Marti Technologies, Inc. Third Quarter 2026 Earnings Call - MARTI TECHNOLOGIES INC

Hello, everyone, and thank you for joining us for the Marti Technologies third quarter 2026 conference call. Before we begin, I'd 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 be able to find links to our SEC filings, along with the other information about Marti. Joining me on to the call today are Ogliz Alper Oktem, Marti founder and CEO, and John Goodzergen, Markey's co-founder and 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 and about the development and deployment of autonomous vehicle technology and partnerships. These forward-thinking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and certainties 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, November 9, 2026. In addition, our discussion today will include references to certain supplemental non-GAAP financial measures, including adjustable EBITDA, and margin and free cash flow, which should be considered in addition to, not as a substitute for, our GAAP financial results. We use these non-GAAP measures in evaluating and managing Marquis' business, and believe they provide useful information for management and our investors. Beginning with the quarter ended June 30, 2026, we revised our calculation on adjusted EBITDA, and prior period amounts have been revised to conform to the current presentation. Reconciliations of the non-GAAP measures to the corresponding GAAP measures, where appropriate, together with a description of the revision, can be found in today's earnings release and earnings presentation, as well as our filings with the SEC. With that, I'll turn the call over to Alper. Thank you for joining us today for MARTA's third quarter 2026 earnings call. The third quarter was a breakthrough quarter for MARTSA. We delivered record revenue, record gross profit margin, positive income from operations for the first time in our history, and our second consecutive quarter of positive free cash flow. Last quarter, we said that scale was increasingly translating into operating leverage this quarter that leverage carried through to our operating performance as our platform scales we're generating significantly more revenue without a corresponding increase in our cost base allowing a growing proportion of our incremental revenue to flow through to profitability and cash generation our strategy arranged straightforward build kooky is largest and most engaged mobility network then leverage that network to expand into adjacent services and capture additional value from our existing consumer and driver relationships the third quarter results demonstrate that this strategy is working we are growing our nationwide presence deepening engagement across our multi-service platform and increasingly translating that growth into improved profitability during the quarter we continue to strengthen our nationwide presence right healing delivered robust growth across our 30 city footprint and in october we launched ride hailing in 10 additional cities today monto operates in 40 cities in total covering approximately 90 percent of turkey's gdp our rider and driver networks continue to grow so strongly we exceeded our september 30 targets for both all-time unique ride-hailing riders and registered drivers achieving our key milestones a month ahead of schedule we also continue to advance our long-term growth initiatives following our partnership with tensor we extended our multi-part autonomous mobility ecosystem in october with calm car and the first corn car equipped vehicle was already delivered and arrived in turkey continued operating leverage translated into exceptional financial results too revenue increased 128 percent year-over-year to a record 24.7 million dollars driven by increasing trip volumes and continued platform monetization growth profit increased 176 percent to 20.2 million and growth profit margin reached a record 81.5 percent reflecting improving unit economics and operating leverage of our models our improving units economics and discipline cost management drove a significant improvement in profitability adjusted evita reached 5.6 million dollars a 23 percent margin nearly doubling from 2.9 million in the second quarter income from operations turns turned positive for the first time at 2.7 million dollars and our net was narrowed to a near break even of one million dollars with one quarter remaining our nine month adjust evita of eight million dollars already exceeds our full year guidance of seven million dollars and we are positioned to meet our full year 2026 guidance 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 we see complement with our two-wheeled electric vehicle fleet and our on-demand delivery services since launch our platform has facilitated more than 217 million ships serving 8.9 million unique consumers across our mobility and delivery services our writing marketplace continues to expand rapidly as well as of september 30th we have reached 5.1 million all-time unique ride-hailing riders and built a network of 597 000 registered drivers these metrics highlight the strength of our multi-service platform and our ability to scale both supply and demand at the same time. Malta has quickly emerged as Turkey's leading urban mobility platform. Scale, brand recognition, and nationwide operations create meaningful competitive advantages as we continue expanding our services. Globally, mobility markets tend to be led by local champions with deep operational expertise, strong brand recognition and an understanding of local consumer behavior. There is no exception in Turkey. Our nationwide presence