The CFO Effect: How Marti Technologies’ Strategic Leadership Shift Paves the Path to Profitability

The mobility sector is undergoing a seismic shift, with companies racing to blend cutting-edge technology with scalable business models. Marti Technologies (NYSE American: MRT), Türkiye’s leading “mobility super app,” now stands at a pivotal juncture. The May 14 appointment of Cenk Özeker as Chief Financial Officer (CFO) signals more than a leadership change—it marks a deliberate pivot toward profitability, operational excellence, and sustainable growth. For investors, this move represents a rare opportunity to capitalize on a high-growth tech firm transitioning from “growth at all costs” to disciplined value creation.

Why Özeker’s Cross-Industry Experience Matters

Özeker’s 25-year career spans industries as diverse as consumer goods (Pepsi, Unilever), logistics (Newport Shipping UK), and software (Icron). This blend of experience equips him to tackle Marti’s core challenges:
1. Operational Efficiency: His track record of reducing costs while scaling teams (e.g., managing 200+ employees at Newport Shipping) is critical for Marti, which faces a 226% surge in non-cash G&A expenses in 2024.
2. Capital Allocation: With Marti’s cash reserves at just $5 million and plans to expand its electric vehicle fleet, Özeker’s ability to optimize spending (as seen at Beymen and H.O. Sabancı Holding) will be vital.
3. Regulatory Navigators: His tenure in regulated industries like shipping and consumer goods positions him to mitigate risks in Türkiye’s evolving ride-hailing landscape.

The Financial Turnaround Playbook

Marti’s 2025 roadmap hinges on three pillars, all of which benefit from Özeker’s expertise:

1. Doubling Revenue to $34 Million While Achieving Positive EBITDA

- Ride-hailing dominance: With rides surging to 31.7 million in 2024 (+45% YoY) and a dynamic pricing model now live, Marti can boost margins.
- Fleet expansion: The company aims to grow its electric two-wheeler fleet, leveraging IoT infrastructure. Özeker’s logistics background ensures this is done efficiently.

2. Taming the Cost Beast

While Marti’s cash-based G&A expenses fell to $12.1 million in 2024, non-cash share-based compensation drove total expenses to $49.2 million. Özeker’s focus on cash flow discipline (e.g., at Unilever) could slash these non-essential costs, freeing capital for growth.

3. Share Repurchases Signal Confidence

The $2.5 million buyback program (up to $6/share) reflects management’s belief in undervaluation. With shares trading at $3.18—a 40% discount to the average analyst target of $5.19—this is a compelling entry point.

Analyst Sentiment: Bullish on the Turnaround

Despite TipRanks’ neutral rating citing “weak financial health,” bulls at Roth/MKM and Litchfield Hills Research see a $7.00 price target, citing Marti’s first-mover advantage and 1.91 million riders as unassailable assets. The key? Özeker’s ability to deliver EBITDA improvement, which would validate the stock’s revaluation.

Risks, but Manageable Ones

• Political/regulatory risks: Özeker’s experience in regulated sectors and his global network mitigate these.
• Cash constraints: The buyback ceiling of $6/share and a focus on operational cash flow should alleviate liquidity concerns.

The Bottom Line: A Catalyst-Driven Revaluation

Marti Technologies is at an inflection point. The CFO appointment is not merely a leadership upgrade—it’s a strategic recalibration to monetize its 2.1 million riders and $34 million revenue potential. With Özeker’s track record and the stock at a 6-year low, now is the time to act decisively.

Investment Thesis: Buy MRT at current levels, targeting a $5.19 average price target with upside to $7.00. The CFO’s pivot to profitability, coupled with a dominant market position, makes this a high-conviction opportunity in the mobility tech space.

This article is for informational purposes only. Investors should conduct their own research and consult with a financial advisor.