Marti Technologies Inc. (“Marti” or the “Company”), Turkey’s
leading mobility app, today announced its financial results for the
fourth quarter of 2022.
The Company delivered strong financial performance in the fourth
quarter as net revenue increased by 84% to $6.3 million as compared
to the same period in 2021, and average net revenue per ride
increased by 31% compared to the same period in 2021 due to timely
price increases in excess of depreciation of the Turkish Lira
against the U.S. dollar.
Operating expenses as a share of net revenue increased due to
the launch of sub-scale operations in new markets. In addition, the
launch of Marti’s car-pooling service, including related marketing
and personnel costs, contributed to a decrease in Adjusted EBITDA
of $2.7 million to $(3.9) million in Q4’22.
Marti Founder and Chief Executive Officer Alper Oktem said: “We
are proud to have launched our car-pooling service in the fourth
quarter of 2022, which is our first four-wheeled service offering
and a complement to our existing two-wheeled offerings. With the
launch of our car-pooling service, Marti is now catering to a much
larger customer base, in line with relative demand for four-wheeled
vehicles.
“This was a major investment and growth period for the company,
and we’re grateful to our team members who stepped up and delivered
a world class product to customers in a very short amount of
time.”
New Car-Pooling Service Pilot
Going into the fourth quarter, Marti was the only mobility app
in Turkey offering e-scooters, e-bikes, and e-mopeds. With the
launch of its car-pooling service, Marti continues its role as the
market leader in Turkey and is now able to offer a full range of
mobility services to its customers through multiple transportation
options based on destination distance, availability of public
transportation, cost, and time of day.
2022 Full Year Financial and Operational Highlights
- Consolidated net revenue increased 47% to $25.0 million
compared to 2021, as a result of fleet expansion and a 60%
year-on-year increase in rides, which totaled over 28 million.
- Operating expenses, excluding depreciation and amortization,
increased by 59% compared to 2021 to $18.6 million, due primarily
to higher personnel costs as a result of biannual minimum wage
increases and the launch of sub-scale operations in new cities,
several of which have yet to reach minimum viable scale.
- General and administrative costs increased by 40% to $12.8
million compared to 2021 as team and marketing expenses increased
primarily due to the introduction of our car-pooling service
pilot.
- Adjusted EBITDA decreased by 135% to $(3.9) million, and
adjusted EBITDA margin decreased by 5% to (15)% when compared to
2021, primarily as a result of increased operational, general and
administrative, and business combination advisory expenses.
- Prices increased by 121% compared to 2021, significantly
exceeding the 40% currency depreciation of the Turkish lira
relative to the U.S. dollar during the same period. Average daily
rides per vehicle decreased 18% compared to 2021.
Fourth Quarter 2022 Financial and Operational
Highlights
- Net revenue increased 84% to $6.3 million, compared to $3.4
million in Q4’21, as a result of fleet expansion and timely pricing
actions in response to increased inflation and local currency
devaluation.
- Operating expenses, excluding depreciation and amortization,
increased by 118% to $6.1 million, compared to $2.8 million in
Q4’21, which is higher than our Q4’22 forecast of $4.8 million due
to increased personnel costs related to the creation of distinct
teams for each modality that have yet to be consolidated, and fixed
minimum startup investment costs related to the launch of
operations in new cities that we have yet to scale.
- General and administrative expenses increased by 55% to $4.9
million in Q4’22, compared to $3.1 million in Q4’21, due to
increased team and marketing expenses related to the launch of our
car-pooling service pilot and additions to our senior management
team.
- Adjusted EBITDA decreased to $(3.9) million, with an adjusted
EBITDA margin of (62)%, compared to $(1.2) million in Q4’21 due to
increased operating expenses resulting from the introduction of our
car-pooling service, increased advisory expenses and expansion of
our senior management team.
- Average daily vehicles deployed increased to 38.1 thousand
compared to 18.7 thousand in Q4’21 as our fleet size more than
doubled, outpacing an expected increase to 36.4 thousand Fleet
availability increased primarily due to lower incidence of repair
and maintenance requirements and increased efficiency of battery
swapping.
- Average daily rides per vehicle decreased by 31% compared to
Q4’21 due to lower daily rides per vehicle in newly launched
sub-scale cities.
- Average net revenue per ride increased by 31% to $0.91,
compared to $0.7 in Q4’21, primarily due to increased prices in
excess of inflation and currency depreciation.
- Monthly fleet theft and vandalism rates remained below
0.1%.
- We continued to build out our management team to support
commercial growth opportunities by adding 47 new employees at our
headquarters, including department heads for our Marketing and
Operations teams. As of December 31, 2022, we had a 213-person team
at our headquarters and 863 field team members. We continue to
prioritize investments in talent, including senior management
roles.
