Serve Robotics reported Q2 2024 financial results, with revenue soaring 655% YoY to $468,375. The company's net loss widened to $9,037,367 from $4,966,256 in Q2 2023. The revenue growth was primarily driven by $300,000 from a new software services contract with Magna, alongside increases in delivery and branding revenues.Research and development expenses, comprising 67% of total operating expenses, jumped 172% YoY to $5.79 million. This increase was largely due to $2.10 million in stock compensation related to the Magna Warrant, as well as higher headcount and software costs. General and administrative expenses rose 93% to $1.87 million, reflecting additional public company costs.Serve Robotics completed a public offering in April 2024, raising net proceeds of approximately $35.8 million. The company also entered into a strategic partnership with Magna, issuing a warrant for up to 2,145,000 shares. Despite the revenue growth, Serve anticipates continued operating losses in 2024 and 2025 as it implements its long-term strategic plan to scale its robotic fleet and expand into new markets.

Serve Robotics reported Q2 2024 financial results, with revenue soaring 655% YoY to $468,375. The company's net loss widened to $9,037,367 from $4,966,256 in Q2 2023. The revenue growth was primarily driven by $300,000 from a new software services contract with Magna, alongside increases in delivery and branding revenues.Research and development expenses, comprising 67% of total operating expenses, jumped 172% YoY to $5.79 million. This increase was largely due to $2.10 million in stock compensation related to the Magna Warrant, as well as higher headcount and software costs. General and administrative expenses rose 93% to $1.87 million, reflecting additional public company costs.Serve Robotics completed a public offering in April 2024, raising net proceeds of approximately $35.8 million. The company also entered into a strategic partnership with Magna, issuing a warrant for up to 2,145,000 shares. Despite the revenue growth, Serve anticipates continued operating losses in 2024 and 2025 as it implements its long-term strategic plan to scale its robotic fleet and expand into new markets.