UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO SECTION 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2023
Commission File Number: 001-40588
Marti Technologies, Inc.
(Translation of registrant’s name into
English)
Buyukdere Cd. No: 237
Maslak, 34485
Sariyer/Istanbul, Turkiye
+0 (850) 308 34 19
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F
x Form 40-F ¨
EXPLANATORY NOTE
On October 13, 2023,
Marti Technologies, Inc. (the “Company”) issued a press release announcing its first half year results for the period
ended June 30, 2023. A copy of the Company’s press release is furnished hereto as Exhibit 99.1.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Marti Technologies, Inc. |
|
|
|
Date: October 13, 2023 |
By: |
/s/ Oguz Alper Oktem |
|
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Name: Oguz Alper Oktem |
|
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Title: Chief Executive Officer |
EXHIBIT INDEX
Exhibit 99.1
Marti Reports 2023 First
Half Results; Investing in Scaling Ride-Hailing
Istanbul, Turkey
– October 13, 2023 - Marti Technologies, Inc. (“Marti” or the “Company”), Turkey’s
mobility super app, today announced its financial and operational results for the first half of 2023.
2023 First Half Year Consolidated Financial
and Operational Highlights
| · | Consolidated net revenue of $9.5 million during 1H’23, similar to $9.7
million during 1H’22. |
| · | Cost of revenues, excluding depreciation and amortization, increased 23%
to $8.7 million during 1H’23 compared to 1H’22 due to higher numbers of field personnel and greater lease expenses driven
by managing a larger scale fleet. |
| · | Average number of vehicles deployed increased by 19% to 34 thousand in 1H’23
compared to the same period in 2022. |
| · | Consolidated adjusted EBITDA was $(8.9) million in 1H’23 compared
to $(1.2) million in 1H’22, driven primarily by investments in scaling the ride-hailing business and secondarily by back-to-back
years of local inflation and the Company’s price increases in excess of inflation being offset by a decline in average daily rides
per vehicle in the Company’s two wheeled electric vehicle segment. |
| · | Actions to reduce the cost base of Marti’s two wheeled electric vehicle
segment began in Q2 2023, with a lag to the adverse movement observed in average daily rides per vehicle. |
|
Marti Founder and Chief Executive Officer Alper Oktem said, “As we navigate through the evolving landscape of urban mobility, we believe our strategic addition of ride-hailing as a new business line has positioned us for growth. Following a highly successful pilot phase in Q4 2022, we established ride hailing as a new business line in the first half of 2023. This addition significantly broadened our service offerings, allowing us to cater to a more diverse customer base, and aligning our services with the evolving demands of our ridership.
In line with our strategy of serving as Turkey’s mobility super app, we currently offer ride hailing, e-scooter, e-bike, and e-moped services all under a single app. By June 30, 2023, our ride-hailing service had gained substantial traction, boasting over 124,000 riders and more than 40,000 registered drivers. Over 34,000 of these drivers are in Türkiye’s largest city, Istanbul. This is in contrast to less than 18,395 taxis serving the city. These impressive numbers underscore the appeal of our services in the Turkish market, and we are further investing in scaling the business.
Despite the numerous
challenges we faced, including the earthquake in Türkiye earlier this year where we both assisted in earthquake relief efforts and
redeployed our vehicles from affected areas to other regions, our adaptability allowed us to maintain our total revenue at a commendable
$9.5 million for the first half of 2023. This resilience demonstrates our commitment to delivering value even in adverse circumstances.
Looking ahead, we recognize the potential for our ride-hailing business to drive future growth. We believe our investments will generate
lasting value for our stakeholders.” |
Business Updates
Ride-Hailing Revolutionizes Urban Mobility
Embarking on the next stage of Marti’s journey
to redefine urban mobility, Marti introduced its ride-hailing service in Q4 2022. Following a successful pilot, Marti’s ride-hailing
initiative was established as a new business line in the first half of 2023. Marti’s service offers both car and motorcycle ride-hailing
options. Riders and drivers agree on the price of their ride in light of price recommendations for similar past rides, and Marti currently
does not charge a fee for this service.
