Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 111

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 5
Chunk 111
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 Company manages its business and strategic objectives.

The Company’s operations and
activities are all located in Türkiye. Comparative information for prior periods has been recast to reflect this change in
segment reporting. See Note 3.4 to the Audited Consolidated Financial Statements of the Company for more information.

Key Factors Affecting Operating Results

We believe our performance and future success
depend on several factors, including those specific to each of our service categories - two-wheeled electric vehicle services and
ride-hailing services - as well as broader market, regulatory, and macroeconomic conditions. These factors present significant opportunities
for us, impact our growth trajectory, profitability, and operational performance, but also pose risks and challenges, including those
discussed below and in the section of this Annual Report titled “ Risk Factors”.

Fleet expansion, vehicle supply, and driver
network

For our two-wheeled electric vehicle services,
we work with a limited number of domestic and international suppliers to procure, assemble, and manufacture shared vehicles and required
spare parts. Any disruptions in the global or local supply chains, including changes in international trade policies, geopolitical tensions,
transportation costs, or availability of raw materials, may adversely impact our ability to expand and maintain our fleet. We continue
to diversify our network of suppliers, increase localized sourcing with increase scale and diversify our methods of assembly and manufacturing
to mitigate the effects of these factors.

For our ride-hailing service, growth depends on
our ability to attract, retain, and manage a sufficient number of qualified drivers. Regulatory developments, increased competition for
drivers, or unfavorable changes in driver economics - such as fuel prices, insurance costs, or earnings per ride - could materially
affect our driver supply and ride availability. To mitigate these risks, we focus on driver engagement, operational support, pricing of
driver subscription packages, and the optimization of driver incentives.

Seasonality of the business

We experience seasonality in differing levels
across different services and different operating regions. Typically, the second and third quarters of our fiscal year experience increased
usage due to favorable weather conditions in the markets that we operate. Unexpected weather events, including those driven by climate
change or other factors can have a material impact on our business. See “ Item 4B. Information on the Company - Business Overview - Seasonality”
for more information on the seasonality of our business.

Market perception and customer adoption

The adoption and growth of both our two-wheeled
electric vehicle services and ride