Serve Robotics Inc. reported significant financial developments in its recent 10-K filing for the fiscal year ending December 31, 2024. The company generated revenues of $1.81 million, a substantial increase from $0.21 million in the previous year, marking a growth of approximately 771%. This increase was primarily driven by $1.19 million in revenue from software services, alongside a rise in delivery and branding revenues to $0.63 million, up from $0.19 million in 2023. Despite this revenue growth, Serve Robotics incurred a net loss of $39.19 million, compared to a loss of $24.81 million in 2023, reflecting ongoing investments in research and development and operational expansion.
The company underwent a significant transformation following its merger with Patricia Acquisition Corp. on July 31, 2023, which resulted in a recapitalization and the establishment of Serve as a public entity. This merger allowed Serve to leverage its existing technology and operational capabilities in the autonomous delivery market. As of December 31, 2024, Serve's fleet consisted of over 100 robots, with plans to expand to 2,000 robots by the end of 2025. The company has also established partnerships with major platforms, including Uber Eats, enhancing its operational capacity and market presence.
Operationally, Serve Robotics reported an increase in daily active robots, averaging 52 in 2024 compared to 29 in 2023, and daily supply hours increased to 401 from 206. The company’s workforce grew to 120 employees, with a focus on engineering and operations, reflecting its commitment to scaling its technology and service offerings. However, the company remains reliant on a limited customer base, with 91% of its revenue concentrated from two customers, Magna and Uber, which poses a risk to its financial stability.
Looking ahead, Serve Robotics anticipates continued growth driven by the increasing demand for last-mile delivery solutions, particularly as labor costs rise and regulatory pressures on traditional delivery methods intensify. The company is also focused on mitigating risks associated with supply chain constraints and the need for ongoing capital to support its expansion plans. Despite the challenges, Serve Robotics is positioned to capitalize on the growing market for automated delivery solutions, with a strong emphasis on sustainability and efficiency in urban logistics.
About Serve Robotics Inc. /DE/
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