Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 116

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 5
Chunk 116
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.32
million, or 17.5%, from 1.81 million during the year ended December 31, 2023 to 2.13 million during the year ended December 31,
2024, primarily attributable to the growth of ride-hailing rides. As we were not monetizing ride-hailing prior to October 2024, the
revenue impact began in the fourth quarter with the introduction of driver subscription packages.

We outperformed our operational targets for
unique ride-hailing riders and registered ride-hailing drivers throughout 2024. The number of ride-hailing riders increased by 1.16
million, or 233.5%, from 0.50 million during the year ended December 31, 2023 to 1.66 million during the year ended December 31,
2024. The number of registered drivers increased by 156 thousand, or 145.9%, from 107 thousand as of December 31, 2023 to 262
thousand as of December 31, 2024.

Cost of Revenues

Our cost of revenues decreased by $2.5 million,
or 10.5%, from $24.1 million during the year ended December 31, 2023, to $21.5 million during the year ended December 31, 2024, primarily
attributable to the decreased depreciation and amortization expenses and operating lease expenses. Our cost of revenues excluding depreciation and amortization expenses decreased by $1.4 million, or 9.3%, from $14.8 million
during the year ended December 31, 2023, to $13.4 million during the year ended December 31, 2024.

Our depreciation and amortization expenses decreased
by $1.2 million, or 12.5%, from $9.3 million during the year ended December 31, 2023, to $8.2 million for the year ended December 31,
2024, primarily attributable to fully depreciated vehicles in 2024, despite remaining in use. Our operating lease expense decreased by
$0.8 million, or 35.1%, from $2.2 million during the year ended December 31, 2023, to $1.4 million for the year ended December 31, 2024,
as a result of ceasing operations in three cities in 2024. We also reduced our number of service vans and motorcycles for field operations
in