Hello, everyone, and thank you for joining us for the Marty Technology's second quarter 2026 conference call. Before we begin, I would like to mention that today's earnings release and earnings presentation are available on Marty's Investor Relations website at ir.marty.tech, where you will also find links to our SEC filings, along with other information about Marty. Joining me on the call today are Agus Alper-Octum, Marty's founder and CEO, and John Kuttergen, Marty's co-founder, president, and COO. Before we begin, I'd like to remind everyone that statements made on this call, as well as in today's earnings release and accompanying earnings presentation, contain forward-looking statements regarding our financial outlook, business plans, objectives, goals 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 references to certain sites supplemental non-GAAP financial measures, which should be considered in addition to and not a substitute for, are GAAP financial results. We use these non-GAP measures in evaluating and managing Marty'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 Albert. Thank you all for joining us today for MARTA's second quarter 2026 earnings call. The second quarter marked an important inflection point for MARTO. We continue to deliver strong growth while achieving positive adjusted EBITDA for the first time. 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 then leverage that network to expand into adjacent services with attractive economics. Our second quarter results demonstrate continued progress in executing this strategy. During the quarter, we continued strengthening the foundation for long-term profitable growth. Ride-hailing remained a strong growth engine across our 20-city footprint, which we have since expanded to 30 cities in Q3, with strong performance in both Istanbul and non-Istanbul markets. At the same time, delivery adoption continued to accelerate in Istanbul among both consumers and drivers, reinforcing our approach of using our established ride-haling network to efficiently expand into adjacent services. The result is higher engagement, better driver utilization, and stronger unit economics. Looking ahead, we are also advancing our autonomous mobility strategy in the country. We are building the Turkey Autonomous Vehicle Lines to bring together autonomous vehicle technology and vehicle providers, with MARTA leveraging its platform, rider demand and operational infrastructure. As the first strategic step in this strategy, we entered into a multi-year partnership with TENSOR to deploy autonomous vehicles on the MARTA platform, while engaging with additional technology and vehicles providers. Strong execution translated into strong financial results. Revenue increased 141% year-over-year to nearly $20 million, while gross profit more than tripled to over $50 million. Gross profit margin expanded to a record 77%, reflecting improving unit economics and operating leverage. Most importantly, adjusted EBITDA turned positive at $2.9 million, 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 business, expanding restful markets throughout Turkey, higher gross margins, and continued progress towards long-term profitable growth. We are the number one urban mobility app in Turkey across both iOS and Android. March is also the only operator offering both car and motorcycle hailing services at scale, which we complement via our large two-wheeled 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. ride hailing marketplace continues to expand rapidly and as of june 30th we had reached 4.4 million all-time unique ride haeling riders and built a network of 544 000 registered drivers these metrics highlight the strength of our multi-service platform seamlessly combining mobility and delivery and our ability to scale both supply and demand in a highly dynamic market marta has quickly emerged as turkey's leading urban mobility platform scaled brand recognition and nationwide operations create meaningful competitive advantages as we continue expanding our services globally mobility markets are typically led by local champions who benefit from deep operational expertise and strong brand trust turkey is no exception with four of the five leading mobility apps operated in the country by local companies today mart operates in 30 cities representing approximately 85 percent of the country's gdp this includes the 10 additional cities in which we launched our ride-hailing operations last week further strengthening our nationwide footprint this broad footprint enables us to launch new services efficiently deepen our consumer engagement and serve a substantial portion of the turkish mobility market through a single integrated platform turkey continues to present a compelling and long-term mobility opportunity urbanization congestion and increasing demand for technology-enabled transportation continue to support structural market growth and marta is well positioned to lead the way to capture that opportunity our operating metrics once again reflect the strength of our integrated multi-service platform model during the second quarter trips increased 73 percent to 18.8 million while unique platform consumers grew even faster rising 76 percent year-over-year to 2.4 million importantly trips per unique platform consumer 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 strong foundation for sustained revenue growth and expanding profitability. Our ride-hailing service continues to be the primary driver of overall platform growth and consumer acquisition. As of June 30th, all-time unique ride-hailing riders grew by 5% year-over-year from 2.3 million to 4.4 million and all-time registered ride-hailing drivers grew by 66 percent year-over-year from 337 000 to 544 000. we continue to exceed the operational targets we set for ourselves driving growth in both consumer demand and driver supply across our network looking ahead our next milestone is to reach 4.9 million all- time riding riders and 580 000 registered drivers by the end of the third quarter as our ride hailing marketplace continues to scale we're also seeing encouraging momentum in the growth of our delivery services in the second quarter delivery adoption continued to rise among both consumers and drivers in istanbul among all-time unique platform consumers with more than one trip approximately 82 percent of motorcycle hailing consumers and 31 percent of car hailing consumers use this service after first engaging