Serve Robotics Inc.(SERV) - 2025 Q3 - Quarterly Results

Financial Performance - Revenue for Q3 2025 was $687 thousand, a 209% increase compared to Q3 2024, with fleet revenues increasing 31% sequentially to $433 thousand[5]. - Revenues for the three months ended September 30, 2025, were $687,000, an increase from $222,000 in the same period of 2024, representing a 209% year-over-year growth[28]. - Gross profit for the nine months ended September 30, 2025, was a loss of $8,707,000 compared to a profit of $581,000 in the same period of 2024[28]. - Total operating expenses for the nine months ended September 30, 2025, were $63,760,000, up from $25,293,000 in the same period of 2024, indicating a 152% increase[28]. - Net loss for the nine months ended September 30, 2025, was $67,088,000, compared to a net loss of $26,071,000 for the same period in 2024, reflecting a 157% increase in losses[29]. - Cash flows from operating activities resulted in a net cash used of $50,601,000 for the nine months ended September 30, 2025, compared to $15,279,000 in the same period of 2024[29]. - Cash flows from investing activities showed a net cash used of $122,144,000 for the nine months ended September 30, 2025, compared to $5,395,000 in the same period of 2024[30]. - Net cash provided by financing activities was $166,262,000 for the nine months ended September 30, 2025, compared to $71,580,000 in the same period of 2024[30]. - Adjusted EBITDA for the nine months ended September 30, 2025, was a loss of $50,547,000, compared to a loss of $14,961,000 in the same period of 2024[31]. - Non-GAAP net loss for the nine months ended September 30, 2025, was $47,706,000, compared to a non-GAAP net loss of $16,141,000 in the same period of 2024[32]. - The weighted average common shares outstanding for the nine months ended September 30, 2025, were 58,472,679, compared to 33,267,589 in the same period of 2024[32]. Operational Highlights - Delivery volume grew by 66% quarter over quarter and 300% year over year from Q3 2024[6]. - The number of daily active robots increased to 312, up from 160 in Q2 2025, and daily supply hours rose to 3,781, a 713% increase compared to Q3 2024[13][14]. - Serve Robotics expects to deploy its 2,000th robot ahead of schedule in mid-December 2025[16]. - Serve launched a new multi-year strategic partnership with DoorDash to expand delivery services across the U.S.[6]. - The company has expanded its geographical coverage with the launch of the Chicago market, now serving over 3,600 restaurants across the U.S.[6]. - Serve completed strategic acquisitions of Vayu and Phantom Auto to enhance its robotics platform and reduce operational costs[7]. Financial Outlook - The company anticipates generating over $2.5 million in revenue for FY2025 and projects a 10x revenue growth in 2026 based on preliminary projections[16]. - The company ended the quarter with a strong liquidity position of $210 million and raised an additional $100 million in a registered direct offering[6]. - The company maintains a strong balance sheet with total assets of $299.5 million as of September 30, 2025[26].