Serve Robotics Inc.(SERV) - 2024 Q1 - Quarterly Results

Financial Performance - Revenue for Q1 2024 was $0.95 million, representing a 124% sequential growth in delivery and branding revenue [2] - The net loss for Q1 2024 was $9.04 million, compared to a net loss of $5.14 million in Q1 2023 [18] - Serve Robotics reported a net loss of $9,037,971 for the three months ended March 31, 2024, compared to a net loss of $5,138,122 for the same period in 2023 [20] - The company experienced a net cash used in operating activities of $4,078,380 for the three months ended March 31, 2024, an increase from $3,713,409 in the prior year [20] - Cash and cash equivalents at the end of the period were $427,482, down from $866,477 at the end of the previous year [20] - Serve Robotics reported stock-based compensation of $4,255,432 for the three months ended March 31, 2024, compared to $93,943 in the same period last year [20] - Cash paid for interest during the reporting period was $35,892, compared to $40,630 in the same period last year [20] Operational Metrics - Daily supply hours averaged 300 in Q1 2024, a 97% increase compared to Q1 2023, and a 15% increase compared to Q4 2023 [7] - Daily active robots increased to 39 in Q1 2024, a 70% increase compared to Q1 2023, and a 15% increase compared to Q4 2023 [13] - Serve Robotics has completed tens of thousands of deliveries for enterprise partners such as Uber Eats and 7-Eleven [22] Partnerships and Agreements - The company signed a long-term licensing partnership and exclusive contract manufacturing agreement with Magna International [2] - The company expects to recognize an additional $0.35 million in revenue in Q2 2024 from its agreement with Magna [10] - The company has a signed agreement to deploy up to 2,000 delivery robots on the Uber Eats platform across multiple U.S. markets [22] - Serve Robotics plans to deploy a fleet of 2,000 autonomous robots on the Uber Eats platform by 2025 [3] Funding and Capital - Serve Robotics successfully uplisted to the Nasdaq Capital Market and completed a $40 million public equity offering [5] - Total cash and cash equivalents increased to approximately $34.2 million as of April 30, 2024, following the public offering [10] - Serve Robotics secured proceeds from convertible notes payable amounting to $4,844,625 during the reporting period [20] Research and Development - Research and development expenses for Q1 2024 were $6.64 million, significantly higher than $2.08 million in Q1 2023 [18] - Serve Robotics reported a depreciation expense of $17,923 for the three months ended March 31, 2024, down from $465,640 in the previous year [20] Future Outlook - Serve Robotics has scalable multi-year contracts with its partners, indicating a strong future revenue potential [22]