Hello, everyone, and thank you for joining us for Marti's H1 2024 Conference Call. Before we begin, I'd like to mention that today's presentation earnings release are available on Marti's Investor Relations website at ir.marti.tech. You'll also find links to our SEC filings, along with other information about Marti. Joining us on the call today are Alper Oktem, Marti's founder and CEO, and Cankut Durgun, Marti's co-founder and President. Before we begin, I'd like to remind everyone that statements made on this call, as well as in this presentation earnings release, contain forward-looking statements regarding our financial outlook, business plans and objectives, and other future events and developments, including statements about the market potential of our products and revenues of our products, and our goals and strategies. These statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include those described in the company's earnings release and speak only as of today's date. In addition, our discussion today will include references to certain supplemental non-GAAP financial measures, which should be considered in addition to, and not as a substitute for, our GAAP results. We use these non-GAAP measures in managing the business and believe they provide useful information for our investors. Reconciliations of the non-GAAP measures to the corresponding GAAP measures, where appropriate, can be found in the earnings presentation available on our website, as well as our earnings release and our filings with the SEC. With that, I'll now turn the call over to Alper. Thank you all for joining us today for the H1 2024 Earnings Call of Marti Technologies. For those new to our company, as Marti, we are the mobility super app of Turkey. Marti offers six services over our app, including car hailing, motorcycle hailing, taxi hailing, marketplaces, and owned and operated e-bike, e-scooter, e-moped rental services. Our car hailing, motorcycle hailing, taxi, and taxi hailing marketplace are a part of our ride-hailing operating segment, and our e-bike, e-scooter, and e-moped rental services are a part of our two-wheeled electric vehicle operating segment. We are the number one urban mobility app on both iOS and Android app stores in Turkey, and we are the only car hailing and motorcycle hailing provider in the country. Currently, we have 59% market share in our two-wheeled electric vehicle operating segment. We have served over 97 million rides to 5.5 million unique riders since our launch, and we completed the first half of 2024 with $8.4 million of revenues generated from our two-wheeled electric vehicle segment. Since we currently do not charge riders or drivers a fee for the use of our ride-hailing services, the $8.4 from micromobility was also our consolidated net revenue. In the first half of 2024, we consistently outperformed our ride-hailing targets, hitting 1.1 million unique riders and 171,000 registered drivers ahead of our initial target date of June 30th, 2024, targeting over 1 million unique riders and over 165,000 registered drivers. In the first half of 2024, we continued to invest in the growth of our ride-hailing service, which connects riders with car, motorcycle, and taxi drivers. We currently do not charge riders or drivers a fee to use our service in order to prioritize the service's growth, so the business is currently unmonetized. We invested $26.1 million in the service in the 21-month period from its launch in October 2022 through to the end of June 2024, or approximately $1.2 million per month. This includes $13.1 million invested in the last six months, a period where we have increased the pace of our investments to $2.2 million per month, as you see increasing promise and higher returns to investment in our ride-hailing segment. In return, our number of riders grew by 121% in the last six months from 499,000 riders at the end of December 2023 to 1.1 million by the end of June 2024. Our number of registered drivers grew by 60% in the last six months, too, from 107,000- 171,000 registered drivers during the same period. The fast growth and large scale that we have achieved in our base of riders and registered drivers, relative to the limited capital outlays that we have made in our ride-hailing business, reflect our commitment to capital-efficient growth. For comparison, the taxi market in Turkey is estimated to have $9 billion-$12 billion of market size, with just 40,000 taxis serving the country. We will continue to invest in the cost-effective growth of our ride-hailing service in the second half of this year and beyond, and aim to reach 1.6 million riders and 245,000 registered drivers by the end of this year. In our two-wheeled electric vehicle business, consisting of owned and operated e-bikes, e-scooters, and e-mopeds, we continued to focus on operational efficiency throughout the first half of 2024. Our operational efficiency projects increased the total cost of revenues by 35% year over year, despite managing a similarly sized fleet. I'm sorry, decreased the total cost of our revenues by 35%. As a part of our operational efficiency efforts, we produced a 29% reduction in field staff, a 57% reduction in repair and maintenance personnel, and a 35% reduction in our logistics vehicle count. That's like operational minivans and stuff. We also implemented an on-field repair project. 80% of our vehicles in need of repair and maintenance are currently repaired on the field, thereby increasing the vehicle availability and avoiding the logistical costs of bringing vehicles from the field for repair to maintenance facilities and then back. We also implemented a refurbished spare parts usage system for both mechanical and electronic parts. Our increasing reliance on refurbished spare parts in place of costly new spare parts produced a 57% year-over-year decrease in spare part costs per vehicle. We achieved each of these improvements while maintaining our historical breakdown maintenance rate of less than 0.01% of our fleet on a monthly basis. To further advance our operational efficiency efforts, in February of this year, we completed the acquisition of all of the intellectual property and software assets of Zoba, a Boston-based leading AI-powered software-as-a-service platform, offering dynamic fleet optimization algorithms for two-wheeled electric vehicle operators. Zoba systems dynamically optimize where the vehicles are deployed and when operational tasks such as battery swaps, rebalances, and pickups occur to maximize ridership and minimize the vehicle operational inefficiencies. In the first quarter of this year, our vehicles deployed, according to Zoba's algorithms, achieved 1.7 times higher daily rides per vehicle than vehicles deployed without Zoba systems. This figure increased to 2.4 times in the second quarter of 2024, demonstrating both Zoba's efficiency and room for further improvement. The additional revenue from Zoba's deployment recommendations have generated for Marti in the first six months since the acquisition has already paid back our entire acquisition cost of the company's assets. Our future focus will be to scale vehicles deployed with Zoba from around 50% at present to 100% of the deployment, and to apply additional features like logistics, vehicles, routing recommendations on the field. Pricing remains an important focus area for us in the first half of twenty twenty-four as well. While inflation and the corresponding currency depreciation are on the decline in Turkey, we remain vigilant in our tracking of and pricing responses to these developments. We responded to 37% inflation in Turkey and 20% currency depreciation of the lira relative to the U.S. dollar from the third quarter of 2023 to the second quarter of 2024 by increasing prices by 77% in Turkish lira during this time period. Our revenue per ride in U.S. dollars increased by 38% from $1.23 in the first half of 2023 to $1.69 in the first half of 2024. As a result of price increases in excess of inflation and currency depreciation, and our operational efficiency measures, our pre-depreciation contribution profit per ride increased by 458%, from $0.10 in the first half of 2023 to $0.54 in the first half of 2024. Our pricing actions helped offset the 36% year-over-year decline in average daily rides per vehicle produced by the adverse impact of inflation on purchasing power. As a result, our 2024 first half revenue of $84 million came in only 11% lower than our revenue of $9.5 million in the same period of last year. Throughout the first half of this year, the behavior of our riders continued to support our decision to offer multiple transportation modalities over a single app. We believe, and the data continues to show, that this multimodal offering is aligned with rider preferences. 71% of our e-bikes, 85% of our e-moped, 45% of our car hailing, and 81% of our motorcycle hailing riders use these modalities after previously being introduced to the Marti platform by using another Marti modality. Our existing modalities serve as an excellent cost-free rider acquisition channel for our new modalities, too. Furthermore, 49% of our e-bike, 62% of our e-moped, 16% of our car hailing, and 45% of our motorcycle hailing riders subsequently used other Marti modalities after their first e-bike, e-moped, car hailing, and motorcycle hailing rides, respectively. These data points show an overwhelming rider preference for multimodal transportation services. Serving multimodal riders also creates economic benefits for Marti. Rides per rider is 4.8 times higher, and revenue per rider is 4.4 times higher for our multimodal riders than for our single modality riders. These statistics reinforce our decision to invest in the balanced growth of our multimodal services. I'd now like to turn it over to my partner, Cankut, to present the financials of Marti. Thank you. Thank you, Alper. Looking at our income statement for our two-wheeled electric vehicle operating segment, we see $8.4 million of revenue in the first half of 2024, down from $9.5 million in the same period of 2023. It's important to once again note that net revenue for our two-wheeled electric vehicle service is the same as consolidated net revenue, given that we have yet to charge our riders or drivers a fee for using our ride-hailing service. My partner, Alper, reviewed the evolution of the input parameters of net revenue, including average daily vehicles deployed, average daily rides per vehicle, and average revenue per ride earlier in the presentation.... Our cost of revenue fell 35% from $8.7 million in the first half of 2023 to $5.7 million in the first half of 2024. As shared earlier, this was driven by our operational efficiency projects, including optimizing our field staff, repair and maintenance staff, and logistics vehicle counts, launching the