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WKN: A3EW4Q | ISIN: US81758H1068 | Ticker-Symbol:
NASDAQ
20.11.24
21:54 Uhr
8,710 US-Dollar
0,000
0,00 %
1-Jahres-Chart
SERVE ROBOTICS INC Chart 1 Jahr
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SERVE ROBOTICS INC 5-Tage-Chart
PR Newswire
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Artikel bewerten:
(1)

Serve Robotics Inc.: Serve Robotics Announces Third Quarter 2024 Results

Finanznachrichten News
  • 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.

"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





SOURCE Serve Robotics Inc.

© 2024 PR Newswire
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