<\/td>\n<\/tr>\n | \n| \n B. Net cash used in investing activities<\/b><\/p>\n<\/td>\n | \n (732)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (478)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n FINANCING ACTIVITIES<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProceeds from issuance of convertible notes<\/p>\n<\/td>\n | \n \n7,500<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8,376<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRepayment of convertible notes<\/p>\n<\/td>\n | \n \n(930)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n—<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRepayment of term loans<\/p>\n<\/td>\n | \n \n(2,639)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(833)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest paid<\/p>\n<\/td>\n | \n \n(3,084)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,164)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProceeds from exercise of employee share options<\/p>\n<\/td>\n | \n \n—<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n168<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPayments on warrants<\/p>\n<\/td>\n | \n \n(90)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n—<\/p>\n<\/td>\n<\/tr>\n | \n| \n C. Net cash generated from financing activities<\/b><\/p>\n<\/td>\n | \n 757<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 4,547<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n D. Decrease in cash and cash equivalents (A+B+C)<\/b><\/p>\n<\/td>\n | \n (10,459)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (941)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n E. Cash and cash equivalents at beginning of the period<\/b><\/p>\n<\/td>\n | \n 19,424<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 5,149<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Cash and cash equivalents at ending of the period (D+E)<\/b><\/p>\n<\/td>\n | \n 8,965<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 4,208<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |