マルティ・テクノロジーズ（MRT）2026年第2四半期決算説明会：EBITDA黒字化とガイダンス引き上げ

Marti Technologies（NYSE American: MRT）は、2026年第2四半期に売上高が大幅に増加し、初の四半期調整後EBITDA黒字化を達成したと発表しました。配車サービスの利用が増加し、売上総利益率が過去最高に達するとともに、コストの伸びが売上高の伸びを下回ったことから、経営陣は通期見通しを上方修正しました。

主なポイント

• 2026年第2四半期の売上高は前年同期比141%増の約2,000万ドルとなり、プラットフォームのサブスクリプションパッケージのマネタイズ、配車回数の増加、プラットフォームのユニーク利用者の拡大が牽引しました。
• 売上原価の増加が32%にとどまったことで、売上総利益は前年同期比223%増加し、売上総利益率は57%から過去最高の77%へ拡大しました。
• 調整後EBITDAは前年同期の240万ドルの赤字から530万ドル改善し、290万ドルの黒字となりました。調整後EBITDA利益率は43ポイント上昇して15%となりました。
• 配車回数は73%増の1,880万回、プラットフォームのユニーク利用者は76%増の240万人に達しました。ユニーク利用者あたりの利用回数は7.9回とおおかた安定して推移しました。
• Martiは、2026年度の売上高見通しを8,500万ドル、調整後EBITDA見通しを700万ドルの黒字に上方修正しました。
• 6月30日時点で、配車ネットワークの累計乗車人数は440万人、登録ドライバー数は54万4,000人に達し、事業展開エリアはトルコのGDPの約85%を占める30都市に拡大しました。

主要財務データ

人件費の売上高比率は前年同期の16.5%から7.6%に低下しました。減価償却費および償却費は8.5%から2.6%に、オペレーティング・リース費用は4.2%から1.3%に減少しました。売上原価全体では、売上高比率が43%から23%に低下しました。

事業・オペレーション実績

配車サービスは引き続きMartiの主要な成長および顧客獲得の推進力となっています。配車サービスの累計ユニーク乗車人数は前年同期比95%増の440万人に達し、登録ドライバー数は68%増の54万4,000人に増加しました。

経営陣は次四半期の事業目標として、配車サービスの累計乗車人数490万人、登録ドライバー数58万件を設定しました。新都市での展開は重要な利用量増加の原動力ですが、Martiが現在マネタイズを行っているのは事業展開中の30都市のうち7都市にとどまります。経営陣によると、国全体でのテイクレートは10%台半ばを維持しています。

クロスサービスの利用もプラットフォームを強化しました。複数回利用した顧客のうち、バイク配車利用者の82%と乗用車配車利用者の31%は、当初他のマーケットプレイスサービスを利用した後にこれらのサービスを利用し始めました。供給面では、当四半期中にバイク配車ドライバーの55%と乗用車ドライバーの22%が配送業務も完了しました。

Martiは資本効率を向上させるため、配備している2輪電動モビリティの車両台数の削減を継続しました。1日平均配備台数は、2025年第2四半期の2万4,100台から2万900台に減少しました。

同社はまた、ダイナミックプライシング、パフォーマンスマーケティング、クリエイティブコンテンツ制作にAIを活用しています。経営陣は、チーム規模を拡大することなく効率性を高め、実証実験を促進することが目的であると説明しました。

経営陣の見通し（ガイダンス）

Martiは2026年度の売上高見通しを8,500万ドルに上方修正しました。これは前年比117%の成長に相当します。上半期の売上高3,540万ドルは、修正後の通期目標の42%に相当します。

経営陣はまた、2026年度の調整後EBITDA見通しを700万ドルの黒字に引き上げました。同社によると、この目標は売上総利益率が現在の水準付近にとどまると仮定した上で、追加の固定費投資を行う余地を残しているとのことです。

売上高予測には、新しく開設された都市でのマネタイズの仮定は含まれていません。経営陣は配車回数の増加が主な推進力になると予想しており、最も新しい10都市でのマネタイズ開始は早くても2027年以降になる見込みであると述べています。

第4四半期について、過去の季節要因が継続する場合、成長ペースは第3四半期よりも緩やかになる可能性がありますが、経営陣は継続的な成長を見込んでいます。それでもなお、配車回数の増加がおおかた売上高の増加につながると予想しています。

