Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 122

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 5
Chunk 122
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 reflects the total demand for our ride-hailing         
  services.                                                                                                                          
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  Registered Ride-hailing                                                                                                               
  Drivers: This metric reflects the total number of registered ride-hailing drivers who have been onboarded for at least one of         
  our car-hailing, motorcycle-hailing, or taxi-hailing services since we launched our ride-hailing service in October 2022. Registered  
  Ride-hailing Drivers are counted only once upon completing the onboarding process. We believe this is an important metric for         
  management as it reflects the scale of our available drivers available for riders to use. It is a similarly important metric for      
  investors as it reflects the total supply for our ride-hailing service in light of our driver availability.                           
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

  Average Daily Two-wheeled Electric Vehicles Deployed: This metric includes a vehicle that is available for rent, in use, or reserved for future use by a rider during at least one instance durin...  

Non-GAAP Financial Measures and Reconciliations
of Non-GAAP Financial Measures

Adjusted EBITDA: Adjusted EBITDA is calculated
by adding depreciation, amortization, taxes, financial expenses (net of financial income) and one-time charges and non-cash adjustments,
to net income (loss). The one-time charges and non-cash adjustments are mainly comprised of customs tax provision expenses resulting from
the one-time amendment of customs duties and lawsuit provision expense which Marti did not consider the provision to be reflective of
its normal cash operations.

Adjustments for customs tax provision expenses
are not normal, recurring expenses because they result from a one-time amendment of our customs duties to reflect e-scooters imported
in finished vehicle form under a single customs duty product code rather than as separate parts with their corresponding different customs
duty product codes. While the then-applicable customs law did not specify in which form e-scooters had to be imported historically this
law has now been revised to reflect the fact that e-scooters must be imported in finished vehicle form. We will therefore perform all
of our imports as finished vehicles moving forward, and do not expect to perform any future amendments or incur the resulting customs
tax provision expenses in the future. The one-time nature of the customs tax provision expense is further supported by the fact that