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Serve Robotics Announces Second Quarter 2024 Results

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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 transaction

SAN 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.

“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.”

Second Quarter 2024 and Recent Highlights 

Public 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 of its delivery operations into Koreatown and began onboarding new local merchants through its partnership with Uber Eats. The coverage expansion  represents execution of Serve’s long-term plan to broaden its geographic reach in Los Angeles and across the U.S. Manufacturing activities commenced following Magna and Ouster agreements: In the second quarter Serve commenced manufacturing activities on its 2,000-robot fleet, led by Euan Abraham, the Company’s newly promoted Chief Hardware & Manufacturing Officer. Serve also entered into a purchase and production agreement with Magna, under which Magna will become the contract manufacturer of Serve’s delivery robots, and signed an amendment expanding its supply agreement with Ouster to equip its next-generation robots with upgraded sensors for enhanced performance.

Second Quarter Financial Highlights

Second quarter revenue was $0.47 million, including $0.30 million of software service revenue derived from the Company’s software services agreement with Magna. As forecasted, Serve’s services contract with Magna was significantly completed during the second quarter, and the Company does not anticipate material software services revenue in Q3 2024.As of June 30, 2024, the Company had $28.8 million of cash and cash equivalents.As of June 30, 2024, the Company had 36.5 million shares of common stock outstanding, and 42.6 million shares outstanding on a fully diluted basis. Following the Company’s July 2024 private placement, the Company had approximately 48.2 million shares outstanding on a fully diluted basis.

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’s website at investors.serverobotics.com.

Individuals interested in listening to the conference call may do so by dialing (646) 968-2525 and referencing conference ID#: 1640108.

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

Six Months Ended

June 30, 2024

March 31, 2024

June 30, 2023

June 30, 2024

June 30, 2023

Key Metrics

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Daily Active Robots (1)

48

39

23

44

25

Daily Supply Hours (2)

385

300

152

342

169

(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

Six Months Ended

June 30, 2024

March 31,

June 30, 2023

June 30, 2024

June 30, 2023

Revenue

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Software services

$         296,035

$      851,101

$                     –

$      1,147,136

$                     –

Delivery services

75,540

51,760

32,467

127,300

57,719

Branding fees

96,800

43,850

29,542

140,650

44,542

$         468,375

$      946,711

$           62,009

$      1,415,086

$         102,261

Forward Looking Statements
 
This press release 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, and the Company’s timing and ability to scale to commercial production.

The forward-looking statements contained in this release 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 June 30, 2024 that will be filed following this earnings release, and in our subsequent SEC filings. We 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 release are based on information available   3 to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

Contacts

Aduke Thelwell, Head of Communications & Investor Relations
Serve Robotics
aduke.thelwell@serverobotics.com
347-464-8510

Investor Relations 
investor.relations@serverobotics.com    

 

Serve Robotics Inc.
Unaudited Condensed Consolidated Balance Sheets
As of June 30, 2024 and December 31, 2023
(unaudited)

June 30,
2024

December 31,
2023

ASSETS

Current assets:

   Cash

28,780,034

$           6,756

   Accounts receivable

93,132

2,955

   Inventory

709,289

774,349

   Prepaid expenses

1,119,995

676,969

   Escrow Receivable

180,000

–

      Total current assets

30,882,450

1,461,029

Property and equipment, net

819,244

48,422

Right of use asset

552,143

782,439

Deposits

512,659

512,659

      Total assets

32,766,496

$    2,804,549

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

Current liabilities:

Accounts payable

1,387,559

$   2,050,605

Accrued liabilities

46,079

255,849

Deferred revenue

52,863

–

Note payable, current

750,000

1,000,000

Note payable – related party

—

70,000

Right of use liability, current portion

413,800

496,963

Lease liability, current portion

1,617,224

2,363,807

      Total current liabilities

4,267,525

6,237,224

Note payable, net of current portion

—

230,933

Restricted stock award liability

—

158,617

Right of use liability

35,230

211,181

      Total liabilities

4,302,755

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 June 30, 2024 and December 31, 2023