リスクと注視すべき事項

• 経営陣は、Martiのオフラインオペレーション部門が変動費を発生させ、それが売上総利益率の上限となっていると述べました。当面の間は80%前後の利益率が維持可能と考えているものの、競合状況がその見通しに影響を与える可能性があります。
• 配車サービスの成長は、夏場に比べて冬場に減速するのが一般的ですが、経営陣はこの季節的要因の期間中も事業は成長を続けると予想しています。
• 自動運転車両の導入は、トルコで技術が安全に機能することを証明すること、車両の供給を確保すること、および規制要件を満たすことに依存しています。
• MartiはTensorやその他の自動運転車両プロバイダーと提携していますが、技術とオペレーションモデルが検証されるまでは、大規模な資金調達や合弁事業への投資を確約していません。
• 資本配分は引き続き成長を重視しています。経営陣は、最大250万ドルの自社株買いプログラムを維持しつつ、新都市での開設、乗手およびドライバーの獲得、ならびに再活性化を優先事項として挙げています。

アナリスト質疑応答の要点

売上総利益率について、経営陣は第1四半期の72%から第2四半期の77%への上昇は、Martiがまだ上限に達していないことを示していると述べました。競合状況や物理的オペレーションの変動費に依存するものの、80%前後の水準は維持可能であると見なしています。

EBITDA見通しの上方修正について、経営陣は第2四半期単体で290万ドルの調整後EBITDAを創出したことに言及しました。今後の2四半期でその四半期水準を維持できればさらに約600万ドルが寄与し、四半期ベースのさらなる改善がなくても通期目標の700万ドルを裏付けることができると述べました。

都市のマネタイズに関して、Martiは短期的な収益の回収よりもマーケットプレイスの成長を優先していると述べました。イスタンブールではサービス開始から2年以上経過した後にマネタイズが始まりましたが、経営陣は自社の運用経験により、より新しい都市ではより迅速に成熟する可能性があると考えています。

自動運転モビリティに関して、経営陣は車両の利用可能性と資本要件が主要な制約要因であると位置付けました。Martiは複数の技術および車両サプライヤーと連携しながら、利用者の需要、オペレーション、修理およびメンテナンス機能を提供する方針です。

2027年に向けて、経営陣は自動運転車両の進展と並行して、配車サービスの利用拡大、ドライバーの増加、利用者の増加、および売上高の拡大が優先事項であると述べました。

決算説明会文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Hello, everyone, and thank you for joining us for the Marti Technologies Second Quarter 2026 Conference Call. Before we begin, I would 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.

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

The 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 and strategies and other future events and developments, including statements about the market. These forward-looking statements are subject to risks and uncertainties that could 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 earnings presentation and are based on current expectations and beliefs as of today, August 19, 2026.

In addition, our discussion today will include reference to certain supplemental non-GAAP financial measures, which should be considered in addition to and not 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 for management and our investors.

Beginning with the quarter ended June 30, 2026, we revised our calculation of adjusted EBITDA and prior period amounts have been revised to conform with the current presentation. Reconciliations of non-GAAP measures to the corresponding GAAP measures, where appropriate, together with the description of this revision can be found in our earnings release and earnings presentation as well as our filings with the SEC.

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

Oguz Oktem

Hello, everyone, for joining us today for Marti's second quarter 2026 Earnings Call. The second quarter marked an inflection for the company. We continue to deliver strong growth while achieving positive adjusted EBITDA for the first half. These results reflect that scale is increasingly translating into profitability. From the beginning, our strategy has been straightforward, build the largest and most engaged mobility network in Turkey and leverage the network to expand into adjacent services with attractive economics.

Our second quarter results demonstrate continued progress in executing this strategy. During this quarter, we continued strengthening the foundation for long-term profitable growth. Ride-hailing remains a strong growth engine across our 20-city footprint, which we have since expanded into 3 cities in Q3 with strong performance in both assemble and non-assemble markets. At the same time, delivery adaptation continued to accelerate in among both consumers and drivers, reinforcing our established ride-hailing network to efficiently expand into adjacent services. The result is higher engagement, better driver utilization and strong economics.

