Marti Technologies Inc (MRT) 2026 Q1 法說會逐字稿

Hello, everyone, and thank you for joining us for Marti Technologies first-quarter 2026 conference call. Before we begin, I'd like to mention that today's earnings release and earnings 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.

各位好，感謝各位參加 Marti Technologies 2026 年第一季財報電話會議。在開始之前，我想提及，今天的財報新聞稿與財報簡報已發布於 Marti 的投資人關係網站 ir.marti.tech；您也可在該網站找到我們向 SEC 提交的文件連結，以及其他關於 Marti 的資訊。

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.

今天與我一同出席電話會議的有 Marti 創辦人暨執行長 Oguz Alper Oktem，以及 Marti 共同創辦人、總裁暨營運長 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 earnings presentation contain forward-looking statements regarding our financial outlook, business plans, objectives, goals, strategies and other future events and developments, including statements about the market. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected.

在開始之前，我想提醒各位，本次電話會議以及今日財報新聞稿與隨附的財報簡報中所作的陳述，包含有關我們財務展望、業務計畫、目標、宗旨、策略及其他未來事件與發展（包括關於市場的陳述）的前瞻性陳述。這些前瞻性陳述受到風險與不確定性影響，可能導致實際結果與預測結果出現重大差異。

These risks and uncertainties include those described in our filings with the SEC, today's earnings release, and the accompanying earnings presentation and are based on current expectations and beliefs as of today, May 21, 2026.

這些風險與不確定性包括我們向 SEC 提交的文件、今日財報新聞稿以及隨附的財報簡報中所述者，並係基於截至今日（2026 年 5 月 21 日）的當前預期與信念。

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 substitution for our GAAP financial results. We use these non-GAAP measures in evaluating and managing Marti's business and believe they provide useful information for management and our investors. Reconciliations of the non-GAAP measures to the corresponding GAAP measures, where appropriate, can be found in today's earnings release and earnings presentation as well as in our filings with the SEC.

此外，我們今天的討論將提及若干補充性的非 GAAP 財務衡量指標；這些指標應與我們的 GAAP 財務結果一併考量，而非用以取代 GAAP 財務結果。我們在評估與管理 Marti 業務時使用這些非 GAAP 指標，並相信其能為管理團隊與投資人提供有用資訊。在適用情況下，非 GAAP 指標與相對應 GAAP 指標之調節表可見於今日財報新聞稿與財報簡報，以及我們向 SEC 提交的文件中。

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

接下來，我將把電話會議交給 Alper。

Thank you all for joining us today to Marti's first-quarter 2026 earnings call. We believe '26 is shaping up to be a defining year for Marti, the year when the scale we have built begins translating into sustained financial performance and profitability. Reflecting on this transition, we are moving to quarterly financial reporting beginning this year so that we can share our progress more frequently as the business continues to accelerate.

感謝各位今天參加 Marti 2026 年第一季財報電話會議。我們認為 2026 年正逐步成為 Marti 的關鍵一年——我們所建立的規模開始轉化為可持續的財務表現與獲利能力。為反映這一轉變，我們自今年起改採季度財務揭露，以便在業務持續加速之際，更頻繁地與各位分享我們的進展。

Our first quarter results provide strong early validation of our business strategy. We delivered triple-digit percentage revenue growth, a step change in gross margin, and adjusted EBITDA that is now near breakeven, all while continuing to expand our platform and services across the country. We have reached an important inflection point as it relates to our operating leverage.

我們第一季的結果，為我們的商業策略提供了強而有力的初步驗證。在持續於全國擴展平台與服務的同時，我們實現了營收三位數百分比成長、毛利率的躍升，以及調整後 EBITDA 目前已接近損益兩平。就營運槓桿而言，我們已到達一個重要的拐點。

The company continues to evolve into Turkey's leading mobility super app, offering 8 services and operating across 20 cities on a single integrated platform. These services include car, motorcycle and taxi ride-hailing, motorcycle and car delivery as well as our owned and operated e-bike, e-moped, and e-scooter fleet. During the first quarter, ride-hailing remained our primary growth engine, expanding strongly both in Istanbul and in newer markets as adoption growing geographically.

