Serve Robotics (SERV) is scheduled to report its third-quarter 2024 results on Nov. 7.The Zacks Consensus Estimate for third-quarter revenues is pegged at $0.36 million.The consensus mark for earnings is pegged at a loss of 20 cents per share, which has been unchanged over the past seven days.Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.Let us see how things have shaped up before the upcoming announcement.Key Factors to Aid SERV’s Q3 ResultsSERV reported second-quarter rev ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2024 Or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ COMMISSION FILE NUMBER 000-56237 SERVE ROBOTICS INC. (Exact name of registrant as specified in its charter) | --- | - ...

[Executive Summary & CEO Outlook](index=1&type=section&id=Executive%20Summary%20%26%20CEO%20Outlook) Serve Robotics reported strong Q2 2024 results, continuing a 30-month trend of double-digit month-over-month growth in operational metrics, commenced manufacturing for its 2,000-robot fleet, and bolstered its cash position through equity offerings, with the CEO outlining plans for significant fleet expansion and substantial future run-rate revenue - Serve Robotics announced strong Q2 2024 results, extending a **30-month track record of double-digit month-over-month growth** and improvements in key operational metrics[2](index=2&type=chunk) - Manufacturing activities commenced on the **2,000-robot fleet deployment** following agreements with Magna and Ouster[1](index=1&type=chunk)[6](index=6&type=chunk) - Cash position bolstered by **$40 million equity offering** and a post-quarter **$15 million private placement**[1](index=1&type=chunk)[3](index=3&type=chunk) - The company completed the design of its third-generation robot and plans to deploy at least **250 additional robots** in Los Angeles by the end of Q1 2025[2](index=2&type=chunk) - Full utilization of the **2,000 robots** under the Uber Eats agreement is expected to generate **$60 to $80 million in run-rate revenue annually**[2](index=2&type=chunk) [Operational and Strategic Highlights](index=1&type=section&id=Operational%20and%20Strategic%20Highlights) Serve Robotics achieved significant operational and strategic milestones in Q2 2024, including successful capital raises, substantial improvements in robot deployment and utilization, expansion into new markets, and securing key manufacturing and supply agreements to scale its fleet [Public Offering & Capital Raise](index=1&type=section&id=Public%20Offering%20%26%20Capital%20Raise) Public Offering & Capital Raise | Transaction Type | Gross Proceeds (USD) | Date | | :--------------- | :------------------- | :--- | | Public Equity Offering | $40.0 million | April 18, 2024 | | Private Placement | $15.0 million | Post Q2-end (July 2024) | [Operational Performance Metrics](index=1&type=section&id=Operational%20Performance%20Metrics) Operational Performance Metrics | Metric | Q2 2024 | YoY Change | QoQ Change | | :------------------ | :------ | :--------- | :--------- | | Daily Supply Hours | 385 | +106% | +28% | | Daily Active Robots | 48 | +85% | +23% | [Market Expansion & Manufacturing Agreements](index=1&type=section&id=Market%20Expansion%20%26%20Manufacturing%20Agreements) - Expanded delivery operations into Koreatown, Los Angeles, in June 2024, onboarding new local merchants via Uber Eats partnership[5](index=5&type=chunk) - Commenced manufacturing activities for the **2,000-robot fleet**, with Magna International Inc. becoming the contract manufacturer[6](index=6&type=chunk) - Expanded supply agreement with Ouster Inc. to equip next-generation robots with upgraded sensors[6](index=6&type=chunk) [Q2 2024 Financial Summary](index=1&type=section&id=Q2%202024%20Financial%20Summary) Serve Robotics reported Q2 2024 revenue of $0.47 million, primarily from software services, and ended the quarter with a significantly bolstered cash position of $28.8 million, also providing updated figures for shares outstanding Q2 2024 Financial Summary | Metric | Q2 2024 | | :-------------------- | :------ | | Total Revenue | $0.47 million | | Software Service Revenue | $0.30 million | | Cash and Cash Equivalents (as of June 30, 2024) | $28.8 million | - No material software services revenue is anticipated in Q3 2024 as the services contract with Magna was significantly completed in Q2[7](index=7&type=chunk) Shares Outstanding | Metric | As of June 30, 2024 (Shares) | Post July 2024 Private Placement (Shares) | | :-------------------------- | :--------------------------- | :---------------------------------------- | | Common Stock Outstanding | 36.5 million | N/A | | Fully Diluted Shares Outstanding | 42.6 million | Approximately 48.2 million | [Supplemental Financial