—

–

Common stock, $0.0001 par value; 300,000,000 shares authorized, 36,642,064 and 24,832,814 shares issued and 36,529,574 and 24,508,795 shares outstanding as of both June 30, 2024 and December 31, 2023

3,651

2,450

Additional paid-in capital

114,869,809

64,468,141

Subscription receivable

—

(169,616)

Accumulated deficit

(86,409,719)

(68,334,381)

      Total stockholders’ equity (deficit)

28,463,741

(4,033,406)

      Total liabilities and stockholders’ equity (deficit)

$   32,766,496

$    2,804,549

 

Serve Robotics Inc.
Unaudited Condensed Consolidated Statements of Operations
For the Three and Six Months Ended June 30, 2024 and 2023; and Three Months Ended March 31, 2024
(unaudited)

Three Month Ended

Six Months Ended

June 30, 2024

March 31, 2024

June 30, 2023

June 30, 2024

June 30, 2023

Revenues

$       468,375

$          946,711

$         62,009

$      1,415,086

$         102,261

Cost of revenues

326,013

352,438

391,367

678,451

758,628

      Gross profit (loss)

142,362

594,273

(329,358)

736,635

(656,367)

Operating expenses:

  General and administrative

1,873,320

1,008,071

970,819

2,881,392

1,986,806

  Operations

871,211

540,974

592,648

1,412,185

1,114,335

  Research and development

5,787,906

6,638,441

2,125,685

12,426,347

4,208,634

  Sales and marketing

165,612

118,236

83,136

283,848

362,718

      Total operating expenses

8,698,049

8,305,722

3,772,288

17,003,772

7,672,493

Loss from operations

(9,055,688)

(7,711,449)

(4,101,646)

(16,267,137)

(8,328,860)

Other income (expense), net:

  Interest expense, net

(260,120)

(1,326,522)

(496,862)

(1,586,642)

(538,606)

  Change in fair value of derivative liability

(221,560)

–

–

(221,560)

–

  Change in fair value of simple agreements for future equity

–

–

(367,748)

–

(1,236,912)

      Total other income (expense), net

(481,680)

(1,326,522)

(864,610)

(1,808,202)

(1,775,518)

Provision for income taxes

–

–

–

–

–

Net loss

$   (9,037,367)

$     (9,037,971)

$   (4,966,256)

$   (18,075,339)

$    (10,104,378)

Weighted average common shares outstanding – basic and diluted

33,795,009

24,556,343

6,678,372

29,176,370

6,678,372

Net loss per common share – basic and diluted

$            (0.27)

$              (0.37)

$            (0.74)

$               (0.62)

$               (1.51)

 

Serve Robotics Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
For the Six Months Ended June 30, 2024 and 2023
(unaudited)

Six Months Ended
June 30,

2024

2023

Cash flows from operating activities:

Net loss

$     (18,075,338)

$    (10,104,378)

Adjustments to reconcile net loss to net cash used in

  Depreciation

27,500

931,279

  Stock-based compensation

7,735,469

200,872

  Amortization of debt discount

1,677,942

466,706

  Loss on conversion of note payable

221,560

–

  Change in fair value of simple agreements for future equity

–

1,236,912

  Interest on recourse loan

(2,504)

  Changes in operating assets and liabilities:

      Accounts receivable

(90,177)

23,697

      Inventory

65,060

(4,704)

      Prepaid expenses

(443,026)

16,253

      Escrow receivable

(180,000)

–

      Accounts payable

(663,046)

704,870

      Accrued liabilities

(120,232)

(36,045)

      Deferred revenue

52,863

–

      Right of use liabilities, net

(28,818)

(23,163)

           Net cash used in operating activities

(9,820,242)

(6,590,205)