successful on-field repair program, and the increasing our usage of refurbished electronic and spare parts. Driven by additional optimizations of our G&A team size and wages, and a shift in the focus and time of management, as well as central functions away from our two-wheeled electric vehicle operations and towards our ride-hailing segment, our G&A costs decreased by 43% from $6.4 million in the first half of 2023 to $3.6 million in the first half of 2024. As a result, our Adjusted EBITDA came in almost break even at just negative $2.2 million for the first half of 2024. This is a significant improvement from the negative $4.7 million of EBITDA in this segment in the first half of 2023. In our ride-hailing operating segment, we completed the first half of 2024 with $13.1 million of expenses. We continued our commitment to capital-efficient growth in a business segment where global benchmarks have proven both scale and profitability, but often at the expense of capital-efficient growth. Our expenses included $0.8 million of variable expenses incurred to service rides. This includes the cost of servers, mapping and navigation services, call center costs for driver onboarding, customer support costs, and other variable costs. In addition, we incurred $5.2 million of general and administrative costs as we further built out our team to support the increasing scale of the segment. Furthermore, we invested $6.2 million in marketing to build awareness for our ride-hailing service and on targeted driver and rider acquisition and retention campaigns. Our marketing activities include both online and offline campaigns, as well as cross promotions offered to our ride-hailing riders for usage of our two-wheeled electric vehicle service. Finally, we incurred $1.7 million of other expenses. These include subsidies we offered for $1.1 million of driver fines, which we view as a marketing activity as a result of its contribution to driver acquisition and retention, and $0.6 million of R&D expenses. In aggregate, our consolidated financials finished the first half of 2024 with $8.4 million of net revenue and negative $11.3 million of adjusted EBITDA. Our full year 2024 forecasts, which we shared at the outset of the year, which were for $16.6 million of net revenue and negative $22.5 million of Adjusted EBITDA, remain intact. In the presence of an EBITDA-neutral, two-wheeled electric vehicle operation, these forecasts are driven primarily by the investments that we're making in our ride-hailing business in order to grow the service as fast as possible. Finally, our share repurchase program, which we announced in January 2024, and which enables us to purchase up to $2.5 million of our common shares, up to a price per share of $3.3 through October 9, 2024, remains ongoing. We thank you for participating today and listening to our performance and future plans, and would like to answer any questions that you might have. Thank you. We'll now be conducting your question and answer session. If you'd like to be placed into question queue, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. One moment please, while we pull for questions. Our first question today is coming from Brett Knoblauch from Cantor Fitzgerald. Your line is now live. Hi, guys. Thanks for taking my question, and congrats on the results for the first half. It's really nice to see the, you know, growth on the drivers and rider side. Do you take a step back and talk about the timing of the potential monetization of that business and maybe where we are? Is this something that you would expect within twelve months, within a couple of years, or are you still unsure about that? Just it helps us frame what we should be expecting from that side of the business. Sure. It is something that's constantly on our mind. We, you know, look at our drivers, their behavior, our riders, their behavior, try to optimize growth. That is our main focus right now, because as a non-monetized service, we're not charging anybody anything, and hence, growing is much easier. However, we're always experimenting with monetization. We're trying different schemes, doing pilot projects, and looking into the most optimal way of doing it. I do foresee us monetizing in a very efficient manner as a result of these pilot projects, and, we will do this exactly at the right time for the business. Thank you. Also, let me just add, Brett. I mean, it's also a function of, you know, cash requirements of the company, right? So the current cash position of the company, you'll see as of the end of June thirtieth, was about $9 million, and we've shared sort of the investments that we're making in the ride-hailing business. As long as the funding requirements of the company are such that we are able to prioritize the growth of ride-hailing, that is, that remains our priority. However, together with the funding requirements of the company necessitating monetization of ride-hailing, we therefore have started looking at these pilot projects that I've had mentioned. I do believe, however, that, when these projects come alive, the profitability profile of the company will change significantly. We're just waiting for the right time to bring them live. Also helpful. I think during the first half of the year, you guys kind of announced, or did a sort of pilot with your drivers and kind of giving them fuel cards as, like, incentive compensation for kind of