公司持續演進為土耳其領先的移動出行超級 App，在單一整合平台上提供 8 項服務，並於 20 座城市營運。這些服務包括汽車、機車與計程車叫車服務，機車與汽車配送服務，以及我們自有並營運的電動自行車（e-bike）、電動機車（e-moped）與電動滑板車（e-scooter）車隊。第一季期間，叫車服務仍是我們主要的成長引擎，無論在伊斯坦堡或較新的市場皆強勁擴張，且隨著採用度在地理上擴散而成長。

At the same time, we began to drive meaningful traction in our delivery service in Istanbul, demonstrating the power of leveraging our existing driver and consumer network to launch adjacent services efficiently. This traction is evident not just in demand from consumers, validating our position within the marketplace, but also in the response from our drivers who are embracing the new way to expand their revenue opportunity within our platform. We also expanded our two-wheeled electric vehicle footprint into two additional cities, leveraging a capital-efficient growth model that builds on the infrastructure already in place from our ride-hailing operations.

同時，我們開始在伊斯坦堡的配送服務上取得具體且有意義的進展，展現出運用既有司機與消費者網路，以高效率推出相鄰服務的力量。這股動能不僅體現在消費者需求上，驗證我們在市場中的定位，也反映在司機端的回應——他們正擁抱這種新方式，在我們的平台內擴大其收入機會。我們也將兩輪電動車業務版圖擴展至另外兩座城市，採用資本效率高的成長模式，並以我們叫車營運既有的基礎設施為依託。

This execution translated into strong financial performance. Revenue grew by 156% year over year to $15.4 million, reinforcing our confidence in achieving our '26 revenue guidance of $70 million.

上述執行帶來了強勁的財務表現。營收年增 156% 至 1,540 萬美元，進一步強化我們達成 2026 年營收指引 7,000 萬美元的信心。

Importantly, this growth is translating into profitability. Gross profit margin improved noticeably from 36.8% to 72%. Gross profit increased more than fourfold to $11.1 million. Adjusted EBITDA loss improved to near breakeven. This trajectory supports our '26 guidance target of $1 million of positive adjusted EBITDA. These results reflect what we believe is an important inflection point in Marti's operating model. We continue to make progress towards our near-term goals and, more importantly, building a long-term financial model focused on driving consistent profitability and cash generation.

更重要的是，這項成長正在轉化為獲利能力。毛利率由 36.8% 顯著提升至 72%。毛利增加逾四倍至 1,110 萬美元。調整後 EBITDA 虧損改善至接近損益兩平。此一走勢支持我們 2026 年指引目標：調整後 EBITDA 轉為正數 100 萬美元。我們認為，這些結果反映了 Marti 營運模式的一個重要拐點。我們持續朝近期目標推進，更重要的是，打造一個著重於穩定獲利與現金創造的長期財務模型。

Overall, we believe that our continued execution across platform monetization, geographic expansion, and multiservice integration is contributing to stronger financial performance and positioning the company to capture Turkey's large and emerging mobility opportunity with greater efficiency and resilience over time.

整體而言，我們相信，持續在平台變現、地理擴張與多服務整合上的執行，正促成更強勁的財務表現，並使公司能以更高效率與更強韌性，掌握土耳其龐大且正在成形的移動出行機會。

Our improving financial and operational results are centered in our leadership position in the market. We are the number one mobility app in Turkey across both iOS and Android platforms. We are also the only operator offering car and motorcycle hailing service at scale and the largest two-wheeler electric vehicle operator in the country, complemented by our on-demand delivery services.

我們財務與營運成果的改善，核心在於我們在市場中的領導地位。我們是土耳其 iOS 與 Android 平台上的第一大移動出行 App。我們也是唯一能以規模提供汽車與機車叫車服務的營運商，並且是全國最大的兩輪電動車營運商，並由我們的即時配送服務加以補強。

We have reached 176.4 million all-time trips and 7.8 million all-time unique platform consumers since our launch. Our ride-hailing service continues to scale rapidly and, as of March 31, '26 has reached 3.9 million all-time unique ride-hailing riders and 496,000 registered drivers. These metrics reflect the strength of our multiservice platform, combining our mobility and delivery and our ability to consistently scale both supply and demand in a highly dynamic market.

