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Serve Robotics Announces Third Quarter 2024 Results

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Announced plans for geographic expansion into the Dallas Fort Worth metroCompleted $32.3 million in capital raise transactions; Cash balance of $50.9 million as of third quarter endAnnounced agreement to acquire Vebu and its pioneering avocado-processing robot, Autocado

SAN FRANCISCO, Nov. 7, 2024 /PRNewswire/ — Serve Robotics Inc. (the “Company” or “Serve”) (Nasdaq: SERV), a leading autonomous sidewalk delivery company, today announced financial results for the third quarter 2024 ended September 30, 2024.

“During the third quarter we made significant operational and financial progress related to several priorities; laying the foundation for a successful 2025,” said Dr. Ali Kashani, Serve’s Co-founder and CEO. “Regarding our agreement with Uber Eats to deploy 2,000 robots by year end 2025, we are ahead of schedule with the initial manufacturing and rollout. We remain on track to deploy 2,000 new robots across multiple markets next year. Furthermore, we announced the potential acquisition of Vebu, which brings us into a strategically adjacent service offering, and we initiated partnerships with Wing Aviation and Shack Shack to expand our reach.  Importantly, we successfully raised $32.3 million in new capital to provide financial flexibility and fund our expansion plans.”

Second Quarter 2024 and Recent Highlights 

Capital Raise Transactions: On July 17, 2024 and August 27, 2024, Serve completed private placement offerings resulting in a total of $32.3 million in net proceeds. As of September 30, 2024, Serve had $50.9 million in cash and zero outstanding debt obligations. Post quarter-end, the company also established and At-the-Market (“ATM”) financing program providing further flexibility in capital raising.

Operational Performance: Serve averaged 465 daily supply hours during the third quarter 2024, a 108% increase year-over-year and a 21% increase quarter-over-quarter. The Company also achieved a 97% increase in daily active robots year-over-year and a 23% increase quarter-over-quarter.

Geographic Expansion: Serve announced its plan for geographic expansion in Los Angeles, as well as entry into the Dallas Fort Worth market. In the coming weeks, Serve will expand its Los Angeles delivery service into the Downtown LA, Sawtelle and Westwood areas, with a delivery fleet deployment expected in Dallas Forth Worth by the end of Q2 2025. Serve will also begin operations in Dallas, expected in the coming weeks in support of our partnership with drone-maker, Wing Aviation.

Vebu Acquisition: Today, Serve announced its agreement to acquire the assets of Vebu, Inc. (“Vebu”) in an all- stock transaction, subject to customary closing conditions. Vebu’s signature robotic product is the Autocado. The acquisition is expected to strengthen Serve’s strategic position by providing its restaurant partners with a suite of automation solutions and expanding Serve’s offering beyond delivery into back of house automation.

Third Quarter Financial Highlights

Third quarter revenue was $0.22 million, including $0.04 million of software service revenue derived from the Company’s software services agreement with Magna.

As of September 30, 2024, the Company had $50.9 million of cash and cash equivalents.

As of September 30, 2024, the Company had 39.6 million shares of common stock outstanding.  

Quarterly Conference Call

Company management will host a conference call and webcast today at 2:00 p.m. PT / 5:00 p.m. ET to discuss the financial  results and provide a corporate update. A live webcast and replay can be accessed from the investor relations page of Serve Robotics’ website at Investor Relations — Serve Robotics.

Individuals interested in listening to the conference call may do so by dialing 1 (800) 715-9871 and referencing conference  ID#: 3511636.

About Serve 

Serve develops advanced, AI-powered, low-emissions sidewalk delivery robots that endeavor to make delivery sustainable and economical. Spun off from Uber in 2021 as an independent company, Serve has completed tens of thousands of deliveries for enterprise partners such as Uber Eats and 7-Eleven. Serve has scalable multi-year contracts, including a signed agreement to deploy up to 2,000 delivery robots on the Uber Eats platform across multiple U.S. markets.

For further information about Serve  (Nasdaq: SERV), please visit www.serverobotics.com or follow us on social media via X (Twitter), Instagram, or LinkedIn @serverobotics.

Supplemental Financial Information

The key metrics and financial tables outlined below are metrics that provide management with additional understanding of  the drivers of business performance and the Company’s ability to deliver stockholder return. Investors should not place undue reliance on these metrics as indicators of future or expected results. The Company’s presentation of these metrics may differ from similarly titled metrics presented by other companies and therefore comparability may be limited.