Information](index=3&type=section&id=Supplemental%20Financial%20Information) This section provides additional insights into Serve Robotics' business performance through detailed operational metrics and a breakdown of revenue streams, highlighting consistent growth in robot deployment and utilization [Operational Key Performance Indicators](index=3&type=section&id=Table%201%3A%20Key%20Metrics) Table 1: Key Metrics | Key Metrics | June 30, 2024 (Unaudited) | March 31, 2024 (Unaudited) | June 30, 2023 (Unaudited) | Six Months Ended June 30, 2024 (Unaudited) | Six Months Ended June 30, 2023 (Unaudited) | | :------------------ | :------------------------ | :------------------------- | :------------------------ | :----------------------------------------- | :----------------------------------------- | | Daily Active Robots | 48 | 39 | 23 | 44 | 25 | | Daily Supply Hours | 385 | 300 | 152 | 342 | 169 | [Detailed Revenue Streams](index=3&type=section&id=Table%202%3A%20Revenue) Table 2: Revenue | Revenue Type | June 30, 2024 (USD) | March 31, 2024 (USD) | June 30, 2023 (USD) | Six Months Ended June 30, 2024 (USD) | Six Months Ended June 30, 2023 (USD) | | :---------------- | :------------------ | :------------------- | :------------------ | :----------------------------------- | :----------------------------------- | | Software services | $296,035 | $851,101 | $- | $1,147,136 | $- | | Delivery services | $75,540 | $51,760 | $32,467 | $127,300 | $57,719 | | Branding fees | $96,800 | $43,850 | $29,542 | $140,650 | $44,542 | | **Total Revenue** | **$468,375** | **$946,711** | **$62,009** | **$1,415,086** | **$102,261** | [Corporate Information](index=2&type=section&id=Corporate%20Information) This section provides an overview of Serve Robotics' mission and history, along with important disclaimers regarding forward-looking statements and contact information for investor relations [About Serve Robotics](index=2&type=section&id=About%20Serve) - Serve Robotics develops advanced, AI-powered, low-emissions sidewalk delivery robots for sustainable and economical delivery[10](index=10&type=chunk) - Spun off from Uber in 2021, Serve has completed tens of thousands of deliveries for partners like Uber Eats and 7-Eleven[10](index=10&type=chunk) - Holds scalable multi-year contracts, including an agreement to deploy up to **2,000 delivery robots** on the Uber Eats platform across multiple U.S. markets[10](index=10&type=chunk) [Forward-Looking Statements Disclaimer](index=3&type=section&id=Forward%20Looking%20Statements) - Press release contains 'forward-looking statements' identifiable by terms like 'believes,' 'plans,' 'expects,' and 'estimates,' which are not historical facts or guarantees of future performance[16](index=16&type=chunk) - Actual results may differ materially due to risks and uncertainties, including those described in SEC filings (Form 10-K, Form 10-Q)[16](index=16&type=chunk)[17](index=17&type=chunk) - The company disclaims any obligation to update forward-looking statements, except as required by law[18](index=18&type=chunk) [Investor Relations Contact Information](index=4&type=section&id=Contacts) - Contact information for Aduke Thelwell, Head of Communications & Investor Relations, and general Investor Relations inquiries[19](index=19&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including the Balance Sheets, Statements of Operations, and Statements of Cash Flows, providing a detailed view of the company's financial position, performance, and liquidity for the reported periods [Unaudited Condensed Consolidated Balance Sheets](index=4&type=section&id=Balance%20Sheets) Balance Sheets | ASSETS (as of) | June 30, 2024 (USD) | December 31, 2023 (USD) | | :-------------------------- | :------------------ | :---------------------- | | Cash | $28,780,034 | $6,756 | | Total current assets | $30,882,450 | $1,461,029 | | Total assets | $32,766,496 | $2,804,549 | | LIABILITIES (as of) | | | | Total current liabilities | $4,267,525 | $6,237,224 | | Total liabilities | $4,302,755 | $6,837,955 | | STOCKHOLDERS' EQUITY (DEFICIT) (as of) | | | | Total stockholders' equity (deficit) | $28,463,741 | $(4,033,406) | [Unaudited Condensed Consolidated Statements of Operations](index=6&type=section&id=Statements%20of%20Operations) Statements of Operations | Metric | Three Months Ended June 30, 2024 (USD) | Three Months Ended March 31, 2024 (USD) | Three Months Ended June 30, 2023 (USD) | Six Months Ended June 30, 2024 (USD) | Six Months Ended June 30, 2023 (USD) | | :----------------------------------- | :------------------------------------- | :-------------------------------------- | :------------------------------------- | :----------------------------------- | :----------------------------------- | | Revenues | $468,375 | $946,711 | $62,009 | $1,415,086 | $102,261 | | Cost of revenues | $326,013 | $352,438 | $391,367 | $678,451 | $758,628 | | Gross profit (loss) | $142,362 | $594,273 | $(329,358) | $736,635 | $(656,367) | | Total operating expenses | $8,698,049 | $8,305,722 | $3,772,288 | $17,003,771 | $7,672,493 | | Loss from operations | $(8,555,687) | $(7,711,449) | $(4,101,646) | $(16,267,136) | $(8,328,860) | | Net loss | $(9,037,367) | $(9,037,971) | $(4,966,256) | $(18,075,338) | $(10,104,378) | | Net loss per common share - basic and diluted | $(0.27) | $(0.37) | $(0.74) | $(0.62) | $(1.51) | [Unaudited Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Statements%20of%20Cash%20Flows) Statements of Cash Flows | Cash Flow Activity (Six Months Ended June 30) | 2024 (USD) | 2023 (USD) | | :------------------------------------------ | :----------- | :----------- | | Net cash used in operating activities | $(9,820,242) | $(6,590,205) | | Net cash used in investing activities | $(798,322) | $- | | Net cash provided by financing activities | $39,391,842 | $3,893,398 | | Net change in cash and cash equivalents | $28,773,278 | $(2,696,807) | | Cash and cash equivalents at end of period | $28,780,034 | $18,912 | - Proceeds from issuance of common stock pursuant to offering, net of offering costs, contributed **$35,849,136** to financing activities in H1 2024[22](index=22&type=chunk)

Serve Robotics Exhibit 99.1 Serve Robotics Announces First Quarter 2024 Results and Provides Corporate Update ● Revenue of $0.95 million; 124% sequential growth in delivery and branding revenue ● Signed agreement with Magna International for a long-term licensing partnership and exclusive contract manufacturing of Serve robots ● Post quarter-end, successfully uplisted to the Nasdaq Capital Market with concurrent $40 million equity of ering ● Continued focus on deploying 2,000 robots under Uber Eats contract ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2024 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ COMMISSION FILE NUMBER 000-56237 SERVE ROBOTICS INC. (Exact name of registrant as specified in its charter) | --- | --- | |----------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ COMMISSION FILE NUMBER 000-56237 SERVE ROBOTICS INC. (Exact name of registrant as specified in its charter) | --- | --- | |---------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ COMMISSION FILE NUMBER 000-56237 | --- | --- | |-----------------------------------------------------------------|---------------- ...

PART I - FINANCIAL INFORMATION [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) The company reported no revenue, increasing net losses, and a worsening stockholders' deficit, with cash primarily from stockholder notes, anticipating a merger-driven change of control [Condensed Balance Sheets](index=6&type=section&id=Condensed%20Balance%20Sheets) As of June 30, 2023, the company's total assets were $9,236, with a stockholders' deficit of $152,864, primarily due to increased stockholder note payable Condensed Balance Sheet Data (Unaudited) | Account | June 30, 2023 (USD) | December 31, 2022 (USD) | | :--- | :--- | :--- | | **Assets** | | | | Cash | $9,236 | $457 | | **Total Assets** | **$9,236** | **$457** | | **Liabilities & Stockholders' Deficit** | | | | Accounts payable and accrued expenses | $10,600 | $10,000 | | Note payable - stockholder | $151,500 | $114,000 | | **Total Liabilities** | **$162,100** | **$124,000** | | Accumulated deficit | ($153,364) | ($124,043) | | **Total Stockholders' Deficit** | **($152,864)** | **($123,543)** | [Condensed Statements of Operations](index=7&type=section&id=Condensed%20Statements%20of%20Operations) The company reported no revenue for both periods, with a net loss of $17,839 for Q2 2023 and an increased six-month net loss of $29,321 driven by administrative expenses Statement of Operations Highlights (Unaudited) | Period | Three Months Ended June 30, 2023 (USD) | Three Months Ended June 30, 2022 (USD) | Six Months Ended June 30, 2023 (USD) | Six Months Ended June 30, 2022 (USD) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $0 | $0 | $0 | $0 | | General and administrative expenses | $17,839 | $19,190 | $29,321 | $27,078 | | **Net Loss** | **($17,839)** | **($19,190)** | **($29,321)** | **($27,078)** | | Net loss per share | ($0.00) | ($0.00) | ($0.01) | ($0.01) | [Condensed Statement of Cash Flows](index=9&type=section&id=Condensed%20Statement%20of%20Cash%20Flows) Net cash used in operations was $28,721, offset by $37,500 from financing activities, resulting in a net cash increase of $8,779 for the six months ended June 30, 2023 Cash Flow Summary for Six Months Ended June 30 (Unaudited) | Cash