As of June 30, Marti’s ride-hailing
network boasts over 124,000 riders served by a team of more than 40,000 registered drivers, of which over 34,000 are in Türkiye’s
largest city, Istanbul. This remarkable growth becomes even more significant when compared to the 18,395 traditional taxis navigating
Istanbul. In the first half of 2023, Marti allocated approximately $1.2 million toward its ride-hailing headquarters team, consisting
primarily of management, engineering, data science, and marketing personnel.
While Marti already has a significant rider base
of over 4.5 million Marti app riders from Marti’s e-bike, e-scooter, and e-moped services, the Company is further investing in rider
acquisition, and making significant investments in driver acquisition for its ride hailing business. During the first half of 2023, Marti
spent $2.5 million on strategic online and offline marketing initiatives. Additionally, the cross-promotions Marti offers for its ride
hailing riders to use its two-wheeled electric vehicle services highlight the complementary nature of its multi-modal services. The success
of these cross-promotions in driving demand for ride hailing proves the Company’s sound strategy of building two wheeled electric
vehicle services first and layering ride hailing on top. Although the order in which Marti introduced these services is different than
that pursued by most ride hailing firms globally, who launched as ride hailing firms before expanding into two wheeled electric vehicles,
Marti believes that the outcome will be similar.
Looking ahead, Marti aims to surpass 375,000 ride
hailing riders by the end of 2023, a testament to the Company’s commitment to providing exceptional service to an even larger audience.
To accomplish this, the Company plans to expand its community of drivers, with a goal of reaching over 80,000 registered drivers by year-end.
These targets also underscore the Company’s belief in creating economic opportunities for its drivers and offering affordable transportation
options for its riders in an inflationary economic environment.
Two-Wheeled Electric Vehicle Operations Focused
on Efficiency
The first half of 2023 was marked by high inflation
and substantial currency depreciation in Türkiye. The Turkish Lira depreciated by 38% in the first half of the year. The May presidential
election was followed by economic normalization messages from newly appointed Central Bank authorities. Despite the actions of the Central
Bank in raising interest rates, the effects of these monetary policy decisions will take some time to play out in the system. In the meantime,
inflationary pressures due to currency depreciation remain pronounced. In the first half of 2023, the Türkiye government’s
year-end inflation expectations were revised from 22% to 58%.
In response to these challenges, Marti increased
its prices by 87% compared to the previous year to counter the inflationary pressures. While consumer behavior saw a shift, with a 42%
decline in average daily rides per vehicle from 2.15 to 1.25, Marti increased net revenue per ride by 43% from $0.86 to $1.23 in the six
months ended June 30, 2023.
Marti’s strategic focus in the first half
of 2023 was on operational excellence. Recognizing the importance of streamlined operations, the Company strategically ceased operations
in underperforming cities. This move optimized the Company’s costs, allowing it to reallocate its vehicles to higher-performing
cities. Although these underperforming cities contributed less than 8% of our total revenue, they accounted for over 12% of the Company’s
costs in 2022. By relocating the Company’s resources, the Company not only reduced expenses but also improved its overall operational
efficiency.
Despite a reduction in fleet size, Marti’s
average daily deployed vehicles increased from 28.7 thousand to 34.4 thousand in the six months ended in June 30, 2023. Through intensive
efforts, Marti ramped up its deployment rates and vehicle availability. The implementation of a spare parts usage and expense control
system, coupled with a productivity enhancement project in field operations, streamlined Marti’s fleet's utilization. Additionally,
the deployment of 2,000 e-mopeds in high-performing areas further supported Marti’s operational performance. As a result, Marti
has strategically maneuvered to not only maintain its revenue but also optimize its operations for future growth.
While revenue remained
resilient, the cost of revenue, excluding depreciation and amortization, increased by 23% to $8.7 in the first half of 2023 from $7.1
in the first half of 2022, affected by wage increases, relocation of vehicles, and an increased number of field personnel as Marti deploys
more vehicles. Company actions to reduce the cost base of its two-wheeled electric vehicle segment began in Q2 2023, with a lag
to the adverse revenue impact. General and administrative costs also increased due to inflationary pressures on wages, and advisory expenses
for the Company’s listing process. Consequently, adjusted EBITDA margin of the two-wheeled electric vehicle segment contracted to
(49.1)% in 1H’23.