established brand and integrated platform position to, position market to benefit from these dynamics. Following the launch of our ride hailing in 10 new cities in October, market now operates in 40 of the Turkey's largest cities, representing approximately, as I've said, 90% of our GDP. This is up to, this is up from 30 cities and approximately 85% of GDP at the end of the quarter. This footprint enables us to launch new services efficiently, deepened consumer engagement, and served the large majority of the Turkish mobility market through a single integrated platform. Our operating metrics once again reflect the strength of our multi-service platform. During the third quarter, trips increased 46% year-over-year to $22 million, and the unique platform consumers grew 64% to $2.7 million. Since the first quarter of 2025, TRIPS have grown 2.6 times and unique platform consumers 2.5 times. TRIPs for unique platform consumer were 8.2 compared to 8.6 now in the prior year quarter. This modest decline reflects the increasing contribution of newly won cities where consumer engagement is still developing. We expect engagement to strengthen as these markets mature. Our ride-hailing service continues to be the primary driver of platform growth and consumer acquisition. As of September 30th, all-time unique ride-hailing riders grew by 81% year-over-year from 2.8 million to 5.1 million, and all- time registered ride- hailing drivers grew 54% from 387,000 to 597,000. During the third quarter, we added a record 650,000 new drivers and 53,000 registered drivers. Further strengthening the scale and liquidity of our marketplace. Once again, we exceeded our targets, which were 4.9 million riders and 580,000 drivers by the end of the third quarter. Our next milestone is to reach 5.65 million all-time unique ride-hailing riders and 630,000 registered drivers by December 31, 2026. As our ride-hailing marketplace scales, multi-service engagement continues to strengthen and drive stronger platform economics. During the third quarter, multi‑service consumers completed 3.2 times more trips and generated 2.8 times more revenue per consumer than single‑service consumers. On the supply side, multi–service drivers completed significantly more trips than single-service drivers, 3.3 times more for motorcycle drivers and 1.9 times more for car drivers in Istanbul. Each new service, we add, strengthens utilization and deepens engagement on both sides of our marketplace. We continue to apply AI across our technology stack and operations to improve the efficiency of our marketplace. A good example of this is the core of our workplace, our dynamic pricing and matching systems. Our team is continuously refining these AI models to better balance consumer demand and driver supply in real time. match each request with the most suitable driver, and improve trip completion rates. In the third quarter, we continue to work on our elasticity measurements, supply and demand forecasting, and batch matching algorithms. As our platform expands, the growing volume of transactions provide additional data to continuously refine these systems. We believe these capabilities will become increasingly important in helping us manage a larger marketplace more efficiently while maintaining a high-quality consumer and driver experience. On interesting news, we also made meaningful progress in autonomous mobility this quarter. As autonomous vehicle technology continues to develop, we believe the key to bringing it to Turkey will be connecting technology providers with consumer demand and the infrastructure required to operate in each market. Our approach is to build a multi-partner autonomous mobility ecosystem in the country, working with multiple partners and selecting autonomous driving technologies best suited for Turkey. MARTA brings three things to the ecosystem. Our leading mobility super app and the rider demanded aggregates, our established operational infrastructure, and our ability to engage with regulators and public sector stakeholders. Following our multi-strategic partnership with TENSOR in October, we expanded this ecosystem through a partnership with CONCAR, a provider of autonomous driving solutions. The first home car-equipped vehicle has arrived in the country, and we expect to begin closed-area testing in Istanbul, subject to obtaining the required test codes. We are also in discussions with additional autonomous vehicle partners. With that, I will turn the call over to my partner, Cankut, to discuss our financial results in greater detail. thank you our third quarter results demonstrate the significant operating leverage in marta's business model we continue to grow the platform rapidly while keeping cost growth well below revenue growth this translated into record gross profitability positive income from operations for the first time, and our second quarter of positive free cash flow. Let me now walk you through the financial results in more detail. Trips increased 46% year-over-year, and unique platform consumers grew 54%, driven by increasing ride-hailing usage in our existing cities and the launch of new cities. We ended the quarter with 5.1 million all-time unique ride-hailing riders and 597,000 registered drivers. As part of our two-wheeled electric vehicle fleet optimization strategy, we continue to gradually decommission our two wheeled electric vehicles, which were first introduced on the field in 2021, and have therefore already been active for over five years. We reduced average daily vehicles deployed from 22.3 thousand in the third quarter of 2025 to $20,800 in the third quarter of 2026. On the