Looking ahead, we are also advancing our autonomous mobility strategy in the country. We're building autonomous vehicle lines to bring together autonomous vehicle technology and vehicle providers with Marti leveraging the platform, rider demand and operational infrastructure. The first strategic step into the strategy, we entered into a multiyear partnership with Tensor to deploy autonomous vehicles on the Marti platform while engaging with additional technology and vehicle providers. Strong execution into strong financial results.

Revenue increased 141% year-over-year to nearly $20 million, while gross profit more than tripled to over $5 million. Gross profit margin expanded to a record 77%, reflecting improved unit economics and operating leverage. Most importantly, adjusted EBITDA turned positive at $2.9 million and a $5.3 million improvement from the prior year quarter. This milestone demonstrates the operating leverage of our marketplace model and reflects the earnings power of our business as it continues to scale. Based on our first half performance and current momentum, we increased our fiscal year 2026 guidance to $85 million in revenue and a positive $7 million in adjusted EBITDA.

The increased outlook reflects accelerating demand across our expanding addressable markets throughout the country, higher gross margins and continued progress towards long-term profitable growth. We are the #1 mobility app in the country across both iOS and Android, the only operator offering both car and motorcycle hailing services at scale, which we complement via our large 2-wheel electric vehicle fleet and our on-demand delivery services. Since launch, consumers have completed 195 million trips through our platform and 8.3 million unique platform consumers have used at least one of our services. Our ride-hailing marketplace continues to expand rapidly. As of June 30, we had reached 4.4 million all-time ride-hailing riders and built a network of 544,000 registered drivers.

These metrics highlight of our platform seamlessly combining mobility and our ability to scale both supply and demand in a highly dynamic market. Marti emerged as 3 leading urban mobility platform, scale, brand recognition and operations create meaningful competitive advantages as we continue expanding our services. Globally, mobility are led by local champions who benefit from deep operational expertise and strong brand trust. is no exception with 4 of the 5 leading mobility apps operated in the country by local companies.

Today, Marti is [indiscernible] representing approximately 85% of the country's GDP. This includes 10 cities in which we launched our riding operations last week, further strengthening our nationwide footprint. This broad footprint enables us to launch new service efficiently, deepen consumer engagement and serve a sub portion of the tour market through a single integrated platform. Turkey continues to present a compelling long-term mobility opportunity.

Urbanization congestion and increasing demand for technology-enabled transportation continue to support structural market growth and Marti is well positioned to lead the way and capture that opportunity. Our operating metrics once again reflect the strength of our integrated service model. During the second quarter, trips increased 73% to 18.8 million, while unique platform consumers grew even faster, rising 76% year-over-year to 2.4 million. Importantly, trips per unique platform consumers stayed broadly stable despite rapid consumer growth. We view this as an encouraging indicator that our marketplace continues to scale efficiently. This combination of accelerating consumer growth and stable engagement provides a foundation for sustained revenue growth and expanding profitability. ride-hailing service continues to be the primary driver of our overall platform growth and consumer acquisition.

As of June 30, all-time unique ride-hailing riders grew by 95% year-over-year from 2.3 million to 4.4 million. All-time registered ride-hailing driver grew by 68% year-over-year from 327,000 to 544,000. We continue to exceed the operation for our having our network.

Looking ahead, our next milestone is to reach 4.9 million all-time ride-hailing riders and 580,000 registered drivers by the end of next quarter. As our ride-hailing continues to scale, we are also seeing encouraging momentum in the growth of our delivery service. In the second quarter, delivery adoption continued to rise among both consumers and drivers in Istanbul. Among all unique platform consumers with more than one trip, 82% of motorcycle hailing consumers and 31% of car consumers use these services a first engaging with another market service.

In addition, 73% of motorcycle and 13% of car-hailing service engagement continues to drive. During the second quarter of 2023, trip 3.1x and revenue per consumer was 7x. This reflects the utility and stickiness of our integrated multiservice platform. the supply side, growing driver adoption continues to reinforce the strength of our integrated offer, 55% of motorcycle handling drivers and 22% of car drivers also completed during the second quarter.

Similarly, drivers completed significantly more than single service drivers with trips for motorcycle driver 4.4x higher and trips per car driver 2x higher. Each new service added to our network strength and each service added to our network strengthens utilization and drives engagement. By marketplace. We are increasingly deploying AI across our organization to improve efficiency, increasing out. Our focus is on enabling rapid integration and fast time to market, allowing well-defined tasks to human, we are doing this without increasing team sizes.

