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Marti Technologies, Inc. - $MRT STOCK NEWS

Welcome to our dedicated page for Marti Technologies news (Ticker: $MRT), a resource for investors and traders seeking the latest updates and insights on Marti Technologies stock.

Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect Marti Technologies's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.

Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of Marti Technologies's position in the market.

Rhea-AI Summary

Marti Technologies, Türkiye’s leading mobility app, announced substantial growth in its ride-hailing service, reaching over 925,000 riders and 155,000 registered drivers as of May 20, 2024. This surpasses its June 2024 targets of 900,000 riders and 155,000 drivers, achieved 1.5 months early. Rider numbers increased by 86% and drivers by 46% from December 2023 to May 2024.

Encouraged by this growth, Marti revised its June 2024 targets to 1,000,000 riders and 165,000 drivers. Notably, over 130,000 of these drivers operate in Istanbul, which has only 19,845 taxis. Marti ensures rider safety through formal background checks, and drivers are rated 4.8 out of 5 stars.

Despite not enabling online payments or charging fees, Marti's ride-hailing service has significantly disrupted the market. McKinsey & Company estimates Türkiye's taxi market at $9-12 billion, with potential growth to $15-20 billion by 2030 due to ride-hailing.

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End-of-Day
3.35%
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Rhea-AI Summary

Marti Technologies has appointed Oguz Erkan as the new CFO, effective May 17, 2024, replacing Cem Yasar Ozey. Erkan brings extensive experience from his roles at GlaxoSmithKline and Arçelik-Beko, making him well-suited to support Marti’s growth. The company appreciates Ozey's contributions during their first year as a US public company. CEO Oguz Alper Oktem highlighted Erkan's expertise in managing large-scale finances and completing value-creation projects. Erkan holds degrees in Business Administration and an Executive MBA from Koç University.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
3.41%
Tags
management
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Rhea-AI Summary
Marti Technologies, Inc. announced an amendment to its share repurchase program, extending it for 3 months with a ceiling price of $3.30 per share. The program allows the repurchase of up to $2.5 million of outstanding Class A ordinary shares until October 9, 2024.
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End-of-Day
-6.54%
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buyback
Rhea-AI Summary
Marti Technologies, Inc. has achieved significant milestones in its ride-hailing business, reaching over 788,000 unique riders and over 145,000 registered drivers as of April 23, 2024. The company has experienced a 58% growth in ride-hailing riders and a 36% growth in registered drivers from December 31, 2023, to April 23, 2024. Marti plans to increase its target to 900,000 unique riders by June 30, 2024, while maintaining a target of 155,000 registered drivers. The company operates in Türkiye and aims to provide safe, affordable rides for riders while offering economic opportunities for drivers. With over 145,000 registered drivers, Marti surpasses the number of taxis in Istanbul by 6.2 times, ensuring widespread availability across the city. McKinsey & Company estimates the potential size of the Turkish ride-hailing market to reach $15 billion to $20 billion by 2030.
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6.99%
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News
Rhea-AI Summary
Marti Technologies, Inc. announces its financial and operational results for the full year 2023, highlighting capital efficient investments in ride-hailing and operational efficiencies in the two-wheeled electric vehicle rental business. Despite a net loss of $33.8M, Marti achieved revenue of $20.0M and adjusted EBITDA of $(17.7)M, in line with forecasts. The company retained 59% market share in the two-wheeled electric vehicle rental segment and plans to increase investments in ride-hailing in 2024.
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12.31%
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Rhea-AI Summary
Marti Technologies, Inc. (MRT) will release its full year 2023 financial and operational results on April 16, 2024. The company, known as Türkiye’s leading mobility super app, will host a conference call and webcast to discuss the results. Investors can access the live webcast and participate in the call to gain insights into Marti's performance.
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-2.26%
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conferences earnings
Rhea-AI Summary
Marti Technologies, Inc. (NYSE American: MRT) expands its urban mobility services with the launch of a taxi-hailing service in Istanbul. The company aims to cater to the transportation needs of urban residents by offering a diverse range of services, including car-hailing, motorcycle-hailing, and now taxi-hailing. With over 610,000 unique riders and 125,000 registered drivers, Marti's entry into the taxi market is expected to positively impact driver availability and increase ridership. McKinsey & Company projects significant growth potential for the Turkish ride-hailing market by 2030, estimating a market size of $15 billion to $20 billion.
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Marti Technologies, Inc. has acquired all of the intellectual property and software assets of Zoba Inc., a leader in fleet optimization solutions for two-wheeled electric vehicle operations. The AI-powered SaaS platform and dynamic fleet optimization algorithms of Zoba are expected to enhance revenue generation and reduce field operations costs for two-wheeled electric vehicle operators. The acquisition is part of Marti's focus on creating operational efficiencies in its two-wheeled electric vehicle operations, with a fleet of over forty thousand e-bikes, e-mopeds, and e-scooters. The company aims to increase revenue and reduce costs by leveraging Zoba's software, which has already shown positive results in pilot projects. Marti also plans to further develop the operations of its ride-hailing business using Zoba's software as a foundation.
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End-of-Day
-7.44%
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Rhea-AI Summary
Türkiye's leading mobility super app, Marti Technologies, Inc. (NYSE American: MRT), has introduced subscription packages for riders to use its two-wheeled electric vehicle services, including e-bikes, e-mopeds, and e-scooters. The packages offer daily, weekly, and monthly options to prepurchase rides, aiming to increase ridership and improve operational efficiency. Pilot studies have shown increased ridership among package subscribers and a positive contribution to Marti's operational efficiency and profitability. The subscription packages are part of Marti's efforts to expand its multi-modal mobility services and offer a single app to meet all urban transportation needs in Türkiye.
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Rhea-AI Sentiment
End-of-Day
-1.72%
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Rhea-AI Summary
Marti Technologies, Inc. (NYSE American: MRT) announced a share repurchase program, authorizing up to $2.5 million of its outstanding Class A ordinary shares. The program represents approximately 7.9% of the company's market capitalization as of January 9, 2024, with a closing price of $0.6510. The repurchase program is effective immediately and valid for six months. It is being financed from the proceeds of a $5.0 million convertible note investment made by Farragut Square Global Master Fund. The remaining proceeds will be used for general corporate purposes, including accelerating the growth of Marti's ride-hailing service.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
8.9%
Tags
buyback
Marti Technologies, Inc.

NYSE:MRT

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100.37M
57.36M
62.04%
33.55%
1%
Software - Application
Technology
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