financial side, revenue more than doubled, while cost of revenues and total operating expenses grew at a much slower pace. As a result, our gross profit margin reached a record 81%, income from operations turned positive for the first time in our history, and adjusted EBITDA nearly doubled from the prior quarter's figure. Let me now walk you through some of these figures in a bit more detail. On the revenue side, quarterly revenue grew for the sixth consecutive quarter. Third quarter revenue increased to a record $24.7 million, an increase of $13.9 million compared to the prior year quarter. Driven by increasing trip volumes and continued platform monetization, revenue has persistently more than doubled year over year in each quarter of 2026. This growth comes with significant economies of scale. Since the first quarter of 2025, revenue has grown 4.1 times, while cost of revenues has grown just 1.2 times. As a result, our cost of revenue has fallen from 63% to 19% of revenue. Our Q3 gross profit of $20.2 million implies a record 81% gross profit margin. Our gross profit margine has expanded in every quarter since the beginning of 2025. Perhaps the most significant financial milestone we achieved this quarter was getting to positive income from operations for the first time in our history. Income from operations came in at $2.7 million. This is compared to a loss of $8.8 million in the prior year quarter and represents an improvement of $11.5 million. Our operating margin improved from negative 81% in the third quarter of 2025 to positive 11% this quarter after a steady improvement each quarter this year. Adjusted EBITDA, which turned positive for the first time last quarter, reached $5.6 million in the first quarter, nearly doubling from $2.9 million in this quarter and improving $9.2 million year-over-year. Adjusted EBITDA margin expanded to 23%. For the first nine months of 2026, adjusted EBITda was $8 million. This compares to negative $9,6 million in the same period last year and represents a $17.6 million improvement in just one year. Our net loss narrowed 91% year-over-year to a near-break-even $1 million. This is a $10.1 million improvement from an $11.2 million net loss in the third quarter of 2025. Third quarter included $2.2 billion of non-cash share-based compensation expense. Excluding this expense, we would have generated net income of $1.2 trillion in the quarter. Perhaps the most important validation of our improving business economics is that this operating leverage is now translating into cash generation. We generated $1 million of operating cash flow and deducting property, plans, and equipment purchases from this figure, close to $1 billion of free cash flow in the third quarter, marking our second consecutive quarter of positive free cashflow. Turning to our outlook for the year, we are reaffirming our fiscal year 2026 guidance of $85 million in revenue and $7 million in adjusted EBITDA. Our revenue of $60.1 million in the first nine months of 2026 already represents 71% of our full-year guidance. By comparison, Our revenue in the first nine months of 2025 represented 64% of our full-year 2025 revenue. On adjusted EBITDA, with one quarter remaining, our nine-month figure of $8 million already exceeds our full year guidance of $7 million. Taken all together, our third quarter results demonstrate significant progress that we've made in scaling our platform and improving our financial performance. We've expanded our ride-hailing footprint to 40 cities, covering 90% of Turkiye's GDP. We've continued to grow our consumer and driver networks, and we've strengthened engagement across our multi-service platform. At the same time, we've reached important financial milestones, including record revenue and gross profit margin, positive income from operations for the first time, and a second consecutive quarter of positive free cash flow. We enter the final quarter of the year with strong momentum, and we remain focused on disciplined growth and continued margin improvement. We believe that we're increasingly well-positioned to capitalize on the substantial opportunity in Turkey's mobility market and adjacent markets, while creating long-term value for our shareholders. We thank you for participating today, and would be glad to answer any questions you might have. Thank you. will now be conducting a question and answer session. If you'd like to be placed in the question queue, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing star 1. One moment, please, while we pause for questions. Our first question is coming from fong jang from story x your line is our life yeah thanks for taking my question uh first of all congrats on a very strong quarter um i want you to follow up on your guidance uh again very strong performance uh year to date um i think if i calculate correctly you already surpassed your full year it'd be the guidance of seven seven medium target i guess the question here is should we can interpret but you did not receive full year guidance i guess the question here is should we interpret that as a conservatism or are there any meaningful incremental investment or seasonal headwinds we should be effectively in for 4q and more importantly how should we think about 2037 so in terms of the fourth quarter seasonally the fourth quarter is generally slower in our business than the second and third quarters. Historically, that's been as valid for our ride-hailing business as it has been for our two-wheeled electric vehicle business. And as a result, we should expect continued strong performance in the fourth quarter, but not a major uplift, which is the reason