Financial Information; Non-GAAP Financial Measures
The financial information and data contained in this Press
Release is unaudited and does not conform to Regulation S-X
promulgated under the U.S. Securities Act of 1933, as amended.
Accordingly, such information and data may not be included in, may
be adjusted in or may be presented differently in, any registration
statement or proxy statement/prospectus to be filed by Galata with
the U.S. Securities and Exchange Commission.
This financial information and data contained herein are not
presented in accordance with generally accepted accounting
principles of the United States (“GAAP”) including, but not limited
to, adjusted EBITDA and certain ratios and other metrics derived
therefrom. We define these metrics as follows:
Adjusted EBITDA as depreciation, amortization, taxes,
financial expenses (net of financial income) and one-time charges
and non-cash adjustments, plus 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, period adjustments for the founders’ salary which
resulted from a one-time lump sum deferred payment made to the
founders, and lawsuit provision expense which the Company does not
consider the provision to be reflective of its normal cash
operations.
Adjusted EBITDA margin as adjusted EBITDA/net
revenue.
These 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’s financial
results. Therefore, these measures should not be considered in
isolation or as an alternative to net income, cash flows from
operations or other measures of profitability, liquidity or
performance under GAAP. You should be aware that the Company’s
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’s 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’s 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.
This 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.
About Marti
Marti launched operations in 2019 with the goal of offering
tech-enabled urban transportation services to riders across Turkey.
We operate the country’s largest fleet of e-mopeds, e-bikes, and
e-scooters, serviced by proprietary software systems and IOT
infrastructure, and we are the number one travel app in Turkey
across iOS and Android app stores. We offer environmentally
sustainable transportation services, that are currently delivered
via fully electric vehicles, to our riders in an economically
sustainable manner. For more information visit ir.marti.tech.
Important Additional Information and Where to Find It
In connection with the proposed business combination, Galata
Acquisition Corp. (“Galata”) and Marti Technologies Inc. (“Marti”)
have filed a registration statement on Form F-4 (as amended, the
“Registration Statement”) with the Securities and Exchange
Commission, which includes a proxy statement/prospectus and certain
other related documents. The Registration Statement is not yet
effective.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE
REGISTRATION STATEMENT, PROXY STATEMENT/PROSPECTUS, ANY AMENDMENTS
OR SUPPLEMENTS THERETO AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED
WITH THE SEC IN CONNECTION WITH THE PROPOSED BUSINESS COMBINATION
CAREFULLY AND IN THEIR ENTIRETY, WHEN THEY BECOME AVAILABLE,
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT GALATA, MARTI
AND THE PROPOSED BUSINESS COMBINATION.
When available, the definitive proxy statement/prospectus and
other relevant materials for the proposed business combination will
be mailed to stockholders of Galata as of a record date to be
established for voting on the proposed business combination.
Security holders and investors will also be able to obtain copies
of the Registration Statement, proxy statement/prospectus and other
documents filed with the SEC that will be incorporated by reference
therein, without charge, once available, at the SEC’s website at
www.sec.gov. Documents filed with the SEC by Galata will also be
available free of charge by accessing Galata’s website at
https://www.galatacorp.net, or, alternatively, by directing a
request by mail to Galata at 2001 S Street NW, Suite 320,
Washington, DC 20009.
Participants in the Solicitation
Galata and Marti and certain of their respective directors and
executive officers and other members of management and employees
may be deemed to be participants in the solicitation of proxies
with respect to the proposed business combination under the rules
of the SEC. Information about Galata’s directors and executive
officers is contained in Galata’s Annual Report on Form 10-K for
the fiscal year ended December 31, 2022, as filed with the SEC
pursuant to Section 13 of the Securities Exchange Act of 1934, as
amended, on March 31, 2023, which is available free of charge at
the SEC’s website at www.sec.gov or by directing a request to
Galata at 2001 S Street NW, Suite 320, Washington, DC 20009.
Additional information regarding the participants in the proxy
solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, will be contained in
the proxy statement/prospectus and other relevant materials to be
filed with the SEC regarding the proposed business combination when
they become available. Investors should read the proxy
statement/prospectus carefully when it becomes available before
making any voting or investment decisions. You may obtain free
copies of these documents from the sources indicated above.
No Offer or Solicitation
This communication shall not constitute an offer to sell or the
solicitation of a proxy, consent, or authorization with respect to
or an offer to buy any securities in respect of the proposed
business combination, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the U.S. Securities Act of 1933, as
amended, or an exemption therefrom.