Cash flows from investing activities:

Purchase of property and equipment

(798,322)

–

      Net cash used in investing activities

(798,322)

–

Cash flows from financing activities:

Proceeds from simple agreement for future equity

–

2,666,953

Proceeds from convertible notes payable

4,844,625

2,798,410

Proceeds from note payable, related party

–

399,000

Exercise of warrants

5,907

–

Exercise of options

8,757

–

Proceeds from issuance of common stock pursuant to offering, net of offering costs

35,849,136

–

Repayments of note payable

(500,000)

(500,000)

Repayments of notes payable, related party

(70,000)

–

Deferred offering costs

–

(352,617)

Repayment of lease liability financing

(746,583)

(1,118,348)

      Net cash provided by financing activities

39,391,842

3,893,398

Net change in cash and cash equivalents

28,773,277

(2,696,807)

Cash and cash equivalents at beginning of period

6,756

2,715,719

Cash and cash equivalents at end of period

$     28,780,033

$           18.912

 

View original content:https://www.prnewswire.com/news-releases/serve-robotics-announces-second-quarter-2024-results-302221504.html

SOURCE Serve Robotics Inc.

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Driving Certainty Through Uncertainty: eclicktech’s Engineering Approach to Agentic AI

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XI’AN, China, May 9, 2026 /PRNewswire/ — As generative AI moves from experimentation to enterprise deployment, the industry focus is shifting from model capability to operational reliability. The challenge is no longer simply building smarter AI, but ensuring AI systems can operate safely and consistently inside complex production environments.

eclicktech recently shared its internal engineering practices around Agentic AI, highlighting how the company is applying context engineering, multi-cloud infrastructure, and layered security frameworks to support enterprise-scale AI deployment.

To support global operations across more than 230 countries and regions, eclicktech built its Cycor platform around a multi-cloud architecture integrating AWS, Google Cloud, Alibaba Cloud, Tencent Cloud, Huawei Cloud, and other providers. According to the company, this approach improves infrastructure flexibility, reduces vendor lock-in risk, and enables more efficient orchestration of large-scale Kubernetes clusters and AI workloads.

eclicktech stated that one of the key lessons from early Agent development was that prompt engineering alone was insufficient for enterprise deployment. The company therefore shifted toward context engineering — an approach focused on delivering the right information, at the right time, while optimizing limited token resources.

Its engineering framework includes six layers of context management covering active sessions, short-term memory, long-term semantic storage, knowledge graphs, operational experience, and reusable organizational skills. The system also supports proactive context injection, allowing relevant operational history and risk information to be surfaced automatically before sensitive actions are executed.

To improve inference efficiency, eclicktech introduced layered token governance and progressive tool-loading mechanisms, dynamically loading tools and information only when required. The company said this approach helped improve tool selection accuracy and reduce unnecessary token consumption during complex operational workflows.

Security remains a core requirement throughout the architecture. eclicktech’s governance framework includes namespace isolation, dry-run verification, human approval workflows, rule-based validation, and rollback mechanisms designed to reduce operational risks associated with AI-driven automation.

According to eclicktech, the next stage of enterprise AI competition will depend not only on model capability, but also on engineering reliability, infrastructure orchestration, context management, and organizational knowledge systems.

Note: Certain technical information referenced in this article is derived from eclicktech’s internal engineering practices and is provided for industry reference purposes only.

View original content:https://www.prnewswire.com/apac/news-releases/driving-certainty-through-uncertainty-eclicktechs-engineering-approach-to-agentic-ai-302767441.html

SOURCE eclicktech

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How a Unified Monetization Solution Is Driving eCPM and Revenue Growth for Casual Games Worldwide

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May 9, 2026

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SINGAPORE, May 8, 2026 /PRNewswire/ — Casual, hyper-casual, and hybrid-casual games have become dominant categories in the global mobile market, making in-app advertising (IAA) a key driver of monetization success. However, many developers continue to face major challenges, including unstable fill rates, fluctuating eCPMs, difficulties balancing multiple regional markets, and the ongoing tradeoff between user experience and revenue growth.

