Serve Robotics Announces Fourth Quarter and Full Year 2024 Results

• Full year revenue of $1.8 million, an increase of 773% year-over-year
• Continued geographic expansion in Los Angeles, successful launch in Miami, and planning entry into Dallas and Atlanta metros
• Reach increased to over 1,000 restaurants, a 3x increase year-over-year, and to over 300,000 households, a 2x increase year-over-year
• Ending 2024 cash of $123 million, no debt; an additional $91m raised in January 2025, bringing the total financing to $259 million since January 2024

SAN FRANCISCO, March 06, 2025 (GLOBE NEWSWIRE) -- Serve Robotics Inc. (the “Company” or “Serve”) ( SERV), a leading autonomous sidewalk delivery company, today announced financial results for the fourth quarter and full year 2024 ended December 31, 2024.

"2024 was a transformational year for Serve. We doubled the delivery capacity of our existing fleet, completed the design of a new generation of more capable and cost-efficient robots, began scale manufacturing in partnership with Magna, expanded our delivery partnerships, and made significant strides in executing our expansion plans," said Dr. Ali Kashani, Serve's Co-founder and CEO. "We entered the year with an ambitious plan, and made significant progress in realizing it. We believe we are well-positioned for continued growth and on track to deploy 2,000 robots across the U.S. by year-end."

Business Highlights

• Delivery Volume: Doubled delivery capacity and volume of existing robot fleet through improved geographic reach and operational efficiencies.
• Geographic Expansion: Significantly expanded operational footprint in 2024, with Los Angeles service launched in Downtown LA, Sawtelle and Westwood areas, and Dallas Fort Worth market entry announced. Post year-end, delivery service launched in first expansion market, Miami; Los Angeles operations expanded into Glendale and Long Beach; and on track for entry into the Dallas Fort-Worth and Atlanta markets by the end of Q2 2025.
• Hardware Development: Completed design of third-generation robot with significantly enhanced capabilities—including ability to move roughly twice as fast, travel twice as far, and deploy 5x more AI computing power—at approximately 50% of prior manufacturing cost. Post year-end, a further 30% reduction in manufacturing costs achieved, making future third generation robots cost 65% less compared to previous generation.
• Scale Manufacturing: Entered into production with Magna International Inc., one of the world's largest automotive suppliers. First 75 new third-generation robots successfully delivered in December 2024, ahead of schedule.
• Partnership Additions: Reach expanded to more than 1,000 restaurants and 300,000 households. Began offering robotic delivery for national restaurant chain Shake Shack Inc. and entered partnership with on-demand drone delivery provider, Wing Aviation, to offer multi-modal delivery to customers up to 6 miles away.
• Operational Performance: Daily supply hours grew to 455 in the fourth quarter of 2024 with a 94% annual increase year-over-year. The Company also achieved a 81% increase in daily active robots year-over-year.

Fourth Quarter and Full Year Financial Highlights

• Revenue: Reached $1.8 million in 2024, with Q4 contributing $176,000. This represents 773% growth year-over-year, demonstrating the increasing adoption of our technology and services.
• Balance Sheet: Strong liquidity position achieved following $167 million of financing completed in 2024. Year ended with a robust cash position of $123 million and no outstanding debt obligations. Post year-end, a further $80 million raised via a registered direct offering.
• Outstanding Shares: 51.3 million shares of common stock outstanding as of December 31, 2024. Approximately 57 million shares outstanding as of March 6, 2025.
  

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 investors.serverobotics.com.

Individuals interested in listening to the conference call may do so by dialing 646-307-1963 and referencing conference ID 4699268.

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 ( 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
(unaudited)

(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
Disaggregation of Revenue
(unaudited)

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, 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.

Non-GAAP Measures of Financial Performance

To supplement the company’s financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance are included in this release: non-GAAP cost of sales, non-GAAP general and administrative expense, non-GAAP research and development expense, non-GAAP operations expense, non-GAAP sales and marketing expense, non-GAAP operating expense, adjusted EBITDA, non-GAAP net loss and non-GAAP earnings per share.

The company believes that providing this non-GAAP information in addition to the GAAP financial information allows investors to view the financial results in the way the company views its operating results. The company also believes that providing this information allows investors to not only better understand the company's financial performance, but also, better evaluate the information used by management to evaluate and measure such performance.

As such, the company believes that disclosing non-GAAP financial measures to the readers of its financial statements provides the reader with useful supplemental information that allows for greater transparency in the review of the company’s financial and operational performance. The company defines its non-GAAP measures by excluding stock-based compensation.

Reconciliations of GAAP to these adjusted non-GAAP financial measures are included in the tables presented. When analyzing the company's operating results, investors should not consider non-GAAP measures as substitutes for the comparable financial measures prepared in accordance with GAAP.

To the extent that the company presents any forward-looking non-GAAP financial measures, the company does not present a quantitative reconciliation of such measures to the most directly comparable GAAP financial measure (or otherwise present such forward-looking GAAP measures) because it is impractical to do so.

Contacts

Media
Aduke Thelwell
Head of Communications & Investor Relations
Serve Robotics
[email protected]
347-464-8510

Investor Relations
[email protected]

Table 3
Serve Robotics Inc.
Condensed Consolidated Balance Sheets
(unaudited)

Table 4
Serve Robotics Inc.
Condensed Consolidated Statement of Operations
(unaudited)

Table 5
Serve Robotics Inc.
Condensed Consolidated Statement of Cash Flows
(unaudited)

Table 6
Reconciliation of GAAP Net Losses to Adjusted EBITDA
(unaudited)

Table 7
Reconciliation of GAAP Measures to Non-GAAP Measures
(unaudited)