SAN FRANCISCO, April 24, 2025 (GLOBE NEWSWIRE) -- Serve Robotics Inc. ("Serve") (NASDAQ:SERV), a leading autonomous sidewalk delivery company, today announced that it will report its 2025 first quarter financial results on Thursday, May 8, 2025 after market close. The company will host a conference call and webcast to review the results on the same day. Conference Call and Webcast InformationCompany management will host a conference call at 2 p.m. PT / 5 p.m. ET. A live audio webcast will be available at in ...

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DALLAS, April 03, 2025 (GLOBE NEWSWIRE) -- Serve Robotics Inc. ("Serve") (NASDAQ:SERV), a leading autonomous sidewalk delivery company, today announced the launch of its service in the Dallas-Fort Worth metro area. This strategic expansion, in continued partnership with Uber Eats—the delivery platform of Uber Technologies Inc. (NYSE:UBER)— represents a major milestone in Serve's plan to deploy 2,000 AI-powered delivery robots across the U.S. by the end of 2025. Serve robots have begun operating in the Uptow ...

Serve Robotics (SERV) shares have plunged 52.9% in the past three months, underperforming the Zacks Computer & Technology sector, the Zacks IT Services industry, the Technology Select Sector SPDR Fund (XLK) and the S&P 500 index’s decline of  8.4%, 13.3%, 8.1% and 3.8%, respectively.The massive underperformance of this AI-powered last-mile robot delivery service provider in such a short period raises the question: Whether investors should take the risk of staying invested in this early-stage company or exit ...

Is this a 10x stock in the making or another flop in new hardware from Silicon Valley?Serve Robotics (SERV -6.49%) has had a volatile year and has gathered a lot of momentum from new partnerships and launches in the U.S. But is this a durable business with a bright future or a disappointment in the making? Travis Hoium digs into the company's products and financials in this video.*Stock prices used were end-of-day prices of March 19, 2025. The video was published on March 20, 2025. ...

If you'd like to learn more about how to best position yourself in under valued stocks mispriced by the market to end Q1, consider joining Out Fox The Street .Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in SERV over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not re ...

Serve Robotics Inc. (NASDAQ:SERV) Q4 2024 Earnings Conference Call March 6, 2025 5:00 PM ET Company Participants Aduke Thelwell - Head, Communications and IR Ali Kashani - Co-Founder and CEO Brian Read - CFO Conference Call Participants Operator Thank you for standing by. My name is Danielle, and I will be your conference operator today. At this time, I would like to welcome everyone to the Fourth Quarter and Full Year 2024 Resort Conference Call. All lines have been placed on mute to prevent any background ...

Group 1 - Serve Robotics Inc. held its Fourth Quarter and Full Year 2024 Earnings Conference Call on March 6, 2025 [1] - The call featured key participants including CEO Ali Kashani and CFO Brian Read [3] - The company presented both GAAP and non-GAAP financial measures during the call, with reconciliations available in the earnings release [3] Group 2 - The company emphasized the importance of reviewing their quarterly financial press release and updated corporate presentation available on their Investor website [4]

