Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 125

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 5
Chunk 125
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 cash flows necessary to expand our operations and invest in
continued innovation, we may not be able to compete successfully, which would harm our business, results of operations, and financial
condition.

Cash Flows

The following table presents a summary of our
consolidated cash flows provided by (used in) operating, investing, and financing activities for the periods indicated:

                                                           Year Ended December 31,                                                            
  (in thousands)                                           2024                                      2023                   2022              
  Net cash (used in) operating activities                  $                            (25,077      $         (14,866      $         (5,466  
  Net cash provided by/(used in) investing activities      $                             (1,039      $          (4,820      $         (8,160  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Net cash provided by financing activities                $                             11,841      $          28,612      $         11,259  

Operating Activities

Our net cash used in operating activities was
$25.1 million for the year ended December 31, 2024, primarily consisting of operational losses resulting from the investments in growing
the ride-hailing business and the two-wheeled electric vehicle operations. We do not foresee material cash requirements, sustaining our
operations. We will continue to focus on growth of the ride-hailing business and operational efficiency in our two-wheeled electric vehicle
business through 2025 and will evaluate the opportunity to expand our fleet no earlier than the summer of 2026.

Our net cash used in operating activities was
$14.9 million for the year ended December 31, 2023, primarily consisting of operational losses resulting from the two-wheeled electric
vehicle operations and investments in growing the ride-hailing business.

Our net cash used by operating activities was
$5.5 million for the year ended December 31, 2022, primarily due to operational losses arising from expanded operations in anticipation
of expanding its fleet, while the deployment of the new vehicles could not be completed until the end of the high season.

Investing Activities

Our net cash used in investing activities was
$1.0 million for the year ended December 31, 2024, primarily consisting of purchases of intangible assets and property, plant and equipment.

Our net cash used in investing activities was
$4.8 million for the year ended December