for not revising the revenue guidance that we have placed for the full year. From an adjusted EBITDA perspective, you're right, Fawn. We did already surpass in the first nine months the full-year figure, and the fourth quarter is going to be a quarter where we are going to be thinking heavily, as we already have been, about how to invest marketing in an effective way in order to position the company for the highest growth possible in 2027. So that's the reason why, together with a bit of conservatism on our side, you are right, but also together with increased marketing actions that we have started taking, that's why we haven't revised the adjusted EBITDA guidance for the full year 2026. We are going to be looking to see some of the returns on these marketing investments, which will inform the 2027 forecast. and we do foresee releasing that for the end of the year as well that's fair thanks for the clarification on second question regarding your monetization opportunities across your 40 cities that's actually where you are operating right now last quarter you mentioned that monetization was only on seven city give and take and effective take raise around 18 has that changed in this quarter, how should we think about the timing and the pace of monetization in the newer cities, particularly heading into 2027? We still monetize, I believe it's eight or nine cities, so certainly less than 10, and the effective take rates have not changed. Most of the cities that we launched, right, so while we're active in 40 cities right now, the vast majority of those I believe 20 of those were launched in the last four months or so, and there's another 16 which were launched in the past year and a half or so. If you take Istanbul as a proxy, we only began monetizing Istanbul two years after the launch of the city. That is the reason why we don't foresee adding new cities to the monetization mix at a significant pace beyond waiting instead for them to reach their, let's say, two, two and a half year mark. So that's the reason why we haven't baked in any take rate increases either. Gotcha. Switching gears back to your operating average, Your growth margin reached 81.5% for the quarter, already above the 80% sustainable level as we discussed last quarter. What drove the incremental improvement? And more importantly, how should we think about the long-term growth margin saving? And given the structural cost advantage in Turkey, do you see the potential adjusted EBITDA margin eventually to get to your 50-60 range when you scale? The gross margin numbers as well as the adjusted EBITTA margin levels, as well as what they are going to be at steady state, I think we need to take them sort of quarter by quarter because we do have analogies that we can look at in terms of international ride-hailing firms and what their gross margins are and what their adjusted EBITDA margins are. And we do believe that we have specific structural advantage as a result of operating in Turkiye, whether that's in terms of insurance premiums, whether that's of lower cost labor structures that do give us the ability to achieve higher than international benchmark gross margin and adjusted EBITA figures. I think we're beginning to demonstrate that, right? The increase that you highlighted in the gross margin to 81%, as well as the increase in the adjusted EBITDA margin to 23%, those are supportive of the thesis that we laid out in, I believe it was last quarter's call for the first time. And we're going to see where they end up. We're going to continue to track these on a quarter-by-quarter basis and see what the what the study state numbers end up being I understood congrats again on a very strong quarter thank you thank you next question today is coming from Pope Pratt from Alliance global partners or line is that live hello Jen cook can you highlight the changes in the October 29 convertible note agreement. And would you also clarify, you know, the issuance of 5 million shares, you know when to Callaway, when would that occur? So the October 2029 convertible note agreement was originally an agreement, a financing agreement that we had the ability to draw down on until the end of 2026. It was an agreement that we did not need. We did not foresee needing the financing, but in the event of it becoming necessarily primarily for potential competitive reasons, secondarily to further accelerate growth, we wanted to have that available. And we decided to continue to have it available in 2027, actually through the mid-2028. So we extended it through July 2028. And the commitment shares are as part of the financing agreement rewarded in order for the financing partner giving us the optionality to draw down on that $100 million facility should it become necessary. To clarify, when would those shares be issued as the notes are drawn down, Jancoud, or will they be issued this quarter? They will be issued this quarter. Okay. And then on the management incentive program, it looks like you've created RSUs, I think, for the first time. Can you clarify that? And then can you, you know, with the new shares that you issued to Callaway and then the RSU's or the PS, I think there are issues. Can you just give me an idea of where your diluted share count will be at the end of the year? So the details of the financing arrangement as well as the management incentive plan are fully in the filings that we shared and the figures are there as well. The management incentive plan is in the amount of 10% of fully diluted outstanding shares. And part of it is being allocated currently. Part of it will be allocated in the future. And that can be added