with another market service in addition 73 percent of motor cycle hailing customers and 13 percent of car hailing consumers subsequently adopted additional services within the platform multi-service engagement also continues to drive strong platform economics during the second quarter of 2026 trips per consumer were 3.1 times higher and revenue per consumer was 2.7 times higher for multi-service consumers compared to single service consumers this reflects the growing utility and stickiness of our integrated multi-source system On the supply side, growing driver adoption continues to reinforce the strength of our integrated marketplace. Among drivers in Istanbul, 55% of motorcycle-hailing drivers and 22% of car-haling drivers also completed delivery trips during the second quarter. Similarly, multi-service drivers in istanbul completed significantly more trips than single-service drivers, with trips per motorcycle driver four times higher and trips per car driver two times higher. Each new service added to our network strengthens utilization and drives deeper engagement. Beyond expanding the marketplace, we increasingly deploy AI across organizations to improve efficiency, reduce costs, and increase output. Our focus is on enabling rapid iteration and faster time to market, while allowing the well-defined tasks to be executed with minimal human supervision. Importantly, we are also doing this without increasing team sizes. In practice, we are applying AI across our tech stack, operations, and marketplace. This includes dynamic pricing to improve our market efficiency and an AI-based matching algorithm to improve match quality and trip completion rates. We are also applying AI in consumer service to improve response times and in driver onboarding and verification processes to streamline and reduce operational costs. on the growth side we are using ai to enable more efficient and personalized consumer engagement and be more effective in performance marketing helping us optimize marketing spend we are also leveraging a for creative content production allowing us to accelerate experimentation and increase our marketing output more efficiently as autonomous vehicles technology continues to develop and the supply of autonomous vehicle solutions expands the opportunity increasingly lies in the connection between these providers and consumers with infrastructure required to operate at scale MARTA is uniquely positioned to do this in the country combining three key advantages our leading mobility super app and our consumer demand our established infrastructure and our operational capabilities and our ability to engage with regulators and public stakeholders as an initial step we entered a multi-year strategic partnership with Tensor to deploy autonomous vehicles in the platform. We are also engaging with additional autonomous vehicle technology and vehicle providers as we work to be able to build Türkiye autonomous vehicle lines. With that, I'll now turn the call over to my partner Cankut to discuss our financial results in greater detail. Thank you, Aypes. Our second quarter results reflect the scalability of March's business model. Trips increased 73% year over year while unique platform consumers grew even faster increasing 76 percent 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 two-wheeled electric vehicle fleet, reducing the number of average daily two-wheeled electric vehicles deployed from 24.1 thousand in the second quarter of 2025 to 20.9 thousand 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-ever-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 in amortisation costs as a percentage of revenue contributed to the decline in cost of revenues from 43% to 23% of revenues. 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 six months of the year, revenue increased 147% yearover 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 one-time non-cash loss on debt extinguishment of $8.3 million, recognized in connection with the amendment of our convertible notes. In the absence of the one-term non- cash loss on net extinguishing, net loss was 4.2 million in comparison to $9.2 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 corner of this year, an improvement of 43 percentage points in a single year. Reaching positive adjusted EBita marks an important milestone for MARTA 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 six months of 2026 already represents 42% of our updated full-year revenue guidance. By comparison, in the 1st half of 2025, we had $14.3 million of revenue, which represented 37% of 2025 full- year revenue. We also increased our fiscal year 2026 adjusted EBITDA guidance to positive $7 million. Our second quarter adjusted EBITD of positive of $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. Thank you. The floor is now open for questions. If you would like to ask a question, please press star 1 on your telephone keypad at this time. A confirmation tone will indicate that your line is in the question queue. You may press star 2 if you would to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the star keys. Again, that's star 1 to register a question at this point. Our first question is coming from Theodore O'Neill of Litchfield Hills Research, please go ahead. Thanks very much, and congratulations on the quarter. Ken Coote, 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. 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. Okay, thanks very much. Thank you. The next question is coming from Rohit Kulkarni of Roth Capital Partners. Please go ahead. Thanks. Nice guidance, guys. Just helping us reconcile how you think about the second half, both the revenue ramp as well as EBITDA, raising the guidance on both levels. But perhaps talk through your thinking on how much of growth in revenues is coming from existing cities versus new cities. what gives you confidence on raising the revenue guidance and then Victor for EBITDA as well with regards to margins and operating leverage perhaps talk about gross margin versus operating leverage how you're thinking about that in the second half thank you yeah so on the revenue guidance the primary reason why we increase the revenue guidance for the years because we were seeing much faster growth in the volume of trips taking place on our platform than what we had initially anticipated. So that was the main reason for the increase in the revenue guidance. As a result, as long as that volume growth continues as took place in the first half, we do foresee reaching our $85 million revenue target for the year. There is no new city expansion or no new city monetization assumptions baked in to 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 country. 