自上線以來，我們累計已達 1.764 億次行程與 780 萬名累計不重複平台消費者。我們的叫車服務持續快速擴張，截至 2026 年 3 月 31 日，累計不重複叫車乘客達 390 萬人，註冊司機達 49.6 萬人。這些指標反映我們多服務平台的實力，結合移動出行與配送，並展現我們在高度動態的市場中，持續擴大供給與需求兩端的能力。

Although we are the youngest player in Turkey's urban mobility market, we are the clear market leader here. Globally, mobility markets are typically led by local champions who benefit from deep operational expertise, regulatory alignment, and strong brand trust. Turkey is following this path with four of the five leading mobility apps operated by local companies. Today, Marti operates in 20 cities, representing approximately 80% of the country's GDP, giving us the scale and the reach to become the default mobility platform nationwide.

儘管我們是土耳其城市移動出行市場中最年輕的參與者，但我們在此已是明確的市場領導者。在全球範圍內，移動出行市場通常由在地冠軍領導，受益於深厚的營運專業、法規一致性以及強大的品牌信任。土耳其也正沿著這條路徑發展，前五大移動出行 App 中有四個由本土公司營運。目前 Marti 在 20 座城市營運，覆蓋約占全國 GDP 的 80%，使我們具備規模與觸及範圍，有望成為全國預設的移動出行平台。

Increasingly, we are the option that consumers look to first, and we continue to add capabilities and offerings to serve consumers and make life in major cities across the country easier. Turkey has some of the most densely populated cities in Europe with significant systemic challenges in mobility. This impacts day-to-day life for millions of consumers, and we believe our platform is well positioned to help directly address these needs in meaningful ways.

我們愈來愈成為消費者優先考慮的選擇，並持續新增功能與服務，以服務消費者，讓全國主要城市的生活更便利。土耳其擁有歐洲人口密度最高的一些城市，且在移動出行方面存在顯著的系統性挑戰。這影響數百萬消費者的日常生活，而我們相信，我們的平台具備良好定位，能以有意義的方式直接協助解決這些需求。

During the first quarter of this year, our operating metrics continue to demonstrate the strength of Marti's integrated multiservice platform. Unique platform consumers increased 89% year over year to 2.1 million, reflecting continued growth in consumer adoption across our expanding and diversifying platform services.

在今年第一季，我們的營運指標持續展現 Marti 整合式多服務平台的實力。不重複平台消費者年增 89% 至 210 萬人，反映消費者在我們持續擴張且日益多元的平台服務上的採用度持續成長。

At the same time, trips increased even faster, growing 93% year over year to 16.2 million trips total. We believe these network effects are an important driver of long-term growth and operating leverage. Our ride-hailing service continues to be the primary driver of all overall platform growth and consumer acquisition, consistently outperforming our internal growth targets through strong operational execution, expanding network density, and ongoing platform improvements.

同時，行程數成長更快，年增 93% 至總計 1,620 萬趟。我們相信，這些網路效應是長期成長與營運槓桿的重要驅動因素。我們的叫車服務仍是整體平台成長與消費者獲取的主要推動力，憑藉強勁的營運執行、網路密度提升與持續的平台改善，持續超越我們內部的成長目標。

As of March 31 of this year, all-time unique ride-hailing riders grew by 101% year over year from 1.9 million to 3.9 million and all-time registered ride-hailing drivers grew by 70% year over year from 292,000 to 496,000. This continued growth reflects the strong scaling trajectory of our ride-hailing marketplace over the last several years.

截至今年 3 月 31 日，累計不重複叫車乘客年增 101%，由 190 萬人增至 390 萬人；累計註冊叫車司機年增 70%，由 29.2 萬人增至 49.6 萬人。這項持續成長反映我們叫車市場在過去數年強勁的規模化軌跡。

Between '23 and '25, all-time unique ride-hailing riders increased with a compound annual growth rate of 161%, while all-time registered ride-hailing drivers increased with a compound annual growth rate of 105%.

在 2023 年至 2025 年期間，累計不重複叫車乘客數以 161% 的複合年成長率增加，而累計註冊叫車司機數以 105% 的複合年成長率增加。

Building on this momentum, we have set new higher targets going forward. Our targets for June 30, 2026, are 4.3 million all-time ride-hailing riders and 530,000 registered ride-hailing drivers. We believe these higher targets reflect our ability to continue scaling both demand and supply while improving network density and platform efficiency.

