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

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 25
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 or successfully integrate new hires, our efficiency, ability to meet forecasts and
employee morale, productivity, and retention could suffer, which could adversely affect our business, financial condition, and results
of operations.

The impact of economic conditions, including
the resulting effect on discretionary consumer spending, may harm our business and operating results.

Our performance is subject to economic conditions
and their impact on levels of discretionary consumer spending. Some of the factors that affect discretionary consumer spending include
general economic conditions, unemployment, consumer debt, reductions in net worth, residential real estate and mortgage markets, taxation,
energy prices, interest rates, consumer confidence, and other macroeconomic factors. Consumer preferences tend to shift to lower-cost
alternatives during recessionary periods and other periods when disposable income is adversely affected. In such circumstances, consumers
may not choose to use our products and services to get around, seeking alternative low-cost options. An economic downturn resulting in
a prolonged recessionary period may have a further adverse effect on our revenue.

Our company culture has contributed to our
success and if we cannot maintain this culture as we grow, our business could be harmed.

We believe that our company culture has been critical
to our success. We face a number of challenges that may affect our ability to sustain our corporate culture, including:

  failure to identify, attract, reward, and retain                                                                 

  the increasing size and geographic diversity  

  inability to achieve adherence to our internal  

  competitive pressures to move in directions that     
  may divert us from our mission, vision, and values;  
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  the continued challenges of a rapidly evolving  

  the increasing need to develop expertise in new  

  negative perception of our treatment of employees                                                          

  the integration of new personnel and businesses  

From time to time, we may engage in workforce
reductions in order to better align our operations with our strategic priorities, manage our cost structure, or in connection with acquisitions.
These actions may adversely affect our ability to attract and retain personnel and maintain our culture. If we are not able to maintain
our culture, our business, financial condition, and results of operations could be adversely affected.

We are subject to risks associated with
doing business in an emerging market.

We operate in Türkiye and derive substantially
all of our revenue from activities in Türkiye. As a result, our business, results of operations, financial condition and prospects
are significantly affected by the overall level of economic activity and political stability in Türkiye. Despite