Marti Technologies Inc (MRT) 2025 Q2 法說會逐字稿

Hello, everyone, and thank you for joining us for Marti Technologies first half 2025 conference call. Before we begin, I'd like to mention that today's earnings release and slide presentation are available on Marti's Investor Relations website at ir.marti.tech, where you will also find links to our SEC filings, along with other information about Marti.

大家好，感謝各位參加Marti Technologies 2025年上半年電話會議。在開始之前，我想提一下，今天的收益報告和幻燈片演示文稿可在 Marti 的投資者關係網站 ir.marti.tech 上找到，您還可以在該網站上找到我們向美國證券交易委員會提交的文件鏈接，以及有關 Marti 的其他信息。

Joining me on today's call are Oguz Alper Oktem, Marti's Founder and CEO; and Cankut Durgun, Marti's Co-Founder, President and COO.

今天與我一起參加電話會議的有 Marti 的創始人兼首席執行官 Oguz Alper Oktem；以及 Marti 的聯合創始人、總裁兼首席營運官 Cankut Durgun。

Before we begin, I'd like to remind everyone that statements made on this call as well as in today's earnings release and accompanying slide presentation contain forward-looking statements regarding our financial outlook, business plans, objectives, goals and strategies and other future events and developments, including statements about the market and revenue potential of our products and services.

在開始之前，我想提醒大家，本次電話會議以及今天發布的收益報告和隨附的幻燈片演示文稿中包含有關我們財務前景、業務計劃、目標、戰略以及其他未來事件和發展的前瞻性陳述，包括有關我們產品和服務的市場和收入潛力的陳述。

These forward-looking statements are certain to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include those described in our filings with the SEC, today's earnings release and the accompanying slide presentation and are based on our current expectations and beliefs as of today, September 22, 2025.

這些前瞻性陳述存在一定的風險和不確定性，可能導致實際結果與預測結果有重大差異。這些風險和不確定性包括我們在提交給美國證券交易委員會的文件、今天的收益發布和隨附的幻燈片演示文稿中描述的風險和不確定性，並且是基於我們截至 2025 年 9 月 22 日的當前預期和信念。

In addition, our discussion today will include references to certain supplemental non-GAAP financial measures, which should be considered in addition to and not as a substitute for our GAAP financial results. We use these non-GAAP measures in evaluating and managing Marti's business and believe they provide useful information to our investors. Reconciliations of the non-GAAP measures to the corresponding GAAP measures, where appropriate, can be found in today's earnings release and slide presentation as well as our filings with the SEC.

此外，我們今天的討論還將提及一些補充性的非GAAP財務指標，這些指標應作為GAAP財務業績的補充信息，而不是替代GAAP財務業績。我們在評估和管理 Marti 的業務時會使用這些非 GAAP 指標，並且相信它們能為我們的投資者提供有用的信息。在適當情況下，非GAAP指標與相應GAAP指標的調節表可在今天的收益發布和幻燈片演示以及我們向美國證券交易委員會提交的文件中找到。

With that, I will now turn the call over to Alper.

接下來，我將把電話交給阿爾珀。

Thank you all for joining us today for Marti's first half 2025 earnings call. Marti is Türkiye’s leading mobility super app, bringing together six transportation services on a single platform. These include our ride-hailing marketplace for cars, motorcycles and taxis as well as our owned and operated rental service for e-bikes, e-scooters and e-mopeds.

感謝各位今天參加馬蒂2025年上半年業績電話會議。Marti 是土耳其領先的旅遊超級應用，將六種交通服務整合在一個平台上。其中包括我們的汽車、摩托車和計程車旅遊平台，以及我們自有營運的電動自行車、電動滑板車和電動輕便摩托車租賃服務。

Collectively, our ride-hailing operations and two-wheeled electric vehicle rentals provide users with a seamless, flexible and a sustainable way to move around Türkiye. Three years ago, we made a key strategic business decision to evolve our business model to align with Türkiye's growing mobility demands, transitioning our primary focus from two-wheeled electric vehicles to ride-hailing.

我們的叫車服務和兩輪電動車租賃服務共同為用戶提供了一種無縫、靈活和可持續的在土耳其境內出行的方式。三年前，我們做出了一項重要的策略性商業決策，即發展我們的商業模式，以適應土耳其日益增長的出行需求，並將我們的主要關注點從兩輪電動車轉向叫車。

We began monetizing our ride-hailing service in October 2024. And in January 2025, we introduced a dynamic pricing model to further enhance efficiency and rider and driver satisfaction. We believe that today's results demonstrate that this strategic move is working. We have strong momentum and are consistently exceeding operational targets for both unique ride-hailing riders and registered ride-hailing drivers.

我們從 2024 年 10 月開始實現叫車服務的獲利。2025 年 1 月，我們推出了動態定價模式，以進一步提高效率和乘客及駕駛者的滿意度。我們相信，今天的結果表明，這項策略舉措正在奏效。我們發展勢頭強勁，在叫車乘客數量和註冊叫車司機數量方面均持續超越營運目標。

At the same time, in our two-wheeled electric vehicle service, we have continued to implement critical profitability-enhancing measures and have successfully deployed efficiency initiatives, resulting in a notable reduction in both operating losses and capital requirements.

同時，在我們的兩輪電動車服務中，我們繼續實施關鍵的盈利能力提升措施，並成功部署了效率提升舉措，從而顯著減少了營運虧損和資本需求。

Importantly, these efficiency initiatives have helped us channel field team attention and resources to our higher-margin ride-hailing service, translating into improved financial performance. We believe 2025 will be a pivotal year for scale and financial performance with strong revenue growth and a significant improvement in adjusted EBITDA as a move swiftly to capture the growing opportunity for ride-hailing in Türkiye.

重要的是，這些提高效率的舉措幫助我們將現場團隊的注意力和資源集中到利潤更高的叫車服務上，轉化為更好的財務表現。我們相信，2025 年將是公司規模和財務表現的關鍵一年，隨著營收的強勁增長和調整後 EBITDA 的顯著改善，我們將迅速抓住土耳其叫車市場日益增長的機會。

We are on track to almost double our revenue from $18.7 million in 2024 to $34 million in 2025 and continue to drive improvement in adjusted EBITDA. Lastly, the monetization of our ride-hailing and our first mover advantage are significantly enhancing our cash generation power and capital efficiency. We believe this bolstered financial strength positions us well to scale operations further and capture Türkiye’s long-term mobility market opportunity with increased resilience and flexibility.

我們預計將營收翻番，從 2024 年的 1,870 萬美元增至 2025 年的 3,400 萬美元，並繼續推動調整後 EBITDA 的改善。最後，我們叫車業務的獲利能力和先發優勢顯著提高了我們的現金創造能力和資本效率。我們相信，這種增強的財務實力使我們能夠更好地擴大業務規模，並以更高的韌性和靈活性抓住土耳其的長期出行市場機會。

We are the number one urban mobility app on both iOS and Android app stores in Türkiye. We are the only operator offering car-hailing and motorcycle-hailing services at scale in the country and the largest electric vehicle operator in Türkiye.