在此動能基礎上，我們已為未來設定更高的新目標。我們對 2026 年 6 月 30 日的目標為：累計叫車乘客 430 萬人，以及 53 萬名註冊叫車司機。我們相信，這些更高的目標反映了我們在提升網路密度與平台效率的同時，持續擴大需求與供給兩端規模的能力。

Following the launch of our dynamic pricing model in 2025, our automated dynamic pricing model is now live across all cities, while our new and enhanced matching algorithm is currently live across more than half of our operating footprint. Both initiatives were designed to improve service efficiency and strengthen rider and driver satisfaction.

在 2025 年推出動態定價模型後，我們的自動化動態定價模型現已在所有城市上線，而我們全新且強化的配對演算法目前已在超過一半的營運版圖上線。這兩項措施皆旨在提升服務效率，並強化乘客與司機的滿意度。

Following the strong growth of our ride-hailing marketplace, we're also beginning to see encouraging momentum in the expansion of our delivery services. Although deliveries were only launched in Istanbul during the fourth quarter of last year, both consumer and driver adoption continued to accelerate throughout the first quarter of this year. Our ride-hailing ecosystem continues to serve as the foundation for scaling new services efficiently. Existing market consumers are increasingly adopting additional services on the platform, while our established driver network is enabling us to expand delivery operations with limited incremental infrastructure requirements.

在叫車市場強勁成長之後，我們也開始看到外送服務擴張的令人鼓舞動能。儘管外送僅於去年第四季在伊斯坦堡推出，但消費者與司機的採用在今年第一季持續加速。我們的叫車生態系仍是高效率擴展新服務的基礎。既有市場的消費者愈來愈多在平台上採用額外服務，而我們既有的司機網路使我們能在新增基礎設施需求有限的情況下擴大外送營運。

On the consumer side, we are seeing strong cross-service engagement across the platform. Approximately 33% of car hailing consumers and 82% of motorcycle hailing consumers use these services after first engaging with other market service. In addition, 14% of car hailing consumers and 73% of motorcycle hailing consumers subsequently adopted additional services within the Marti platform.

在消費者端，我們看到平台上跨服務互動表現強勁。約 33% 的汽車叫車消費者與 82% 的機車叫車消費者，是在先使用其他市場服務後才開始使用這些服務。此外，14% 的汽車叫車消費者與 73% 的機車叫車消費者，之後在 Marti 平台上採用了額外服務。

Multiservice engagement also continues to drive strong platform economics. During the first quarter of this year, trips per consumer were 2.8 times higher and revenue per consumer was 2.3 times higher for multiservice consumers compared to single service consumers. We believe this reflects the growing utility and stickiness of our integrated multiservice platform.

多服務互動也持續帶動強勁的平台經濟效益。在今年第一季，多服務消費者的每位消費者行程數為單一服務消費者的 2.8 倍，而每位消費者收入為 2.3 倍。我們相信，這反映了我們整合式多服務平台的效用與黏著度持續提升。

On the supply side, adoption of our delivery service by drivers has accelerated quickly even though the service has been live for only about six months. As of the first quarter of this year, 51% of motorcycle hailing drivers and 23% of car hailing drivers had completed delivery trips. Similarly, multiservice drivers completed significantly more trips than single-service drivers, with trips for motorcycle drivers 2.3 times higher and trips per car driver 2.5 times higher.

在供給端，儘管外送服務上線僅約六個月，司機對外送服務的採用仍快速加速。截至今年第一季，51% 的機車叫車司機與 23% 的汽車叫車司機已完成外送行程。同樣地，多服務司機完成的行程數顯著高於單一服務司機，其中機車司機的行程數高出 2.3 倍，而每位汽車司機的行程數高出 2.5 倍。

We believe this demonstrates the flexibility of our driver base and the operational benefits of leveraging an already scaled mobility network to launch adjacent services. Overall, we believe these trends validate our strategy of building an integrated mobility platform where ride-hailing drives initial scale and network formation, while additional services such as delivery further increase engagement and utilization across our platform.

