Serve Robotics Q2 revenue $0.47M; daily supply hours up 106% YoY; cash $28.8M

Serve Robotics Inc. /DE/

2024-Q2 EPS reported -$0.62 revenue$1,415,086

Q2 revenue $0.47M, including $0.30M software service revenue from Magna; no material software revenue expected in Q3.
Daily supply hours averaged 385 (+106% YoY, +28% QoQ); daily active robots up 85% YoY.
Cash and equivalents $28.8M at June 30; post-quarter $15M private placement closed July 2024.
Manufacturing commenced on 2,000-robot fleet with Magna and Ouster; third-gen robot design completed.
Targeting at least 250 additional robots in LA by Q1 2025; full fleet run-rate revenue estimated at $60-80M annually.

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