Flow Activity | 2023 (USD) | 2022 (USD) | | :--- | :--- | :--- | | Net cash used in operating activities | ($28,721) | ($24,578) | | Net cash provided by financing activities | $37,500 | $26,980 | | **Net change in cash** | **$8,779** | **$2,402** | | **Cash - end of period** | **$9,236** | **$2,673** | [Notes to Condensed Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) Notes clarify the company's shell status, 'going concern' issues due to accumulated deficit, and plans for financing through borrowings, highlighting the proposed merger with Serve Robotics Inc - The company is a shell corporation organized to acquire a target company, with no specific business, industry, or geographical restrictions[21](index=21&type=chunk) - Management has expressed substantial doubt about the company's ability to continue as a going concern due to an accumulated deficit of **$153,364** as of June 30, 2023, with plans to finance operations through additional borrowings[38](index=38&type=chunk) - The company has a **proposed merger agreement** with Serve Robotics Inc., an autonomous sidewalk delivery company, which is expected to result in a **change of control** upon completion[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=13&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's 'blank check' status, reliance on stockholder loans, 'going concern' doubts, and the proposed merger with Serve Robotics Inc., noting consistent net losses - The company is a **'blank check'** and **'shell company'** with no revenue, primarily focused on achieving a business combination without industry or location restrictions[45](index=45&type=chunk)[46](index=46&type=chunk) - On May 31, 2023, the company announced a **proposed merger with Serve Robotics Inc.**, an autonomous sidewalk delivery company, which is expected to result in a **change of control**[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - The company's ability to continue as a **going concern** is in doubt, relying on a promissory note from a stockholder, Mark Tompkins, with **$151,500** outstanding as of June 30, 2023[53](index=53&type=chunk)[54](index=54&type=chunk)[69](index=69&type=chunk) Net Loss Summary (USD) | Period | Net Loss | | :--- | :--- | | Three months ended June 30, 2023 | $17,839 | | Three months ended June 30, 2022 | $19,190 | | Six months ended June 30, 2023 | $29,321 | | Six months ended June 30, 2022 | $27,078 | [Quantitative and Qualitative Disclosures About Market Risk](index=17&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exempt from market risk disclosures due to its qualification as a 'smaller reporting company' - As a **'smaller reporting company'**, the company is exempt from providing quantitative and qualitative disclosures about market risk[76](index=76&type=chunk) [Controls and Procedures](index=18&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal control over financial reporting - Management evaluated the company's disclosure controls and procedures and found them to be **effective** as of June 30, 2023[78](index=78&type=chunk) - There were **no material changes** in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, these controls[79](index=79&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=19&type=section&id=Item%201.%20Legal%20Proceedings) The company is not a party to any material pending legal proceedings - There are **no material pending legal proceedings** to which the company is a party[82](index=82&type=chunk) [Risk Factors](index=19&type=section&id=Item%201A.%20Risk%20Factors) The company is exempt from providing risk factor disclosures due to its 'smaller reporting company' status - As a **'smaller reporting company'**, the company is exempt from providing risk factor disclosures in this report[83](index=83&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=19&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - **None**[84](index=84&type=chunk) [Exhibits](index=19&type=section&id=Item%206.%20Exhibits) This section provides an index of exhibits filed with the Form 10-Q, including certifications and Inline XBRL data files - The report includes an **exhibit index** listing documents such as the Certificate of Incorporation, By-Laws, a Promissory Note, and Sarbanes-Oxley certifications[86](index=86&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number: 000-56237 Patricia Acquisition Corp. (Exact name of registrant as specified in its charter) | --- | --- | |-------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware 85-3844872 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Title of Each Class Trading Symbol Name of Each Exchange on Which Registered None N/A N/A FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHA ...