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].