In practice, we are applying AI across our tech operational marketplace. This includes dynamic pricing to improve marketplace efficiency and effective performance marketing, helping us optimize marketing spend. We are also leveraging AI for creative content production, allowing us to accelerate experimentation and increase our marketing more effectively.

I will turn the floor to Cankut to discuss the financial results.

Cankut Durgun

Thank you, Alper. Our second quarter results reflect the scalability of Marti's business model. Trips increased 73% year-over-year, while unique platform consumers grew even faster, increasing 76%. Engagement remains strong with trips per unique platform consumer broadly stable at 7.9 despite the rapid expansion of our consumer base. Growth was driven primarily by increasing ride-hailing usage across our existing cities alongside encouraging momentum in cross-service adoption across the platform. We also exceeded our operational targets, ending the quarter with 4.4 million all-time unique ride-hailing riders and 544,000 registered drivers.

As part of our fleet optimization strategy, we continue to decommission our existing 2-wheeled electric vehicle fleet, reducing the number of average daily 2-wheel electric vehicles deployed from 24,100 in the second quarter of 2025 to 20,900 in the second quarter of 2026. This reflects our ongoing focus on capital efficiency and resource allocation.

On the financial side, revenue more than doubled year-over-year, while costs grew at a slower rate, resulting in substantial gross margin expansion and allowing us to deliver positive adjusted EBITDA for the first time. I'm now going to go into the details of our revenue and cost of revenue figures. Q2 revenue increased 141% year-over-year to nearly $20 million, continuing the strong momentum we have seen throughout the year. This growth was primarily driven by the continued success of our platform subscription package monetization together with increasing trips and unique platform consumers. Importantly, cost of revenues increased only 32% despite significantly higher business volumes.

At the same time, cost efficiency improved significantly across several major cost categories. Personnel expenses declined from 16.5% to 7.6% of revenue, depreciation and amortization from 8.5% to 2.6% and operating lease expenses from 4.2% to 1.3%. These efficiencies, particularly the reduction in personnel and depreciation and amortization costs as a percentage of revenue contributed to the decline in cost of revenues from 43% to 23% of revenue. Following a 400% year-over-year increase in gross profit in the first quarter, it grew a further 223% year-over-year in the second quarter.

At the same time, cost of revenues continued to decline as a percentage of revenue, driving gross profit margin expansion from 57% to 77%. This operating leverage is also evident in our first half performance. During the first 6 months of the year, revenue increased 147% year-over-year, while cost of revenues increased just 22%, resulting in gross profit growth of 279%. These results reflect the scalability of our platform and our ability to convert incremental revenue into profitability as the platform grows. The benefits of this operating leverage are clearly reflected in our profitability. Gross profit margin expanded to a record 77% in the second quarter, which reflects the scalability of our marketplace model and the strength of our unit economics.

On a GAAP basis, net loss was $12.5 million, reflecting a onetime noncash loss on debt extinguishment of $8.3 million recognized in connection with the amendment of our convertible notes. In the absence of the onetime noncash loss on debt extinguishment, net loss was $4.2 million in comparison to $9.2 million in the prior year quarter. Most importantly, adjusted EBITDA improved by $5.3 million year-over-year, turning positive at $2.9 million compared to negative $2.4 million in the prior year quarter.

Our adjusted EBITDA margin also improved significantly from negative 28% in the second quarter of 2025 to positive 15% in the second quarter of this year, an improvement of 43 percentage points in a single year. Reaching positive adjusted EBITDA marks an important milestone for Marti and reflects that our marketplace can generate profitable growth while continuing to invest in our long-term growth initiatives. Following our strong first half performance, we increased our fiscal year 2026 guidance to reflect the continued strength of the business. We now expect fiscal year 2026 revenue of $85 million, representing 117% year-over-year growth.

Our revenue of $35.4 million in the first 6 months of 2026 already represents 42% of our updated full year revenue guidance. By comparison, in the first half of 2025, we had $14.3 million of revenue, which represented 37% of our 2025 full year revenue. We also increased our fiscal year 2026 adjusted EBITDA guidance to positive $7 million.

