Serve Robotics Announces Third Quarter 2024 Results

Core Insights - Serve Robotics Inc. announced significant operational and financial progress in Q3 2024, including plans for geographic expansion and a capital raise of $32.3 million [1][2][4]. Financial Performance - The company reported Q3 2024 revenue of $0.22 million, with a cash balance of $50.9 million and zero outstanding debt as of September 30, 2024 [4][9]. - Daily active robots increased to 59, a 97% year-over-year rise, while daily supply hours averaged 465, marking a 108% increase year-over-year [2][5]. Capital Raise and Financial Flexibility - Serve completed private placement offerings resulting in $32.3 million in net proceeds, enhancing its financial flexibility for expansion plans [2][4]. - The company established an At-the-Market (ATM) financing program post quarter-end to further support capital raising efforts [2]. Geographic Expansion Plans - Serve announced plans to expand its delivery services in Los Angeles and enter the Dallas Fort Worth market, with operations expected to begin in Dallas in the coming weeks [3][4]. Acquisition of Vebu - The company agreed to acquire Vebu, Inc. in an all-stock transaction, which includes the Autocado robotic product, aimed at enhancing automation solutions for restaurant partners [1][4].