Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 97

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 4
Chunk 97
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ailing app
in Türkiye across iOS and Android, as measured by the total number of downloads among all apps in the urban mobility and ride/taxi-hailing/sharing
category of both the iOS and Android stores which serve within city rather than between city transportation. As of December 31, 2024,
we had 28% of the app downloads among the five largest ride-hailing and sharing, taxi-hailing and sharing, and two-wheeled electric vehicle
operators in Türkiye according to Sensor Tower. The rest of the market is highly fragmented. We currently serve four cities with
our ride-hailing service and provide two-wheeled electric vehicle service in three cities across Türkiye, which collectively represented
approximately 50% of Türkiye’s Gross Domestic Product in 2023. In 2025, we expect to continue investing in organic growth in
the cities in which we currently operate, launch our services in new cities and countries, optimize dynamic pricing, and increase the
take rate of our ride-hailing business.

In 2024, we expanded our ride-hailing operations,
while streamlining our two-wheeled electric vehicle operation to prioritize cities and vehicle generations based on profitability. As
part of our streamlining efforts, we now offer two-wheeled electric vehicle service in three cities in Türkiye, down from six cities
at the end of 2023. The three cities we exited accounted for only 5% of our total revenue in 2024 but double that share, or 12%, of our
variable operational costs calculated over the last 12 months of operational performance, so we believe this decision will enhance the
margin profile of our two-wheeled electric vehicle operations. We will continue to focus on operational efficiency in our two-wheeled
electric vehicle business in 2025 and will evaluate the opportunity to expand our fleet no earlier than the summer of 2026.

  (1)      As of December 31, 2024  

Strong Customer Retention, Reinforced by
Scale Across Multiple Services and Modalities

In addition to the benefits of economies of scale
on our operating costs, both our ride-hailing and two-wheeled electric vehicle businesses exhibit attractive network economies that enhance
our prospects as we grow. In ride-hailing, the increase in registered drivers and active riders on the platform reinforces the value proposition
for both sides: more riders means that drivers have more opportunity to generate a trip, and more drivers and driver availability means
a