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

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 20
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 business, financial condition, and results of
operations. Additionally, our payment processors require us to comply with payment card network operating rules, which are set and
interpreted by the payment card networks. The payment card networks could adopt new operating rules or interpret or re-interpret
existing rules in ways that might prohibit us from providing certain products and services to some users, or be costly to implement
or difficult to follow. Any of the foregoing risks could adversely affect our business, financial condition, and results of
operations.

We may in the future rely on third parties
to provide services to us, and if we cannot obtain third-party services our business, financial condition, and results of operations could
be adversely affected.

We may in the future rely on third parties to
assist us in certain operational tasks of some business lines, such as battery swaps or repair and maintenance of two-wheeled electric
vehicle operations and driver onboarding, and mapping/navigation solutions for ride-hailing operations. If and when our dependence on
third parties increases, we will be subject to a number of risks associated with our dependence on these third parties, including:

  A lack of day-to-day control over the activities  

  third-party service providers, including suppliers,                                                      
  may not fulfill their obligations to us or otherwise meet our quality standards or required quantities;  
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  third-party service providers may terminate their                                                                                             
  arrangements with us on limited or no notice or may change the terms of these arrangements in a manner unfavorable to us for reasons outside  
  of our control; and                                                                                                                           
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  disagreements with our third-party service providers                             

If we fail to establish and maintain satisfactory
relationships with these third-party service providers, our revenues and market share may not grow as anticipated, and we could be subject
to unexpected costs which would harm our results of operations and financial condition.

The markets in which we operate are highly
competitive, and competition represents an ongoing threat to the growth and success of our business.

Ride-hailing and two-wheeled electric vehicle
sharing markets are highly competitive businesses, characterized by rapidly emerging new products, services and technologies, and shifting
rider needs. Our current and potential future competitors include other ride-hailing and vehicle and/or ride sharing platforms, some of
which may have one or more advantages over us, either globally