我們相信，這顯示了司機群體的彈性，以及運用已具規模的移動出行網路來推出相鄰服務所帶來的營運效益。整體而言，我們認為這些趨勢驗證了我們打造整合式移動出行平台的策略：由叫車帶動初期規模與網路形成，而外送等附加服務則進一步提升平台整體的互動與使用率。

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

接下來我想把時間交給我的夥伴 Cankut，為大家說明我們的財務表現。

Thank you, Oguz. Our first quarter results reflect the operating leverage inherent in our platform model. We increased our quarterly trips 93% and the number of unique platform consumers who used our services at least once, 89% year over year. Trips per unique platform consumer rose to 7.9, reflecting improved service availability and cross-service platform usage.

謝謝你，Oguz。我們第一季的結果反映了平台模式所固有的營運槓桿。我們的季度行程數年增 93%，而至少使用過我們服務一次的獨特平台消費者數年增 89%。每位獨特平台消費者的行程數提升至 7.9，反映服務可得性改善以及跨服務的平台使用增加。

This was primarily driven by an increasing number of ride-hailing trips and consumers as a result of higher usage in our existing cities, new city launches, improved service availability, and growing cross-service adoption on our platform. We outperformed our quarterly operational targets for both all-time unique ride-hailing riders and registered ride-hailing drivers in the first quarter of the year with riders increasing 101% and drivers growing 70% year over year.

這主要由叫車行程與消費者數增加所帶動，原因包括既有城市使用率提升、新城市上線、服務可得性改善，以及平台上跨服務採用持續成長。在今年第一季，我們在累計不重複叫車乘客與註冊叫車司機兩項季度營運目標上均超標，乘客年增 101%，司機年增 70%。

As a result of the gradual decommissioning of our two-wheeled electric vehicle fleet, our number of average daily two-wheeled electric vehicles deployed decreased from 25,500 to 20,400 in the first quarter of 2026. On the financial side, revenue more than doubled year over year, while costs grew only modestly, driving a significant expansion in gross margin and bringing adjusted EBITDA to near breakeven.

由於我們逐步汰除兩輪電動車車隊，2026 年第一季我們每日平均投放的兩輪電動車數量由 25,500 輛降至 20,400 輛。在財務方面，營收年增逾一倍，而成本僅小幅成長，推動毛利率顯著擴張，並使調整後 EBITDA 接近損益兩平。

I'm now going to go into the details of our revenue and cost of revenue figures. Revenue more than doubled to $15.4 million in the first quarter of 2026. This represents 156% year-over-year increase, approximately 4 times higher than our 2023 to 2025 revenue CAGR of 40%. This strong growth was primarily driven by the continued success of our platform subscription package monetization, increasing trips and unique platform consumers.

接下來我將說明營收與營收成本的細項。2026 年第一季營收年增逾一倍至 1,540 萬美元。這代表年增 156%，約為我們 2023 至 2025 年營收 40% 複合年成長率的 4 倍。這項強勁成長主要來自我們平台訂閱方案變現的持續成功，以及行程數與獨特平台消費者數的增加。

Cost of revenues increased just 14% to $4.3 million, significantly lagging our revenue growth rate. This reflects higher business volume across the platform, partially offset by a decrease in depreciation and amortization expenses. As a percentage of revenue, cost of revenues declined sharply from 63% in the first quarter of 2025 to just 28% in the first quarter of 2026. As a result, our gross profit increased more than 400% year over year from $2.2 million to $11.1 million quarterly, representing $8.9 million of improvement.

營收成本僅增加 14% 至 430 萬美元，明顯落後於營收成長速度。這反映平台整體業務量提升，部分被折舊與攤銷費用下降所抵銷。以營收百分比計，營收成本由 2025 年第一季的 63% 大幅降至 2026 年第一季的 28%。因此，我們的毛利年增逾 400%，季度毛利由 220 萬美元增至 1,110 萬美元，改善 890 萬美元。

Our gross profit margin expanded to 72% in the first quarter of 2026, up from 37% in the first quarter of 2025. This reflects the strong monetization of our platform and improving unit economics at scale. Adjusted EBITDA improved by $3.1 million year over year, narrowing from negative $3.6 million in Q1 2025 to negative $0.5 million in Q1 2026. Our adjusted EBITDA margin improved from negative 60% to negative 3%, representing a significant improvement of 57 percentage points year over year.

