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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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Play Yellow Tees Up as Charity Beneficiary of Inaugural Austin Championship to Support Children’s Healthcare

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November 11, 2026

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Delta Air Lines to sponsor Play Yellow Sunday, celebrating local patient families and supporting Dell Children’s Medical Center through Children’s Miracle Network

AUSTIN, Texas, Nov. 11, 2026 /PRNewswire/ — Play Yellow, a fundraising program of Children’s Miracle Network (CMN), is excited to be part of the inaugural Austin Championship presented by Compliance Solutions, bringing its mission of supporting children’s healthcare to the course and the local community. Proceeds from the tournament will benefit Play Yellow and provide significant support to the local children’s hospital, Dell Children’s Medical Center, and the surrounding community.

Play Yellow unites the golf community to support children’s healthcare across the U.S. and Canada. Founded through a partnership between Jack and Barbara Nicklaus, Children’s Miracle Network and the PGA Tour, Play Yellow invites golfers, tournaments and fans to turn their passion for the game into life-changing care.

“Our partnership with the PGA Tour and events like the Austin Championship presented by Compliance Solutions reminds us what’s possible when a community comes together for kids,” said Becca Evans, National Director of Play Yellow, Children’s Miracle Network. “We’re grateful for every golfer, fan, and partner who helps make big change for all kids.”

Delta Air Lines Sponsors Play Yellow Sunday

Delta Air Lines is sponsoring Play Yellow Sunday. By wearing yellow and fundraising through golf, the Play Yellow community elevates the level of care at local children’s hospitals.

Ten patient families will join Children’s Miracle Network on the course, wearing caddie bibs featuring the Delta Air Lines logo. Some children will have the opportunity to walk a hole alongside a PGA Tour professional, while others will join the action by helping as honorary caddies on the 18th green. Among the participating children is Jett Payne, the local Children’s Miracle Network champion.

After a difficult delivery, Jett began experiencing seizures and was transferred to Dell Children’s Medical Center, where an MRI revealed multiple strokes that likely occurred before or during birth. He spent 12 days in the Neuro-NICU, where specialized care helped stabilize his seizures and support his recovery. Today, Jett is a thriving 2-year-old who is walking, talking, and exceeding milestones. He will be joined by his parents, Ryann and Brad Payne, and his brother, Briggs, age 9.

Supporting Dell Children’s Medical Center

Dell Children’s, a hospital within Children’s Miracle Network, has partnered with CMN for nearly 40 years. Since opening in 2007, Dell Children’s Medical Center has served as Central Texas’s only freestanding pediatric Level I trauma center, bringing world-class children’s healthcare to families in their own community. From pediatric heart and bone marrow transplants to expanding access to pediatric mental health care, Dell Children’s continues to advance what’s possible for children across Central Texas.

“Every day at Dell Children’s, we see the difference that access to specialized pediatric care makes in the lives of children and their families,” said Megan Campuzano, Senior Director, Annual Giving, Dell Children’s Medical Center. “The generosity of our community supports that care, allowing us to expand what we can do for children across Central Texas. We are grateful to Play Yellow, Children’s Miracle Network, the PGA Tour, and every supporter making this event a reality. It is meaningful to see our patient families recognized on such a special stage and to have our community unite behind a brighter future for all kids.”

Play Yellow Ambassadors Lead the Way

Helping bring the CMN mission to life on the course, Play Yellow’s ambassadors Patrick Fishburn, Hank Lebioda, Justin Lower, Kevin Roy, Max McGreevy, Peter Malnati, and Neal Shipley will also take the course in Austin, continuing to use their platforms to rally golfers, fans, sponsors, and communities around the shared mission of supporting children’s healthcare.

To learn more about Play Yellow, explore its ambassadors, start your own golf fundraiser, or find ways to get involved, visit playyellow.cmn.org.

About Children’s Miracle Network:

For more than 40 years, Children’s Miracle Network® has been a symbol of hope, elevating possibilities for every child in need of care. As the leading charity impacting children’s healthcare, we unite people, partners and programs to raise urgently needed funds for children’s hospitals across the U.S. and Canada.

Wherever you see our iconic balloon, you’ll find donors, corporate partners and fundraising programs joining forces to help hospitals meet their most critical needs—from life-changing care and advanced equipment to innovative research and family support. Every dollar raised benefits the local children’s hospital, bringing brighter futures within reach for all kids.

Learn more at cmn.org.

About Play Yellow:

Play Yellow, a Children’s Miracle Network program in partnership with Jack and Barbara Nicklaus and the PGA Tour, unites the golf community to turn their passion for the game by raising funds for life-changing care for all kids.

Media Contact:
Christina Vitale | cvitale@cmn.org | 908-839-2152

On-Site Contact:
Samantha Edwards | sedwards@cmn.org |812-243-2159

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SOURCE Children’s Miracle Network

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Gushine Brings Global Manufacturing Capabilities and Custom Battery Solutions to electronica 2026

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November 11, 2026

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MUNICH, Nov. 11, 2026 /PRNewswire/ — Gushine Electronics, a specialist in custom lithium battery solutions, is showcasing its battery engineering expertise and international manufacturing capabilities at electronica 2026, held November 10–13 in Munich, Germany. At Hall A5, Booth 275, the company is presenting custom battery solutions for robotics, industrial automation, medical equipment, and industrial handheld devices.

Manufacturing Operations Across China and Vietnam

Founded in 2011 and headquartered in Zhuhai, China, Gushine provides custom battery pack development and manufacturing services for OEM customers worldwide.

Building on its established R&D and manufacturing operations in China, Gushine began production operations in Vietnam in 2025. The facility continues to develop its production processes and manufacturing capabilities, focusing on battery packs for handheld terminals and smart devices while complementing the company’s operations in China.

Custom Battery Solutions for Robotics and Industrial Applications

As automation expands across manufacturing, warehousing, and commercial services, equipment manufacturers face increasingly diverse requirements for battery runtime, performance, safety, and system integration.

At electronica 2026, Gushine is highlighting custom battery solutions for automated guided vehicles (AGVs), autonomous mobile robots (AMRs), warehouse automation equipment, and commercial service robots.

The company is also showcasing battery solutions for robotic lawn mowers, cleaning robots, medical carts, rugged handheld terminals, and surveying instruments.

Gushine’s engineering capabilities span cell selection, mechanical design, battery management system (BMS) development, and communication integration. This approach enables battery systems to be tailored to the operating conditions and technical requirements of different applications.

Strengthening Long-Term Partnerships in Europe

Europe’s diverse innovation ecosystem, particularly in industrial manufacturing, automation, medical technology, and specialized equipment, offers opportunities for long-term technical collaboration.

“European companies demonstrate strong engineering expertise and a commitment to innovation. We believe meaningful innovation begins with understanding real-world application needs. By working closely with our customers, we aim to help turn their ideas into reliable, market-ready products through customized battery engineering,” said Jack Yu, Vice President at Gushine.

Gushine remains committed to strengthening relationships with European OEMs, building lasting technical partnerships, and supporting the development of next-generation equipment and technologies.

Visit Gushine at electronica 2026: Hall A5, Booth 275, Messe München, November 10–13.

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AICPA & CIMA’s first-ever China’s ENGAGE Asia Conference 2026 concludes the future of accounting and finance will be defined by trust, talent, and human judgement

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November 11, 2026

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SHANGHAI, Nov. 12, 2026 /PRNewswire/ — ENGAGE Asia Conference 2026 brought together 600 business, finance and technology leaders from across Asia and around the world to explore the trends, opportunities and challenges shaping the future of organisations and the accounting and finance profession.

Under the theme The Next Wave – Transformative Innovation, discussions covered the impact of AI on finance; business and leadership; the future of talent and workforce transformation; long-term value creation; China’s global ambition; and the growing importance of trust in an increasingly complex world.

Throughout the two-day conference, speakers and delegates also examined how organisations can harness technology while strengthening human judgment, adaptability and ethical leadership, reinforcing the critical role accounting and finance professionals play in driving innovation, resilience and sustainable growth in a rapidly changing global economy.

Mark Koziel, CPA, CGMA, President & CEO of AICPA & CIMA said, “The ENGAGE Asia Conference 2026 has demonstrated the tremendous energy, innovation and leadership emerging from China and Asia’s business community. The conversations, together with the insights from our RISE2040 initiative, reinforce that the future of accounting and finance will be defined not only by technological advancement, but by our ability to combine AI with trust, talent and human judgment. Accounting and Finance professionals have a vital role to play in creating sustainable value and helping businesses thrive. The ideas and connections sparked here in Shanghai will help shape the next wave of leadership and progress.”

Vicky Li, Vice President, North Asia, AICPA & CIMA, said, “Hosting the ENGAGE Asia Conference in Shanghai for the first time, in conjunction with CIMA China’s 20th anniversary, reflects both the growing importance of both China and Asia in the global economy and the region’s commitment to innovation and talent development. Over the past two days, we have brought together diverse perspectives from business, accounting, finance, technology and academia to explore how organisations can thrive in a rapidly changing world. We are proud to provide a platform that equips professionals with the insights, skills and connections needed to lead with confidence in the future.”

In August 2027, the Engage Asia Conference moves to Malaysia.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/aicpa–cimas-first-ever-chinas-engage-asia-conference-2026-concludes-the-future-of-accounting-and-finance-will-be-defined-by-trust-talent-and-human-judgement-302936798.html

SOURCE AICPA & CIMA

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