我們是土耳其 iOS 和 Android 應用程式商店中排名第一的城市出行應用程式。我們是土耳其唯一一家大規模提供汽車和摩托車出行服務的營運商，也是土耳其最大的電動車營運商。

We have served over 128.6 million rides to 6.4 million unique riders since our launch. In the first half of this year, we consistently outperformed our ride-hailing targets, hitting 2.28 million unique ride-hailing riders and 327,000 registered ride-hailing drivers. Although we are the youngest player in Türkiye’s urban mobility market, we are the clear market leader. It's also important to note that the top five urban mobility apps in the country, four are operated by local players.

自成立以來，我們已為 640 萬名獨立乘客提供了超過 1.286 億次出行服務。今年上半年，我們在叫車業務持續超額完成目標，叫車乘客人數達到 228 萬，註冊叫車司機人數達 32.7 萬。雖然我們是土耳其城市交通市場中最年輕的參與者，但我們是明顯的市場領導者。值得注意的是，全國排名前五的城市出行應用程式中，有四家是由本土企業經營的。

This is in line with global benchmarks, which have demonstrated that local companies are often successful in mobility markets because of their operational advantages, deep local market knowledge, regulatory agility, strong rider and driver relationships, tailored service offerings and trust and brand perception in the countries they respectively operate in.

這與全球基準一致，全球基準表明，本地公司往往在出行市場取得成功，因為它們擁有營運優勢、深厚的本地市場知識、靈活的監管能力、牢固的乘客和司機關係、量身定制的服務產品以及在各自運營所在國的信任和品牌認知度。

Last year, in 2024, we solidified our ride-hailing business in four of Türkiye’s largest cities, Istanbul, Ankara, Izmir, and Antalya. This strong foundation set the stage for our previously announced 2025-2026 investment plan. In 2025, we began executing on this plan and expanded into six additional metropolitan areas: Bursa, Konya, Adana, Kocaeli, Mersin and Kayseri, with operations now spanning in 10 cities, representing approximately half of Türkiye’s population and nearly two-third of its GDP.

去年，也就是 2024 年，我們在土耳其最大的四個城市——伊斯坦堡、安卡拉、伊茲密爾和安塔利亞——鞏固了我們的叫車業務。這項堅實的基礎為我們先前宣布的 2025-2026 年投資計畫奠定了基礎。2025年，我們開始執行該計劃，並將業務擴展到另外六個大都會區：布爾薩、科尼亞、阿達納、科賈埃利、梅爾辛和開塞利，目前業務遍及10個城市，約佔土耳其人口的一半，佔其GDP的近三分之二。

We have significantly expanded our ride-hailing service reach. To accelerate adoption in these new markets, we are prioritizing growth and do not foresee monetizing services in these cities in 2025. This strategic expansion is a key step in our long-term vision. However, we're not just expanding our footprint, but we're building the infrastructure and the capabilities to make Marti the go-to ride-hailing platform across the country.

我們已大幅擴大了叫車服務的覆蓋範圍。為了加快在這些新市場的普及，我們優先考慮成長，預計到 2025 年不會在這些城市實現服務貨幣化。此次策略擴張是我們長期願景中的關鍵一步。然而，我們不僅在擴大業務範圍，而且還在建立基礎設施和能力，使 Marti 成為全國首選的叫車平台。

In 2025, we've prioritized building the right organizational structure to support our rapid ride-hailing growth. We have structured our organization to ensure we can manage operations at scale. And as a part of our transformation, we introduced several new departments that strengthen our technological, commercial and operational capabilities.

2025年，我們優先考慮建構合適的組織結構，以支持我們叫車業務的快速成長。我們對組織架構進行了調整，以確保能夠大規模地管理營運。作為轉型的一部分，我們引入了幾個新部門，以增強我們的技術、商業和營運能力。

These new departments include AI engineering to optimize matching and pricing, growth in CRM functions to drive engagement and loyalty, performance and brand marketing to strengthen our market position, and business and competitive intelligence to sharpen our decision-making.

這些新部門包括人工智慧工程部門（用於優化配對和定價）、客戶關係管理功能部門（用於推動參與和忠誠度）、績效和品牌行銷部門（用於加強我們的市場地位）以及商業和競爭情報部門（用於提高我們的決策能力）。

To give you a sense of the growth in the scale of our organization, at the beginning of this year, we had approximately 120 team members dedicated to ride-hailing. By the end of the first half of 2025, our ride-hailing team has increased to approximately 180 members, and we expect to reach around 260 team members by the end of this year.

為了讓您了解我們組織規模的成長情況，今年年初，我們大約有 120 名團隊成員專門從事叫車業務。到 2025 年上半年末，我們的叫車團隊已增至約 180 名成員，我們預計到今年年底團隊成員將達到約 260 名。

To further accelerate growth of our ride-hailing service, we also launched a major redesign of our app in 2025. The key change is placing ride-hailing more prominently at the center of our user experience, making it faster and more intuitive for riders to book a trip.

為了進一步加速我們的叫車服務的發展，我們也在 2025 年對我們的應用程式進行了重大重新設計。關鍵的變化是將叫車服務更突出地置於用戶體驗的核心位置，使乘客能夠更快、更直觀地預訂行程。

Beyond the design of our app, we also streamlined our onboarding, improved our search and navigation and optimized the booking flow to reduce friction. We are encouraged by the impact of these decisions. Since launch, our conversion rate has increased by 2%, moving more visitors -- meaning more visitors are successfully completing their ride requests.

除了應用程式的設計之外，我們還簡化了用戶註冊流程，改善了搜尋和導航功能，並優化了預訂流程，以減少用戶摩擦。這些決定的影響令我們感到鼓舞。自上線以來，我們的轉換率提高了 2%，吸引了更多訪客——這意味著更多訪客成功完成了他們的乘車請求。

In addition, since launch, our average App Store rating is 4.9 out of 5, reflecting positive user sentiment. We're also seeing stronger user engagement. Weekly and monthly active users have increased by 16% and 12%, respectively. And importantly, user comments highlight that new design feels simpler, cleaner and more reliable. Overall, we believe the redesign not only strengthens our brand perception, but also directly drives higher adoption and usage of ride-hailing, which is central to our long-term growth strategy.

此外，自發布以來，我們在 App Store 的平均評分為 4.9 分（滿分為 5 分），反映了用戶的正面評價。我們也看到用戶參與度顯著提高。每周和每月活躍用戶分別成長了 16% 和 12%。更重要的是，使用者評論強調，新設計感覺更簡潔、更清晰、更可靠。總而言之，我們相信此次重新設計不僅增強了我們的品牌認知度，而且直接推動了叫車服務的普及和使用，這對於我們的長期成長策略至關重要。

As a result of our new city launches, the investments we're making in the growing of our organization and our app redesign, our number of unique ride-hailing riders have grown 107% year over year in the first half of this year from 1.1 million to 2.3 million.