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 road is that just this quarter, right, just this quarter we finished with $2.9 million of EBITda. And therefore, or 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 two 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. Okay. And I guess with regards to 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, existing cities like Istanbul or outside of Istanbul? Perhaps just kind of color the shape of the growth and what's driving the value. The new cities are a very important growth driver. So that's part of the reason why we launched 10 new cities a few weeks ago now. And we launched those in tandem because we are seeing much faster growth outside of Istanbul than what we had originally baked in. Right now, Istanbul, as a share of our business, is already down to below 50%. And at steady state, we assume that Istanbul is going to be about a third of the business. And the new city performance shows that that's a very reasonable assumption for the company. The growth is coming primarily outside of Istanbul at this stage. While Istanbul also continues to grow, the other cities are growing at a faster clip. Okay, fantastic. I guess one last question. Any latest updates on the regulatory developments as far as ride-sharing or even last-minute delivery with the Turkey government? So the last-minute delivery, the parcel delivery service, it is fully regulated in Turkey right now. As to the ride-hailing service, so just like our administration regulated the micro-mobility sector in the past, recently they actually announced, so led by our Ministry of Industry and Technology and signed in a presidential circular, we also announced our AI action plan at the state level. And this AI action plan, for example, I counted, and it actually includes 12 references to autonomous vehicles, ranging from the need to have autonomous vehicle technology developed within the borders of our country to incentivizing the existing very strong vehicle manufacturing. You know, Turkey is one of the largest exporters of sort of cars to the European Union. 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 deploymentsof autonomous vehicles over the next year or so. And similar discussions continue to take place in the ride-hailing space. And with regards to timing, you know, we believe that our state knows best and that they will regulate the sector at the right moment in time. Okay. Thank you very much, John. Thank You. Thank you. The next question is coming from Jack Halpert of Cantor Fitzgerald. Please go ahead. Hey, guys. Thanks for taking my questions. I've got two, please. So on the Tensor partnership, I know you kind of just talked a little bit about the regulation side on AVs, but kind of what is the realistic timeline 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 Marty 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 what does the monetization story look like? Thank you. In response to your first question, Jack, so the Tensor deployment is going to – safe in Turkey, right? So, before scaling and before any larger financing commitments, for example, you know, 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 two years ago. So two 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 it was, potentially relatedto how many proof points there were around the safety data, and therefore the regulatory receptiveness to this, the sector was demand constrained. Now, the reverse is the case, right? Now, it's actually supply constrained, right, because the ride-hailing market didn't have any supply constraint in its initial growth because, you know, drivers 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 an actual physical sort of autonomous vehicle is the constraint and therefore autonomous vehicle technology providers as well. While they are increasing in number and that layer of the stack we do believe is eventually going to roughly commoditize, at the current stage they are prioritizing deployments based on 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, our objective is to launch as many vehicles as possible, as soon as possible. But we also do recognize that our partners, whether it's Tensor, whether its the other discussions that we continue to have. Our goal is to build an autonomous vehicle alliance for Turkey, where we provide the demand, we providethe operations and repair and maintenance capabilities, and we work with multiple autonomous vehicle providers, not just Tensor. Our goalis to bring them live as soon as possible, but of course in light of what each supplier that that we work with can produce in terms of timeline, as well as in light of the regulatory requirements for building a successful pilot, because the goal is not the number of vehicles in the pilot, for example. The goal is actually how well you show that the pilot works so that you can scale as fast as possible following that. With regards to your question on the delivery side, the deliveries market in parcel delivery, believe is about 10 to 20 percent of the total scale of the delivery market so right now it's important to emphasize like our parcel delivery it does not include merchants listed in our app right so what we do is we show you screen where you input where you are you input what you want the delivery to you know go into in terms of eventual destination and then one of our motorcycle or car drivers comes and picks that product up and then takes it to its destination. While it could theoretically be used for the delivery of groceries or restaurant from foods, that use case only really 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 plan to add once we have built the demand for the delivery service that we are currently doing, and then we go back to the merchant side and then start onboarding merchants. We're still in phase one. The immediate next step for deliveries is, and the parcel delivery specifically, is expanding outside of Istanbul. Right now, that's still a sort of Istanbul-based business, but I do believe that we have sufficient proof points within the city of Istanbul to seriously consider expanding that service to other cities in a similar fashion to how we expanded ride-hailing, right? So in