- Revenue of $0.95 million; 124%
sequential growth in delivery and branding revenue
- Signed agreement with Magna International for a long-term
licensing partnership and exclusive contract manufacturing of Serve
robots
- Post quarter-end, successfully uplisted to the Nasdaq
Capital Market with concurrent $40
million equity offering
- Continued focus on deploying 2,000 robots under Uber Eats
contract
SAN
FRANCISCO, May 15, 2024 /PRNewswire/ -- Serve
Robotics Inc. (the "Company" or "Serve") (Nasdaq:SERV), a leading
autonomous sidewalk delivery company, today announced financial
results for the three months ended March 31,
2024 and provided a corporate update.
"The Company delivered improvements in our operational key
metrics and fundamentals, including a 97% increase in daily supply
hours and a 70% increase in daily active robots, when compared to
the first quarter of last year. These improvements were achieved
while our costs to service delivery and branding revenue remained
steady. This is a testament to our employees' execution on Serve's
mission to reduce the cost of last-mile transportation, and
highlight our dedication to scaling our operations infrastructure.
Our core technology continues to be validated by our partners, as
evidenced through our recent agreements with Magna International,
and we continue to see strong demand for our robots to be deployed
into existing and new markets. We are also very excited to continue
our growth through the completion of our $40
million underwritten public offering, supported by our
strategic investors Uber and Nvidia, and our recent listing on
Nasdaq," said Ali Kashani, Serve's
Cofounder and CEO. "We look forward to executing on the milestones
within our strategic plan, which we intend to provide to
stockholders in the coming months."
Serve's near-term strategic focus remains executing its plan to
develop, manufacture, and deploy a fleet of 2,000 autonomous robots
on the Uber Eats platform through 2025. The proceeds from the
Company's underwritten public offering in April 2024 allowed Serve to unlock procurement
commitments, initiate final design-for-manufacturing reviews, and
conduct further validation testing in advance of full-scale
commercial production.
Serve's long-term vision remains to deploy robots in adjacent
delivery and transportation verticals within multiple markets.
First Quarter 2024 and Recent Highlights
- Public Market Debut: The Company commenced listing on
the OTCQB on March 7, 2024. Following
the end of our first quarter, the Company completed an uplisting to
the Nasdaq Capital Market, and began trading on the Nasdaq Capital
Market under the ticker symbol "SERV" on April 18, 2024. This uplisting enabled the
completion of a public equity offering generating $40.0 million in gross proceeds.
- Strategic Investments: Participation in the offering
included $4.5 million of new
investment from one of Serve's largest stockholders and strategic
partners, Postmates, LLC, a wholly-owned subsidiary of Uber
Technologies Inc (NYSE: UBER). Long-term technology partner NVIDIA
(Nasdaq: NVDA) also participated in a $2.5
million investment round closed on January 2, 2024.
- Operational Performance: Serve averaged 300 daily supply
hours during the first quarter 2024, a 97% increase compared to
first quarter 2023, and a 15% increase compared to fourth quarter
2023. The Company also achieved a 70% increase in daily active
robots for the first quarter 2024 compared to first quarter 2023,
and 15% increase compared to fourth quarter 2023.
- Magna Collaboration: Serve entered into a Master
Services Agreement ("MSA") with Magna International Inc. ("Magna")
(TSX: MG; NYSE: MGA), one of the world's largest automotive
suppliers. Included in the MSA was both a statement of work for
services to be provided by Serve, and a licensing agreement in
which the Company licensed its autonomous technology software to
accelerate Magna's development into new products within the
robotics and logistics space.
- Manufacturing: On April 24,
2024, the Magna MSA was expanded through the establishment
of a new production and purchase agreement wherein Magna became the
exclusive contract manufacturer of Serve's delivery robots.
First Quarter Financial Highlights
- First quarter revenue was $0.95
million including $0.85
million in software service revenue derived from the
Company's agreement with Magna. The Company expects to recognize
the remaining $0.35 million in the
second quarter 2024.
- As of March 31, 2024, the Company
had $0.43 million of cash and cash
equivalents. As of April 30, 2024,
the Company had approximately $34.2
million of cash and cash equivalents, after including
proceeds from its April 2024 public
offering.
