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Serve Robotics Inc. (SERV+10.55%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing details the company's operations, which focus on designing, developing, and operating low-emissions robots for last-mile delivery, primarily in the food delivery sector.
Serve Robotics reported total revenue of $1.81 million for 2024, an increase from $0.21 million in 2023. The revenue growth was primarily driven by software services and delivery operations.
The company incurred a net loss of $39.19 million in 2024, compared to a net loss of $24.81 million in 2023. The increased loss was attributed to higher research and development expenses and general administrative costs.
Serve Robotics highlighted its strategic partnership with Magna International, which includes a Master Services Agreement and a License and Services Agreement to support the commercialization of its autonomous delivery robots.
The company raised significant capital through various financings, including a public offering and private placements, resulting in net proceeds of over $155 million in 2024.
Serve Robotics continues to focus on expanding its fleet of delivery robots and enhancing its technology platform to improve operational efficiency and reduce delivery costs.
The filing outlines the company's risk factors, including reliance on a limited number of customers, supply chain constraints, and regulatory challenges related to the operation of delivery robots in public spaces.
Serve Robotics' board of directors consists of six members, with Ali Kashani serving as Chief Executive Officer and Chairman. The company emphasizes its commitment to corporate governance and compliance with applicable laws and regulations.
The company does not anticipate paying cash dividends in the near future, as it plans to reinvest earnings to support growth and development initiatives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Serve Robotics Inc. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.