Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 98

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 4
Chunk 98
---
 higher likelihood that a rider’s immediate transportation needs will be met. In our two-wheeled electric vehicle business, as
we deploy more vehicles, the proximity of the nearest vehicle to a potential rider at any given time improves, increasing the likelihood
of rider usage, and increased usage helps to increase repeat ridership.

Throughout 2024, the behavior of our riders supported our decision to offer multiple transportation modalities over a single app. We believe,
and the data continues to show, that this multi-modal offering is aligned with rider preferences. 70% of our e-bike, 84% of our e-moped,
43% of our car-hailing, and 82% of our motorcycle-hailing riders used these modalities after previously being introduced to Marti by using
another Marti modality. Our existing modalities serve as an excellent cost free rider acquisition channel for our new modalities. Furthermore,
68% of our e-bike, 77% of our e-moped, 26% of our car-hailing, and 81% of our motorcycle-hailing riders subsequently used other Marti
modalities after their first e-bike, e-moped, car-hailing, and motorcycle-hailing rides, respectively. These data points show an overwhelming
rider preference for multi-modal transportation services. Serving multi-modal riders also creates economic benefits for Marti. Rides per
rider is 4.1 times higher, and revenue per rider is 3.7 times higher for our multi-modal riders than for our single modality riders. These
statistics reinforce our decision to invest in the balanced growth of our multi-modal services.

Vertically Integrated Business Model

We are a fully vertically integrated
business. Our goal is to deliver the best rider experience possible in the most cost-efficient manner, from the opening of our app
to the conclusion of each ride-hailing or two-wheeled electric vehicle rides. In the context of the Turkish market in which we
operate, this involves building each of the key elements necessary to deliver the optimal customer experience in-house. We are fully
capable of (i) developing mobility applications used by riders, drivers, and operational teams, (ii) conducting two-wheeled electric
vehicle fleet operations such as battery charging, repair and maintenance, and vehicle rebalancing and (iii) taking an active role
in two-wheeled electric vehicle design, parts procurement, and vehicle assembly. This model is in contrast to other two-wheeled
electric