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]

Industry Overview - The hospitality and food service sectors are increasingly adopting AI-driven service robots to address labor shortages and rising consumer demands, with the hospitality robotics market projected to reach $65.4 billion by 2032 [1] - A report indicates that 76% of hotels are struggling to fill staff roles, prompting many to increase wages and offer flexible work arrangements [2] - The hospitality robotics market is expected to grow at a compound annual growth rate (CAGR) of 17.89% through 2032, highlighting the importance of automation in modern hospitality [3] Company Focus - Nightfood Holdings Inc. is positioning itself as a leader in the hospitality technology space, focusing on AI and strategic acquisitions to enhance hotel operations [4] - The company recently acquired Skytech Automated Solutions Inc., known for its AI-powered service technologies, including the Laundry Helper robot, which is being implemented in various hotel properties [5][6] - Nightfood's acquisition of CarryOutSupplies.com aims to improve operational efficiency and expand its client base, further integrating complementary products and services [7][8] Strategic Partnerships - Nightfood is also pursuing key partnerships to strengthen its leadership in the hospitality robotics sector, including an exclusive partnership with Bear Robotics Inc. to enhance operational efficiency and service delivery [10][12] - This collaboration is seen as a major milestone in redefining the U.S. hospitality industry, starting in Greater Los Angeles with plans for nationwide expansion [11][13] Competitive Landscape - Other notable companies in the robotics space include Amazon.com Inc., which has deployed over 750,000 robots across its operations, and Intuitive Surgical Inc., known for its robotic-assisted surgery systems [15][17] - Richtech Robotics Inc. has opened a new restaurant featuring its AI-driven service robot, while Serve Robotics Inc. is expanding its autonomous delivery services in partnership with Uber Eats [18][19]

Financial Data and Key Metrics Changes - Revenue for 2024 reached $1.8 million, representing a 700% increase year over year [8][53] - Gross margin improved from negative 700% in 2023 to negative 4% in 2024, reflecting increased fleet efficiency and a favorable revenue mix [55] - GAAP net loss for 2024 was $39.2 million compared to $24.9 million in 2023, with Q4 GAAP net loss at $13.1 million [61][62] Business Line Data and Key Metrics Changes - Software services contributed $1.2 million to revenue in 2024, with delivery and branding revenue increasing by 227% year over year [53][54] - Daily active robots increased to 57 in Q4, up 81% from 29 in Q4 2023 [16] - Delivery volume increased by 20% quarter over quarter despite a reduction in fleet size for expansion activities [15] Market Data and Key Metrics Changes - The company expanded its market reach by increasing the number of restaurants served by 3x and households reached by over 2x in the last four months [8][12] - The company launched operations in Miami, marking its first expansion to the East Coast [9][20] Company Strategy and Development Direction - The company plans to deploy 2,000 robots by the end of 2025, with a focus on scaling operations and improving capital efficiency [7][67] - Cost reductions in robot manufacturing have been achieved through supply chain improvements, with future batches expected to be 30% cheaper than the current generation [30][35] - The company aims to build redundancy into its plans to mitigate risks from external factors [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for robots, citing significant cost reductions in last-mile delivery as a driver for growth [97] - The company is preparing for a major scale-up in the second half of 2025, focusing on operational readiness and market expansion [33][67] Other Important Information - The company ended 2024 with a cash position of $123 million and is no longer anticipating funding its robot fleet through equipment financing, saving approximately $20 million [62][64] - The audit committee approved the transition to PricewaterhouseCoopers as the independent auditor, reflecting a commitment to robust financial oversight [70] Q&A Session Summary Question: How was the cost reduction achieved? - The cost reduction was primarily due to improvements in the supply chain and benefits from scale, not from removing technologies or components [74] Question: Why focus on the second half for the robot rollout? - The focus is on a thoughtful and measured scale-up to ensure cost efficiency and learning throughout the process [77] Question: Any impact from recent policy changes and tariffs? - Currently, no material impact is anticipated, and the company is diversifying its supply chain to mitigate risks [84] Question: Impact of recent wildfires in LA? - The impact was minimal and brief, with no effect on rollout plans [87] Question: Update on the Vivo acquisition? - The deal is currently on pause due to issues with closing conditions, but discussions are ongoing [89] Question: How are things going in Miami? - Utilization of robots is good, with 50 restaurants onboarded and metrics ahead of schedule [91] Question: Update on Gen 3 robot performance? - Early results are positive, with better performance compared to previous generations [94] Question: Expectations for 2026 and beyond? - Strong demand for robots is expected in existing and new markets, driven by cost reductions in last-mile delivery [97]