2026 年第一季毛利率擴張至 72%，高於 2025 年第一季的 37%。這反映我們平台強勁的變現能力，以及在規模化下單位經濟效益的改善。調整後 EBITDA 年增改善 310 萬美元，由 2025 年第一季的負 360 萬美元收斂至 2026 年第一季的負 50 萬美元。調整後 EBITDA 利潤率由負 60% 改善至負 3%，年增改善 57 個百分點。

Based on our first quarter performance and continued operational momentum, we remain confident in our full-year 2026 guidance of $70 million in revenue and $1 million of positive adjusted EBITDA. Our revenue of $15.4 million already represents 22% of our full year revenue guidance. In contrast, our first quarter 2025 revenue of $6 million represented 15% of our 2025 full year revenue.

基於第一季表現與持續的營運動能，我們仍對 2026 全年指引保持信心：營收 7,000 萬美元，以及調整後 EBITDA 為正 100 萬美元。我們 1,540 萬美元的營收已占全年營收指引的 22%。相較之下，我們 2025 年第一季 600 萬美元的營收占 2025 全年營收的 15%。

In addition, as of the first quarter, we've already achieved $9.4 million of the total $30.8 million revenue increase that we expect for the full year. Our adjusted EBITDA of negative $0.5 million in the first quarter represents a $3.1 million year-over-year improvement. This is 24% of the $13.1 million total full year improvement necessary to reach our 2026 full year guidance. So we remain confident in both the revenue and adjusted EBITDA guidance that we've set for the year.

此外，截至第一季，我們已達成全年預期 3,080 萬美元營收增量中的 940 萬美元。第一季調整後 EBITDA 為負 50 萬美元，較去年同期改善 310 萬美元。這相當於為達成 2026 全年指引所需 1,310 萬美元全年總改善的 24%。因此，我們對今年所設定的營收與調整後 EBITDA 指引仍保持信心。

The guidance reflects the continued execution of our strategy, the scaling of ride-hailing across our 20-city footprint, the growing adoption of our delivery services, disciplined cost management, and the build-out of product capabilities to support a larger and more complex operational platform.

該指引反映我們策略的持續執行、在 20 個城市版圖中擴大叫車規模、外送服務採用率提升、嚴謹的成本管理，以及產品能力的建置，以支援更大且更複雜的營運平台。

Thank you for participating today, and we'd be glad to address any questions.

感謝各位今天的參與，我們也很樂意回答任何問題。

(Operator Instructions) Jack Halpert, Cantor Fitzgerald.

(接線員指示) Jack Halpert，Cantor Fitzgerald。

I just have two, please. So one on the top line and monetization specifically. Can you just talk about where you stand on the monetization of new markets? And how much of the growth for the rest of the year is expected to come from kind of turning on new market monetization versus just deepening the monetization and usage metrics in current markets?

我只有兩個問題，麻煩。第一個是關於最上面那條線，也就是變現（monetization）這一塊。你能談談你們在新市場變現方面目前的進展嗎？以及今年剩餘時間的成長，有多少預期來自於啟動新市場的變現，相較於在既有市場加深變現與使用指標？

And then I'll just squeeze the second one in here really quickly on the two-wheeled strategy. So obviously, you expanded into two additional cities during the quarter. I know you previously indicated that you were looking into the kind of long-term strategy here. Has anything changed in your longer-term view of where two-wheeled fits into the overall business strategy?

然後我再很快補問第二個，關於兩輪車策略。很明顯你們在本季擴展到另外兩個城市。我知道你們先前提到正在研究這裡的長期策略。你們對兩輪車在整體業務策略中的定位，長期看法有任何改變嗎？

Thanks, Jack, for the questions. I'll address the first one and hand it over to Alper for the second. So on the monetization, we are currently monetizing all of the existing cities that we foresee monetizing in 2026. So the revenue forecast for the year assumes no further monetization beyond the existing cities.

謝謝你，Jack，提出這些問題。我先回答第一個，第二個我再交給 Alper。關於變現，我們目前已對所有我們預期在 2026 年會進行變現的既有城市完成變現。因此，今年的營收預測是假設不會在既有城市之外再進一步新增變現。

It also does not assume any increase in the rate of monetization across our existing cities. It is purely a function of volume growth. Any additional cities that we would monetize, as well as any potential increases in the take rate at which we monetize, would be upside relative to the revenue forecast that we've shared so far.