to previous fully diluted share counts in order to arrive at the ultimate number. I would need to look at the specifics filings to have a more concrete number that I can get back to you with after this call. Okay, that'd be great. I'm sort of thinking more like 100 million you know diluted shares um and then when can you talk about you know rolling out into the 10 incremental cities um you know that you announced in october you know well in advance when you think they'll generate revenues and on top of the 10 you rolled out and they went in the third quarter is that going to change your cost structure at all looking at 2027 I guess I'll answer this so we are looking to expand our business as fast as we can to as many cities as possible in the shortest amount of time and thankfully our business allows for us to launch these new cities without much investment locally I mean, we operate out of Istanbul, that's where our HQ is, and whenever we're launching a new city, it's just switching the city on and doing marketing activities there. So the cost structure per city launch is not going to be much different than it has historically been, and we also cover already 85-90% of the GDP of the country, so the cities we're launching now are not as large as the ones we launched previously. So as we're rolling out newer cities, we are reaching smaller and smaller and small markets as we go along. The real growth is coming from the growth of the cities that we launched earlier. So I don't foresee any significant cost changes to our new city launches going forward. We actually will be reaping the benefits of the launches we've done over the past few years. Okay. And then, Jenku, can you just, you know, your gross margin was over 80%. I think on the last call, you sort of alluded to there being a hard cap at 80%. Can you just help me understand, you know how you got above that? It looks like discounts, you drop from 10% to a little under nine percent but you know can you just sort of give me a little more color on on how you're thinking about that hard cap was that just um you know any color would be helpful i'm learning as we we go along as well this is uncharted territory right a ride hailing firm uh with these margins um it's uh where that hard ceiling is if there is a hard ceiling What I referred to in the last quarterly call was that this isn't a fast business at the end of the day, right? So we do have an offline service that we're delivering, and therefore there are certain cost items related to delivering what is ultimately an offline service that do exist which don't exist for fully online digital services. And therefore I was estimating that 80% would probably be a good ballpark for where our gross margin could head to. We have hit that number as early as the immediate quarter, so perhaps I wasn't optimistic enough about where this will be. This is going to be something that we'll continue to monitor on a quarterly basis. But I guess would you think that the hard cap or the ceiling, as you put it, is closer to 85 percent or you're not you know you're not changing that sort of your your view on the the ceiling we're going to continue to monitor it on a quarterly basis okay great thanks for your time thank you thank you our next question is coming from dick ryan from oak ridge financial your line is now live thank you hey john cooch you had a nice uh obviously the uh the legal win in the quarter at the appeals level you know it certainly looks like that arena is changing because initially it was the lower court then going up to the appeals court back to the lower Court so now it looks that it looks like dynamic is changing with the appeals ruling and then obviously going to a higher court at some point. Can you just kind of put in perspective where you're currently sitting, what your current thoughts are on the legal issue? Um, uh, John, did you want to take this or? You can go ahead. All right. Um, the development of ride hailing has never been easy in any country, let alone turkey uh turkey is the one you know that's catching up to the rest of the world so it is a legal battle on all fronts but our base case is strong and that's why we're um operating at scale uh without any impediment to our business um as you've uh they um thoughtfully um summarized it was the first court of first instance that they started in there were a few decisions that were made and then court of appeals overturned them, but the final decision on the 14th court of appeal of the city of Istanbul is very indicative of how this business model is viewed nationally. It basically says there is the freedom of enterprise and entrepreneurship in the Turkish constitution and no service specifically banned by any law cannot be shut down by the courts. And that is a more theoretical and overarching decision than the technicalities of right ailing itself. So we see our court cases slowly disappearing into the background and becoming noise as we scale even further and extending our service to as many people as possible. So this is obviously going to go to a higher court but um we know that our um base case assumptions and base case legal position is very strong and we will continue to operate um while working on these court cases one by one the tactic here is obviously by our opponents is to you know turn this into a war of attrition of as many court cases as possible uh just trying to overwhelm us with sheer volume uh but it's clearly that technique is clearly not working and we're winning on all fronts and we are growing very rapidly. Thank you. Obviously, your results are impressive. What's the competition? I