Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 13

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 13
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 adverse weather conditions due to their open-air nature, making them less viable
during heavy rain, snow, or extreme temperatures. Similarly, poor weather can reduce overall mobility demand, discouraging customers from
using car-hailing and taxi-hailing services. As a result, poor weather conditions in a particular market can have a material effect on
our results of operations in that market and can cause our results to vary significantly from quarter to quarter. Because most of our
revenue is currently generated from markets in the Northern Hemisphere, poor weather conditions are more likely to negatively impact our
overall business in the first and fourth quarters of the calendar year. However, from time to time we may re-evaluate the markets in which
we operate and the performance of services, and may in the future discontinue or scale down operations in certain markets and/or at certain
times as a result of such evaluations. Any entrance into markets with different weather patterns would introduce additional seasonality.
Other seasonal trends may develop or existing seasonal trends may become more extreme, as a result of climate change or otherwise, which
would contribute to fluctuations in our operating results. The seasonality of our business could also create cash flow management risks
if we do not adequately anticipate and plan for periods of decreased activity, which could negatively impact our ability to execute on
our strategy, which in turn could harm our business, financial condition, and results of operations.

Our future two-wheeled electric vehicle
operating results depend upon our ability to obtain vehicles that meet our quality specifications in sufficient quantities on commercially
reasonable terms.

We contract to manufacture two-wheeled
electric vehicles with our design inputs using a limited number of external suppliers. A continuous, stable, and cost-effective
supply of vehicles that meets our standards is critical to our operations. We expect to continue to rely on external suppliers in
the future. Because we obtain vehicles and certain components from single or limited sources, we are subject to significant supply
and pricing risks. Many vehicles and components, including those that are available from multiple sources, are or could become at
times subject to delivery failures, industry-wide shortages, and significant pricing fluctuations that could materially adversely
affect our financial condition and operating results. The prices and availability of our two wheeled-electric vehicles and related
products may fluctuate depending on factors beyond our control, including market and economic conditions, changes to import or
export regulations and demand. Changes in business conditions, force majeure, any public health crises, such pandemics, governmental