Financial Data and Key Metrics Changes - Revenue for 2024 reached $1.8 million, representing a 700% increase year over year [8][53] - Gross margin improved from negative 700% in 2023 to negative 4% in 2024, reflecting increased fleet efficiency and a favorable revenue mix [55] - GAAP net loss for 2024 was $39.2 million compared to $24.9 million in 2023, with Q4 GAAP net loss at $13.1 million [61][62] Business Line Data and Key Metrics Changes - Software services contributed $1.2 million in revenue in 2024, driving significant growth [53] - Delivery and branding revenue increased by 227% year over year, reaching $627,000 in 2024 [54] - Daily active robots increased to 57 in Q4, up 81% from 29 in Q4 2023 [16] Market Data and Key Metrics Changes - The number of restaurants served increased by 3x in 2024, with over 1,000 restaurants supported [12][8] - Households reached doubled in just a few months, exceeding 300,000 [12] - Expansion into Miami marked the first entry into the East Coast, with 50 local restaurants onboarded [21][91] Company Strategy and Development Direction - The company plans to deploy 2,000 robots by the end of 2025, with a focus on scaling operations and improving capital efficiency [7][67] - Cost reductions in robot manufacturing have been achieved, with a 30% reduction expected in the next batch compared to the current batch [29][30] - The strategy includes thoughtful scaling and preparation for a significant growth push in the second half of 2025 [33][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for robots, citing strong growth in existing and new markets [97] - The company is focused on operational readiness for the second half of 2025, anticipating volume and revenue growth in the first half [33][68] - Management emphasized the importance of building redundancy into plans to mitigate risks from external factors [34] Other Important Information - The company ended 2024 with a cash position of $123 million and is debt-free, allowing for greater financial flexibility [62][64] - A new shelf registration and at-the-market equity program have been established to support future growth opportunities [65][66] - The audit committee approved the transition to PricewaterhouseCoopers as the independent auditor, enhancing financial oversight [70] Q&A Session Summary Question: How was the cost reduction achieved? - The cost reduction was primarily due to improvements in the supply chain and better component pricing, not through the removal of technologies or components [74][75] Question: Why focus on the second half for the robot rollout? - The focus is on a gradual and cost-efficient scale-up to learn and fix issues along the way [77][78] Question: Can you comment on recent developments with NVIDIA? - The partnership with NVIDIA remains strong, and their technology continues to be utilized in the company's robots [81][82] Question: Do you anticipate any impact from planned policy changes and tariffs? - Currently, no material impact is anticipated, and the company is diversifying its supply chain to mitigate risks [84][85] Question: Any impact from recent wildfires in LA? - The impact was minimal and brief, with no significant effect on rollout plans [87] Question: Update on the Vivo acquisition? - The deal is currently on pause due to issues with closing conditions, but discussions are ongoing [89] Question: How are things going in Miami? - Utilization of robots in Miami is good, with 50 restaurants onboarded and metrics ahead of schedule [91] Question: Update on Gen 3 robot performance? - Early results for Gen 3 robots are positive, with better performance compared to previous generations [95] Question: Expectations for 2026 and beyond? - Strong demand for robots is expected to continue, driven by significant cost reductions in last-mile delivery [97]

Core Insights - Serve Robotics Inc. reported a transformational year in 2024, achieving significant milestones in delivery capacity, robot design, manufacturing, and partnerships, positioning the company for continued growth with plans to deploy 2,000 robots across the U.S. by year-end 2025 [2]. Business Highlights - The company doubled its delivery capacity and volume through improved geographic reach and operational efficiencies [6]. - Expanded operational footprint in 2024, launching services in Los Angeles and Miami, with plans to enter Dallas and Atlanta by Q2 2025 [6]. - Completed the design of a third-generation robot with enhanced capabilities, including increased speed, distance, and AI computing power, at a reduced manufacturing cost [6]. - Entered into scale manufacturing with Magna International, delivering the first 75 new robots ahead of schedule [6]. - Expanded partnerships, reaching over 1,000 restaurants and 300,000 households, including a collaboration with Shake Shack and Wing Aviation for multi-modal delivery [6]. Financial Highlights - Full year revenue reached $1.8 million, a 773% increase year-over-year, with Q4 contributing $176,000 [5]. - Ending cash position for 2024 was $123 million, with no debt, and an additional $91 million raised in January 2025, totaling $259 million in financing since January 2024 [5]. - Daily supply hours grew to 455 in Q4 2024, representing a 94% annual increase, and daily active robots increased by 81% year-over-year [6]. - The company reported a net loss of $39.2 million for the year, compared to a loss of $24.8 million in 2023 [24][28]. Operational Metrics - Daily active robots averaged 57 in Q4 2024, up from 34 in Q4 2023 [11]. - Daily supply hours averaged 455 in Q4 2024, compared to 260 in Q4 2023 [12]. - The company achieved a gross loss of $75.2 million for the year, with total operating expenses of $38.2 million [24].