同時也沒有假設我們在既有城市的變現率（take rate）會提高。這完全是由交易量成長所驅動。任何我們可能新增變現的城市，以及任何可能提高變現抽成率的情況，相對於我們目前分享的營收預測，都會是上行空間。

I'll comment on the two-wheeled strategy. Well, as I've told in detail, being a multiservice platform benefits us immensely, both because users that use more than one service on our platform have higher usership, which then reflects into better metrics per user, but also it is important as a gateway into our platform.

我來談談兩輪車策略。如我先前詳細說明，作為多服務平台對我們有極大助益：一方面，使用我們平台上不只一項服務的用戶，其使用黏著度更高，進而反映為更好的單一用戶指標；另一方面，它也很重要，因為它是進入我們平台的入口。

So two-wheeled electric vehicles are billboards themselves on the streets, people can engage with them. They are really easy to rent and download the app. You can scan the QR code. And it is actually much cheaper and a much more efficient method of user acquisition than digital marketing per se.

因此，兩輪電動車本身就是街頭的廣告看板，人們可以與它互動。租用非常容易，也很容易下載 App。你可以掃描 QR code。而且相較於數位行銷本身，這其實是更便宜、也更有效率的獲客方式。

So we enjoy having our two-wheeled vehicle fleet on the streets of Istanbul and other cities because it helps consumers that did not know what Marti was or was not familiar with our services to just start engaging with our platform and then move into other and more profitable dimensions for us such as ride-hailing. The number of people who have ridden an e-scooter, e-moped, e-bike, that then have used our ride-hailing services is actually quite high, and we plan to expand as much as possible, building on the ease of user acquisition through this method.

因此，我們很樂於讓兩輪車隊在伊斯坦堡及其他城市的街頭運行，因為這能幫助原本不知道 Marti、或不熟悉我們服務的消費者開始與我們的平台互動，接著再轉向對我們而言其他更有利潤的業務面向，例如叫車服務。實際上，曾經騎過電動滑板車、電動機車（e-moped）、電動自行車的人，之後也使用我們叫車服務的比例相當高；我們計畫盡可能擴張，延續透過這種方式輕鬆獲客的優勢。

(Operator Instructions) Dick Ryan, Oak Ridge Financial.

(接線員指示) Dick Ryan，Oak Ridge Financial。

Congratulations on a very strong quarter. And also moving to quarterly financial reporting, I think that improves the transparency significantly in your story. Cankut, on the -- starting off, gross profit, very strong at 72%. What's the sustainability of that?

恭喜你們本季表現非常強勁。另外也恭喜改為按季財務揭露，我認為這大幅提升了你們故事的透明度。Cankut，先從毛利開始，72% 非常強。這樣的水準可持續性如何？

That's significantly higher than what we were looking at. And I know you've got labor costs and insurance working in your favor. What else was the kickers for the gross profit margin improvement? And how sustainable is that?

這顯著高於我們原先的預期。我知道你們在人力成本與保險方面有利多。還有哪些因素推動毛利率改善？而這樣的改善有多可持續？

Yeah. Thanks, Dick. So the main reason for the year-over-year gross margin improvement is that our monetization commenced in the fourth quarter of 2024. And therefore, in the first quarter of 2025, both from a number of cities monetized as well as from take rate level, it was still in its early stages. And I believe the full-year 2025 gross profit margin was around 61%. And as of the first quarter of this year, we've seen a continued increase in that to 72%.

是的。謝謝你，Dick。年對年毛利率改善的主要原因，是我們在 2024 年第四季開始啟動變現。因此在 2025 年第一季，無論是已變現城市的數量，或是抽成率水準，都仍處於早期階段。我記得 2025 全年毛利率大約是 61%。而截至今年第一季，我們看到毛利率持續提升至 72%。

Do we foresee additional marginal increases? Possibly. However, once you start getting to 70%, 80% gross margins in what is and sort of online-to-offline business like where there are certain variable costs, the ones that you alluded to, right, labor costs being a major one, insurance costs being another one.