As the Company focuses on growing its ride hailing
service, it will reevaluate opportunities to expand the scale of its two wheeled electric vehicle services no earlier than the summer
of 2024, and on an opportunistic basis at that time.
Operating Results for 1H’23
Consolidated Net Revenues
| · | Consolidated net revenue decreased by 3% to $9.5
million in 1H’23 compared to the same period in 2022, as the positive effect of increased average vehicles deployed and pricing
actions balanced the drop in average rides per vehicle per day and lower ride durations. Revenue generation was impacted by the seasonality
of the business as well as the earthquakes that took place in February. |
Cost of Revenues
| · | Cost of revenues, excluding depreciation and
amortization, increased by 23%, or $1.6 million, from $7.1 million in 1H’22 to $8.7 million in 1H’23, primarily due to expansion
into relatively lower demand cities with subscale operations in 2H’22 being reversed as of Q2 2023, increased field personnel, and
operational lease expense. |
General and Administrative Expense; Consulting
Expenses
| · | General and administrative expense increased
by 67% to $5.7 million during the six months ended June 30, 2023 compared to the same period in 2022 as wages increased in line with
inflation and Marti invested in talent prior to its public listing. Consulting expenses increased by $0.8 million from $0.3 in 1H’22
to $1.1 million in 1H’23 in preparation for the listing. Notably, $1.2 million or 22% of Marti’s general and administrative
costs are attributed to its rapidly expanding ride-hailing division and investments in its ride-hailing headquarters team. |
Selling and Marketing Cost
| · | Selling and marketing cost increased by $2.5
million from $0.3 million in 1H’22 to $2.8 million in 1H’23. At $0.2 million in 1H’23, selling and marketing cost in
Marti’s two-wheeled electric vehicle business was parallel to the same period in 2022. Selling and marketing cost in the ride-hailing
business was $2.5 million, driven primarily by driver and rider acquisition campaigns, and cross promotions at the two-wheeled electric
vehicle business for the ride-hailing riders. As our ride-hailing business has yet to generate revenue, $0.5 million of variable costs
incurred to generate rides were included in sales and marketing costs. This includes the data cost of servers and mapping services, and
call center costs for onboarding drivers and offering customer support in the ride-hailing business. |
Cost of Revenues
| · | Consolidated adjusted EBITDA decreased by $7.7
million to $(8.9) million, and adjusted EBITDA margin decreased by 81% to (94)% in the first half of 2023 when compared to the first half
of 2022, primarily as a result of investments in the ride-hailing business. The adjusted EBITDA margin for the two-wheeled electric vehicle
business decreased by 37% to (49)% due to the expanded cost of revenue base costs. |
2023 Guidance
Marti is presenting its full year 2023 guidance,
as summarized below:
| |
| 2023 Guidance for Consolidated Operations, including Ride Hailing Investments | |
NET REVENUE | |
$ | 20.1 M | |
ADJUSTED EBITDA | |
$ | (17.8) M | |
The Company’s 2023 Guidance contemplates
the following assumptions:
| · | Focusing on expansion of the ride-hailing business,
which includes investments in scaling ride-hailing. |
| · | Reevaluating potential two-wheeled electric vehicle
investments on an opportunistic basis no earlier than the summer of 2024 and factoring in the operational efficiency improvements anticipated
in the Company’s two-wheeled electric vehicle operations. |
The full year 2023 guidance provided herein and the targeted number
of riders and registered drivers by year end in the Ride Hailing Business are based on Marti’s current estimates and assumptions
and are not a guarantee of future performance. The 2023 guidance and targets provided are subject to significant risks and uncertainties,
including the risk factors discussed in the Company's reports on file with the Securities and Exchange Commission (“SEC”),
that could cause actual results to differ materially. There can be no assurance that the Company will achieve the results expressed by
this guidance or the targets.