Our second quarter adjusted EBITDA of positive $2.9 million represents meaningful progress toward our increased full year adjusted EBITDA guidance. This milestone reflects the scalability of our marketplace model and the long-term earnings power of our platform. Taken all together, these results reflect the continued execution of our strategy, including the scaling of ride-hailing across our now 30-city footprint, reaching 85% of the country's GDP, the growing adoption of our delivery services, disciplined cost management and the building of our AI-driven product capabilities to support a much larger operational platform.

Based on our strong first half performance and current operating momentum, we're well positioned to achieve our increased full year guidance while continuing to invest in expanding our platform and product capabilities to support long-term profitable growth.

We thank you for your participating today and would like to open the floor to any questions you might have.

Operator

[Operator Instructions] Our first question is coming from Theodore O'Neill of Litchfield Hills Research.

質疑応答

Theodore O'Neill

Congratulations on the quarter. Cankut, last quarter, you talked about gross profit margin having a ceiling of 78%. And I'm wondering if that's still the ceiling you're looking at? And if you feel that this kind of gross profit margin might attract competitors?

Cankut Durgun

Thanks for your question, Theo. So last quarter, our gross profit margin was 72%. And I don't recall naming a ceiling as specific as the 78% figure, but we do believe that, of course, there will be a ceiling to gross profitability, right? This is a business with an operational offline component. And therefore, there are certain variable costs that exist in the physical world that do not necessarily exist for digital-only companies. And therefore, there will be a ceiling to our gross margins.

I think the increase from the first quarter to the second quarter shows that we have yet to reach that ceiling, but something probably in the ballpark of what we've achieved now, something in the sort of 80% range is, we believe, sustainable. In the event that competition enters the market, yes, that is something that we will address at that time. Whether that will have an impact on the gross profit margins, we'll see sort of at that moment in time. But for the foreseeable future, we do believe that the figures in the current ballpark of 80% are sustainable.

Operator

The next question is coming from Rohit Kulkarni of ROTH Capital Partners.

Rohit Kulkarni

Nice quarter, nice guidance, guys. Just helping us reconcile how you're thinking about the second half, both for EBITDA as well with regards to margins and operating leverage, perhaps talk about gross margin versus...

Cankut Durgun

We increased the revenue guidance for the year is because we're seeing much faster growth in the volume of trips taking place on our platform than what we had initially new city expansion or no new city monetization assumptions baked into the revenue forecast that we have for the year. As long as the sort of volume of trips growth continues, then we do anticipate reaching that revenue forecast. From the adjusted EBITDA front, if you look at the gross profit profile of the company, right, and you assume that, that stays in the sort of 80% range, then that will leave us with significant room to not only sort of achieve the $7 million adjusted EBITDA forecast that we put, but perhaps to also make some investments in the fixed cost structure of the company as well.

We've sort of retained a fairly healthy margin, I would say, in light of the sort of the revenue growth of the company as well as the gross profit margins in the $7 million EBITDA forecast that we've shared for the year. The other way to look at that, Rohit, is that just this quarter, right, just this quarter, we finished with $2.9 million of EBITDA -- and therefore, even if there were absolutely no continued growth in the business and no improvement on a quarterly basis in the EBITDA profile of the business, then across the next 2 quarters, that would suggest roughly $6 million of additional EBITDA. And therefore, on an aggregate full year basis, you're pretty much already at the $7 million figure.

Rohit Kulkarni

Okay. And I guess with regards to kind of the volume growth, can you talk about what's driving the volume growth? Is it more frequency of existing riders, more riders coming to the platform? What's driving the volume?

Cankut Durgun

The new cities are a very important growth driver. So that's part of the reason why we launched new 10-year ride-hailing service. So just like our administration regulated the micromobility sector in the past, Recently, they actually announced, so led by our Ministry of Industry and Technology and signed in a presidential circular Turkey is one of the largest exporters of sort of cars to the European Union. Many -- it has a very strong manufacturing base to incentivizing those. And our Ministry of Industry and technology, therefore, is working on a plan to enable not at scale deployments of autonomous vehicles, but pilot deployments of autonomous vehicles timing, we believe that our state knows best and that they will regulate the sector at the right moment in time.

Rohit Kulkarni

A little bit about the regulation side on AVs. But kind of what is the realistic time line for actual deployment here? It seems like maybe just pilots in the near to medium term. And then kind of as it scales, should investors expect any sort of CapEx or JV funding commitments from Marti as a part of this? Or is it purely just sort of an aggregation demand side role? And then secondly, just on the delivery side of things, obviously, it looks like your delivery penetration from motorcycle drivers increased sequentially. How big of an opportunity can parcel delivery be here? And like what does the monetization story look like?