我們是否預期還會有進一步的邊際提升？有可能。不過，一旦你開始進入 70%、80% 的毛利率區間，對於這種線上到線下（online-to-offline）的業務而言，仍然存在一些變動成本，也就是你提到的那些：例如人力成本是一大項，保險成本也是另一項。

Even though Turkey does have advantages in both of those cost dimensions relative to other international ride-hailing firms, in terms of, one, the sort of relatively lower labor cost as a ratio of the revenue per trip and also as a result of the lower incidence of insurance costs, those costs do exist. And therefore, there is going to be a ceiling, not too far different from the 70%, 80% figures that we are already approaching in terms of the gross profit margins that we can operate with.

儘管相較於其他國際叫車公司，土耳其在這兩個成本面向確實有優勢：第一，勞動成本相對於每趟行程收入的比率較低；第二，保險成本發生率也較低；但這些成本仍然存在。因此，我們可運作的毛利率會有一個上限，且不會與我們目前已接近的 70%～80% 水準相差太遠。

Okay. Great. Thank you. One more. On the number of trips, it was down sequentially from the fourth quarter, obviously, up 90%-some year over year. Is there seasonality that now that we can start seeing some quarterly progressions? Or why did we see the little dip in trips from Q4 to Q1?

好的。很好。謝謝。再一個問題。行程數相較第四季呈現季減，當然年增約 90% 多。現在既然可以開始觀察季度變化，是否存在季節性？或者為什麼我們會看到從 Q4 到 Q1 行程數有小幅下滑？

That's right. So the ride-hailing business globally is one where different cities and different countries exhibit different seasonality. So what we've seen is that in some countries and cities, you see faster growth in the summer months. In other countries and cities, you see faster growth in the winter months.

沒錯。全球的叫車業務在不同城市、不同國家會呈現不同的季節性。我們看到在某些國家與城市，夏季月份成長更快。而在其他國家與城市，冬季月份成長更快。

Each year, in Turkey, what we've seen is that the summer months are when most of the growth takes place. And if you look at this chart as well, right, what you'll see is that from Q4 2024 to Q1 of 2025, there was actually a small decline in trips, but that did not come at the expense of the 2x year-over-year growth. And we're seeing the same, right, this year as well in the winter months from Q4 2025 to Q1 2026, there was a relatively smaller decline than in the winter of bridging 2024 to 2025, but the growth and the year-over-year growth metrics and our forecast remain intact.

在土耳其，我們每年觀察到夏季月份是大部分成長發生的時期。如果你也看這張圖，你會看到從 2024 年 Q4 到 2025 年 Q1，行程數其實有小幅下降，但這並未影響年對年 2 倍的成長。今年我們也看到同樣情況：在冬季月份，從 2025 年 Q4 到 2026 年 Q1 的下降幅度相對小於 2024 到 2025 跨年的那個冬季，但成長、年對年成長指標以及我們的預測仍維持不變。

Obviously, Turkey is in the Northern Hemisphere with a moderate Mediterranean climate. So you see these patterns in countries that are like Turkey, weather-wise, like Italy, France, Spain, Greece, et cetera. Summer months, especially the beginning of summer is a big growth period for us.

很明顯，土耳其位於北半球，屬於溫和的地中海型氣候。因此你會在天氣條件類似土耳其的國家看到這些模式，例如義大利、法國、西班牙、希臘等等。夏季月份，尤其是初夏，對我們而言是很重要的成長期。

Also year-to-year changes in rain patterns really affect us. For example, over the past two years, winter started late and ended late. As a result, months of November and December were better than expected, but months of like March and April were worse than expected. So it changes every year, but the pattern is pretty similar all the time.

另外，每年降雨型態的變化也會對我們造成很大影響。例如過去兩年，冬季開始得晚、結束也晚。因此，11 月與 12 月表現優於預期，但像 3 月與 4 月則低於預期。所以每年都會變，但整體模式一直都相當類似。

Ladies and gentlemen, that brings us to the end of today's question-and-answer session. We would like to thank everyone for their participation and interest in Marti. 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.

各位女士先生，以上是今天問答環節的結束。我們感謝各位參與並對 Marti 的關注。今天的活動到此結束。此刻您可以掛斷電話或登出網路直播，祝您今天剩餘時間愉快。