Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 118

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 5
Chunk 118
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 31.4%, from $2.5 million
during the year ended December 31, 2023, to $3.3 million during the year ended December 31, 2024 primarily attributable to increasing
indoor and outdoor marketing and promotion activities for our ride-hailing service.

Other Income (Expense), Net

Other income (expense), net, decreased by
$0.3 million, or 12.0%, from $2.1 million expense during the year ended December 31, 2023, to $1.9 million expense during the year
ended December 31, 2024, primarily attributable to a decrease in lawsuit provision liability of $0.7 million.

Finance Income (Expense), Net

Finance income (expense), net, increased by $5.4
million, or 166.9%, from $3.2 million expense during the year ended December 31, 2023, to $8.6 million expense during the year ended December
31, 2024, primarily attributable to increasing interest expense on financial liabilities and decreasing foreign exchange
gain, net. Financial interest expense related to financial liabilities increased by $3.2 million, or 48.0%, from $6.7 million during the
year ended December 31, 2023 to $10.0 million during the year ended December 31, 2024. Foreign exchange gain, net decreased by $2.3 million,
or 85.5%, from $2.7 million during the year ended December 31, 2023 to $0.4 million during the year ended December 31, 2024.

Year Ended December 31, 2023 Compared to
Year Ended December 31, 2022

Revenue

Our revenue decreased by $5.0 million, or 19.8%,
from $25.0 million during the year ended December 31, 2022 to $20.0 million during the year ended December 31, 2023, primarily attributable
to decreased average daily rides per vehicle as the result of macroeconomic headwinds in Türkiye, leading to reductions in purchasing
power of our customers, consumer confidence, consumer spending, and general demand for e-commerce goods and services. Consumer Price Index
(“ CPI”) was 64.8% in 2023, due to shift to orthodox macroeconomic policies, Central Bank indicated a decreasing inflation
forecast of 36% for 2024.