Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 135

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 5
Chunk 135
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, 2023, and
2022, we recognized revenue from rides taken by individual users of the Marti App as part of our rental business, which we account for
pursuant to ASC 842, Leases. Sales taxes, including value added taxes, are excluded from reported revenue.

Driver Subscription Package

In October 2024, we launched driver subscription packages
that offer subscribers a combination of ride-hailing rides, the right to receive ride requests for ride-hailing drivers.

To use the service, drivers contract with us
by accepting the Marti User Agreement (“ MuA”). Under the MuA, drivers agree to pay a subscription fee to access ride
requests. The driver subscription package prices are dynamically adjusted based on real-time ride demand directed to drivers by
Marti.

Drivers pay for one of the available subscription
packages over their desired period of use using a valid credit card, prepaid card, and/or from their preloaded wallet balances. We recognize
revenue from driver subscriptions ratably over the subscription period in accordance with ASC 606, Revenue from Contracts with Customers.
Any discounts, incentives, or promotional credits provided to drivers are recorded as reductions to revenue in the period they are applied.

Rental

Our technology platform enables users to participate
in our Rental program. To use a vehicle, the user contracts with us via acceptance of the Marti User Agreement (“ MuA”). Under
the MuA, users agree that we retain the applicable fee as consideration for the renting of our vehicles.

Riders pay on a per-ride basis with a valid credit
card or prepaid card and/or from the preloaded wallet balances. The user must use the Marti App to rent the vehicles and must end the
ride on the Marti App to conclude the trip. Our performance obligation is to provide access to the vehicles over the user’s desired
period of use. The transaction price of each ride is generally determined based upon the period of use and a predetermined rate per minute
agreed to by the user prior to renting the vehicle. We account for these revenues as operating lease revenue pursuant to ASC 842, Leases,
and records revenue upon completion of each ride. We treat any credit, coupon, or rider incentive as a reduction to the revenue for the
ride in the period to which it relates. When customers fund a preloaded wallet balance, the revenue is deferred until rides are actually
taken by the user for the corresponding amounts.

We may also issue, at our sole discretion, credits
to