secwatch.observer — SEC 8-K summary
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Issuer:     Serve Robotics Inc. /DE/ (SERV)
CIK:        0001832483
Form:       8-K
Filed at:   2024-05-15T23:59:59+00:00
Accession:  0001213900-24-043177
Event type: earnings
Sentiment:  positive
Materiality: 0.70
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1832483/000121390024043177/0001213900-24-043177-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1832483/000121390024043177/ea0206093-8k_server.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-043177

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer