Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 28

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 28
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, as well as local players in the future.

Increased competition from existing and new competitors
could lead to, among other things, a decrease in our revenue and margins, a decline in the number of riders and drivers, and a reduction
in the frequency of platform usage. This could adversely impact the value of our business and have a material adverse effect on our business,
results of operations, and prospects.

To remain competitive in the ride-hailing
market, we may lower our subscription package prices, or potential fares, service fees, and commission percentages and might offer significant
driver incentives, rider promotions, and discounts, which could adversely affect the value of our business and have a material adverse
effect on our business, results of operations, and prospects.

To remain competitive in the ride-hailing market
and foster further growth for our platform we may lower our subscription package prices, or potential fares, service fees, and commission
percentages, and might offer significant driver incentives, rider promotions, and discounts in the future. However, we cannot assure you
that these driver incentives, rider promotions, and discounts will ensure our competitiveness in the market, or that our pricing will
sustain a profitable margin in the future.

Our pricing model may also be subject to change
due to regulations imposed by governmental authorities and legislators, which may restrict our ability to offer affordable prices to our
riders, necessitating adjustments to subscription package prices or potential commission percentages, and driver incentives to maintain
profitability of our services.

Significant investments from local and global
competitors may result in consolidating transactions that provide them with pricing advantages. All of these actions could either reduce
the per-trip revenue of our drivers or decrease our margins from the trips and limit our control over our pricing models, which could
adversely affect the value of our business and have a material adverse effect on our business, results of operations, and prospects.

If we are unable to attract or retain a
sufficient number of drivers and riders, whether due to market competition or other factors, our platform will become less appealing to
users, which could adversely affect the value of our business and could have a material adverse effect on our business, results of operations,
and prospects.

Our future success depends significantly on
our ability to acquire or retain drivers and riders and achieve sustainable growth. If drivers choose to stop using our platform, we
may experience a shortage of available drivers, resulting in longer waiting times for our ride-hailing service and decreased rider
satisfaction. Similarly,