Business
Serve Robotics Announces Second Quarter 2024 Results
Manufacturing activities commenced on 2,000-robot fleet deployment following entry into manufacturing agreement with Magna and amendment to lidar supply
About this update from Serve Robotics Inc.
[{"type":"text","content":"Manufacturing activities commenced on 2,000-robot fleet deployment following entry into manufacturing agreement with Magna and amendment to lidar supply agreement with Ouster Cash position bolstered by proceeds of $40 million equity offering, as well as post-quarter $15 million private placement transactionSAN FRANCISCO, Aug. 13, 2024 /PRNewswire/ -- Serve Robotics Inc. (the \"Company\" or \"Serve\") (Nasdaq: SERV), a leading autonomous sidewalk delivery company, today announced financial results for the second quarter 2024 ended June 30, 2024.\n\n\"We are pleased to report another strong quarter, extending our 30-month track record of double-digit month-over-month growth and improvements in key operational metrics,\" said Dr. Ali Kashani, Serve's Co-founder and CEO. \"This quarter, we expanded into Koreatown in Los Angeles, signed important agreements with Magna International Inc. (\"Magna\") and expanded on our supply agreement with Ouster Inc. (\"Ouster\"), and appointed our Chief Hardware & Manufacturing Officer to spearhead our fleet expansion efforts. I am particularly pleased to announce that Serve has completed the design of our third-generation robot. Looking ahead, we are focused on executing Serve's fleet expansion plan to deploy at least 250 additional robots in Los Angeles by the end of Q1 2025. We believe our continued execution of this plan through year end 2025 will position Serve to deploy all 2,000 robots under our Uber Eats agreement, which at full utilization is expected to generate $60 to $80 million in run-rate revenue annually.\"\nSecond Quarter 2024 and Recent Highlights \nPublic Offering & Follow-on Transaction: On April 18, 2024, Serve completed a successful public equity offering, which generated $40.0 million in gross proceeds, and through which Serve's common stock began trading on The Nasdaq Capital Market under the ticker symbol \"SERV\". Post quarter-end, the company also completed a private placement transaction with gross proceeds of $15.0 million.Operational Performance: Serve averaged 385 daily supply hours during the second quarter 2024, a 106% increase year-over-year and a 28% increase quarter-over-quarter. The Company also achieved an 85% increase in daily active robots year-over-year and a 23% increase quarter-over-quarter. Los Angeles Expansion: In June 2024, Serve announced the expansion...