Cankut Durgun

In response to works and is safe in Turkey, right? So before scaling and before any larger financing commitments, for example, the JV commitments potentially that you mentioned, we have to prove that the technology works and does so safely. And that is our immediate goal. The first step in achieving that goal is recognizing that the autonomous vehicle sector is in a slightly different state than it was maybe 2 years ago. So 2 years ago, the limiting constraint for the growth of the sector was actually demand, right?

There was some sort of supply -- there was sufficient supply to sort of conduct initial pilots, but the demand potentially related to how sort of fashionable [indiscernible] was potentially related to how many proof points there were around the safety data and therefore, the regulatory receptiveness to this the sector was demand constraints with cars and eventually drivers without cars who could get car financing, like that already existed. Whereas now in the autonomous vehicle space, that's not the case, perhaps with the exception of Tesla that has an existing sort of installed car base, the CapEx and the requirement of building actual the goal sort of autonomous vehicle is the constraint. And therefore, autonomous vehicle technology providers as well, while they are increasing in number and how large the markets are and not only how large they are in the short term, but more importantly, how large those deployments will be in the long term.

And in this supply-constrained market, where we provide the demand we provide the operations and repair and maintenance capabilities. And we work with multiple autonomous vehicle providers, not just Tensor, our goal is to bring them live as soon as possible, but of course, in light of what each supplier that we work with can produce in terms of time line as well as in light of the regulatory requirements for building following that.

With regards to your question on the delivery side, the deliveries market in parcel delivery we believe is about 10 to the delivery to go into in terms of eventual destination. And then 1 of our motorcycle or car drivers comes and fix that product up and then takes it to scales and begins to scale when you have a merchant integrations, and that's not something that we currently have. That is something that we use. But I do believe that we have sufficient proof points within the city of this sample to seriously consider expanding that service to other cities in a similar fashion to how we expanded ride hailing, right? So in ride-hailing, we went from 1 city launch to eventually 4 cities, including Ankara, Antalya and Izmir, and then subsequently added additional cities before adding our eventual last 10.

That's [indiscernible] the company are in a unique spot because we've done [indiscernible] at scale. And AV, vehicles on the field operated by a bunch of operators at scale. It's a tax heavy business and scaling has a lot to do the supply side of [indiscernible] and if there's 1 big lesson we look for in micro mobility, you have to enter at the right all less than you want vehicles don't serve you very well, that are not perfectly adapted to the time you're operating and then scale the right time is the right thing to do. Had we known this about the probability in the past, we probably would have definitely with a little bit more better fleets out at scale and both those because lifetime of those newer vehicles better vehicles or longer operations of those vehicles cheaper and just it is better consumer experience.

So I think our scale has opt to do with much in fact by regulation, typing, supply, et cetera, has a lot to do with being able to the perfect cost or almost regard for the third environment, which is cheaper labor costs and higher equipment costs. We need -- that's a little bit cheaper than what operates around the world. to be able to make the unit more profitable right now in the market, a vehicle, is that for us to scale rapidly. But when the opportunity itself, I think we'll be the first ones to know that is the right thing to do.

Operator

The next question is coming from Dick Ryan of Oak Ridge Financial.

Richard Ryan

Just on a couple of [indiscernible] activity in the spring and summer months. Will you be able to carry that? I know you talked about a sustainable gross margin going forward. But is there any seasonal comp?

Cankut Durgun

So this isn't the micro mobility business where you have 50% declines or so in the winter months. relative to the summer months. The ride-hailing business, especially at this stage, we continue to see growth in the winter months. we see less growth than we do in the summer months. But at this stage of the business, we continue to see growth. And as long as we continue to see growth, we do anticipate the gross margins continuing to reflect that.

Richard Ryan

Okay. And on the revenue guidance, if you just split the difference for the second half of the year, it's roughly $25 million per quarter. Will that skew more towards Q3 than Q4?

Cankut Durgun

No. As long as the business continues to grow, which it will continue to grow in the fourth quarter. The pace of growth will be lower in the fourth quarter than it is in the third quarter if history is a guide. However, as long as it continues to grow, that means that we have more trips and when you have more scripts, that should roughly translate into more revenue.