like using the platform. Could you maybe try to update of how that's going? So currently, we are not offering any driver subsidies. That is something that we offered in the form of fuel cards in the past, specifically in 2023. And what's important to note, this ties into sort of the monetization discussion, right? Because what's important to note is that when we removed those fuel card subsidies in the past, and therefore effectively applied a certain monetization scheme by reducing the net income of each individual driver, we didn't see any change in driver behavior, right? As a result of the strong position that we have in the markets and being currently the only game in town, what we foresee is that when we do monetize in the future, we don't foresee a loss in the driver base, in terms of driver acquisition or driver retention figures, and general driver availability, because of this real-time experiment that we conducted with the fuel card subsidies in the past. Perfect. Very helpful. Maybe just one last question on liquidity. I know you guys said you have, you know, about $9 million of cash. How much runway does that give you guys? And at what point does that start to hinder your ability to go out and market and your ride-hailing business? So we are actively in the process of raising additional capital in order to extend the runway of the company. And that capital will very likely. There is an existing, for example, a call option out to purchase additional shares to purchase additional convertible notes that were the same convertible notes that were issued at the listing date. And by drawing on the those funds that are made possible by that call option we are going to be extending the runway of the company in an unmonetized scenario for several more months, while also, you know, as I had mentioned, looking at the results of these monetization projects these monetization pilots, and looking at the opportunity to monetize the business as well. By the way, like, I think it's at this scale very clear that once monetization starts, our needs for external funding decrease very extremely. You know, we are constantly planning and looking forward to the day when we monetize and our financial outlook completely changes. Perfect. Thanks, guys. Really appreciate the time. Thank you. Next question is coming from Poe Fratt from Alliance Global Partners. Your line is now live. Good afternoon. Can you just highlight whether the August change in the, you know, the ability to help drivers, you know, recognize revenue and collect taxes, you know, did that accelerate the path to monetization, or did it change any of the legal structures in moving towards monetizing the ride-hailing business? Great question. Thank you, just Poe, sorry. Thank you, Poe. So this is not our first time around regulating a new business in mobility. As you know, we're a six-year-old company, and we helped partner up with the Turkish government to build a you know, complete legal framework and regulation for two-wheeled electric vehicle sharing. That includes e-scooters, e-bikes, mopeds, and so forth. So we know how this process works. We are the most experienced team on the ground to be able to do this, hence we are very carefully navigating through the same process the second time around. This time, the difference is we're not trying to regulate micro-mobility or scooters or two-wheeled electric vehicles. We're trying to regulate ride-hailing. The Ministry of Finance's decision to start taxing our drivers is one of the greatest steps forward that we could have imagined for. I mean, some journalists say, or the pundits say, or the general public think, and so do the politicians, that if you tax something, that is an indication of your future plans of regulating it. So we see this as a very positive sign on our way to get full regulation for this business. We worked very hard to get it, and I think we are in a very good spot, looking forward to fully regulate this business. And as our struggles or fight to regulate the business progresses, our likelihood of monetizing this business increases as well. But as Cankut has said, the monetization decision hinges upon a multiple factors. One of them is finding the most optimal way to do so through trying different pilots of monetization. Secondly, our needs of financing, because obviously monetization hinders our growth. And finally, the regulation. We will make the correct decision when the time comes. But the thing you've identified, the decision of the Ministry of Finance in August, definitely accelerates that process. Great. Thank you for the color. And did I hear correctly that your stock buyback program will expire on October ninth? In the context of raising capital, I would assume it wouldn't be renewed. Can you just give me an idea of what will happen to the stock buyback program? We will be determining over the next roughly 10 days that we have. We haven't come to a decision so far. Great. Thank you so much. Oh, just, Cankut, just to clarify, you haven't bought any stock back, though? So far, to date, we have not. Okay, great. Thank you. Thank you. We've reached the end of our question and answer session. I'd like to turn the floor back over for any further closing comments. Thank you, everybody, for participating. Thank you. Thank you. That does conclude today's teleconference webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.