Serve Robotics Q1 revenue $0.95M, signs Magna licensing deal, completes $40M offering

Serve Robotics Inc. /DE/

2024-Q1 EPS reported -$0.37 revenue$946,711

Revenue of $0.95M, including $0.85M software service revenue from Magna; 124% sequential growth in delivery and branding revenue.
Magna International partnership: long-term licensing agreement and exclusive contract manufacturing of Serve robots.
Post-quarter-end, uplisted to Nasdaq with $40M gross equity offering; Uber and Nvidia participated.
Operational metrics: daily supply hours +97% YoY to 300; daily active robots +70% YoY to 39.
Cash increased from $0.43M (Mar 31) to $34.2M (Apr 30); shares outstanding rose to 37.1M from 24.6M.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Serve Robotics Inc. /DE/ reported the three months ended March 31, 2024 results: revenue $0.95 million.

Period: the three months ended March 31, 2024
Revenue: $0.95 million
Result: reported results

Exact text from the filing

Serve Robotics Announces First Quarter 2024 Results and Provides Corporate Update ● Revenue of $0.95 million

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Source: SEC EDGAR

accession 0001213900-24-043177

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