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 [14][15] - GAAP net loss per share was $0.23, while non-GAAP net loss per share was $0.16 [17] - Adjusted EBITDA for Q1 was negative $7,100,000, an improvement from negative $7,800,000 in the prior quarter [17] Business Line Data and Key Metrics Changes - Fleet revenues continued to grow, with a 20% increase noted [15] - The company added 250 new robots to its fleet, bringing the total fleet size to over 300 robots by the end of Q1 [35] - The percentage of deliveries failing to meet internal deadlines was reduced by approximately 65% compared to the previous year [10] Market Data and Key Metrics Changes - The company launched two new markets, Miami and Dallas, and plans to launch Atlanta by the end of Q2 [8][21] - The company now serves over 320,000 households, more than doubling since December 2024 [8] - The merchant volume grew to over 1,500 restaurants, a 50% increase since the last update [9] 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][12] - The 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 [24][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the target of 2,000 robots 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][20] - 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 [11][17] - The company is actively working with Wing Aviation on a multi-model delivery pilot involving drones and robots [23] 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 launched ahead of schedule [28][30] Question: Can you provide more detail 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: With 250 robots added in Q1, what is the total fleet size? - The total fleet size is over 300 robots, with expectations for increased daily active robots in existing and new markets [35][36] Question: Have tariffs affected the cost of components? - Management indicated that they have successfully managed BOM costs, offsetting any tariff impacts, and currently see no material effects [37] Question: Why are you changing the way you disclose fleet revenues? - The change reflects the evolution of the company's delivery offerings and the focus on monetizing the fleet [38] Question: How do you think about the monetization opportunities related to data and software? - This is viewed as a long-term play, with immediate revenue opportunities in the database business and future potential as partners build their products [40][42]