由於我們推出了新的城市服務，加大了對組織發展和應用程式重新設計的投入，今年上半年我們的叫車乘客數量同比增長了 107%，從 110 萬增至 230 萬。

Our number of registered ride-hailing drivers grew by 92% year over year from 171,000 to 327,000. We intend to continue investing in the cost-effective growth of our ride-hailing service in 2025 and beyond and aim to reach 3.3 million riders and 450,000 registered drivers by the end of 2025.

我們的註冊叫車司機數量年增 92%，從 171,000 人增至 327,000 人。我們計劃在 2025 年及以後繼續投資於我們叫車服務的成本效益成長，目標是在 2025 年底前達到 330 萬名乘客和 45 萬名註冊司機。

We achieved accelerated growth and substantial scale in riders and registered drivers with limited capital investment, demonstrating our commitment to capital-efficient growth of our ride-hailing business. Moving forward, we intend to make targeted investments to leverage multiple growth opportunities, including increasing organic growth in existing cities, improving our rider and driver experiences, initiating loyalty incentives, launching new cities to serve a greater share of Türkiye's urban population, refining our dynamic pricing engine and increasing our take rate. We believe these initiatives will support our path toward capturing an estimated $3 billion annual revenue opportunity in the ride-hailing business.

我們以有限的資本投入實現了乘客和註冊司機數量的加速增長和顯著規模化，這體現了我們對以資本高效的方式發展網約車業務的承諾。展望未來，我們將進行有針對性的投資，以利用多種成長機會，包括提高現有城市的自然成長、改善乘客和司機的體驗、啟動忠誠度獎勵計劃、在新城市開展業務以服務更多土耳其城市人口、改進動態定價引擎並提高佣金率。我們相信這些舉措將有助於我們抓住叫車產業每年約 30 億美元的收入機會。

Here is how we calculate the size of the revenue opportunity. With every global benchmark, we see that the introduction of ride-hailing service into a market uncovers unmet demand significantly, eclipsing the demand for taxi service prior to the introduction of ride-hailing. This is because ride-hailing offers a significantly better, more accessible customer experience than taxis across all dimensions, including vehicle availability, price and driver and vehicle quality.

以下是我們計算潛在收入規模的方法。從每個全球基準來看，我們發現，叫車服務引進市場後，會顯著釋放出未被滿足的需求，其需求量甚至超過了叫車服務引進先前計程車服務的需求量。這是因為在車輛可用性、價格以及司機和車輛品質等各個方面，叫車都能提供比計程車更好、更方便的客戶體驗。

For example, in New York City, ride-hailing increased the size of the taxi market by 1.6 times. There were approximately 800,000 daily rides in Istanbul, our largest city when we launched our ride-hailing operations. We believe that what happened in New York is now happening in Istanbul, and we expect that there will be 1.3 million daily ride-hailing rides in Istanbul at steady state.

例如，在紐約市，叫車服務使計程車市場規模擴大了 1.6 倍。在我們推出叫車業務時，伊斯坦堡（我們最大的城市）每天的出行量約為 80 萬次。我們認為紐約發生的事情現在正在伊斯坦堡發生，我們預計在伊斯坦堡的叫車服務穩定後，每天將有 130 萬人次的出行需求。

Istanbul's taxi market accounts for about 45% of Türkiye’s taxi market. So assuming similar market dynamics in Türkiye’s other cities, we project that there will eventually be about 2.9 million daily ride-hailing rides in Türkiye. This is about 1 billion rides a year or approximately $10 billion of potential gross annual booking value.

伊斯坦堡的計程車市場約佔土耳其計程車市場的 45%。因此，假設土耳其其他城市的市場動態類似，我們預測土耳其最終每天將有約 290 萬次叫車出行。這相當於每年約 10 億次乘車，或約 100 億美元的潛在年度總預訂。

At an assumed take rate of 30%, in line with global benchmarks, this equates to $3 billion of total annual revenue potential for Türkiye’s ride-hailing market maturity. As we continue to prioritize ride-hailing as our strategic focus, this also shaped how we manage our two-wheeled electric vehicle operations.

假設市場接受率為 30%，與全球基準一致，這意味著土耳其叫車市場成熟後，其年度總收入潛力將達到 30 億美元。由於我們繼續將叫車作為我們的策略重點，這也影響了我們對兩輪電動車營運的管理方式。

In addition to channeling more field team attention and resources toward our higher-margin ride-hailing business, we also implemented operational efficiency projects in our two-wheeled electric vehicle business to increase profitability. Our strategic focus on our higher-margin ride-hailing business and operational efficiency projects decreased our total cost of revenues by 25% compared to the same period last year in addition to our gross profit margin improving by 49%.

除了將更多現場團隊的注意力和資源投入到利潤更高的叫車業務中，我們還在兩輪電動車業務中實施了營運效率提升項目，以提高獲利能力。我們策略性地專注於利潤更高的叫車業務和營運效率項目，與去年同期相比，我們的總收入成本降低了 25%，同時毛利率提高了 49%。

Throughout the first half of 2025, the behavior of our riders supported our decision to offer multiple transportation services to our single app. We believe and the data continues to show that this multi-modal offering is aligned with rider performance. 70% of our e-bikes, 84% of our e-moped and 40% of our car-hailing and 83% of our motorcycle hailing riders use these services after previously being introduced to Marti by using another Marti service.

在 2025 年上半年，乘客的行為支持了我們透過單一應用程式提供多種交通服務的決定。我們相信，數據也持續表明，這種多模式出行服務與騎乘者的表現相符。 70%的電動自行車用戶、84%的電動輕便摩托車用戶、40%的叫車用戶和83%的摩托車叫車用戶，都是在之前使用過Marti的其他服務後才開始使用這些服務的。

Our existing services serve as an excellent cost-free rider acquisition channel for our new services. Furthermore, 70% of our e-bike, 80% of our e-moped, 26% of our car-hailing and 83% of our motorcycle-hailing riders subsequently used other Marti services after their first e-bike, e-moped, car hailing or motorcycle hailing rides, respectively. These data points all show an overwhelming rider preference for multi-modal transportation services.

我們現有的服務可以作為我們新服務的絕佳免費用戶獲取管道。此外，70% 的電動自行車乘客、80% 的電動輕便摩托車乘客、26% 的汽車叫車乘客和 83% 的摩托車叫車乘客在首次乘坐電動自行車、電動輕便摩托車、汽車叫車或摩托車叫車後，又分別使用了 Marti 的其他服務。這些數據點都表明，乘客普遍更傾向於選擇多式聯運服務。

Serving multi-modal riders also creates economic benefits for Marti. Rides per rider is 3 times higher and revenue per rider is 2.7 times higher for our multi-modal riders than for our single service riders. These statistics reinforce our decision to invest in the balanced growth of our multi-modal services.

為多模式乘客提供服務也為馬蒂帶來了經濟效益。與單一服務乘客相比，多模式乘客的每次乘車次數高出 3 倍，每次乘車收入高出 2.7 倍。這些統計數據更加堅定了我們投資於多式聯運服務均衡發展的決心。

I'd now like to turn it over to my partner, Cankut, to present our financials.

