Summary by Futu AI
Serve Robotics reported Q3 2024 revenue of $221,555, a 254% increase YoY, while net loss widened to $8.0 million from $7.6 million. The company's daily active robots increased to 59 from 30 YoY, with daily supply hours rising to 465 from 224. Cost of revenues decreased 34% to $377,304, primarily due to lower depreciation expenses.Research and development expenses rose 69% to $5.0 million, largely due to $1.1 million in stock compensation related to the Magna Warrant and increased headcount costs. General and administrative expenses increased 39% to $2.0 million, driven by higher headcount and public company fees. The company maintained a strong liquidity position with $50.9 million in cash as of September 30, 2024.During Q3, Serve Robotics completed significant financing activities, including a private placement of pre-funded warrants raising net proceeds of $32.3 million. The company expanded its strategic partnership with Magna through a warrant agreement and continued to invest in robot fleet expansion, with $5.4 million allocated to robot build construction-in-process during the quarter.