Non-GAAP Financial Measures
This financial information and data contained
herein are not presented in accordance with generally accepted accounting principles of the United States (“GAAP”) including,
but not limited to, adjusted EBITDA, adjusted EBITDA margin and certain ratios and other metrics derived therefrom. We define these metrics
as follows:
Adjusted EBITDA
as depreciation, amortization, taxes, financial expenses (net of financial income) and one-time charges and non-cash adjustments, plus
net income (loss). The one-time charges and non-cash adjustments are mainly comprised of customs tax provision expenses resulting from
the one-time amendment of customs duties, period adjustments for the founders’ salary which resulted from a one-time lump sum deferred
payment made to the founders, and lawsuit provision expense which the Company does not consider the provision to be reflective of its
normal cash operations.
Adjusted EBITDA
margin as adjusted EBITDA/net revenue.
These non-GAAP financial measures are not
measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing
the Company’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to net
income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware
that the Company’s presentation of these measures may not be comparable to similarly titled measures used by other companies. The
Company believes these non-GAAP measures of financial results provide useful information for management and investors regarding certain
financial and business trends relating to the Company’s financial condition and results of operations. The Company believes
the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results
and trends and in comparing the Company’s financial measures with other similar companies, many of which present similar non-GAAP
financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect
the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial
measures and accordingly, should always be considered as supplemental financial results to those calculated in accordance with GAAP.
This financial information and data contained
herein also includes certain projections of non-GAAP financial measures. Due to the high variability and difficulty in making
accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded
information not being ascertainable or accessible, the Company is unable to quantify certain amounts that would be required to be included
in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable
GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.
About Marti
Founded in
2018, Marti is Türkiye’s leading mobility app, offering multiple transportation services to its riders. Marti operates a ride
hailing service that matches riders with drivers traveling in the same direction, and owns and operates a large fleet of e-mopeds, e-bikes,
and e-scooters. All of Marti’s offerings are serviced by proprietary software systems and IoT infrastructure. For more information
visit ir.marti.tech.
Cautionary Statement
Regarding Forward-Looking Information
This press release contains
statements that are not based on historical fact and are “forward-looking statements’’ within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act of 1995. For example, statements about the anticipated growth,
including the number of riders and registered drivers, of the ride hailing business, the full year 2023 guidance, and the expected future
performance and market opportunities of Marti and the ride sharing business are forward-looking statements. In some cases, you can identify
forward looking statements by terminology such as, or which contain the words “will,” “aim,” “anticipate,”
“believe,” “continue,” “could,” “estimate,” “expect,” “forecast,”
“future,” “intend,” “may,” “plan,” “possible,” “predict,” “project,”
“seek,” “should,” “target,” “will,” “would” and variations of these words
or similar expressions. Such forward-looking statements are subject to risks, uncertainties and other factors. Actual results may differ
materially from the expectations expressed or implied in the forward-looking statements as a result of known and unknown risks and uncertainties.
These
forward-looking statements are based on estimates and assumptions that, while considered reasonable by Marti and its management are inherently
uncertain and are subject to a number of risks and assumptions. These statements are not guarantees of future performance and are subject
to risks, uncertainties and other factors, some of which are beyond Marti’s control, are difficult to predict, and could cause actual
results to differ materially from those expressed or forecasted in the forward-looking statements. Known risks and uncertainties include
but are not limited to: (i) the effect of the public listing of the Company’s securities on its business relationships,
performance, financial condition and business generally, (ii) risks that the business combination may disrupt the Company’s
current plans or divert management’s attention from its ongoing business operations, (iii) the outcome of any legal proceedings
that may be instituted against the Company or its directors or officers related to the business combination or otherwise, (iv) the
Company’s ability to maintain the listing of its securities on the NYSE American, (v) volatility in the price of the Company’s
securities due to a variety of factors, including without limitation changes in the competitive and highly regulated industries in which
the Company currently or plans to operate, variations in competitors’ performance and success and changes in laws and regulations
affecting the Company’s business, (vi) the Company’s ability to implement business plans, forecasts, and other expectations,
and identify opportunities, (vii) the risk of downturns in the highly competitive tech-enabled mobility services industry, (viii) the
Company’s ability to build its brand and consumers’ recognition, acceptance and adoption of its brand, (ix) the risk
that the Company may not be able to effectively manage its growth, including its design, research, development and maintenance capabilities,
(x) technological changes and risks associated with doing business in an emerging market, (xi) risks relating to dependence
on and use of certain intellectual property and technology and (xii) and other important factors or risks discussed in the Company’s
filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investors Relations section of Company’s website
at https://ir.marti.tech. Any investors should carefully consider the risks and uncertainties described in the documents filed by the
Company from time to time with the SEC as most of the factors are outside the Company’s control and are difficult to predict. As
a result, the Company’s actual results may differ from its expectations, estimates and projections and consequently, such forward-looking
statements should not be relied upon as predictions of future events. The Company cautions not to place undue reliance upon any forward-looking
statements, including its 2023 guidance and ride sharing targets, which speaks only as to management expectations and beliefs as of the
date they are made. The Company disclaims any obligation or undertaking to update or revise any forward-looking statements, whether as
a result of new information, future events or otherwise, other than to the extent required by applicable law.
