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    Serve Robotics Announces Third Quarter 2024 Results

    11/7/24 4:10:00 PM ET
    $SERV
    Industrial Specialties
    Consumer Discretionary
    Get the next $SERV alert in real time by email
    • Announced plans for geographic expansion into the Dallas Fort Worth metro
    • Completed $32.3 million in capital raise transactions; Cash balance of $50.9 million as of third quarter end
    • Announced agreement to acquire Vebu and its pioneering avocado-processing robot, Autocado

    SAN FRANCISCO, Nov. 7, 2024 /PRNewswire/ -- Serve Robotics Inc. (the "Company" or "Serve") (NASDAQ:SERV), a leading autonomous sidewalk delivery company, today announced financial results for the third quarter 2024 ended September 30, 2024.

    Serve Robotics logo (PRNewsfoto/Serve Robotics Inc.)

    "During the third quarter we made significant operational and financial progress related to several priorities; laying the foundation for a successful 2025," said Dr. Ali Kashani, Serve's Co-founder and CEO. "Regarding our agreement with Uber Eats to deploy 2,000 robots by year end 2025, we are ahead of schedule with the initial manufacturing and rollout. We remain on track to deploy 2,000 new robots across multiple markets next year. Furthermore, we announced the potential acquisition of Vebu, which brings us into a strategically adjacent service offering, and we initiated partnerships with Wing Aviation and Shack Shack to expand our reach.  Importantly, we successfully raised $32.3 million in new capital to provide financial flexibility and fund our expansion plans."

    Second Quarter 2024 and Recent Highlights 

    • Capital Raise Transactions: On July 17, 2024 and August 27, 2024, Serve completed private placement offerings resulting in a total of $32.3 million in net proceeds. As of September 30, 2024, Serve had $50.9 million in cash and zero outstanding debt obligations. Post quarter-end, the company also established and At-the-Market ("ATM") financing program providing further flexibility in capital raising.



    • Operational Performance: Serve averaged 465 daily supply hours during the third quarter 2024, a 108% increase year-over-year and a 21% increase quarter-over-quarter. The Company also achieved a 97% increase in daily active robots year-over-year and a 23% increase quarter-over-quarter.



    • Geographic Expansion: Serve announced its plan for geographic expansion in Los Angeles, as well as entry into the Dallas Fort Worth market. In the coming weeks, Serve will expand its Los Angeles delivery service into the Downtown LA, Sawtelle and Westwood areas, with a delivery fleet deployment expected in Dallas Forth Worth by the end of Q2 2025. Serve will also begin operations in Dallas, expected in the coming weeks in support of our partnership with drone-maker, Wing Aviation.



    • Vebu Acquisition: Today, Serve announced its agreement to acquire the assets of Vebu, Inc. ("Vebu") in an all- stock transaction, subject to customary closing conditions. Vebu's signature robotic product is the Autocado. The acquisition is expected to strengthen Serve's strategic position by providing its restaurant partners with a suite of automation solutions and expanding Serve's offering beyond delivery into back of house automation.

    Third Quarter Financial Highlights

    • Third quarter revenue was $0.22 million, including $0.04 million of software service revenue derived from the Company's software services agreement with Magna.



    • As of September 30, 2024, the Company had $50.9 million of cash and cash equivalents.



    • As of September 30, 2024, the Company had 39.6 million shares of common stock outstanding.  

    Quarterly Conference Call

    Company management will host a conference call and webcast today at 2:00 p.m. PT / 5:00 p.m. ET to discuss the financial  results and provide a corporate update. A live webcast and replay can be accessed from the investor relations page of Serve Robotics' website at Investor Relations — Serve Robotics.

    Individuals interested in listening to the conference call may do so by dialing 1 (800) 715-9871 and referencing conference  ID#: 3511636.

    About Serve 

    Serve develops advanced, AI-powered, low-emissions sidewalk delivery robots that endeavor to make delivery sustainable and economical. Spun off from Uber in 2021 as an independent company, Serve has completed tens of thousands of deliveries for enterprise partners such as Uber Eats and 7-Eleven. Serve has scalable multi-year contracts, including a signed agreement to deploy up to 2,000 delivery robots on the Uber Eats platform across multiple U.S. markets.

    For further information about Serve  (NASDAQ:SERV), please visit www.serverobotics.com or follow us on social media via X (Twitter), Instagram, or LinkedIn @serverobotics.