- As of March 31, 2024, the Company
had 24.6 million shares of common stock outstanding. As of
May 13, 2024, following the share
issuance from the Company's April
2024 public offering, the Company had 37.1 million shares of
common stock outstanding, and 42.2 million shares on a fully
diluted basis.
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
|
|
|
|
March
31,
|
|
|
|
2024
|
|
|
2023
|
|
Key
Metrics
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Daily Active Robots
(1)
|
|
|
39
|
|
|
|
23
|
|
Daily Supply Hours
(2)
|
|
|
300
|
|
|
|
152
|
|
|
|
|
|
(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.
|
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 March 31, 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 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.
Serve Robotics
Inc.
|
Condensed
Consolidated Balance Sheet (unaudited)
|
|
|
|
March
31,
|
|
|
December
31,
|
|
|
|
2024
|
|
|
2023
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash
|
|
$
|
427,482
|
|
|
$
|
6,756
|
|
Accounts receivable
|
|
|
266,030
|
|
|
|
2,955
|
|
Inventory
|
|
|
736,535
|
|
|
|
774,349
|
|
Prepaid expenses
|
|
|
629,610
|
|
|
|
676,969
|
|
Deferred offering costs
|
|
|
973,491
|
|
|
|
-
|
|
Total current
assets
|
|
|
3,033,148
|
|
|
|
1,461,029
|
|
Property and equipment,
net
|
|
|
33,839
|
|
|
|
48,422
|
|
Right of use
asset
|
|
|
668,462
|
|
|
|
782,439
|
|
Deposits
|
|
|
512,659
|
|
|
|
512,659
|
|
Total assets
|
|
$
|
4,248,108
|
|
|
$
|
2,804,549
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY (DEFICIT)
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
1,725,064
|
|
|
$
|
2,050,605
|
|
Accrued liabilities
|
|
|
1,151,158
|
|
|
|
255,849
|
|
Deferred revenue
|
|
|
68,899
|
|
|
|
-
|
|
Note payable, current
|
|
|
1,000,000
|
|
|
|
1,000,000
|
|
Note payable - related party
|
|
|
-
|
|
|
|
70,000
|
|
Convertible notes payable, net of debt discount
|
|
|
4,549,395
|
|
|
|
-
|
|
Derivative liability
|
|
|
1,489,000
|
|
|
|
-
|
|
Right of use liability, current portion
|
|
|
474,649
|
|
|
|
496,963
|
|
Lease liability, current portion
|
|
|
2,335,796
|
|
|
|
2,363,807
|
|
Total current
liabilities
|
|
|
12,793,961
|
|
|
|
6,237,224
|
|
Note payable, net of
current portion
|
|
|
-
|
|
|
|
230,933
|
|
Restricted stock award
liability
|
|
|
154,630
|
|
|
|
158,617
|
|
Right of use
liability
|
|
|
105,643
|
|
|
|
211,181
|
|
Total
liabilities
|
|
|
13,054,234
|
|
|
|
6,837,955
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies (Note 10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
(deficit):
|
|
|
|
|
|
|
|
|
Preferred stock, $0.0001 par value, 10,000,000 shares
authorized, no shares issued or outstanding as of both March 31,
2024 and December 31, 2023
|
|
|
-
|
|
|
|
-
|
|
Common stock, $0.0001 par value; 300,000,000 shares
authorized, 24,957,814 and 24,832,814 shares issued and 24,633,795
and 24,508,795 shares outstanding as of both March 31, 2024 and
December 31, 2023
|
|
|
2,462
|
|
|
|
2,450
|
|
Additional paid-in
capital
|
|
|
68,729,393
|
|
|
|
64,468,141
|
|
Subscription
receivable
|
|
|
(165,629)
|
|
|
|
(169,616)
|
|
Accumulated
deficit
|
|
|
(77,372,352)
|
|
|
|
(68,334,381)
|
|
Total stockholders'
equity (deficit)
|
|
|
(8,806,126)
|
|
|
|
(4,033,406)
|
|
Total liabilities and
stockholders' equity (deficit)
|
|
$
|
4,248,108
|
|
|
$
|
2,804,549
|
|
Serve Robotics
Inc.