Investor Relations
Contact:
Ozge Arcasoy
Marti Technologies
Inc.
ir.marti.tech
investor.relations@marti.tech
Balance Sheet
(in thousands $) | |
December 31, 2022 | | |
1H 2023 | |
Total current assets | |
| 20,455 | | |
| 12,480 | |
Cash and cash equivalents | |
| 10,498 | | |
| 3,970 | |
Accounts receivable, net | |
| 375 | | |
| 553 | |
Inventories | |
| 3,332 | | |
| 3,640 | |
Operating lease right of use assets | |
| 2,683 | | |
| 673 | |
Other current assets | |
| 3,567 | | |
| 3,644 | |
VAT receivables | |
| 3,135 | | |
| 2,721 | |
Other | |
| 433 | | |
| 922 | |
| |
| | | |
| | |
Total non-Current assets | |
| 20,423 | | |
| 19,225 | |
Property, equipment and deposits, net | |
| 19,423 | | |
| 18,689 | |
Intangible assets | |
| 160 | | |
| 182 | |
Operating lease right of use assets | |
| 841 | | |
| 353 | |
Total assets | |
| 40,878 | | |
| 31,705 | |
| |
| | | |
| | |
Current liabilities | |
| 15,867 | | |
| 13,338 | |
Accounts payable | |
| 3,574 | | |
| 3,558 | |
Short-term financial liabilities, net | |
| 7,294 | | |
| 6,104 | |
Operating lease liabilities | |
| 2,153 | | |
| 544 | |
Deferred revenue | |
| 1,328 | | |
| 1,311 | |
Accrued expenses and other current liabilities | |
| 1,518 | | |
| 1,821 | |
| |
| | | |
| | |
Non-current liabilities | |
| 17,412 | | |
| 22,186 | |
Long-term financial liabilities, net | |
| 16,380 | | |
| 21,457 | |
Operating lease liabilities | |
| 674 | | |
| 290 | |
Other non-current liabilities | |
| 357 | | |
| 438 | |
| |
| | | |
| | |
Stockholders’ equity | |
| 7,600 | | |
| -3,819 | |
Capital
Paid | |
| 51,282 | | |
| 51,282 | |
Additional paid in capital | |
| 3,059 | | |
| 3,640 | |
Accumulated other comprehensive loss | |
| -7,588 | | |
| -7,558 | |
Accumulated deficit | |
| -39,183 | | |
| -51,183 | |
Total liabilities and stockholders’ equity | |
| 40,878 | | |
| 31,705 | |
Income Statement
(in thousands $) | |
1H 2022 | | |
1H 2023 | |
Revenue | |
| 9,731 | | |
| 9,485 | |
Cost of Revenues | |
| -11,625 | | |
| -13,018 | |
Gross Profit | |
| -1,894 | | |
| -3,533 | |
Selling and marketing expenses | |
| -235 | | |
| -3,211 | |
General and administration expenses | |
| -3,390 | | |
| -5,668 | |
Research and development expenses | |
| -573 | | |
| -1,500 | |
Other income/expense (Net) | |
| -286 | | |
| -191 | |
Operating loss before finance costs | |
| -6,379 | | |
| -14,104 | |
Financial income | |
| 607 | | |
| 2,720 | |
Financial expense | |
| -861 | | |
| -616 | |
Loss before tax | |
| -6,633 | | |
| -12,000 | |
Cash Flow
(in thousands $) | |
1H 2022 | | |
1H 2023 | |
Cash flow from operating activities | |
| | | |
| | |
Net loss | |
| -6,633 | | |
| -12,000 | |
Adjustments to reconcile net loss to net cash used in operating activities | |