Cautionary Statement Regarding Forward-Looking
Information
This communication contains statements that are not based on
historical fact and are “forward-looking statements’’ within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. For example, statements about the
expected timing of the completion of the proposed business
combination, the benefits of the proposed business combination, the
competitive environment, and the expected future performance and
market opportunities of Marti are forward-looking statements. In
some cases, you can identify forward looking statements by
terminology such as, or which contain the words “will,” “aim,”
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“forecast,” “future,” “intend,” “may,” “plan,” “possible,”
“predict,” “project,” “seek,” “should,” “target,” “will,” “would”
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.
These 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’s 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: (1) the occurrence of any event, change or
other circumstances that could give rise to the termination of the
business combination agreement; (2) the outcome of any legal
proceedings that may be instituted against Marti, Galata, the
combined company or others following the announcement of the
proposed business combination; (3) the inability to complete the
proposed business combination in a timely manner or at all
(including due to the failure to obtain approval of the
stockholders of Galata or to satisfy other conditions to closing);
(4) changes to the proposed structure of the proposed business
combination that may be required or appropriate as a result of
applicable laws or regulations; (5) the ability to meet applicable
stock exchange listing standards at or following the consummation
of the proposed business combination; (6) the risk that the
proposed business combination disrupts current plans and operations
of Marti as a result of the announcement and consummation of the
proposed business combination; (7) the ability to recognize the
anticipated benefits of the proposed business combination, which
may be affected by, among other things, competition, the ability of
the combined company to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; (8) costs related to the proposed
business combination, including the amount of cash available
following any redemptions by Galata stockholders; (9) changes in
applicable laws or regulations; (10) the possibility that Marti or
the combined company may be adversely affected by other economic,
business and/or competitive factors; (11) risks relating to Marti’s
operating history and the mobile transportation industry; (12)
risks associated with doing business in an emerging market; (13)
risks relating to Marti’s dependence on and use of certain
intellectual property and technology; and (14) other risks and
uncertainties set forth in the Registration Statement to be filed
by Galata with the SEC in connection with the proposed business
combination. The foregoing list of important factors is not
exhaustive and you should carefully consider the other risks and
uncertainties described in the “Risk Factors” section of Galata’s
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and
other documents filed by Galata from time to time with the SEC.
Nothing herein should be regarded as a representation by any
person that the forward-looking statements set forth herein will be
achieved or that any of the contemplated results of such
forward-looking statements will be achieved. You should not place
undue reliance on forward‑looking statements, which speak only as
of the date they are made. Except as may be required by applicable
law, neither Marti nor Galata undertakes any duty to update or
revise any forward-looking statements whether as a result of new
information, new events, future events or circumstances, or
otherwise.
Interim Financials:
Q4 2021
Q4 2022
∆
2021
2022
∆
Average Daily Vehicles Deployed
18,742
38,137
103%
16,899
33,004
95%
Average Daily Rides per Vehicle
2.84
1.95
(31)%
2.88
2.37
(18)%
Average Net Revenue per Ride (USD)
0.70
0.91
31%
0.96
0.88
(8)%
Net Revenue (USD, thousands)
3,399
6,254
84%
16,999
24,998
47%
Operating Costs, excl. D&A (USD,
thousands)
(2,795)
(6,086)
118%
(11,752)
(18,636)
59%
% of Net Revenue
82%
97%
69%
75%
G&A (USD, thousands)
(3,149)
(4,883)
55%
(9,097)
(12,777)
40%
% of Net Revenue
93%
78%
54%
51%
Adj. EBITDA (USD, thousands) 1
(1,173)
(3,874)
230%
(1,645)
(3,873)
135%
Adj. EBITDA Margin
(35)%
(62)%
(10)%
(15)%
Adjusted EBITDA reconciliation:
(USD, thousands)
Q4 2021
Q4 2022
2021
2022
Net loss
(8,512)
(4,947)
(14,472)
(14,426)
Depreciation and Amortization
1,538
2,258
5,743
9,097
Income tax expense
888
-
888
-
Financial income
(80)
(2,404)
(180)
(2,567)
Financial expense
3,832
579
4,712
1,932
EBITDA
(2,344)
(4,513)
(3,580)
(5,784)
One-off adjustments
456
263
1,048
78
Customs tax provision expense
-
263
592
78
Founders’ salary adjustment
218
-
218
-
Other
238
-
238
-
Non-cash adjustments
716
376
887
1,833
Stock based compensation expense
accrual
680
403
852
1,658
Lawsuit provision expense
35
(27)
35
175
Adj. EBITDA
(1,173)
(3,874)
(1,645)
(3,873)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230526005241/en/
Investor Relations Contact: Ozge Arcasoy Marti
Technologies Inc. ir.marti.tech investor.relations@marti.tech
Galata Acquisition (AMEX:GLTA)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Galata Acquisition (AMEX:GLTA)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024