Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 218

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 218
---
,982      ( 33,814,719      ( 14,245,878  
  Loss Before Income Tax Expense              ( 73,880,982      ( 33,814,719      ( 14,245,878  

The measure of segment assets is reported on the balance sheet as total consolidated assets.

3.5 Revenue
recognition

For the years ended December 31, 2024 and 2023,
the Group recognized revenue from rides taken by individual users of the Marti mobile application (“ Marti App”) as part of
the rental business, which the Group accounts for pursuant to ASC 842, Leases. Sales taxes, including value added taxes, are excluded
from reported revenue.

Rental

The Group’s technology platform enables
users to participate in the Group’s rental program. To use a vehicle, the user contracts with Marti İleri via acceptance of
the Marti User Agreement (“ MuA”). Under the MuA, users agree that the Group retain the applicable fee as consideration for
the renting of vehicles.

Riders pay on a per-ride basis with a valid credit
card and / or from the preloaded wallet balances. The user must use the Marti App to rent the vehicles and must end the ride on the Marti
App to conclude the trip. The Group’s performance obligation is to provide access to the vehicles over the user’s desired
period of use. The Group accounts for revenue as operating lease revenue pursuant to ASC 842, Leases, and records revenue upon completion
of each ride. The Group will only recognize revenue if collectability is probable. If the authorized payment agent is unable to collect
the ride amount at the end of the ride, no revenue will be recorded. For such transactions revenue is recognized in the period when the
collection is made. The transaction price of each ride is generally determined based on the period of use (minutes) and a predetermined
rate per minute in addition to a starting fare, agreed to by the user prior to renting the vehicle. The Group treats rental associated
credits, coupons, or rider incentives as a reduction to the revenue for the ride except for new business development coupons and rider
referral program coupons. In the period when customers fund a preloaded wallet balance, the revenue is deferred until rides are actually
taken by the user for the corresponding amounts.

The Group may also issue, at management’s
sole discretion, credits to customers for discounts which may be used on future rides, issued as promotional