To address these issues, zMaticoo has compiled a series of monetization case studies from leading game publishers and studios across China, Vietnam, Europe, and North America. These teams span hyper-casual, puzzle, board, card, and light-casual game categories, with DAUs ranging from millions to tens of millions. By adopting the same monetization framework, they achieved simultaneous growth in fill rate, eCPM, and ad revenue while maintaining stable user experience.

A common challenge among these teams was the shrinking monetization margin across global markets, creating an urgent need for sustainable revenue growth. At the same time, developers were cautious about over-monetization negatively impacting retention and player engagement.

To solve these challenges, zMaticoo introduced an AI-driven monetization system with full-funnel optimization capabilities. The platform connects developers directly to premium global advertiser budgets across both performance and brand advertising. AI models identify high-value traffic in real time based on region, audience, and usage scenarios, prioritizing high-eCPM demand sources. Separate bidding strategies are applied for mature and emerging markets to avoid revenue loss caused by one-size-fits-all pricing models.

The platform also provides refined ad format optimization:

Banner Ads: optimized display share and loading timing to improve SOV and stabilize eCPM;Interstitial Ads: precisely triggered during high-value moments such as level completion or pause screens, with especially strong premiums in emerging markets;Rewarded Video: deeply integrated into gameplay loops, delivering high user acceptance and conversion performance.

On the technical side, zMaticoo optimized SDK infrastructure to improve fill stability under weak network conditions. Ad loading time was reduced from five seconds to under two seconds through a rebuilt loading architecture. Progressive asset loading further minimized timeout-related drop-offs. AI-powered ad templates dynamically generated personalized creatives, improving both CTR and conversion performance.

The zMaticoo team also provides one-stop operational and analytics support. Developers can monitor fill rate, impressions, eCPM, and revenue through a unified dashboard, while dedicated optimization specialists provide 7×12 support for A/B testing, strategy iteration, and scaling guidance. The platform is deeply integrated with major mediation solutions, enabling one-time integration and multi-scenario deployment while reducing development and maintenance costs.

According to zMaticoo platform data:

In mature markets including the United States, Germany, Japan, and South Korea, banner eCPMs increased by 5%–10%, while interstitial premiums improved by over 5%;In emerging markets such as Brazil, Mexico, and Southeast Asia, interstitial eCPMs increased by more than 10%.

The monetization framework has demonstrated effectiveness across hyper-casual, puzzle, board/card, and utility app categories, supporting both rapid scale-up and long-term monetization stability.

Partner feedback includes:

“We are highly satisfied with the revenue uplift after integration. Our core products’ banner performance now ranks among the top tier.””Revenue recovered significantly after A/B testing, and we are expanding testing across more products.””One solution now supports multiple global markets without requiring separate monetization strategies for each region.””Interstitial monetization performance has been especially strong, with SOV reaching 10%–20% for several partners.”

zMaticoo believes successful monetization today is not about stacking more ad platforms, but about leveraging AI, technology, and refined operations to unlock long-term traffic value. Whether for hyper-casual publishers, puzzle game studios, or global mobile app companies, this AI-powered monetization framework is designed to deliver sustainable revenue growth while preserving user experience.

View original content:https://www.prnewswire.com/news-releases/how-a-unified-monetization-solution-is-driving-ecpm-and-revenue-growth-for-casual-games-worldwide-302767432.html

SOURCE zMaticoo

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Fox ESS Celebrates Strong Momentum with Integrated Solar Storage & Charging Solutions at Smart Energy 2026

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May 9, 2026

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SYDNEY, May 9, 2026 /PRNewswire/ — Fox ESS, a global leader in renewable energy solutions, attended Smart Energy 2026 during 6-7 May as a platinum sponsor. At the event, Fox ESS showcased its next-generation approach to solar storage and EV charging solution, delivering a seamless, future-ready energy experience for homeowners and installers across Australia.