現在我想把發言權交給我的合夥人坎庫特，讓他來介紹我們的財務狀況。

Thank you, Oguz. Looking at our KPIs, we increased our total rides from 13.7 million in the first half of 2024 to 19.2 million in the first half of 2025. We also increased our unique riders who used our services at least once during the half year from 1.4 million to 1.7 million. Both increases were primarily driven by an increase in ride-hailing rides and riders. Rides per unique rider increased to 11.4% in the first half of the year as a result of increased availability and rider awareness of our service offering across cities, which drove higher utilization.

謝謝你，奧古斯。從我們的關鍵績效指標來看，我們的總乘車次數從 2024 年上半年的 1,370 萬次增加到 2025 年上半年的 1,920 萬次。上半年，我們至少使用過一次服務的獨立乘客數量也從 140 萬增加到 170 萬。這兩項成長主要都是由叫車訂單量和乘客數量的增加所推動的。由於我們在各個城市的服務可用性提高，乘客對我們服務的了解度也提高，從而推動了服務利用率的提高，今年上半年每位獨立乘客的乘車次數增長了 11.4%。

Our number of unique ride-hailing riders since our launch increased from 1.1 million to 2.3 million in the first half, while the number of registered drivers increased from 171,000 to 327,000 during the same time period. As a result of the gradual decommissioning of our existing two-wheeled electric vehicle fleet, our number of average daily two-wheeled electric vehicles deployed decreased from 34,600 in the first half of 2024 to 24,800 in the first half of 2025.

自我們推出以來，上半年我們的獨立叫車乘客數量從 110 萬增加到 230 萬，而同期註冊司機數量從 17.1 萬增加到 32.7 萬。由於我們現有的兩輪電動車隊逐步退役，我們平均每天部署的兩輪電動車數量從 2024 年上半年的 34,600 輛減少到 2025 年上半年的 24,800 輛。

We generated $14.3 million of revenue in the first half of the year, this is a 70% increase compared to the $8.4 million of revenue that we generated during the same period in 2024. This was primarily due to the monetization of our ride-hailing service. We reduced our cost of revenues by 25% from $9.9 million in the first half of '24 to $7.4 million in the first half of '25 as a result of increased field team attention and resources to our higher-margin ride-hailing business, and a continued focus on profitability enhancing measures in our two-wheeled electric vehicle service.

今年上半年，我們創造了 1,430 萬美元的收入，與 2024 年同期創造的 840 萬美元收入相比，成長了 70%。這主要是由於我們的叫車服務實現了盈利。由於現場團隊加大了對高利潤率的叫車業務的關注和資源投入，以及我們持續專注於提高兩輪電動車服務的盈利能力，我們的營業成本從 2024 年上半年的 990 萬美元降至 2025 年上半年的 740 萬美元，降幅達 25%。

These projects included optimizing the numbers of our field staff, repair and maintenance staff as well as our logistics vehicle counts, increasing the number of on field repairs as a share of total repairs, and increasing our usage of refurbished electronic and spare parts.

這些項目包括優化我們的現場工作人員、維修和維護人員以及物流車輛的數量，提高現場維修數量佔總維修數量的比例，以及增加翻新電子元件和備件的使用。

Our general and administrative expenses increased by 35% from $9.1 million in the first half of '24 to $12.2 million in the first half of 2025, driven by increased share-based compensation expense of $4.7 million. Excluding this non-cash share-based compensation expense, G&A expenses increased to $7.5 million or an increase of about 13% compared to the $6.6 million in G&A, excluding share-based compensation expense in the first half of '24. This increase is primarily attributable to the investments that we're making in our ride-hailing team.

由於股權激勵費用增加 470 萬美元，我們的一般及行政費用從 2024 年上半年的 910 萬美元增加到 2025 年上半年的 1,220 萬美元，增幅達 35%。除這筆非現金股份支付費用外，一般及行政費用增加至 750 萬美元，比 2024 年上半年的 660 萬美元（不包括股份支付費用）增加了約 13%。這一成長主要歸功於我們對叫車團隊的投資。

As a result, our adjusted EBITDA improved by $5.4 million from negative $11.3 million in the first half of 2024 to negative $6 million in the first half of 2025. We believe the accelerating performance of our ride-hailing business represents a pivotal milestone for our company's growth and profitability. By the end of 2025, we reiterate our plans to nearly double our annual revenue from $18.7 million to $34 million and to improve our adjusted EBITDA by $2.3 million.

因此，我們調整後的 EBITDA 從 2024 年上半年的負 1,130 萬美元改善至 2025 年上半年的負 600 萬美元，改善幅度為 540 萬美元。我們相信，叫車業務的加速發展代表著公司成長和獲利能力的關鍵里程碑。到 2025 年底，我們重申我們的計劃，年收入從 1870 萬美元增加到 3400 萬美元，並將調整後的 EBITDA 提高 230 萬美元。

This 2025 guidance incorporates the 2025, 2026 investment plan we shared earlier, which includes the launch of ride-hailing in six new cities and the expansion of our ride-hailing team to support at-scale operations.

這份 2025 年指導方針包含了我們先前分享的 2025 年和 2026 年投資計劃，其中包括在六個新城市推出叫車服務，以及擴大我們的叫車團隊以支持大規模運營。

We thank you for participating today, and we'll be glad to answer any questions that you might have.

感謝您今天的參與，我們很樂意回答您可能提出的任何問題。

(Operator Instructions) Theodore O'Neill, Litchfield Hills Research.

（操作說明）西奧多·奧尼爾，利奇菲爾德山研究公司。

First question on the two-wheeled electric vehicles deployed. Can you talk about, is there some level you're trying to get to? I'm assuming you're not trying to get it to zero?

第一個問題是關於已部署的兩輪電動車。能談談你想要達到的某個目標嗎？我猜你不是想把它設為零吧？

That's right. Thanks for the question, Theo. We do believe that two-wheeled electric vehicle operations are an integral part of our service offering because of the multi-modal statistics that Oguz shared earlier. We foresee operating all three of those modalities and having all three available in our app because they're not only an important source of sort of customer acquisition, we've also, in some of the CRM campaigns that we launched recently, are seeing that they're also a great source of driving traffic to our ride-hailing service.

這是正確的。謝謝你的提問，西奧。我們確實認為，由於 Oguz 先前分享的多模式統計數據，兩輪電動車營運是我們服務產品不可或缺的一部分。我們預計會經營這三種模式，並在我們的應用程式中提供這三種模式，因為它們不僅是重要的客戶獲取來源，而且在我們最近推出的一些客戶關係管理活動中，我們也發現它們也是為我們的叫車服務帶來流量的絕佳來源。

And the priority that we place to growing our ride-hailing service [does] mean that they're going to be an integral part of our service moving forward. The specific number we're going to be reevaluating in the summer -- in advance of the summer of 2026 at that time based on the decommissioning rates as well as the size of the fleet that we believe is necessary to, one, meet customer needs; and two, continue to direct as much additional traffic as possible to our ride-hailing business. We're going to be making the two-wheeled electric vehicle fleet decision at that time.