mean, is there any competition out there that you're seeing that are taking notice of your successes? Are you running into any issues, or are you anticipating any in the near term? I mean, right now we are 100% focused on our product, our services, and our expansion. Right now there's no meaningful competition. I don't know if any will show up, but no market is ever in a monopoly for long, if it's correct to use the word here. But for now, I think we are basically selling water in the desert in the sense that Turkey's parts, when it comes to tech-enabled mobility services, especially ride-hailing, and wherever we're launching, we're getting good results, and we will continue to do so in the near future. we do thanks for taking my question sorry john sorry i was just going to add i mean if we look at the if we Look at the transportation space right the transportation Space in Turkey while we are the market leader it is competitive right so whether it is car based transportation whether whether it is a public transportation, whether it is the two-wheeled electric vehicle category. The only area where we have a clear leadership position is in a sub-segment of the overall transportation space, which is specifically car hailing and motorcycle hailing. But that is a subsegment which, relative to the sort of total volume of trips, we always share that the transportation space is one which across the country is going to be having close to 4 million daily trips, right? We shared, for example, as of the third quarter that we completed the quarter with about 22 million trips, so if you take 22 million and you annualize that figure, you're at sub 100 million trips in a market that we believe is going to carry four million daily which on an annual basis that would suggest over a billion trips so we were still we're so very very early we believe good perspective John could appreciate it thanks for taking the questions and congratulations on another impressive quarter thank you thank you next question is coming from Theodore O'Neill from Litchfield Hills Research who is now live. Hey thanks and congratulations on the great quarter. John Coote I wonder if you could just give us some some highlights of what we could expect to see on the autonomous vehicle front going forward I'd say over the next 6 to 12 months whether that has any operational expense or capex impact on the company? The autonomous vehicle partnerships that my partner ISPAT highlighted are, first, they're in pilot form. I believe the most advanced city globally has hundreds, if not thousands, of autonomous vehicles operating in it. These are pilot agreements with the goal of, in each case, deploying sub-10 vehicles over the next year. are very early stage and both due to their early stage as well as due to as a result of their early stage the financing vehicles in order to scale these fleets have yet to be determined right whether it's going to be MARTA financing or third-party financing at the current stage they don't have a significant impact on our on our financials either from a cost perspective or from a revenue perspective because we don't anticipate that even when they are launched, when we have approaching 600,000 drivers offering ride-hailing service, having a few autonomous vehicles are not going to have a significant impact on the revenue side or on the cost side in the short term. But it's important to be there strategically, right? Exactly. That's the goal, right. What we believe is we believe in bringing innovation and especially tech-enabled urban transportation innovation to Turkey. And just like we took the lead in the launch of two-wheeled electric vehicles, just like we are taking the lead, hopefully, in the introduction of ride-hailing at scale into Turkey, we would like to be in a similar position for autonomous vehicles. Um, let me add something. Um, Barter was originally, you know, a, although it's a much smaller portion of our business now, we were originally a micro mobility company, a two wheeled electric vehicle sharing company. And what that means is, you know, we had maybe 30,000, 40,000 vehicles on the street at some point. And that means charging and swapping batteries of 40,000 vehicles a day. That's 40,00 little like deliveries every single day, charging stations, maintenance infrastructures, maintenance employees, spare parts, transportation, sourcing, efficient management of logistics of these vehicles, monitoring them online and on the field, theft and vandalism prevention. And this was in like 20 seats. So our core competency is on the field as operators. So this autonomous vehicle angle comes to us so naturally. And our team is so easily able to handle this. I think we have a huge strategic and technical advantage because of our experience of doing so in the field. There is not much of a difference between, you know, obviously it's two very different vehicles, I mean, electric mopeds and autonomous cars, but the logic of it, the logistics of it The operations of it are very significant, there's a lot of stuff that translates into this AV business So I think as this thing scales, we will be better than literally anybody else in the market in managing it as efficiently and as effectively as possible because we have the expertise, we have the teams in place, and we've been doing this nearly a decade now. Okay. Great point. Thanks very much. Thank you. We reach the end of our question and answer session, and ladies and gentlemen, that does conclude today's teleconference and webcast. You may disconnect your lines at this time and have a wonderful day. We thank you for your participation today.