Integrated Solutions Tailored for Aussie Homes

At Smart Energy 2026, Fox ESS highlighted its storage-to-charging solution, designed to make everyday energy use more convenient for local residents. With performance-led products and proven market traction, Fox ESS is set to play its part in building a more resilient energy future for Australia.

Battery Systems

Fox ESS continues to build momentum in the battery market. Sunwiz, an Australian solar consultancy, recently reported that Fox ESS ranked No.1 in March for installation capacity. And the company also revealed it has installed more than 25,000 systems in April. During the exhibition, Sunwiz presented Fox ESS with an award, recognising the company as Top Solar Company for Fastest Growing Battery.

CQ7 V6+ High Voltage Battery (42kWh and above)
Building on Fox ESS’ proven strengths, compact design and high capacity, CQ7 V6+ is well suited to medium-sized households and ensure the free use of electricity and maximize the self-consumption.EQ4800 High Voltage Battery (28kWh)
A reliable choice for smaller households, designed for efficient day-to-day energy storage.

Alongside its battery range, Fox ESS showcased all-in-one systems, including Stackable AIO and EVO, designed to simplify installation while maintaining a high standard of design and presentation.

Inverters

Fox ESS offers a range of inverters to suit local requirements, supported by up to 200% PV oversizing and a 10-year product warranty.

Single-phase: H1‑G2 (3–6kW); KH series (7–10.5kW)Three-phase: H3 Smart (5–15kW); H3 Pro (15–29.9kW); H3 Plus (50–125kW)

EV Chargers

With EV adoption accelerating, Fox ESS also offers EV charging solutions with solar linkage, designed to work across its inverter portfolio. The chargers provide robust, smart energy management, including dynamic load balancing to help protect home circuits.

A Series (7.3kW / 11kW / 22kW): IP65 and IK08 protection, OCPP-compliant.L Series (7.3kW / 11kW): straightforward installation with multiple colour options.

Big Battery Still Takes Centre Stage

As the Cheaper Home Battery Program moves into a new phase under an updated rebate policy, interest in larger battery systems continues to grow, particularly as more households consider EV upgrades amid rising fuel costs. More EVs typically mean households need greater energy availability, making higher-capacity storage an increasingly attractive option.

Looking ahead, from 1 July 2026, the Australian Government’s Solar Sharer Offer (SSO) will provide eligible households with three hours of free daily electricity to align with peak solar generation. Households with larger batteries will be well placed to make the most of this opportunity.

Fox ESS is also working with local VPP partners, including Amber Electric and Origin Loop VPP, helping homeowners unlock maximum value while supporting greater grid stability.

Maimai Comes Alive at the Exhibition

Visitors to the Fox ESS stand experienced a full programme of brand activations across the event. Following the online announcement, Sydney served as Maimai’s first physical stop, bringing the community together for face-to-face engagement. Attendees queued to take photos with the brand’s friendly and recognisable mascot.

Long-Term Commitment to Australia

Fox ESS has opened two local offices in Melbourne and Sydney, with more than 30 dedicated specialists supporting local customer needs. The company is also looking to play a wider role in Australia’s energy transition.

Notably, Ian Thorpe made his first in-person appearance at Fox Night, where he presented partners with awards. At the event party, Fox ESS also hosted a battery installation challenge, featuring eight rounds of competition, with the final winners receiving a range of prizes.

“We’re delighted to see such a strong result following the rollout of local policy. With nearly 400,000 Australian households now installing batteries, Fox ESS has played a key role, but this is only the beginning. We’re committed to keeping momentum and helping make a smarter, more reliable energy future a reality for more homes.” said Brooks Richard Geng, APAC & Middle East Managing Director, Fox ESS.

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