Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 121

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 5
Chunk 121
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2022 to $2.4 million during the year ended December 31, 2023.

Other Income (Expense), Net

Our other income (expense), net, increased by
$1.9 million, or 897.7%, from $0.2 million expense during the year ended December 31, 2022 to $2.1 million expense during the year ended
December 31, 2023, primarily attributable to an increase in driver fine subsidies and lawsuit provision expenses.

Key Metrics and Non-GAAP Financial Measures

Our management reviews the following key business
metrics and non-GAAP financial measures, including Adjusted EBITDA and pre-depreciation contribution per ride, to evaluate its business,
measure its performance, identify trends affecting our business, formulate business plans, and make strategic decisions. We believe that,
in addition to conventional measures prepared in accordance with GAAP, certain investors and analysts use this information to evaluate
the Company’s core operating and financial performance and its financial position. We believe these non-GAAP measures are useful
to investors in evaluating our performance by providing an additional tool for investors to use in comparing our financial performance
over multiple periods. Nevertheless our use of Adjusted EBITDA and pre-depreciation contribution per ride has limitations as an analytical
tool, and you should not consider these measures in isolation or as a substitute for analysis of our financial results as reported under
GAAP. Other companies may calculate similarly-titled non-GAAP financial measures differently than us, thereby limiting the usefulness
of these non-GAAP financial measures as a comparative tool. Because of these and other limitations, you should consider our non-GAAP measures
only as supplemental to other GAAP-based financial performance measures, including net loss and gross profit per ride.

                                                                     Year Ended December 31,                                                            
  (in thousands, except as otherwise noted)                          2024                                      2023                   2022              
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Operating Metrics:                                                                                                                                    
  Total Rides (in millions)                                                                         31.71                  21.93                 28.56  
  Total Unique Riders (in millions)                                                                  2.13                   1.81                  2.60  
  Net Revenue per Ride                                               $                               0.59      $            0.91      $           0.88  
  Gross Profit per Ride                                              $                              (0.09      $