Core Viewpoint - Serve Robotics Inc. held its Q1 2025 earnings conference call, indicating a focus on financial performance and future outlook [1][2]. Financial Performance - The company presented both GAAP and non-GAAP financial measures during the call, with a reconciliation available in the earnings release [2][5]. - The earnings call was part of the company's regular financial reporting process, emphasizing transparency and communication with investors [5]. Leadership and Communication - The call featured key company leaders, including CEO Ali Kashani and CFO Brian Read, highlighting the importance of leadership in conveying financial results and strategic direction [1][2]. - Aduke Thelwell, Head of Communications and Investor Relations, facilitated the call, underscoring the company's commitment to investor relations [1][2].

分组1 - Serve Robotics Inc. reported a quarterly loss of $0.16 per share, better than the Zacks Consensus Estimate of a loss of $0.21, and improved from a loss of $0.37 per share a year ago, resulting in an earnings surprise of 23.81% [1] - The company posted revenues of $0.44 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 12%, and a decline from year-ago revenues of $0.95 million [2] - Serve Robotics Inc. shares have declined approximately 55.6% since the beginning of the year, contrasting with the S&P 500's decline of 4.3% [3] 分组2 - The earnings outlook for Serve Robotics Inc. is mixed, with the current consensus EPS estimate for the coming quarter at -$0.21 on revenues of $0.73 million, and -$0.83 on revenues of $7.46 million for the current fiscal year [7] - The Zacks Industry Rank for Computers - IT Services is currently in the top 38% of over 250 Zacks industries, indicating that the industry outlook can significantly impact stock performance [8]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 increased 150% sequentially to $440,000, driven by $229,000 in software services and a 20% increase in fleet revenues totaling $212,000 [14][15] - GAAP net loss per share was $0.23, while non-GAAP net loss per share was $0.16 [17] - Adjusted EBITDA for Q1 was negative $7,100,000, an improvement from negative $7,800,000 in the prior quarter [17] Business Line Data and Key Metrics Changes - Fleet revenues continued to grow, with a 20% increase noted [15] - The company added 250 new robots to its fleet, bringing the total fleet size to over 300 robots by the end of Q1 [35] - The percentage of deliveries failing to meet internal deadlines was reduced by approximately 65% compared to the previous year [10] Market Data and Key Metrics Changes - The company launched two new markets, Miami and Dallas, and plans to launch Atlanta by the end of Q2 [8][21] - The company now serves over 320,000 households, more than doubling since December 2024 [8] - The merchant volume grew to over 1,500 restaurants, a 50% increase since the last update [9] Company Strategy and Development Direction - The company aims to deploy 2,000 robots by the end of the year, with a focus on expanding into new markets and increasing delivery volume [5][12] - The strategic decision was made to self-fund the 2,000 unit fleet, eliminating approximately $20,000,000 in interest and purchase option costs through 2026 [18] - The company is exploring monetization opportunities related to its software and data platform, with plans for recurring software platform revenues starting in Q2 [24][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the target of 2,000 robots despite external market uncertainties [5] - The company anticipates a quarter-over-quarter delivery volume growth of approximately 60% to 75% in Q2 compared to Q1 [7][20] - The outlook remains unchanged, projecting an annualized revenue run rate of $60,000,000 to $80,000,000 once the fleet is fully deployed [19] Other Important Information - The company raised an additional $91,000,000 in Q1, ending the quarter with a cash position of $198,000,000 [11][17] - The company is actively working with Wing Aviation on a multi-model delivery pilot involving drones and robots [23] Q&A Session Summary Question: What have you learned from the new launches in Miami, Dallas, and soon Atlanta? - Management noted that each city has unique operational challenges, but progress has been satisfactory, with Miami launched ahead of schedule [28][30] Question: Can you provide more detail on the performance of the Gen three robots? - Gen three robots are performing better than Gen two, with improvements in cargo capacity and operational hours [33] Question: With 250 robots added in Q1, what is the total fleet size? - The total fleet size is over 300 robots, with expectations for increased daily active robots in existing and new markets [35][36] Question: Have tariffs affected the cost of components? - Management indicated that they have successfully managed BOM costs, offsetting any tariff impacts, and currently see no material effects [37] Question: Why are you changing the way you disclose fleet revenues? - The change reflects the evolution of the company's delivery offerings and the focus on monetizing the fleet [38] Question: How do you think about the monetization opportunities related to data and software? - This is viewed as a long-term play, with immediate revenue opportunities in the database business and future potential as partners build their products [40][42]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 increased 150% sequentially to $440,000, driven by $229,000 in software services and a 20% increase in fleet revenues totaling $212,000 [15][16] - GAAP net loss per share was $0.23, while non-GAAP net loss per share was $0.16 [18] - Adjusted EBITDA for Q1 was negative $7,100,000, an improvement from negative $7,800,000 in the prior quarter [18] Business Line Data and Key Metrics Changes - Fleet revenues continued to grow in Q1, with a 20% increase contributing to overall revenue growth [15][16] - The company serves over 1,500 restaurants, a 50% increase since the last update and five times more than a year ago [9] - The percentage of deliveries failing to meet internal deadlines was reduced by roughly 65% in Q1 compared to a year ago [11] Market Data and Key Metrics Changes - The company launched two new markets, Miami in February and Dallas in April, ahead of schedule [8] - The total number of households served increased to over 320,000, more than doubling since December 2024 [8] - Daily supply hours increased by over 40% compared to Q4 [6] Company Strategy and Development Direction - The company aims to deploy 2,000 robots by the end of the year, with a focus on expanding into new markets and increasing delivery volume [5][13] - A strategic decision was made to self-fund the 2,000 unit fleet, eliminating approximately $20,000,000 in interest and purchase option costs through 2026 [18] - The company is exploring monetization opportunities related to its software and data platform, with plans for recurring software platform revenues starting in Q2 [25][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2,000 robot target despite external market uncertainties [5] - The company anticipates a quarter-over-quarter delivery volume growth of approximately 60% to 75% in Q2 compared to Q1 [7][36] - The outlook remains unchanged, projecting an annualized revenue run rate of $60,000,000 to $80,000,000 once the fleet is fully deployed [19] Other Important Information - The company raised an additional $91,000,000 in Q1, ending the quarter with a cash position of $198,000,000 [12][18] - The company is working with Wing Aviation on a multi-model delivery pilot involving drones and robots [24] Q&A Session Summary Question: What have you learned from the new launches in Miami, Dallas, and soon Atlanta? - Management noted that each city has unique operational challenges but progress has been satisfactory, with Miami's launch ahead of schedule [28][30] Question: Can you provide details on the performance of the Gen three robots? - Gen three robots are performing better than Gen two, with improvements in cargo capacity and operational hours [33] Question: What is the total fleet size after adding 250 robots in Q1? - The fleet size is over 300 robots, including those used for R&D and testing [35] Question: How have tariffs affected component costs? - The company has successfully managed BOM costs to offset tariff impacts, with no material effects currently observed [37] Question: Why are you changing the way you disclose fleet revenues? - The change reflects the evolution of the company's delivery offerings and monetization strategies [38] Question: What are the monetization opportunities related to data and software? - The company sees long-term potential in building products on its technology stack, with immediate revenue opportunities in its database business [40][42]