    Supplemental Financial Information

    The key metrics and financial tables outlined below are metrics that provide management with additional understanding of  the drivers of business performance and the Company's ability to deliver stockholder return. Investors should not place undue reliance on these metrics as indicators of future or expected results. The Company's presentation of these metrics may differ from similarly titled metrics presented by other companies and therefore comparability may be limited.

    Table 1: Key Metrics 



    Three Months Ended



    Nine Months Ended



    September 30,

    2024



    June 30,

     2024



    September 30,

    2023



    September 30,

    2024



    September 30,

     2023

    Key Metrics

    (Unaudited)



    (Unaudited)



    (Unaudited)



    (Unaudited)



    (Unaudited)

    Daily Active Robots (1)

    59



    48



    30



    49



    27

    Daily Supply Hours (2)

    465



    385



    224



    384



    188





    (1)

    Daily Active Robots: The Company defines daily active robots as the average number of robots performing daily deliveries during the period.

    (2)

    Daily Supply Hours: The Company defines daily supply hours as the average number of hours the Company's robots are ready to accept offers and perform daily deliveries during the period.

    Table 2: Revenue 



    Three Months Ended



    Nine Months Ended



    September 30,

    2024



    June 30,

    2024



    September 30,

    2023



    September 30,

    2024



    September 30,

    2023

    Software services

    $38,767



    $296,035



    $—



    $1,185,903



    $—

    Delivery services

    112,288



    75,540



    54,065



    239,588



    111,784

    Branding fees

    70,500



    140,650



    8,500



    211,150



    53,042



    $221,555



    $512,225



    $62,565



    $1,636,641



    $164,826

     

    Forward Looking Statements 

    This Serve Robotics Inc. (the "Company") investor presentation contains "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when we or our management are discussing our beliefs, estimates or expectations. Such statements generally include the words "believes," "plans," "intends," "targets," "may," "could," "should," "will," "expects," "estimates," "suggests," "anticipates," "outlook," "continues," or similar expressions. These statements are not historical facts or guarantees of future performance, but represent management's belief at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside of our control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. Forward-looking statements include, without limitation, statements regarding the Company's partnership with Magna, timing of the Company's robot deployment, the Company's ability to expand to additional markets, capabilities of the Company's robots, outcomes of planned acquisitions, and the Company's timing and ability to scale to commercial production.

    The forward-looking statements contained in this investor presentation are also subject to other risks and uncertainties,  including those more fully described in our filings with the Securities and Exchange Commission ("SEC"), including in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations'' in our Annual Report on Form 10-K for the year ended December 31, 2023, our Quarterly Report on Form 10-Q for the three months ended September 30, 2024, and in the Company's subsequent SEC filings. The Company can give no assurance that the plans, intentions, expectations or strategies as reflected in or suggested by those forward-looking statements will be attained or achieved. The forward-looking statements in this presentation are based on information available to the Company as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements, except as required by law. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this presentation.

    Contacts

    Media

    Aduke Thelwell

    Head of Communications & Investor Relations

    Serve Robotics

    [email protected]

    347-464-8510

    Investor Relations

    [email protected]   

     

    Serve Robotics Inc.

    Unaudited Condensed Consolidated Balance Sheets

    As of September 30, 2024 and December 31, 2023

    (unaudited)











    September 30,

    2024



    December 31,

    2023

    ASSETS







    Current assets: 







        Cash

    $50,913,133



    $6,756

        Accounts receivable

    13,099



    2,955

        Inventory

    327,363



    774,349

        Prepaid expenses

    3,452,560



    676,969

        Escrow Receivable

    180,000



    -

          Total current assets

    54,886,155



    1,461,029

    Property and equipment, net

    5,406,261



    48,422

    Right of use asset

    660,286



    782,439

    Security Deposits

    512,659



    512,659

      Total assets

    $61,465,361



    $2,804,549









    LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)







    Current liabilities:







        Accounts payable

    $3,606,754



    $2,050,605

        Accrued liabilities

    55,440



    255,849

        Deferred revenue

    14,097



    -

        Note payable, current

    —



    1,000,000

        Note payable - related party

    —



    70,000

        Right of use liability, current portion

    436,377



    496,963

        Lease liability, current portion

    1,042,093



    2,363,807

          Total current liabilities

    5,154,761



    6,237,224

    Note payable, net of current portion

    —



    230,933

    Restricted stock award liability

    —



    158,617

    Right of use liability

    135,181



    211,181

      Total liabilities

    5,289,942



    6,837,955









    Stockholders' equity (deficit):







        Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued

          or outstanding as of both September 30, 2024 and December 31, 2023

    —



    -

        Common stock, $0.0001 par value; 300,000,000 shares authorized, 42,957,446 and

          24,832,814 shares issued and 42,844,956 and 24,508,795 shares outstanding as

          of September 30, 2024 and December 31, 2023 

    4,283



    2,450

    Additional paid-in capital

    150,577,074



    64,468,141

    Subscription receivable

    —



    (169,616)

    Accumulated deficit

    (94,405,938)



    (68,334,381)

         Total stockholders' equity (deficit)

    56,175,419



    (4,033,406)

      Total liabilities and stockholders' equity (deficit)

    $61,465,361



    $2,804,549

     

    Serve Robotics Inc.

    Unaudited Condensed Consolidated Statements of Operations

    For the Three and Nine Months Ended September 30, 2024 and 2023; and Three Months Ended June 30, 2024

    (unaudited)























    Three Months Ended



    Nine Months Ended



    September 30, 2024



    June 30, 2024



    September 30, 2023



    September 30, 2024



    September 30, 2023





















    Revenues

    $221,555



    $468,375



    $62,565



    $1,636,641



    $164,826

    Cost of revenues

    377,304



    326,013



    572,537



    1,055,755



    1,331,165

         Gross profit (loss)

    (155,749)



    142,362



    (509,972)



    580,886



    (1,166,339)





















    Operating expenses:



















       General and administrative

    1,980,087



    1,873,320



    1,428,143



    4,861,478



    3,414,949

       Operations

    917,350



    871,211



    558,068



    2,329,535



    1,672,403

       Research and development

    5,007,985



    5,787,906



    2,962,812



    17,434,332



    7,171,446

       Sales and marketing

    383,902



    165,612



    118,793



    667,750



    481,511

         Total operating expenses

    8,289,324



    8,698,049



    5,067,816



    25,293,095



    12,740,309





















    Loss from operations

    (8,445,073)



    (8,555,687)



    (5,577,788)



    (24,712,209)



    (13,906,648)





















    Other income (expense), net:



















       Interest income (expense), net

    448,854



    (260,120)



    (1,483,390)



    (1,137,788)



    (2,021,996)

       Loss on conversion of note payable

    -



    (221,560)



    (149,000)



    (221,560)



    (149,000)

       Change in fair value of simple agreements for future equity

    -



    -



    (435,794)



    -



    (1,672,706)

         Total other income (expense), net

    448,854



    (481,680)



    (2,068,184)



    (1,359,348)



    (3,843,702)









































    Provision for income taxes

    -



    -



    -



    -



    -

    Net loss

    $(7,996,219)



    $(9,037,367)



    $(7,645,972)



    $(26,071,557)



    $(17,750,350)









































    Weighted average common shares outstanding - basic and diluted

    40,586,781



    29,176,370



    18,528,262



    33,267,589



    10,674,991

    Net loss per common share - basic and diluted

    $(0.20)



    $(0.62)



    $(0.41)



    $(0.78)



    $(1.66)

     

    Serve Robotics Inc.

    Unaudited Condensed Consolidated Statements of Cash Flows

    For the Nine Months Ended September 30, 2024 and 2023

    (unaudited)











    Nine Months Ended

    September 30,



    2024



    2023









    Cash flows from operating activities:







    Net loss

    $(26,071,557)



    $(17,750,350)

    Adjustments to reconcile net loss to net cash used in







       Depreciation

    36,560



    1,396,919

        Stock-based compensation

    9,930,480



    304,256

        Amortization of debt discount

    1,677,942



    816,715

        Warrants issued with convertible note

    -



    991,000

        Change in fair value of derivative liability

    221,560



    149,000

        Change in fair value of simple agreements for future equity

    -



    1,672,706

        Interest on recourse loan

    -



    (2,797)

        Changes in operating assets and liabilities:







           Accounts receivable

    (10,144)



    19,742

           Inventory

    446,986



    (250,459)

           Prepaid expenses

    (2,775,591)



    (517,233)

           Escrow receivable

    (180,000)



    -

           Accounts payable

    1,556,149



    782,454

           Accrued liabilities

    (110,870)



    129,481

           Deferred revenue

    14,097



    -

           Right of use liabilities, net

    (14,433)



    (35,782)

              Net cash used in operating activities

    (15,278,821)



    (12,294,348)

    Cash flows from investing activities:







    Purchase of property and equipment

    (5,394,399)



    (2,493)

