Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 113

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 5
Chunk 113
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 offering e-scooters, e-bikes, and e-mopeds.

Marti is the number one urban mobility app in
Türkiye across iOS and Android, as measured by the total number of downloads among all apps in the urban mobility and ride-hailing
and sharing, taxi-hailing and sharing category of both stores which serve within city rather than between city transportation. However,
the size of the broader shared mobility market in Türkiye may attract additional local and international companies, both within cities
and between city transportation, and some of which may have greater brand awareness and/or financial resources than we do, to enter the
space. For more information, see “ Item 4. Information on the Company - Business Overview - Competition.”

Macroeconomic and geopolitical factors

Our operating results are also sensitive to macroeconomic
and geopolitical factors, including inflation, currency fluctuations, interest rates, labor market dynamics, and consumer spending patterns.
These conditions can influence both the supply and demand sides of our business - impacting vehicle costs, maintenance expenses, rider
demand, and driver retention. Additionally, economic or political instability in Türkiye or globally could result in lower discretionary
travel, supply chain interruptions, or changes in investor sentiment. We remain vigilant in monitoring macroeconomic conditions and proactively
adjusting our business model to preserve financial resilience and operational continuity.

Components of Results of Operations

Revenue

Our two-wheeled electric vehicles revenue is primarily
generated from the fees paid by our customers to rent our vehicles less promotions, discounts, and refunds. We also generate two-wheeled
electric vehicles revenue from reservations, where we charge a minute-based fee for reserving a vehicle until start of the ride, and subscription
package offerings. For the years ended December 31, 2024, 2023, and 2022, reservation revenues constituted less than 1.0% of our total
revenues. Beginning in October 2024, we began generating revenue from our ride-hailing service via subscription package offerings.

Cost of Revenues

Cost of revenues primarily consists of depreciation
and amortization expense, salaries of operational and logistics staff, rental vehicles’ maintenance and repair expense, operating
lease expense, and data cost expense.

Gross Profit

Gross profit represents revenues less cost of
revenue.

General and Administrative

General and administrative costs represent
costs incurred by us for executive and management overhead and administrative and back-office support functions. These costs
primarily consist of salaries, benefits, travel, bonuses, and