Financial Performance - For the years ended December 31, 2024 and 2023, the company generated revenue of $1.81 million and $0.21 million, respectively, while incurring net losses of $39.19 million and $24.81 million[76]. - Total revenues for 2024 were $1,812,483, a significant increase from $207,545 in 2023, representing a growth of approximately 770%[318]. - The gross loss for 2024 was $(75,156), compared to a gross loss of $(1,522,717) in 2023, indicating an improvement in gross margin[318]. - The net loss for 2024 was $(39,191,052), compared to $(24,813,736) in 2023, resulting in a net loss per share of $(1.07) versus $(1.75) in the previous year[318]. - Cash and cash equivalents surged to $123,266,437 in 2024 from $6,756 in 2023, indicating a substantial increase in liquidity[316]. - Total assets grew to $139,600,873 in 2024, up from $2,804,549 in 2023, marking a significant expansion of the company's asset base[316]. - Total liabilities increased to $7,919,959 in 2024 from $6,837,955 in 2023, reflecting a rise of approximately 15.8%[316]. - The additional paid-in capital rose dramatically to $239,201,220 in 2024 from $64,468,141 in 2023, showing strong investor confidence[316]. - The company reported a weighted average of 36,658,834 common shares outstanding in 2024, compared to 14,204,078 in 2023, indicating a dilution effect due to increased share issuance[318]. - The company has not reported any income tax provision for both years, indicating ongoing net losses[318]. Revenue Sources - A significant portion of the company's revenue is concentrated with two customers, Magna and Uber, accounting for 91% and 71% of total revenue for the years ended December 31, 2024 and 2023, respectively[82]. - The company anticipates that 16% and 22% of its revenues for the years ended December 31, 2024 and 2023, respectively, came from out-of-home (OOH) advertising campaigns[94]. - Revenue from software services amounted to $1,185,903 for the twelve months ended December 31, 2024, with no revenue reported for 2023[370]. - Delivery services revenue increased to $332,180 in 2024 from $146,462 in 2023, reflecting a growth of approximately 126%[370]. - Branding fees revenue rose to $294,400 in 2024, compared to $45,250 in 2023, indicating a growth of approximately 552%[370]. Operational Challenges - The company has faced challenges due to a global semiconductor shortage, impacting its ability to manufacture robots and meet production timelines[88]. - Global supply chain issues have delayed the increase in the number of robots in the fleet, impacting production capabilities[103]. - The company relies on third-party delivery platforms and brand sponsors for revenue, with current utilization levels needing improvement to achieve profitability[93]. - The company may face difficulties in attracting and retaining qualified personnel, which is critical for its growth and operational success[89]. - The company has limited experience in large-scale commercialization of robotic systems, which may hinder efficient market penetration and sales growth[101]. Regulatory and Compliance Risks - Regulatory changes regarding personal delivery devices (PDDs) could impact market expansion and operational capabilities in new jurisdictions[107]. - The company is subject to tariffs and changing trade relations, which could increase operational costs and adversely affect financial performance[106]. - The company is subject to evolving global privacy legislation, such as the GDPR, which could result in penalties of up to 4% of worldwide revenue for non-compliance[128]. - Compliance with evolving data privacy laws, such as the CCPA and GDPR, may increase operational costs and potential liabilities[170]. - The company faces substantial penalties for noncompliance with data protection laws, which could reach up to €20 million or 4% of worldwide turnover for serious violations under GDPR[170]. Cybersecurity and Data Management - Security breaches and cyber-attacks pose significant risks to the company's proprietary information, potentially harming its competitive position and incurring substantial costs[125]. - Cybersecurity risks pose a threat to operational systems and sensitive data, with potential disruptions from unauthorized access or attacks[161]. - The company is implementing systems to protect data and prevent security breaches, but these measures cannot guarantee complete security[164]. - Any security breach could harm the company's reputation, reduce product demand, and lead to significant legal and financial exposure[166]. Growth and Future Outlook - The company plans to expand its operations significantly, including hiring additional personnel and enhancing its engineering and product teams[78]. - Future capital needs may require the company to raise additional equity or debt financing, which could dilute existing shareholders or impose unfavorable terms[129]. - The company may need to curtail or abandon growth plans if it cannot raise additional funds, adversely impacting its business and financial condition[133]. - The company expects to fund operations for at least the next twelve months through a combination of cash flows from operating activities and available cash balances[333]. - The company may seek additional working capital through equity sales or debt financing if current cash and cash flows are insufficient for future needs[335]. Internal Controls and Governance - The company completed a merger on July 31, 2023, which required significant time and resources for the design and implementation of internal controls over financial reporting[186]. - As of December 31, 2024, the company identified material weaknesses in its internal controls over financial reporting, indicating a risk of material misstatements in financial statements[186][187]. - The company is required to disclose any material weaknesses in internal control over financial reporting in its annual report, which could affect investor confidence[184][188]. - The management team has limited experience operating as a publicly traded company, which may hinder effective compliance with regulatory obligations[179]. - The company has not established a comprehensive accounting and financial reporting policies manual, which contributes to the identified material weaknesses[187]. Market and Competitive Landscape - Competitors may have greater resources and market recognition, potentially impacting the company's ability to attract customers and maintain competitiveness[116]. - The company faces risks associated with product defects and recalls, which could lead to significant costs and damage to reputation[111]. - The core products' benefits and projected return on investment have not been substantiated through long-term trials or use, raising concerns about their performance and market competitiveness[142]. - The adoption and use of robotic systems may be negatively impacted if customers resist or delay their use due to lack of confidence in autonomous delivery vehicles[143]. - The ability to manufacture products of sufficient quality on schedule is uncertain, and outsourcing manufacturing may affect operational flexibility[154].

Exhibit 99.1 Serve Robotics Announces Fourth Quarter and Full Year 2024 Results SAN FRANCISCO, March 6, 2025 — Serve Robotics Inc. (the "Company" or "Serve") (Nasdaq: SERV), a leading autonomous sidewalk delivery company, today announced financial results for the fourth quarter and full year 2024 ended December 31, 2024. "2024 was a transformational year for Serve. We doubled the delivery capacity of our existing fleet, completed the design of a new generation of more capable and cost-efficient robots, bega ...