我們優先發展叫車服務，這意味著它們將成為我們未來服務的重要組成部分。我們將在夏季重新評估具體數字——在 2026 年夏季之前，屆時將根據退役率以及我們認為必要的車隊規模來確定，以便：一是滿足客戶需求；二是繼續盡可能多地引導額外的客流到我們的網約車業務。屆時我們將做出兩輪電動車隊的決策。

Okay. And could you comment overall on the driver supply and getting more drivers into the system as well as -- you talked about AI engineering, and I was wondering if you can talk about how the AI aspect is helping your business.

好的。您能否就司機供應情況以及如何讓更多駕駛人加入系統發表一下整體看法？另外，您談到了人工智慧工程，我想知道人工智慧方面是如何幫助您的業務的。

So on the driver supply side, we continue to face no constraints in onboarding additional drivers. So for example, if you look at other global markets, many of the companies operating in those markets as they have scaled they have needed to strike partnerships, for example with banks or car rental firms in order to increase their driver supply simply because in their respective markets, there weren't sufficient numbers of drivers with cars to continue to serve the platform.

因此，在司機供應方面，我們繼續沒有遇到任何招募更多司機的限制。例如，如果你看看其他全球市場，你會發現許多在這些市場運營的公司在擴大規模的過程中，都需要與銀行或汽車租賃公司等建立合作關係，以增加司機供應，因為在各自的市場中，擁有汽車的司機數量不足以繼續為平台提供服務。

We're very, very far from reaching those constraints. We continue to grow drivers -- I believe we shared the figures, but I believe roughly 2 times year over year. We're seeing -- on the contrary, we're actually seeing an increase rather than a decrease in the pace of new driver sign-ups.

我們離達到這些限制還很遠。我們的司機數量持續成長——我相信我們已經公佈了相關數據，但我認為大約是去年同期的兩倍。相反，我們看到新司機註冊速度實際上不降反升。

And I attribute that to the fact that as our marketplace grows larger because of the network effects intrinsic in the marketplace, what happens is drivers actually have the opportunity to earn more income when there are more riders on the service. And therefore, somewhat counterintuitively rather than base effects kicking in and then sort of driver growth declining, we have an increase in the pace of both driver acquisition as well as the engagement of those drivers as our rider base increases.

我認為這是因為隨著市場規模因市場固有的網路效應而擴大，當服務上的乘客增加時，司機實際上有機會賺取更多收入。因此，與直覺相反，我們並沒有看到基數效應導致司機成長放緩，而是隨著乘客數量的增加，司機獲取速度和司機參與度都提高了。

With respect to your second question regarding the AI engineering team, so this is probably the most important team that we are building right now. And that's the reason why we highlighted it first in terms of the new teams that we're building as part of our new org structure.

關於你提出的第二個問題，也就是人工智慧工程團隊，這可能是我們目前正在組建的最重要的團隊。這就是為什麼我們在組建新團隊、建立新組織架構時，首先要重點介紹它的原因。

And the reason it's critical is because many decisions like pricing on the rider side, but also like the calculation of the take rates on the driver side as well as much of the rider and driver experience funnels are now being done by AI tools.

之所以說它至關重要，是因為許多決策，例如乘客端的定價，以及司機端的佣金率計算，還有乘客和司機體驗流程的許多方面，現在都由人工智慧工具完成。

And we're therefore fortunate to have access to the most talented individuals in Türkiye, but we're also working with advisers as well as new team members abroad, many of whom have deep experience working in these fields at other ride-hailing firms globally to ensure that we're able to deploy the same capabilities in Türkiye and offer the combination of the right customer and driver experiences, the right pricing, the same level of service that riders and drivers receive abroad will be available to them in Türkiye as a result of these investments.

因此，我們很幸運能夠接觸到土耳其最有才華的人才，同時我們也與海外的顧問和新團隊成員合作，他們中的許多人在全球其他網約車公司擁有豐富的相關領域經驗，以確保我們能夠在土耳其部署同樣的能力，並提供合適的客戶和司機體驗、合適的定價，以及乘客和司機在國外享受到的同等水平的服務。這些投資將使土耳其的乘客和駕駛也能享受這些服務。

Jack Halpert, Cantor Fitzgerald.

傑克·哈爾珀特，坎托·菲茨杰拉德。

Two, please. So first, on monetization. You've given a lot of color on where you see the long-term ride-hailing monetization going. Can you just elaborate on where current take rates are versus the global benchmarks and maybe where you were kind of us back in April and then sort of how you think these are evolving over the next 12 to 18 months.

請給我兩個。首先，我們來談談獲利模式。您詳細闡述了您對叫車長期獲利模式的看法。您能否詳細說明一下目前的成交率與全球基準相比如何，以及您在四月份的情況，然後談談您認為這些成交率在未來 12 到 18 個月內將如何變化。

And then second, really go quick just on demand in new markets. Can you just talk a little bit about what you're seeing in terms of rider frequency and retention? I know you just kind of commented on the supply side, but curious on the demand side as well.

其次，要迅速回應新市場的需求。您能否簡單談談您在乘客使用頻率和留存率方面觀察到的情況？我知道你剛才主要談到了供給方面，但我對需求方面也很好奇。

I'll take the question on the take rates. So our take rates continue to be in the high single digits as of the end of the first half of this year. That's similar to where they were in the prior earnings call, where -- I don't know if it was you, Jack, but there was a similar question. Therefore, we continue to have significant upside potential in increasing the take rates to positively impact our monetization levels moving forward.

我來回答關於成交率的問題。因此，截至今年上半年末，我們的成交率仍維持在個位數高點。這和他們在上一次財報電話會議上的情況類似，當時──我不知道是不是你，傑克，但確實有人問過類似的問題。因此，我們仍有很大的提升空間，可以透過提高佣金率來積極影響我們未來的獲利水準。

I'll let my partner, Alper, take the second question.

第二個問題，就讓我的搭檔阿爾珀來回答。

In Türkiye’s, if you consider it to be a part of Europe, it's the largest country in Europe with 85 million, probably 90 million people. In Türkiye, there are 24 cities that have a population of 1 million or higher. The largest city in Europe is Istanbul. It is our largest market. But outside of it, we still have 23 very large cities with populations over 1 million. So wherever we go, we see very strong demand.

在土耳其，如果你把它看作歐洲的一部分，它是歐洲最大的國家，擁有 8500 萬，可能 9000 萬人口。在土耳其，有 24 個城市的人口超過 100 萬人。歐洲最大的城市是伊斯坦堡。這是我們最大的市場。但除此之外，我們還有 23 個人口超過 100 萬的大城市。所以無論我們走到哪裡，都能看到非常強勁的需求。

Obviously, most of, if not all of these markets have never experienced any type of tech-based mobility solutions. No ride-hailing company ever entered these markets, these secondary cities in Türkiye, or no taxi-hailing business ever scale there. So whenever we go, we see incredible demand and very high user excitement.