Financial Performance - For the three months ended March 31, 2025, the company generated revenues of $440,465, a decrease of 53.6% compared to $946,711 for the same period in 2024[148]. - The net loss for the three months ended March 31, 2025, was $13,216,292, compared to a net loss of $9,037,971 for the same period in 2024, representing a 46.5% increase in losses[148]. - Revenues decreased by $506,246 to $440,465 for the three months ended March 31, 2025, compared to $946,711 for the same period in 2024, primarily due to a decrease in software services revenue[150]. - Cost of revenues increased by $1,556,335 to $1,908,773 for the three months ended March 31, 2025, compared to $352,438 for the same period in 2024, driven by scale-up costs of the fleet and launch-related costs in new markets[151]. - General and administrative expenses rose by $3,741,881 to $4,749,952 for the three months ended March 31, 2025, from $1,008,071 for the same period in 2024, largely due to increased stock-based compensation[152]. - Net loss increased by $4,178,321 to $13,216,292 for the three months ended March 31, 2025, compared to a net loss of $9,037,971 for the same period in 2024[150]. - Net cash used in operating activities was $9,462,814 for the three months ended March 31, 2025, compared to $4,078,380 for the same period in 2024, reflecting a significant increase in operating losses[164]. - The accumulated deficit as of March 31, 2025, was $120.74 million, indicating significant historical operating losses[160]. Customer Concentration - Sales to Magna and Uber accounted for 83% and 95% of total revenue for the three months ended March 31, 2025, and 2024, respectively, indicating significant customer concentration risk[137]. Financing Activities - The company entered into a securities purchase agreement on January 7, 2025, to issue 4,210,525 shares at $19.00 per share, raising approximately $80 million in gross proceeds[129]. - The company completed a public offering on April 17, 2024, resulting in net proceeds of approximately $35.8 million and listing on The Nasdaq Capital Market under the ticker symbol "SERV"[130]. - Net cash provided by financing activities was $87,255,296 for the three months ended March 31, 2025, compared to $4,502,446 for the same period in 2024, primarily from common stock issuance[166]. Operational Capacity - Daily Active Robots increased to 73 in Q1 2025 from 39 in Q1 2024, reflecting improved operational capacity[157]. - Daily Supply Hours increased to 648 in Q1 2025 from 300 in Q1 2024, indicating enhanced utilization of robots for deliveries[158]. Strategic Partnerships and Challenges - The company has developed an AI-powered robotics mobility platform focused on last-mile delivery, with a strategic partnership with Magna to enhance its service offerings[131][132]. - The company faces challenges including fluctuating demand for last-mile delivery, inflation impacts on consumer spending, and potential supply chain constraints affecting robot production[136][138][140]. Intellectual Property - The company relies on patented and proprietary information for its operations, emphasizing the importance of intellectual property protection[139]. Merger and Acquisition - The merger with Serve was treated as a recapitalization and reverse acquisition, with Serve considered the acquirer for accounting purposes[124].

