Marti Technologies (MRT) 2026 年第二季法說會：EBITDA 為正與上調財測指引

Marti Technologies (NYSE American: MRT) 公布 2026 年第二季營收大幅成長，並首次實現季度調整後 EBITDA 轉正。隨著叫車服務交易量擴大、毛利率創下歷史新高，且成本成長速度慢於營收，管理層調升了全年業績展望。

要點總覽

• 2026 年第二季營收年增 141% 至將近 2,000 萬美元，主要受惠於平台訂閱套餐貨幣化、行程總量增加，以及平台不重複消費者數量的成長。
• 營業毛利年增 223%，毛利率從 57% 大幅擴展至創紀錄的 77%，主因是營業成本僅增加 32%。
• 調整後 EBITDA 改善 530 萬美元，達到正 290 萬美元，去年同期則為負 240 萬美元。調整後 EBITDA 利潤率上升 43 個百分點至 15%。
• 行程數成長 73% 至 1,880 萬次，平台不重複消費者成長 76% 至 240 萬人。每位不重複消費者的平均行程數大致保持穩定，為 7.9 次。
• Marti 將 2026 財年營收展望上調至 8,500 萬美元，調整後 EBITDA 則上調至正 700 萬美元。
• 截至 6 月 30 日，其叫車服務網路的累計乘客數已達 440 萬人，註冊司機達 54.4 萬人，營運範圍涵蓋 30 個城市，約占土耳其國內生產毛額 (GDP) 的 85%。

核心財務數據

人事費用占營收比重從去年同期的 16.5% 降至 7.6%。折舊與攤銷費用占營收比重從 8.5% 降至 2.6%，營業租賃費用從 4.2% 降至 1.3%。整體營業成本占營收比重從 43% 降至 23%。

業務與營運表現

叫車服務仍是 Marti 最主要的成長與客戶獲取引擎。叫車服務累計不重複乘客數年增 95% 至 440 萬人，註冊司機則成長 68% 至 54.4 萬人。

管理層設定了下季營運目標：累計叫車乘客數達到 490 萬人，註冊司機達到 58 萬人。進軍新城市是推動交易量成長的重要因素，但 Marti 目前在營運的 30 個城市中，僅對 7 個城市實施貨幣化。管理層表示，全國範圍的佣金抽成率維持在 15% 左右的水準。

跨服務使用也鞏固了平台生態。在行程超過一次的消費者中，82% 的機車叫車消費者與 31% 的汽車叫車消費者是在首次使用平台其他服務後，進而使用該項叫車服務。在供給端方面，本季有 55% 的機車司機與 22% 的汽車司機同時完成了外送服務。

Marti 繼續減少投放的二輪電動車車隊數量，以提高資本效率。每日平均投放車輛數從 2025 年第二季的 24,100 輛降至 20,900 輛。

該公司亦將人工智慧 (AI) 應用於動態定價、成效行銷以及創意內容製作。管理層表示，目標是在不擴大團隊規模的情況下提升效率與實驗能力。

管理層業績展望

Marti 將 2026 財年營收展望上調至 8,500 萬美元，預期年增率達 117%。上半年營收為 3,540 萬美元，已達更新後全年目標的 42%。

管理層亦將 2026 財年調整後 EBITDA 展望調升至正 700 萬美元。公司表示，該目標在假設毛利率維持在當前水準附近的同時，也留出了進行額外固定成本投資的空間。

營收預測並未納入新上線城市的貨幣化假設。管理層預期行程交易量的成長將是主要驅動力，並表示最新的 10 個城市最早要到 2027 年才可能開始進行貨幣化。

針對第四季，管理層預計將維持成長，但若延續歷史季節性趨勢，成長速度可能慢於第三季。儘管如此，公司仍預期行程數量的成長將大致轉化為更高的營收。

風險與關注領域

• 管理層表示，Marti 的線下營運環節會產生變動成本，從而為毛利率設定了上限。公司認為在可預見的未來，毛利率維持在 80% 左右是可持續的，但市場競爭可能會影響這一前景。
• 相比夏季，叫車服務的成長通常會在冬季放緩，不過管理層預計業務在該季節性期間仍將保持成長。
• 自動駕駛車輛的部署取決於能否證明該技術在土耳其能安全運作、確保車輛供應以及符合法規要求。
• Marti 正在與 Tensor 及其他自動駕駛車輛提供商合作，但在技術和營運模式獲得驗證之前，管理層並未承諾進行大規模融資或合資投資。
• 資本配置仍偏重於成長。管理層將拓展新城市、招募乘客與司機以及提高用戶回訪率列為優先事項，同時保留上限為 250 萬美元的股票回購計畫。

分析師問答環節重點

關於毛利率，管理層表示從第一季的 72% 上升至第二季的 77%，顯示 Marti 尚未達到其上限。公司認為 80% 左右的水準是可持續的，但仍取決於競爭狀況與實體營運的變動成本。

關於調升 EBITDA 展望，管理層指出僅第二季就產生了 290 萬美元的調整後 EBITDA。管理層表示，若未來兩季保持該季度水準，將可再貢獻約 600 萬美元，即使季度業績未進一步提升，也能支持全年 700 萬美元的目標。

關於城市貨幣化，Marti 表示正在優先考量平台市場的成長，而非短期內的營收變現。伊斯坦堡在推出兩年多後才開始貨幣化，不過管理層預期憑藉公司的營運經驗，較新城市的成熟速度可能會更快。

關於自動駕駛移動服務，管理層將車輛供應量與資本需求列為主要限制因素。Marti 打算在與多家技術及車輛供應商合作的同時，提供乘客需求、營運、維修與保養能力。

展望 2027 年，管理層表示其優先事項是提升叫車服務使用率、增加司機與用戶數量並推升營收，同時推進自動駕駛車輛的進展。

電話會議完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.