|
Condensed
Consolidated Statement of Operations
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024
|
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
946,711
|
|
|
$
|
40,252
|
|
Cost of
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
352,438
|
|
|
|
367,261
|
|
Gross profit
(loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
594,273
|
|
|
|
(327,009)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,008,071
|
|
|
|
1,015,987
|
|
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
540,974
|
|
|
|
521,687
|
|
Research and
development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,638,441
|
|
|
|
2,082,949
|
|
Sales and
marketing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
118,236
|
|
|
|
279,582
|
|
Total operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,305,722
|
|
|
|
3,900,205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,711,449)
|
|
|
|
(4,227,214)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense),
net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,326,522)
|
|
|
|
(41,744)
|
|
Change in fair value of
simple agreements for future equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
(869,164)
|
|
Total other income (expense), net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,326,522)
|
|
|
|
(910,908)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
-
|
|
Net loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(9,037,971)
|
|
|
$
|
(5,138,122)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding - basic and diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,556,343
|
|
|
|
6,708,450
|
|
Net loss per common
share - basic and diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(0.37)
|
|
|
$
|
(0.77)
|
|
Serve Robotics
Inc.
|
|
Condensed
Consolidated Statement of Cash Flows (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024
|
|
|
2023
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(9,037,971)
|
|
|
$
|
(5,138,122)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,923
|
|
|
|
465,640
|
|
Stock-based
compensation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,255,432
|
|
|
|
93,943
|
|
Amortization of debt
discount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,212,836
|
|
|
|
4,000
|
|
Change in fair value of
simple agreements for future equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
869,164
|
|
Interest on recourse
loan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,987
|
|
|
|
(1,202)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(263,075)
|
|
|
|
8,626
|
|
Inventory
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,814
|
|
|
|
(4,704)
|
|
Prepaid expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47,359
|
|
|
|
(33,643)
|
|
Accounts payable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(325,541)
|
|
|
|
64,191
|
|
Accrued liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(82,168)
|
|
|
|
(30,239)
|
|
Deferred revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68,899
|
|
|
|
-
|
|
Right of use liabilities, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(13,875)
|
|
|
|
(11,063)
|
|
Net cash used in
operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,078,380)
|
|
|
|
(3,713,409)
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,340)
|
|
|
|
-
|
|
Net cash used in
investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,340)
|
|
|
|
-
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from simple
agreement for future equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
2,666,953
|
|
Proceeds from
convertible notes payable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,844,625
|
|
|
|
-
|
|
Exercise of warrants
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,832
|
|
|
|
-
|
|
Repayments of note
payable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(250,000)
|
|
|
|
(250,000)
|
|
Repayments of notes
payable, related party
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(70,000)
|
|
|
|
-
|
|
Repayment of lease
liability financing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(28,011)
|
|
|
|
(552,786)
|
|
Net cash provided by
financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,502,446
|
|
|
|
1,864,167
|
|
Net change in cash
and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
420,726
|
|
|
|
(1,849,242)
|
|
Cash and cash
equivalents at beginning of period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,756
|
|
|
|
2,715,719
|
|
Cash and cash
equivalents at end of period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
427,482
|
|
|
$
|
866,477
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
-
|
|
|
$
|
-
|
|
Cash paid for
interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
35,892
|
|
|
$
|
40,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of non-cash investing and financing
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested restricted stock
purchased with recourse notes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
-
|
|
|
$
|
3,436
|
|
Deferred offering costs
included in accounts payable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
973,491
|
|
|
$
|
-
|
|
About Serve Robotics
Backed by Uber and NVIDIA, Serve Robotics 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.
Media
Aduke Thelwell
Head of Communications & Investor Relations
Serve Robotics
aduke.thelwell@serverobotics.com
347-464-8510
Investors
CORE IR
investor.relations@serverobotics.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/serve-robotics-announces-first-quarter-2024-results-and-provides-corporate-update-302145819.html
SOURCE Serve Robotics Inc.