Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 110

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 5
Chunk 110
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ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The following discussion and analysis provides
information which our management believes is relevant to an assessment and understanding of our consolidated results of operations and
financial condition. The discussion should be read together with our financial statements and the related notes that are included elsewhere
in this Annual Report. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties.
Our actual results may differ materially from those anticipated in these forward-looking statements, including those set forth under “ Cautionary
Note Regarding Forward-Looking Statements” as a result of various factors, including those set forth under “ Risk Factors”
or in other parts of this Annual Report.

For the impact of foreign currency fluctuations
on our Company, please refer to “ Item 11. Quantitative and Qualitative Disclosures about Market Risk-Foreign Currency Risk.”

A. Operating Results

Overview

Marti offers tech-enabled urban transportation
services to riders across Türkiye through two service offerings in the country’s major metropolitan areas: ride-hailing and
two-wheeled electric vehicles. Our ride-hailing service matches riders with car, motorcycle, and taxi drivers. Our two-wheeled electric
service offers shared mobility through a Company-owned and operated fleet of e-mopeds, e-bikes and e-scooters, with each transportation
modality serving different distances, comfort levels, and price points.

Change in Segment Reporting

As of December 31, 2024, the Company operates and reports as a single operating and reportable segment. In prior periods, the Company
voluntarily disclosed two separate operating segments - (i) Two-wheeled Electric Vehicle and (ii) Ride-hailing.

Effective October 1,
2024, the Company launched a unified subscription-based platform that provides customers access to both its electric vehicle and ride-hailing
services through a single application. As a result of this strategic integration and a corresponding change in how the Chief Operating
Decision Maker (CODM), Oğuz Alper Öktem who is also the CEO of the Company, evaluates performance and allocates resources,
the Company determined that its operations are more appropriately presented as a single operating and reportable segment.

The segment realignment
reflects changes in the Company’s internal organization and reporting structure. Starting October 2024, the CODM reviews financial
performance on a consolidated basis, without distinguishing between the previously separate business lines. This updated reporting structure
aligns with how the