Richard Ryan

Great. And it's good to see the contributions from the other cities kind of diversifying away from Istanbul's contribution. What is the level of monetization now of the 2 companies -- 20 cities that you expanded into? And when will the 10 new cities start being monetized? Is that 2027?

Cankut Durgun

At the earliest. The way we think about monetization is that in the Istanbul launch, for example, we began monetizing in that city more than 2 years after the initial launch. It probably will take less time for new cities in the current case because we have the experience. And with experience, you can sort of, on a relative basis, you can grow faster in your new city launches than you did in your initial city. But we're in no hurry to monetize the new cities.

With regards to your first question, we're currently monetizing 7 of the 30 cities that we operate in.

Richard Ryan

Okay. One last one. Any early comments on what your anticipation or your aspirational goals are for 2027?

Oguz Oktem

AV growth. That's the thing.

Cankut Durgun

Alper is the aspirational one, so I'll defer to [indiscernible] question.

Oguz Oktem

Look, I say this analogy all the time, but we are selling water in the desert in the sense that tech-enabled mobility, especially urban mobility is highly demanded in Istanbul and other large Turkish cities because of the congestion, the traffic, just the hardships around moving within a city. So we are providing a very valuable service, and we see the demand, we see the adoption. We see users essentially loving us as a brand and just complementing our service. So our goal is to get the service, the ride-hailing service, the bread and butter of the business now to as many people as possible as fast as possible across the country. So 2026 is going to be -- 2027 is going to be all about higher usage, higher drivers, higher number of users and just more revenue.

Richard Ryan

Congratulations on continued very strong performance.

Operator

[Operator Instructions] Our next question is coming from Fawne Jiang of The Benchmark Company.

Yanfang Jiang

Two on my side. First, on the take rate, I think you mentioned that you're currently monetizing 7 out of your 30 cities. Just wonder what's the effective take rate for the existing 70 cities you are monetizing? And how should we think about the trajectory of the take rate when these cities continue to mature on the growth side?

Cankut Durgun

Thank you for your question, Fawne. So our take rate remains to be in the mid-teens. And that's after the sort of total scale of the operations, right? So that's at the country level, that take rate. We don't break out the take rate into what it is in the cities that we monetize and those that we don't. But the 7 cities, of course, they are the larger cities, of course. They are the first cities that we launched and the earlier cities that we launched are the ones that we monetize first.

Yanfang Jiang

Second question is really more about your investment and capital allocation. You mentioned that you are confident to achieve full year EBITDA, upgraded EBITDA target. At the same time, you also leave room to win that. So I guess what are the key areas you are going to incrementally invest in the second half? On top of that, you have quite a few, I think, action going on, you resell your CB, buying back your shares, continue to invest in the business. How should we think about your capital allocation strategy?

Cankut Durgun

Let me start with the buyback. So we do have -- as you referred to, we do have up to $2.5 million buyback program in place. and that has been active for quite a time now. And we have, in the past, extended the duration of our buyback programs. The current one, I think, is scheduled to expire sometime in October of this year. And we do anticipate as long as the share price remains at a level that we continue to believe is undervalued. We do anticipate continuing to buy back our shares.

That said, this is a capital allocation issue, right? And we are still very much a growth-stage company. The market size that we talk about, for example, we talk about sort of the eventual ride-hailing market being the $3 billion to $4 billion revenue opportunity in Turkey. Together with our increased revenue guidance, we're still at sub-$100 million, right, $85 million of revenue forecast for this year. And therefore, the majority of the investments that we will be making will be to increase the growth, as Alper said, grow baby grow, increase the growth of our ride-hailing business, whether that's new city launches, whether that's accelerating the pace of rider and driver acquisition in these cities through various marketing channels, whether that's revitalizing sort of our existing riders and drivers who have used the service, but maybe use it at a smaller scale when liquidity was less, and therefore, the experience on potentially both sides of the marketplace was less attractive than it is now, reengaging those riders and drivers. That's the priority that we have ahead of ourselves right now.

Yanfang Jiang

That's clear. Congrats on a good quarter.

Operator

Thank you. Ladies and gentlemen, that brings us to the end of today's question-and-answer session. We would like to thank you all for your participation and your interest in Marti Technologies. You may disconnect your lines at this time or log off the webcast and enjoy the rest of your day.