Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 2

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 2
---
 $20.0 million,
a decrease of 19.8%, as compared to our revenue of $25.0 million for the year ended December 31, 2022. Although we started monetizing
our ride-hailing business two years after its launch, we cannot guarantee that we will achieve revenue growth in future periods as a result
of many factors, including decreased demand for our products and services, increased competition and the maturation of our business, and
cannot assure you that our revenue will not continue to decline. You should not consider our historical revenue or operating expenses
as indicative of our future performance. If our revenue does not increase sufficiently to offset our expenses, if we experience unexpected
increases in operating expenses, or if we are required to take charges related to impairments or other matters, we might not achieve or
maintain profitability and our business, financial condition, and results of operations could be adversely affected.

If we fail to retain existing drivers and
riders or add new drivers and riders, or if our drivers and riders decrease their level of engagement with our products and services,
our business, financial condition, and results of operations may be significantly harmed.

The size of our driver and rider base is critical
to our success. Our financial performance has been and will continue to be significantly determined by our success in cost-effectively
adding, retaining, and engaging active users of our products and services. If people do not perceive our products and services to be useful,
reliable, trustworthy, and affordable, we may not be able to attract or retain drivers and riders or otherwise maintain or increase the
frequency of their use of our products and services. Our driver and rider engagement patterns have varied over time. Driver and rider
engagement can be difficult to measure, particularly as we introduce new and different products and services and/or expand into new markets.
Any number of factors could negatively affect driver and rider retention, growth, and engagement, including if:

  drivers and riders increasingly engage with other  

  local governments and municipalities restrict                                                                                     

  there are adverse changes to our services, products                                         
  or business model that are mandated by legislation, regulatory authorities, or litigation;  
 ──────────────────────────────────────────────────────────────────────────────────────────────

  we fail to introduce new features, services,        

  we introduce new services or products, or make                               
  changes to existing products and services, that are not favorably received;  
 ───────────────────────────────────────────────────────────────────────────────