Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 1

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 1
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 capital expenditures for                                                                                                  

  develop, manufacture, source, deploy, maintain,                                                                      

  anticipate and respond to macroeconomic changes  
  and changes in the markets in which we operate.  
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If our assumptions regarding these risks and uncertainties,
which we use to plan and operate our business, are incorrect or change, or if we do not address these risks successfully, our results
of operations could differ materially from our expectations and our business, financial condition, and results of operations could be
adversely affected.

We have incurred significant operating losses
in the past and may not be able to achieve or maintain profitability in the future.

We have incurred net losses since our inception,
and we may not be able to achieve or maintain profitability in the future. Our expenses will likely increase in the future as we develop
and launch new products, services and software platform features, expand into existing and new markets, grow our vehicle fleet, expand
marketing channels and operations, hire additional employees, and continue to invest in our products and services and customer engagement.
These efforts may be more costly than we expect and may not result in increased revenue or growth in our business sufficient to offset
these expenses. For example, we may incur additional costs and expenses related to driver recruitment or supply chain disruptions. Additionally,
we have recently started monetizing our ride-hailing service, which may present various challenges in acquisition and retention of both
drivers and riders. Furthermore, our products and services require significant capital investments and recurring costs, including debt
payments, maintenance, depreciation, asset life, and asset replacement costs, and if we are not able to maintain sufficient levels of
utilization of such assets or such products or services are otherwise not successful, our investments may not generate sufficient returns
and our financial condition may be adversely affected. Lastly, as a public company, we expect that share-based compensation will continue
to be a significant expense in future periods. These challenges could result in significant expenses, including subsidies and loyalty
programs, as we work to establish a network effect in the ride-hailing business.

Given our limited operating history, many of our
efforts to generate revenue are new and unproven. For the year ended December 31, 2024, our revenue was $18.7 million, a decrease of 6.8%,
as compared to our revenue for the year ended December 31, 2023. For the year ended December 31, 2023, our revenue was