Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 12

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 12
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 adequate financing, or financing on terms satisfactory to us when needed, our
ability to support our business growth and respond to business challenges could be significantly limited, and our business,
financial condition, and results of operations could be adversely affected.

We have previously experienced and may continue
to experience delays in launching and ramping up the production of our products and features, or we may be unable to control our manufacturing
costs or the quality of the supplies that we require.

We have previously experienced and may in the
future experience launch and production delays for new products and features. In addition, we may introduce in the future new or unique
manufacturing processes and design features for our existing and new products. There is no guarantee that we will be able to successfully
and timely introduce and scale such processes or features.

In particular, our future business operations
partly depend on increasing the production of our fleet of two-wheeled electric vehicles or obtaining certain supply components, such
as IoT locks, electric motors or batteries. In order to be successful, we will need to implement, maintain and ramp up efficient and cost-effective
manufacturing capabilities, processes and supply chains and achieve the design tolerances, high quality and output rates we have planned
for expanding the production capacity in Türkiye through collaborations with local business partners. Bottlenecks and other unexpected
challenges such as those we experienced in the past may arise during production ramps, and we must address them promptly while continuing
to improve manufacturing processes and reduce costs. If we are not successful in achieving these goals, we could face delays in establishing
and/or sustaining our growth plans or be unable to meet our related cost and profitability targets.

Any delay or other complication in ramping up
the production of our current products or the development, manufacture, launch, and production ramp of our future products, features,
and services, or in doing so cost-effectively and with high quality, may harm our brand, business, prospects, financial condition, and
results of operations.

Poor weather adversely affects the use of
certain of our services, which causes seasonality in our business and could negatively impact our financial performance from period to
period.

We offer ride-hailing and two-wheeled electric
vehicle sharing operations in a variety of markets in Türkiye, some of which can have cold and long winters or significant periods
of rain or other precipitation, which can negatively impact demand for our services. In particular, motorcycle-hailing and two-wheeled
electric vehicle services are especially vulnerable to