ride-healing, we went from one city launch to eventually four cities, including Ankara, Antalya, and Izmir, and then subsequently added additional cities before adding our eventual last 10. That's the same playbook that we're going to apply in the parcels library space. Great. Thanks so much. All right. I don't know if that's something that... As a company, we are in a unique spot because we've done micro-mobility at scale before. And AV, ride-hailing or ride-sharing, is actually not an extension of a micro-robility business. Still, electric vehicles on the field are operated by a bunch of operators at scale. It's a tech-heavy business, and scaling has a lot to do with the supply side of it. So if there's one big lesson we learned in micro-mobility, you have to enter at the right time with the right product at the correct scale. Generally, early adoption forces you to buy vehicles that are sub-quality, less than what you want. vehicles that don't serve you perfectly well, vehicles that are not perfectly adapted to the environment you're operating in, and you end up buying an earlier version, which then is very hard to replace because it requires more tech. You need to have time until the right vehicle arrives, and then scaling at the right time is the right thing to do. Had we known this about the mobility in the past, we probably would have done it differently. We would have had a little bit more better fleets out at scale and, you know, both those because lifetime of those newer vehicles are better because they're longer, operation of those vehicles are cheaper, and just it is better consumer experience. So as a result, I think our scale has a lot to do with regulation, timing, supplies, etc. But it also has a lot to do with being able to have the perfect car or almost perfect car for the Turkish environment, which is cheaper labor costs and higher equipment costs. We need a vehicle that's a little bit cheaper than what operates around the world to be able to make the United States more profitable. But right now, in the market, I see a vehicle set for us to scale rapidly. But when the opportunity presents itself, I think we'll be the first ones to know that it is the right thing to do. Thank you. The next question is coming from Dick Ryan of Oak Ridge Financial. Please go ahead. Thanks for taking my questions. Just on a couple of financial clarifications, if you will, the gross margin with stronger 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 component when we get into kind of the December and the March quarters? there is a seasonal component but it's uh not very large uh so you know this isn't the micro mobility business where you know you have 50 percent declines or so in the winter months relative to the summer months uh the ride-hailing business we uh 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 state of the business we continue to grow and as long as we continue to see growth. We do anticipate the gross margins continuing to reflect that. 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? 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 trips, that should roughly translate into more revenue. 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 20 cities that you expanded into, and when will the 10 new cities start being monetized? Is that 2027? 2027 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 two 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 seven of the 30 cities that we operate in. Okay, one last one. Any early comments on what your anticipations or your aspirational goals are for 2027? Grow, baby, grow. That's the thing. I thought it was the aspirational one, so I'll defer to Aydar on this question. I mean, look, I say this analogy all the time, but, you know, we are selling water in the desert in the sense that you know tech enabled mobility especially urban mobility is um highly demanded in istanbul and other large turkish cities because of the congestion the traffic the just the hardships around moving uh within a city so um we are providing a very valuable service and we see the demand we see adoption we see users you know 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. Perfect. Okay, thanks for taking my questions, and congratulations on your continued very strong performance. Thank you. Thank you Once again, ladies and gentlemen, that's Star 1, if you have a question at this time. Our next question is coming from Fong Yang of the Benchmark Company. Please go ahead. Thanks for taking the questions, two on my side. First, on the take rate, I think you mentioned that you're currently monetizing seven out of your 30 cities. I 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 rates when these cities continue to mature on the growth side? Thanks for your question, Phuong. So our take rate, it remains to be in the mid-teens, and that's at the sort of total scale of the operations, right? So that's 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 seven cities, of course, they are the larger cities, they're the first cities that we launched, and the earlier cities that were launched are the ones that we monetized first. Understood. The second question is really more about your investment and capital allocation. You mentioned that you are confident to achieve full-year EBITDA, upgrade the EBITTA target. At the same time, you also leave room to reinvest. 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 actually going on, you know, reset your safety, buy back your shares, continue to invest in the business. How should we think about your capital allocation strategy? Let me start with the buyback. So we do have, as you referred to, we do we do, we do. We do have a 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 participate 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 a $3 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 Alpater said, you know, 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, whetherthat's revitalizing sort of our existing riders and drivers who have used the service, but maybe used 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 re-engaging those riders and drivers that's the prior the priority that we have uh ahead of ourselves right now and that's fair thanks for uh for the answer and congrats on the good quarter thank you 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 Marty technologies you may disconnect your lines at this time or log off the webcast and enjoy the rest of your day