Marti’s Ride-Hailing Service Reaches Over 925,000 Riders and Over 155,000 Registered Drivers, Exceeding June 30, 2024 Targets a Month and a Half Earlier Than Planned

Marti Technologies, Inc. (“Marti” or the “Company”) (NYSE American: MRT), Türkiye’s leading mobility super app and only multi-modal urban mobility provider, announced today that as of May 20, 2024, Marti’s ride-hailing service has reached over 925,000 riders and over 155,000 registered drivers. These figures have already exceeded the June 30, 2024 targets of 900,000 riders and 155,000 registered drivers and have been achieved a month and a half earlier than planned.

Marti’s number of ride-hailing riders grew 86% from December 31, 2023 to May 20, 2024. The number of registered drivers grew 46% during the same time period. The fast growth in both the rider and driver sides of Marti’s ride-hailing marketplace demonstrates the strong need for the service across Türkiye. The service intends to provide readily available, safe, and affordable rides for riders, while providing economic opportunities for drivers across the income spectrum.

Encouraged by the growth in its rider and driver bases of its ride-hailing business, Marti is increasing its June 30, 2024 targets from 900,000 to 1,000,000 riders and from 155,000 to 165,000 registered drivers.

Of Marti’s over 155,000 registered drivers, over 130,000 are in Türkiye’s largest city, Istanbul. This is in contrast to 19,845 taxis serving the city. With 6.6 times as many registered drivers as taxis serving the city of Istanbul, Marti is able to offer widespread availability across the city. Furthermore, Marti’s drivers undergo formal background checks before acceptance onto the service, thereby contributing to rider safety. The average rating of Marti’s ride-hailing drivers by riders is 4.8 out of 5 stars.

Marti currently does not enable online payment for the service over its app, or charge a fee for the service.

McKinsey & Company, a consultancy group, estimates the taxi market size in Türkiye at $9 billion to $12 billion as of 2021. Further, under the “Disruptive Scenario 2030”, ride-hailing is expected to increase the size of the taxi market by offering cheaper and more convenient rides. McKinsey & Company estimates the potential size of the Turkish ride-hailing market in 2030 at $15 billion to $20 billion^(*).

^(*) Expectations and targets are not necessarily indicative of future attainment.

About Marti:

Founded in 2018, Marti is Türkiye’s leading mobility app, offering multiple transportation services to its riders. Marti operates a ride-hailing service that matches riders with car, motorcycle, and taxi drivers, and operates a large fleet of rental e-mopeds, e-bikes, and e-scooters. All of Marti’s offerings are serviced by proprietary software systems and IoT infrastructure. For more information, visit www.marti.tech.