           Net cash used in investing activities

    (5,394,399)



    (2,493)

    Cash flows from financing activities:







    Proceeds from issuance of common stock pursuant to

    35,849,136



    -

    Proceeds from issuance of pre-funded warrants to

    17,115,963



    -

    Proceeds from exercise of warrants

    16,324,832



    -

    Proceeds from convertible notes payable

    4,844,625



    2,798,410

    Proceeds from exercise of options

    86,755



    -

    Proceeds from note payable, net of offering costs

    -



    750,000

    Repayments of note payable

    (1,250,000)



    (1,500,000)

    Proceeds from note payable, related party

    -



    449,000

    Repayments of notes payable, related party

    (70,000)



    (449,000)

    Issuance of common stock pursuant to Merger, net of

    -



    10,026,258

    Proceeds from simple agreement for future equity

    -



    2,666,953

    Repayment of lease liability financing

    (1,321,714)



    (1,658,359)

           Net cash provided by financing activities

    71,579,597



    13,083,262

    Net change in cash and cash equivalents

    50,906,377



    786,421

    Cash and cash equivalents at beginning of period

    6,756



    2,715,719

    Cash and cash equivalents at end of period

    $50,913,133



    $3,502,140









     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/serve-robotics-announces-third-quarter-2024-results-302299193.html

    SOURCE Serve Robotics Inc.

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    • Serve Robotics to Acquire Autocado Robot Maker Vebu, Expanding Automation Offering

      Acquisition deepens Serve's offerings for the restaurant industry, helping partners improve efficiency and manage labor shortage challenges from kitchen to curb SAN FRANCISCO, Nov. 7, 2024 /PRNewswire/ -- Serve Robotics Inc. ("Serve") (NASDAQ:SERV), a leading autonomous robotic delivery company, today announced its agreement to acquire the assets of Vebu Inc. ("Vebu"), a trailblazer in full-stack automation and robotics solutions for restaurant partners. Financial terms of the all-stock transaction were not disclosed. The acquisition strengthens Serve's strategic positioning b

      11/7/24 4:05:00 PM ET
      $SERV
      Industrial Specialties
      Consumer Discretionary

    $SERV
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • Ladenburg Thalmann initiated coverage on Serve Robotics with a new price target

      Ladenburg Thalmann initiated coverage of Serve Robotics with a rating of Buy and set a new price target of $16.00

      10/28/24 8:03:26 AM ET
      $SERV
      Industrial Specialties
      Consumer Discretionary
    • Northland Capital initiated coverage on Serve Robotics with a new price target

      Northland Capital initiated coverage of Serve Robotics with a rating of Outperform and set a new price target of $16.00

      10/18/24 8:02:44 AM ET
      $SERV
      Industrial Specialties
      Consumer Discretionary
    • Seaport Research Partners initiated coverage on Serve Robotics with a new price target

      Seaport Research Partners initiated coverage of Serve Robotics with a rating of Buy and set a new price target of $12.00

      10/7/24 8:29:47 AM ET
      $SERV
      Industrial Specialties
      Consumer Discretionary

    $SERV
    Large Ownership Changes

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    • Amendment: SEC Form SC 13G/A filed by Serve Robotics Inc.

      SC 13G/A - Serve Robotics Inc. /DE/ (0001832483) (Subject)

      8/14/24 1:39:18 PM ET
      $SERV
      Industrial Specialties
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    • SEC Form SC 13G filed by Serve Robotics Inc.

      SC 13G - Serve Robotics Inc. /DE/ (0001832483) (Subject)

      7/18/24 5:15:26 PM ET
      $SERV
      Industrial Specialties
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    $SERV
    Insider Purchases

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    • Chief Executive Officer Kashani Ali bought $20,550 worth of shares (3,000 units at $6.85), increasing direct ownership by 0.09% to 3,228,852 units (SEC Form 4)

      4 - Serve Robotics Inc. /DE/ (0001832483) (Issuer)

      3/13/25 4:13:47 PM ET
      $SERV
      Industrial Specialties
      Consumer Discretionary
    • Large owner Nvidia Corp acquired $2,541,312 worth of shares (1,050,129 units at $2.42) and bought $250,000 worth of shares (62,500 units at $4.00), increasing direct ownership by 43% to 3,727,033 units (SEC Form 4)

      4 - Serve Robotics Inc. /DE/ (0001832483) (Issuer)

      7/18/24 5:20:02 PM ET
      $SERV
      Industrial Specialties
      Consumer Discretionary