Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 60

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 60
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itative
pricing could harm our reputation or create legal challenges.

Furthermore, AI-related intellectual property
disputes, cybersecurity risks, and liability for algorithmic decisions present additional challenges. Unclear ownership of AI-generated
outputs and potential adversarial manipulation of our systems could lead to service disruptions, regulatory penalties, or financial losses.
The rapid developments in AI may require us to make necessary investments and allocate resources minimize unintended or harmful impacts.

Our two-wheeled electric vehicle business
currently requires us to source parts, materials, and supplies internationally, and supply chain disruptions, foreign currency exchange
rate fluctuations, and changes to international trade agreements, tariffs, import and excise duties, taxes, or other governmental rules
and regulations could adversely affect our business, financial condition, results of operations, and prospects.

Our two-wheeled electric vehicle business
consists of obtaining, maintaining, and operating durable electric vehicles in a cost-efficient way to provide reliable services to
our customers. We currently use a number of suppliers within and outside of Türkiye and may continue to leverage various
partners and international companies in the future. If supply chains are disrupted, foreign currency exchange rates fluctuate or any
restrictions or significant increases in costs or tariffs are imposed on two-wheeled electric vehicles and components due to
amendments to existing trade agreements or otherwise, our supply and shipping costs may increase, resulting in decreased margins.
The extent to which our margins could decrease in response to any future tariffs is uncertain. We may also expand our operations to
countries with unstable governments that are subject to instability, corruption, changes in rules and regulations, and other
potential uncertainties that could harm our business, financial condition, results of operations, and prospects.

Risks Related to Türkiye

Our principal executive offices and other
operations and facilities are located in Türkiye and, therefore, our prospects, business, financial condition, and results of operations
may be adversely affected by political or economic instability in Türkiye.

Substantially all of our revenue is derived from
our operations in Türkiye, and our principal executive offices and other operations and facilities as well as suppliers are located
in Türkiye. Accordingly, political and economic conditions in Türkiye may directly affect our business.

Changes in Türkiye’s domestic and/or
international political circumstances, including the inability of the Turkish government to devise or implement appropriate economic programs
and decreased investor confidence in Türkiye’s economic programs and governance, might adversely affect the stability of the
Turkish economy and, in turn, our business