Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 123

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 5
Chunk 123
---
 it
is exclusively related to the e-scooters imported.

The following table presents a reconciliation
of Adjusted EBITDA to net income (loss), which is the most directly comparable GAAP measure, for the periods indicated:

                                        Year Ended December 31,                                           
  (in thousands)                        2024                                          2023          2022  
  Net loss                              $                            (73,881      $(33,815      $(14,246  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────
  Depreciation and amortization         $                              8,691       $10,045        $9,097  
  Financial income                      $                             (1,408       $(3,561       $(2,567  
  Financial expense                     $                              9,980        $6,773        $1,932  
  Customs tax provision expense         $                                 --           $32           $78  
  Lawsuit provision expense             $                                184          $846          $175  
  Share-based compensation expense      $                             37,161        $1,989        $1,658  
  Adjusted EBITDA                       $                            (19,274      $(17,692       $(3,873  

Pre-Depreciation
Contribution per Ride:

The following table presents a reconciliation
of pre-depreciation contribution per ride to gross profit per ride in our ride-hailing and two-wheeled Electric Vehicle segments, which
is the most directly comparable GAAP measure, for the periods indicated:

                                              Year Ended December 31,                                                       
                                              2024                                    2023                 2022             
  Gross profit per ride                       $                            (0.09      $         (0.18      $         (0.07  
  Depreciation per ride                       $                            (0.26      $         (0.43      $         (0.30  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Pre-depreciation contribution per ride      $                             0.17      $          0.24      $          0.22  

B. Liquidity and Capital Resources

Our principal sources of liquidity have historically
consisted of cash generated from operations, capital increases, and various forms of debt financing. Marti had $5.1 million in cash and
cash equivalents as of December 31, 2024.

We incurred net losses and negative cash