Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 242

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 242
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ARTI TECHNOLOGIES, INC. AND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024

(Amounts expressed in US$
unless otherwise stated.)

15 - REVENUE INFORMATION

For the years ended at December 31, 2024, 2023
and 2022, the Group’s revenue based on operations consists of the following:

                           January 1 -                       January 1 -                      January 1 -                   
                           Dec 31,                           Dec 31,                          Dec 31,                       
                           2024                              2023                             2022                          
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Rental revenues                            19,749,838                       20,852,642                        26,769,058  
  Reservation revenue                            13,275                           30,800                            62,577  
  Other revenue                                  20,812                          122,864                           103,033  
  Gross Sales                                19,783,925                       21,006,306                        26,934,668  
  Sales refunds                               ( 104,378                         ( 32,746                          ( 69,409  
  Sales discount                            ( 1,019,892                        ( 944,008                       ( 1,877,088  
  Net Sales                                  18,659,655                       20,029,552                        24,988,171  

The Group has determined that collectability is not probable for revenue amounting to US$417,845, US$664,504and US$436,156for the
years ended December 31, 2024, 2023 and 2022, respectively. These amounts will not be deemed probable until cash is received, at which point
revenue would be recognized.

Deferred revenue

Deferred revenue consists of prepaid coupons and
wallet balances which will be recorded as revenue when the relevant ride is taken, as that represents the satisfaction of the Group’s
performance obligation.

               Dec 31,                     Dec 31,                 
  Wallets                   1,552,074                   1,339,954  
  Other                       292,974                     210,254  
  Total                     1,845,048                   1,550,208  

The table below shows the deferred revenue movement
on wallets for the years ended December 31,