Serve Robotics Inc.(SERV) - 2024 Q3 - Quarterly Results

Financial Performance - Serve Robotics reported third quarter revenue of $0.22 million, including $0.04 million from software services[7]. - Revenues for Q3 2024 reached $221,555, compared to $62,565 in Q3 2023, representing a significant increase of 253% year-over-year[20]. - Gross loss for Q3 2024 was $(155,749), an improvement from a gross loss of $(509,972) in Q3 2023[20]. - Total operating expenses for Q3 2024 were $8,289,324, up from $5,067,816 in Q3 2023, indicating a 63% increase[20]. - Net loss for Q3 2024 was $(7,996,219), compared to $(7,645,972) in Q3 2023, reflecting a slight increase in losses[20]. - Interest income for Q3 2024 was $448,854, a notable improvement from $(1,483,390) in Q3 2023[20]. Capital and Financing - The company raised $32.3 million in capital during the quarter, resulting in a cash balance of $50.9 million as of September 30, 2024[3][7]. - Serve's total assets as of September 30, 2024, were $61.5 million, with no outstanding debt obligations[18]. - Cash and cash equivalents at the end of Q3 2024 were $50,913,133, a significant increase from $3,502,140 at the end of Q3 2023[23]. - The company raised $71,579,597 in net cash from financing activities during the nine months ended September 30, 2024[23]. - The company has established an At-the-Market (ATM) financing program to provide further capital raising flexibility[3]. Operational Metrics - Daily active robots increased to 59, a 97% year-over-year growth, while daily supply hours averaged 465, representing a 108% increase year-over-year[4][13]. - The company achieved a 21% quarter-over-quarter increase in daily supply hours from 385 to 465[4][13]. - Research and development expenses for Q3 2024 totaled $5,007,985, up from $2,962,812 in Q3 2023, marking a 69% increase[20]. - The company reported a weighted average of 40,586,781 common shares outstanding for Q3 2024, compared to 18,528,262 in Q3 2023[20]. Strategic Partnerships and Expansion - Serve Robotics plans to deploy 2,000 robots in partnership with Uber Eats by the end of 2025, ahead of schedule[2]. - The company announced its geographic expansion into the Dallas Fort Worth metro area, with operations expected to begin in the coming weeks[5]. - Serve Robotics has agreed to acquire Vebu, which includes the Autocado avocado-processing robot, enhancing its automation solutions[6]. - Serve Robotics has initiated partnerships with Wing Aviation and Shack Shack to expand its service offerings[2].