| 7,114 | | |
| 7,583 | |
Depreciation and amortization | |
| 4,834 | | |
| 4,672 | |
Loss of disposal asset | |
| - | | |
| 162 | |
Stock-based (forfeited), compensation, net | |
| 785 | | |
| 582 | |
Interest expense-income, net | |
| 741 | | |
| 550 | |
Foreign exchange losses/ (gains) | |
| 420 | | |
| 1,247 | |
Other non-cash | |
| 334 | | |
| 370 | |
Changes in operating assets and liabilities | |
| -2,256 | | |
| -1,678 | |
Accounts receivable | |
| -292 | | |
| -177 | |
Inventory | |
| -961 | | |
| -308 | |
Other assets and prepayments | |
| -1,107 | | |
| -1,395 | |
Income tax payable | |
| -530 | | |
| - | |
Accounts payable | |
| 754 | | |
| -15 | |
Deferred revenue | |
| 227 | | |
| -17 | |
Other liabilities | |
| -347 | | |
| 235 | |
| |
| | | |
| | |
A. Net cash from / (used in) operating activities | |
| -1,775 | | |
| -6,095 | |
| |
| | | |
| | |
Cash flow from investing activities | |
| | | |
| | |
Purchases of vehicles | |
| -4,443 | | |
| -3,431 | |
Purchases of other property, plant and equipment | |
| -226 | | |
| -497 | |
Purchases of intangible assets | |
| -89 | | |
| -72 | |
Proceeds from disposal of property, plant and equipment | |
| - | | |
| 5 | |
B. Net cash from / (used in) investing activities | |
| -4,757 | | |
| -3,994 | |
Cash flow from financing activities | |
| | | |
| | |
Proceeds from issuance of convertible notes | |
| - | | |
| 7,500 | |
Payments of term loans | |
| -3,041 | | |
| -3,938 | |
C. Net cash from/ (used in) financing activities | |
| -3,041 | | |
| 3,562 | |
D. Increase (decrease) in cash and cash equivalents and restricted cash (A+B+C) | |
| -9,573 | | |
| -6,527 | |
E. Effect of exchange rate changes | |
| -337 | | |
| - | |
F. Net increase in cash and cash equivalents (D+E) | |
| -9,910 | | |
| -6,527 | |
G. Cash and cash equivalents at beginning of the year | |
| 13,216 | | |
| 10,498 | |
Cash and cash equivalents at ending of the year (F+G) | |
| 3,306 | | |
| 3,970 | |
Non-GAAP Reconciliations
(in thousands $) | |
1H 2022 | | |
1H 2023 | |
Net Loss | |
| -6,633 | | |
| -12,000 | |
Depreciation and Amortization | |
| 4,834 | | |
| 4,672 | |
Income Tax Expense | |
| 0 | | |
| 0 | |
Financial Income | |
| -607 | | |
| -2,720 | |
Financial Expense | |
| 861 | | |
| 616 | |
Customs tax provision expense | |
| -380 | | |
| -78 | |
Lawsuit provision expense | |
| -61 | | |
| 67 | |
Salary cut off adjustment | |
| 0 | | |
| 0 | |
Other | |
| 0 | | |
| 0 | |
Stock based compensation expense accrual | |
| 784 | | |
| 574 | |
Adjusted EBITDA | |
| -1,202 | | |
| -8,869 | |
Adjusted EBITDA margin | |
| (12.4 | )% | |
| (93.5 | )% |
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