Exhibit 99.1 Serve Robotics Announces First Quarter 2025 Results SAN FRANCISCO, May 08, 2025 -- Serve Robotics Inc. (the "Company" or "Serve") (Nasdaq: SERV), a leading autonomous sidewalk delivery company, today announced financial results for the first quarter ended March 31, 2025. "We had a strong start to the year, meeting our key Q1 objectives—including the successful build of 250 new third-generation robots and the launch of new markets," said Dr. Ali Kashani, Serve Robotics' Co-founder and CEO. "With ...

Core Viewpoint - Serve Robotics Inc. reported strong financial results for Q1 2025, achieving significant growth in revenue and operational scale while expanding its fleet and market reach [1][6][14]. Business Highlights - Successfully built and deployed 250 new third-generation robots, enhancing operational scale and efficiency [6] - Expanded geographic presence into Miami and Dallas, with plans for Atlanta launch on track [6] - Increased delivery volume by over 75% from the first to the last week of Q1 2025, maintaining a high delivery completion rate of up to 99.8% [7] - Expanded partnerships to over 1,500 merchants, a 50% increase quarter-over-quarter and a fivefold increase year-over-year [7] - Currently serving over 320,000 households, representing a 110% increase since December 2024 [7] Financial Highlights - Q1 2025 revenue reached $440 thousand, a 150% increase compared to Q4 2024 [6][15] - The company ended the quarter with a record cash position of $198 million, providing financial stability through the end of 2026 [6][23] - Daily active robots increased to 73 from 57 in Q4 2024, and daily supply hours rose to 648 from 455 [12][13] - The company reported a net loss of $13.2 million for Q1 2025, compared to a net loss of $13.1 million in Q4 2024 [25] Outlook - Serve Robotics maintains an annualized revenue run-rate projection of $60-$80 million once the 2,000-robot fleet is fully deployed, anticipated during 2026 [14] - Guidance for Q2 2025 indicates total revenue in the range of $600 - $700 thousand, representing growth of approximately 35-60% quarter-over-quarter [14]

Core Viewpoint - Serve Robotics is expected to report a significant decline in revenues for the first quarter of 2025, with a consensus estimate of $0.50 million, representing a 47.37% decrease compared to the same quarter last year [1] Financial Performance - In the fourth quarter of 2024, Serve Robotics reported revenues of $0.176 million, down from $0.43 million in the year-ago quarter, and incurred a loss of 23 cents per share, an improvement from a loss of 48 cents in the previous year [2] - The company missed the Zacks Consensus Estimate by 21.05% in the fourth quarter of 2024 [2] Operational Highlights - Delivery services revenues in the fourth quarter of 2024 were $0.93 million, up from $0.35 million year-over-year, with 57 daily active robots marking a 67.6% increase [3] - These robots generated an average of 455 daily supply hours, reflecting a 94% year-over-year increase [3] Growth Drivers - The momentum is expected to continue in the upcoming quarter due to improved utilization of the delivery fleet, expanded geographic reach, and operational efficiencies [4] - Serve Robotics has expanded its services to Los Angeles and Miami in 2024, reaching over 1,000 restaurants and 300,000 households [5] - The company has partnered with Shake Shack for robotic delivery and with Wing Aviation for multi-modal delivery services [5] Earnings Expectations - Serve Robotics currently has an Earnings ESP of 0.00% and a Zacks Rank of 3, indicating a neutral outlook for earnings performance [6]

Company Overview - Serve Robotics Inc. is a leading autonomous sidewalk delivery company focused on developing AI-powered, low-emissions delivery robots aimed at making delivery sustainable and economical [3] - The company was spun off from Uber in 2021 and has completed tens of thousands of deliveries for enterprise partners such as Uber Eats and 7-Eleven [3] - Serve has 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 [3] Financial Results Announcement - Serve Robotics will report its 2025 first quarter financial results on May 8, 2025, after market close [1] - A conference call and webcast will be held on the same day to review the results [1] Conference Call Details - The conference call will take place at 2 p.m. PT / 5 p.m. ET [2] - A live audio webcast will be available at investors.serverobotics.com, with a replay accessible at the same location [2] - Analysts and investors can submit questions to management via email by the close of business on May 7, 2025 [2]

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