顯然，即使不是全部，這些市場中的大多數也從未體驗過任何類型的基於技術的出行解決方案。土耳其的這些二線城市，從來沒有叫車公司進入過這些市場，也從來沒有計程車公司在那裡發展壯大。所以無論我們去哪裡，都能看到龐大的需求和使用者極高的熱情。

Since we are a household name in Türkiye because of our social media presence and the popularity of our two-wheeled electric vehicle segment and are just branding and marketing endeavors over the past few years, we expect a much larger percentage of our trips to be conducted or taken place in the secondary markets that we're launching into.

由於我們在土耳其的社交媒體影響力以及兩輪電動車領域的受歡迎程度，我們已成為家喻戶曉的品牌，並且在過去幾年中一直致力於品牌推廣和市場營銷，因此我們預計，我們更大比例的出行將在我們即將進入的二級市場進行。

Let me just add a few numbers to that. So in our most recent press release, Jack, where we shared our progress toward meeting some of the quarterly targets that we set for our ride-hailing business, we did share there, for example, that the share of our riders based outside of Istanbul, they grew from 13% to 24% over the last year, and that our share of registered drivers based out of Istanbul grew from 18% to 26%.

我再補充幾個數字。傑克，在我們最近的新聞稿中，我們分享了我們在實現網約車業務設定的一些季度目標方面取得的進展，例如，我們分享了過去一年中，居住在伊斯坦布爾以外的乘客比例從 13% 增長到 24%，而居住在伊斯坦布爾的註冊司機比例從 18% 增長到 26%。

And this is at a moment in time where the six new cities that we launched were relatively nascent. And as a result, these figures are primarily coming from our four city operations, Istanbul, Ankara, Antalya and Izmir. And even in looking at those four cities, you can see that close to a quarter of the riders and drivers are coming from outside of Istanbul.

而此時，我們推出的這六個新城市仍處於相對初級階段。因此，這些數據主要來自我們在伊斯坦堡、安卡拉、安塔利亞和伊茲密爾這四個城市的運作。即使只看這四個城市，你也會發現近四分之一的乘客和司機都來自伊斯坦堡以外的地區。

As we add more cities, that number is going to, of course, further grow. The steady state there is something that's implicit in the market sizing calculations we perform. And in the market sizing calculations, we perform, you can see that we assume that Istanbul is going to be 45% of the total in Türkiye. Personally, I believe that that's sort of an upper limit, likely going to be less than that. But that's where we are now versus where we believe it's going to head, those are probably good numbers to keep in mind.

隨著我們增加更多城市，這個數字當然還會進一步成長。那裡的穩定狀態是我們進行的市場規模計算中隱含的東西。在我們進行的市場規模計算中，可以看到我們假設伊斯坦堡將佔土耳其總市值的 45%。我個人認為這差不多是個上限，實際數字很可能會低於這個數值。但這就是我們目前的處境，與我們認為它將要發展的方向相比，這些數字或許值得我們記住。

Rohit Kulkarni, Roth Capital Partners.

Rohit Kulkarni，Roth Capital Partners。

Nice set of results. I have a few questions. First is just talk through your kind of growth versus profitability plans over the next 6 to 18 months. I know, you've started to launch into new cities that may not monetize while existing cities are probably monetizing at a higher rate.

結果不錯。我有一些問題。首先，請您詳細談談未來 6 到 18 個月的成長與獲利計畫。我知道，你們已經開始進軍一些可能無法獲利的新城市，而現有城市的獲利速度可能會更快。

Perhaps talk through that where what is the second half implied guidance kind of say to us about revenues coming from existing cities versus investments into new cities? How are you thinking about that over the next six months and heading into '26?

或許可以探討一下，下半年的績效指引對我們而言意味著什麼，也就是現有城市帶來的收入與對新城市的投資之間的比例是多少？您對未來六個月以及2026年的規劃是什麼？

I'll take the first question. I'll let my partner take the second. In terms of the (technical difficulty) -- growth and profitability, we are in a very large position because we are the only player in the market and we can play with take rates whenever we want, right? And we see the inelastic demand when it comes to ride-hailing. It's because in a city or in a country that is the price of any type of tech-enabled mobility solution, what we are doing is sort of like impossible to replace.

我來回答第一個問題。我讓我的搭檔打第二個。就（技術難度）而言——成長和獲利能力，我們處於非常有利的地位，因為我們是市場上唯一的參與者，我們可以隨時調整佣金率，對吧？我們看到，在叫車領域，需求缺乏彈性。這是因為在一個城市或一個國家，任何類型的科技賦能的旅行解決方案都需要付出這樣的代價，而我們所做的事情幾乎是無法取代的。

The taxi situation in Istanbul or the rest of the country they obviously bad. So realistically, we are the only real solution to help people move around the city. As a result, we see inelastic demand.

伊斯坦堡乃至全國的計程車狀況顯然都很糟糕。所以實際上，我們是幫助人們在城市中出行的唯一真正解決方案。因此，我們看到需求缺乏彈性。

So what we're trying to do right now is just go as much as possible while we're the only player in the market. That's simply because the lower we charge in terms of take rates, the faster we grow. You could today potentially say, hey, we're going to jack up our take rates and increase our profitability. And since we're the only player in the market and we face inelastic demand, we would increase our profitability immediately. I could just call someone and have them increased prices within 20 minutes and the entire outlook of the company financially would be different.

所以，我們現在想做的就是趁著我們是市場上唯一的參與者，盡可能地擴大規模。那是因為，我們收取的費用比例越低，我們的成長速度就越快。今天你可能會說，嘿，我們要提高佣金率，提高獲利能力。由於我們是市場上唯一的參與者，而且需求缺乏彈性，我們將立即提高獲利能力。我只需打個電話，就能在 20 分鐘內提高價格，公司的整個財務狀況就會截然不同。

But what we are doing right now is trying to optimize. And we're doing this very carefully with a lot of calculations and a lot of thought. What we're doing is we are taking as less as we possibly can to be in a financially strong position while we can promote growth as much as we can. So this is sort of like the optimal point of a very sophisticated equation that we're trying to solve as we move along.

但我們現在正在做的是嘗試進行最佳化。我們正在非常謹慎地進行這項工作，經過了大量的計算和思考。我們正在做的，就是盡可能少地索取，以保持財務上的穩健，同時盡可能地促進成長。所以這就像是我們正在努力解決的一個非常複雜的方程式的最佳點。

And then on your question about the revenue mix and the profitability of other cities, I think I touched on sort of the revenue mix in the answer to Jack's question. A good way to think about the revenue mix is as a share of the registered driver and rider base in the cities where we operate.

至於你問到的其他城市的收入結構和盈利能力的問題，我想我在回答傑克的問題時已經稍微談到了收入結構。考慮收入組成的一個好方法是將其視為我們在營運所在城市的註冊司機和乘客總數的份額。

And the figures that I shared earlier in that sort of 25% figure was at a moment in time where we had yet to launch the six new cities, and therefore Istanbul versus Ankara, Antalya, Izmir that's a good way to think about the revenue mix of those cities.

我之前分享的 25% 左右的數字，是在我們還沒有推出這六個新城市的時候得出的，因此，伊斯坦布爾與安卡拉、安塔利亞、伊茲密爾相比，是思考這些城市收入構成的一種好方法。

With regards to the profitability, what's important to note is that the four cities that we originally launched, those cities, if you look at their contribution margin, defined as the revenue that we earn from drivers in those cities, minus the variable cost to serve those cities, minus the direct marketing costs.

關於獲利能力，需要注意的是，我們最初推出的四個城市，如果你看一下它們的貢獻毛利，即我們從這些城市的司機那裡獲得的收入，減去服務這些城市的可變成本，再減去直接營銷成本。

So those costs, they include performance marketing primarily designed to attract and retain individual riders and drivers. That excludes sort of brand building, offline marketing campaigns and so forth. But if you subtract the direct marketing costs, which are assigned to those cities, we're already profitable in each of those four existing cities.

因此，這些成本包括主要用於吸引和留住個人乘客和司機的效果行銷。這不包括品牌建立、線下行銷活動等等。但是，如果扣除分配給這些城市的直接行銷成本，我們在現有的四個城市中都已經獲利。

And therefore, now that we have that sort of under our belt with high single-digit take rate environment, our goal is to, one, now that we've shown that we have the ability to do that with sort of low single-digit take rates is -- our first goal is to continue to invest in growing as fast as possible in those cities as well as to launch new cities and beef up our ride-hailing team.

因此，既然我們已經在高個位數的提成率環境下積累了這樣的經驗，我們的目標是，首先，既然我們已經證明我們有能力在低個位數的提成率下做到這一點，那麼我們的首要目標是繼續投資，在這些城市盡可能快地發展，同時推出新的城市，並加強我們的網約車團隊。

Fantastic. I guess -- and a couple of other somewhat unrelated topics to both of you. In terms of regulatory backdrop, any updates that you can share as far as where do you feel ride-sharing and regulatory environment is in Türkiye?

極好的。我想——還有一些與你們兩個關係不大的其他話題。就監管環境而言，您能否分享一下您認為土耳其的叫車和監管環境現狀如何？

We believe that we're the only team that has the ability to introduce new transportation services that have never been deployed in Türkiye. Before, we also believe that we're the only team that has the ability to regulate these and we've shown this in other modalities, and we are working on doing the same in the ride-hailing modality.

我們相信，我們是唯一有能力在土耳其推出前所未有的全新交通服務的團隊。先前，我們也認為我們是唯一有能力監管這些的團隊，我們在其他領域已經證明了這一點，我們正在努力在叫車領域也能做到這一點。

And finally, recently, you announced that crypto treasury-related press release. Maybe talk through how you think about that as a strategy and given kind of the volatility in local currency, how this is something that investors should think about?

最後，最近您也發布了與加密貨幣資金相關的公告。或許可以談談你如何看待這種策略，以及考慮到當地貨幣的波動性，投資人該如何考慮這個問題？

It's a very good question. It was somewhat surprising to be on the receiving end of that. But our strategy is as follows, right? We do know of several companies that announced crypto strategies, not as a means of diversification of their non-operating cash, but almost as an investment strategy almost as a -- sort of the launch of a new business line for the company. That's not the case for us.

這是一個很好的問題。收到這樣的評價，多少有些出乎我的意料。但我們的策略是這樣的，對嗎？我們確實知道有幾家公司宣布了加密貨幣策略，但這並非是為了分散其非經營性現金，而幾乎是一種投資策略，幾乎相當於為公司推出新的業務線。但我們的情況並非如此。

So our crypto strategy was designed by looking at the cash flow that we keep as a buffer at Marti that we do not use for our operations, it's sort of like rainy day cash flow, and that -- rainy day cash. That cash used to be stored in the form of US dollars. And we looked at the performance, of course, of the US dollar relative to crypto assets, which we believe have proven their ability to serve as a store of value.

因此，我們的加密貨幣策略是透過觀察我們在 Marti 保留的、不用於營運的緩衝現金流來製定的，這筆錢就像是應急現金流，也就是應急現金。這些現金過去都是以美元的形式儲存的。當然，我們也考察了美元相對於加密資產的表現，我們認為加密資產已經證明了其作為價值儲存手段的能力。

So not just any crypto asset, but crypto assets, which have proven their ability to serve as a store of value. And we said, let's take an initial position by diversifying the non-operating cash of the company across USD and Bitcoin initially, which we believe to date is the only cryptocurrency that has proven its ability to serve as a store of value. And even in doing so, the majority of our, let's call it, rainy day cash remains and held in the form of USD, but a certain fraction currently remains held as Bitcoin.

所以，不只是任何加密資產，而是那些已經證明自己能夠作為價值儲存手段的加密資產。我們決定採取初步策略，將公司的非經營性現金分散投資於美元和比特幣，我們認為比特幣是迄今為止唯一一種被證明具有價值儲存能力的加密貨幣。即使這樣做，我們的大部分應急資金（姑且稱之為「應急現金」）仍然以美元的形式持有，但其中一部分目前仍以比特幣的形式持有。

Fawne Jiang, Benchmark Company.

Fawne Jiang，Benchmark公司。

Two on my side. First, I just want to follow up on the unit economics. You didn't -- you did give the [great] colors in terms of where you are on your existing city. I guess my question here is what's your current user incentive, if there are any driver incentive? How should we think about the dynamics there?

我這邊有兩個人。首先，我想跟進一下單位經濟效益。你沒有——你確實根據你所在城市的具體情況，賦予了它（美好的）色彩。我想問的是，你們目前對使用者的激勵措施是什麼？如果有的話，對司機有什麼激勵措施？我們該如何看待其中的動態變化？

And secondly, for your new cities, I understand it's still early-stage investment cycle. But do you foresee the unit economics in the six new cities may or may not be different from the first batch of your, I think, existing four cities? Any color there would be helpful.

其次，對於你們的新城市，我了解到目前仍處於投資週期的早期階段。但是，您是否預見到這六個新城市的單位經濟效益可能與您目前已有的四個城市的首批項目有所不同？任何顏色都會有所幫助。

Yes. Thanks for your questions, Fawne. So to respond to the first one regarding the rider and driver incentives, they remain very, very limited. So the reason why this question is the right question is because you're probably thinking of markets like the US, where when I was living there in the early 2010s, I remember competitors were giving $500 sign-up bonuses for drivers that were completing like a few trips, right?

是的。謝謝你的提問，Fawne。所以，對於第一個關於乘客和司機激勵措施的問題，答案是：這些激勵措施仍然非常非常有限。所以，這個問題之所以是正確的，是因為你可能想到的是像美國這樣的市場。我記得在 2010 年代初我住在那裡的時候，競爭對手會給完成幾次行程的司機 500 美元的註冊獎勵，對吧？

And that's not the case in Türkiye. If you look at our driver acquisition costs and you look at our rider acquisition costs, they are such that our driver acquisition costs, for example, we pay back our driver acquisition costs within a month of that driver driving for our service.

但在土耳其，情況並非如此。如果你看一下我們的司機獲取成本和乘客獲取成本，你會發現，例如，我們的司機獲取成本，我們會在該司機為我們的服務工作一個月內收回。

On the rider side, other than sort of cross promoting our service with our two-wheeled electric vehicle fleet and other than one-off sort of rider acquisition campaigns, we have very, very negligible rider acquisition activities, and we leverage primarily the existing brand that Marti has, the existing very large user base that we had from our two-wheeled electric vehicle service. That's the reason why, on both of those metrics, we've been able to grow very, very cost efficiently.

在乘客方面，除了與我們的兩輪電動車隊進行交叉推廣以及開展一次性的乘客招募活動之外，我們幾乎沒有開展任何乘客招募活動，主要依靠 Marti 現有的品牌，以及我們兩輪電動車服務積累的龐大用戶群。正因如此，我們在這兩個指標上都實現了非常非常高效的成本效益成長。

With regards to how we see the unit economics playing out in our new city launches, thinking through the parameters that are going to be a bit different, I don't believe -- again, because the driver and rider acquisition costs are fairly low, I don't believe that those are going to be different.

至於我們如何看待新城市推出的單位經濟效益，考慮到一些參數可能會有所不同，我不認為——再次強調，因為司機和乘客的獲取成本相當低，我不認為這些會有所不同。

But we do see that the average fares for our new cities, in some cases, are lower than those in our core markets like Istanbul. That's only natural. That's a function of sort of purchasing power. But if you think of the cost to serve, some of our variable costs are also similarly lower because of the local teams that we have in those cities. And as a result, we'll be able to sort of operate with similar margins, we believe, in the new cities as we have been operating within the four existing cities where we first launched.

但我們確實發現，在某些情況下，我們新城市的平均票價低於伊斯坦堡等核心市場的平均票價。這很正常。這與購買力有關。但從服務成本來看，由於我們在這些城市擁有本地團隊，我們的一些變動成本也同樣較低。因此，我們相信，在新的城市中，我們將能夠以與我們最初推出的四個現有城市類似的利潤率進行運作。

Since we have compared Türkiye market with the global market, it seems like in the other regions, global, I think ride-hailing providers are embracing autonomous driving, robotaxi. I understand you guys, very early stage of market. Just your thoughts on the, I think, driving down the road and what's your positioning or strategic thought going forward?

由於我們已經將土耳其市場與全球市場進行了比較，似乎在其他地區，也就是全球範圍內，叫車服務供應商正在接受自動駕駛和機器人計程車。我明白你們的意思，現在市場還處於非常早期的階段。您對未來的發展方向有何看法？您未來的定位或策略規劃是什麼？

We believe that autonomous driving is certainly going to constitute the majority of our ride-hailing trips. Perhaps within sort of a decade in markets like the US and markets that are not only sort of advanced in terms of technology adoption, but also markets where the economics make sense, right?

我們相信，自動駕駛必將佔據我們叫車行程的大多數。或許在像美國這樣的市場，以及那些不僅在技術採用方面較為先進，而且在經濟上也合理的市場，十年之內就能實現，對吧？

So many people in the US, for example, look at the autonomous ride-hailing market and they say, well, the problem that needs to be solved is regulatory. Once there's a sort of regulatory acceptance then autonomous ride-hailing is going to be a thing. In Türkiye, while that is necessary, and there's an additional complicating factor, which is sort of the economics, right? The revenue per mile or kilometer that we have for our ride-hailing service in Türkiye is significantly lower than that in the US.

例如，在美國，很多人看待自動駕駛叫車市場時會說，需要解決的問題是監管。一旦監管部門接受自動駕駛出行，那麼自動駕駛出行就會成為現實。在土耳其，雖然這樣做是必要的，但還有一個額外的複雜因素，那就是經濟因素，對吧？我們在土耳其的叫車服務每英里或每公里的收入遠低於美國。

And therefore, the sort of substitute transportation option in the form of sort of ride-hailing that autonomous vehicles need to undercut in terms of price, it's going to take a lot longer for autonomous vehicles to undercut ride-hailing prices in Türkiye than in markets like the US.

因此，自動駕駛汽車需要以價格優勢取代叫車這種替代交通方式，但在土耳其，自動駕駛汽車要以價格優勢取代叫車的價格，所需的時間要比在美國等市場要長得多。

However, as we have been in every other tech-enabled transportation service category that we've introduced to Türkiye so far, we are also in active discussions to pioneer that introduction of autonomous vehicles in Türkiye as well, and we're in discussions with multiple partners for this.

然而，正如我們迄今為止在土耳其推出的所有其他技術賦能的交通服務類別中所做的那樣，我們也在積極討論在土耳其率先引入自動駕駛汽車，並且我們正在與多個合作夥伴就此進行討論。

Sid Havaldar, Crescent Enterprises.

Sid Havaldar，Crescent Enterprises。

Congrats to get on a great half and the growth in revenue. Just really two questions from my side. One, which are related, I mean, just given the existence of cash position, I love to understand how you're thinking about maybe raising more cash or how that balances out with the take rate for the ride-hailing operations, especially as you expand? Would it ideally be through issuing more convertible notes or increasing the take rates to achieve cash flow positive status?

恭喜你們取得了不錯的成績，營收也實現了成長。我只有兩個問題。第一，這兩個問題都與現金狀況有關。我的意思是，鑑於您目前的現金狀況，我很想了解您是如何考慮籌集更多資金的，或者這如何與叫車業務的佣金率相平衡，尤其是在您擴張的情況下？理想情況下，是否應該透過發行更多可轉換債券或提高認購率來實現正現金流？

So we raised an additional convertible note financing of $23 million in April and that fully funds the growth of the business with even our existing take rate over the next 12 months. And therefore we're not looking to raise any additional capital for the foreseeable future.

因此，我們在 4 月籌集了 2,300 萬美元的額外可轉換票據融資，即使按照我們目前的收益率，這筆資金也足以在未來 12 個月內完全滿足業務成長的需求。因此，在可預見的未來，我們不打算籌集任何額外的資金。

We also expect sort of developments in the new cities that we've launched, whether in terms of scale, in terms of monetization, existing cities, and the incremental scale that they bring over time will also positively impact the cash position. So probably 6 to 12 months from now, we'll be having the discussions about what the right trade-off between additional fundraising and take rate will be. We'll have those discussions 6 to 12 months from now.

我們也預計，我們推出的新城市在規模、獲利能力、現有城市以及它們隨著時間的推移帶來的增量規模等方面的發展，也將對現金狀況產生積極影響。所以，大概在6到12個月後，我們將討論如何在額外的募款和資金使用率之間取得適當的平衡。我們將在6到12個月後進行這些討論。

This brings us to the end of the question-and-answer session. I would like to turn the floor back over to management for closing comments.

問答環節到此結束。我謹將發言權交還給管理階層，請他們作總結發言。

Thank you, everybody, for chiming in. Thanks for your questions. We look forward to seeing you next time.

謝謝大家的參與。謝謝你的提問。我們期待下次再見到您。

Thanks, guys. Talk to you next time. Goodbye.

謝謝各位。下次再聊。再見。

Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time, and enjoy the rest of your day.

女士們、先生們，今天的活動到此結束。現在您可以斷開線路或退出網路直播，享受一天剩下的時光。