Business
Serve Robotics Announces Fourth Quarter and Full Year 2024 Results
Full year revenue of $1.8 million, an increase of 773% year-over-yearContinued geographic expansion in Los Angeles, successful launch in Miami, and planning
About this update from Serve Robotics Inc.
[{"type":"text","content":"Full year revenue of $1.8 million, an increase of 773% year-over-yearContinued geographic expansion in Los Angeles, successful launch in Miami, and planning entry into Dallas and Atlanta metrosReach increased to over 1,000 restaurants, a 3x increase year-over-year, and to over 300,000 households, a 2x increase year-over-yearEnding 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”) (Nasdaq: 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 Manufactur...