Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 7

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 7
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 time we may re-evaluate the markets in which we operate and the performance of our network of
shared vehicles, and we have discontinued and may in the future discontinue operations in certain markets as a result of such evaluations.
Any of the foregoing risks and challenges could adversely affect our business, financial condition, and results of operations.

If we are unable to efficiently grow and
further develop our network of ride-hailing and two-wheeled electric vehicles and manage the related risks, our business, financial condition,
and results of operations could be adversely affected.

While some major cities in Türkiye have widely
adopted ride-hailing and two-wheeled electric vehicle sharing, new markets might not accept, or existing markets might not continue to
accept, ride-hailing and two-wheeled electric vehicle sharing, and even if they do, we might not be able to execute our business strategy.
Even if we are able to successfully develop and implement our network of ride-hailing and two-wheeled electric vehicles, there may be
heightened public skepticism about this nascent service offering. In particular, there could be negative public perception surrounding
ride-hailing and two-wheeled electric vehicle sharing, including the overall safety and the potential for injuries occurring as a result
of accidents. Such negative public perception may result from incidents on our platform or incidents involving competitors’ products
and services, which may be out of our control.

The perception of safety and service quality of
ride-hailing services may also vary depending on the cities in which we operate, as factors such as infrastructure, traffic conditions,
and regulatory frameworks can influence rider confidence and trust in our platform. Our ability to scale our ride-hailing network in different
cities while ensuring a consistent level of service and safety will be critical to our long-term growth and acceptance.

Our ride-hailing service relies on a network of
independent drivers, and our ability to attract and retain qualified drivers is essential to our business. Regulatory changes, increased
competition, and shifts in labor market dynamics could impact driver availability and earnings potential, which may reduce our ability
to maintain a stable driver supply. Additionally, fluctuations in fuel prices, vehicle maintenance costs, and insurance expenses could
impact driver economics and engagement. If we are unable to provide a sufficient number of drivers to meet rider demand, service reliability
and user experience could be negatively affected, impacting our brand reputation and growth prospects.

We use a limited number of external
suppliers for our two-wheeled electric vehicles, and rely on