Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 8

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 8
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 a continuous, stable and cost-effective supply of parts that meet our
standards for our two-wheeled electric vehicles, which is critical to our operations. We expect to continue to rely on external
suppliers in the future and may not be able to maintain our existing relationships with these suppliers or continue to source our two-wheeled
electric vehicles on a stable basis, at a reasonable price or at all.

The supply chain for two-wheeled electric vehicles
exposes us to multiple potential sources of delivery failure or shortages. In the event that the supply of two-wheeled electric vehicles
or key components is interrupted or there are further significant increases in prices, our business, financial condition, and results
of operations could be adversely affected. Additionally, changes in business conditions, force majeure, governmental changes and other
factors beyond our control or that we do not presently anticipate could also affect our suppliers’ ability to deliver on a timely
basis. We incurred significant costs related to the design, purchase, sourcing, and operations of our two-wheeled electric vehicle fleet
and expect to continue incurring such costs as we expand our network of shared two-wheeled electric vehicles. The prices of our two-wheeled
electric vehicles may fluctuate depending on factors beyond our control including market and economic conditions, tariffs, and demand.
Substantial increases in prices of these assets or the cost of our operations would increase our costs and reduce our margins, which could
adversely affect our business, financial condition, and results of operations.

Our two-wheeled electric vehicles or components
thereof may experience quality problems or defects from time to time, which could result in decreased usage of our two-wheeled electric
vehicle network. We may not be able to detect and fix all defects in our two-wheeled electric vehicles. Failure to do so could result
in lost revenue, litigation or regulatory challenges, including personal injury or product liability claims, and harm to our reputation.

We intend to expand our business and may
enter into new lines of business or geographic markets, which may result in additional risks, uncertainties and costs in our business.

We may continue to grow our business by offering
additional products and services, by entering into new lines of business and by entering into, or expanding our presence in, new geographic
markets. Introducing new products and services could increase our operational costs and the complexities involved in managing such products
and services, including complying with applicable regulatory requirements. To the extent we enter into