Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 115

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 5
Chunk 115
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──────────────────────────────
  Revenue                                  $                             18,660      $          20,030      $          24,988  
  Cost of revenues                         $                            (21,549      $         (24,085      $         (27,093  
  Gross profit                             $                             (2,889      $          (4,055      $          (2,104  
  Research and development expenses        $                             (1,963      $          (1,955      $          (1,878  
  General and administrative expenses      $                            (49,249      $         (15,130      $          (9,041  
  Selling and marketing expenses           $                             (9,348      $          (7,348      $          (1,646  
  Other income                             $                              1,194      $             658      $             187  
  Other expenses                           $                             (3,056      $          (2,774      $            (399  
  Loss from operations                     $                            (65,310      $         (30,603      $         (14,881  
  Finance income                           $                              1,408      $           3,561      $           2,567  
  Finance expense                          $                             (9,980      $          (6,773      $          (1,932  
  Loss before taxes                        $                            (73,881      $         (33,815      $         (14,246  
  Income tax expense                       $                                 --      $              --      $              --  
  Net loss for the period                  $                            (73,881      $         (33,815      $         (14,246  

  2024 general and administrative                                                                    

Year Ended December 31, 2024 Compared to
Year Ended December 31, 2023

Revenue

Our revenue decreased by $1.4 million, or 6.8%,
from $20.0 million during the year ended December 31, 2023 to $18.7 million during the year ended December 31, 2024, primarily attributable
to a decreased number of two-wheeled electric vehicles on the field. The number of average daily two-wheeled electric vehicles deployed
decreased from 34.6 thousand to 32.6, or by 5.7%, during the year ended December 31, 2024.

The number of total rides increased by 0