Table 1: Key Metrics 

Three Months Ended

Nine Months Ended

September 30,

2024

June 30,

 2024

September 30,

2023

September 30,

2024

September 30,

 2023

Key Metrics

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Daily Active Robots (1)

59

48

30

49

27

Daily Supply Hours (2)

465

385

224

384

188

(1)

Daily Active Robots: The Company defines daily active robots as the average number of robots performing daily deliveries during the period.

(2)

Daily Supply Hours: The Company defines daily supply hours as the average number of hours the Company’s robots are ready to accept offers and perform daily deliveries during the period.

Table 2: Revenue 

Three Months Ended

Nine Months Ended

September 30,

2024

June 30,

2024

September 30,

2023

September 30,

2024

September 30,

2023

Software services

$38,767

$296,035

$—

$1,185,903

$—

Delivery services

112,288

75,540

54,065

239,588

111,784

Branding fees

70,500

140,650

8,500

211,150

53,042

$221,555

$512,225

$62,565

$1,636,641

$164,826

 

Forward Looking Statements 

This Serve Robotics Inc. (the “Company”) investor presentation contains “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when we or our management are discussing our beliefs, estimates or expectations. Such statements generally include the words “believes,” “plans,” “intends,” “targets,” “may,” “could,” “should,” “will,” “expects,” “estimates,” “suggests,” “anticipates,” “outlook,” “continues,” or similar expressions. These statements are not historical facts or guarantees of future performance, but represent management’s belief at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside of our control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. Forward-looking statements include, without limitation, statements regarding the Company’s partnership with Magna, timing of the Company’s robot deployment, the Company’s ability to expand to additional markets, capabilities of the Company’s robots, outcomes of planned acquisitions, and the Company’s timing and ability to scale to commercial production.

The forward-looking statements contained in this investor presentation are also subject to other risks and uncertainties,  including those more fully described in our filings with the Securities and Exchange Commission (“SEC”), including in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023, our Quarterly Report on Form 10-Q for the three months ended September 30, 2024, and in the Company’s subsequent SEC filings. The Company can give no assurance that the plans, intentions, expectations or strategies as reflected in or suggested by those forward-looking statements will be attained or achieved. The forward-looking statements in this presentation are based on information available to the Company as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements, except as required by law. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this presentation.

Contacts

Media
Aduke Thelwell
Head of Communications & Investor Relations
Serve Robotics
aduke.thelwell@serverobotics.com
347-464-8510

Investor Relations
investor.relations@serverobotics.com   

 

Serve Robotics Inc.

Unaudited Condensed Consolidated Balance Sheets

As of September 30, 2024 and December 31, 2023

(unaudited)

September 30,

2024

December 31,

2023

ASSETS

Current assets: 

    Cash

$50,913,133

$6,756

    Accounts receivable

13,099

2,955

    Inventory

327,363

774,349

    Prepaid expenses

3,452,560

676,969

    Escrow Receivable

180,000

–

      Total current assets

54,886,155

1,461,029

Property and equipment, net

5,406,261

48,422

Right of use asset

660,286

782,439

Security Deposits

512,659

512,659

  Total assets

$61,465,361

$2,804,549

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

Current liabilities:

    Accounts payable

$3,606,754

$2,050,605

    Accrued liabilities

55,440

255,849

    Deferred revenue

14,097

–

    Note payable, current

—

1,000,000

    Note payable – related party

—

70,000

    Right of use liability, current portion

436,377

496,963

    Lease liability, current portion

1,042,093

2,363,807

      Total current liabilities

5,154,761

6,237,224

Note payable, net of current portion

—

230,933

Restricted stock award liability

—

158,617

Right of use liability

135,181

211,181

  Total liabilities

5,289,942

6,837,955

Stockholders’ equity (deficit):

    Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued

      or outstanding as of both September 30, 2024 and December 31, 2023

—

–

    Common stock, $0.0001 par value; 300,000,000 shares authorized, 42,957,446 and

      24,832,814 shares issued and 42,844,956 and 24,508,795 shares outstanding as

      of September 30, 2024 and December 31, 2023 

4,283

2,450

Additional paid-in capital

150,577,074

64,468,141

Subscription receivable

—

(169,616)

Accumulated deficit

(94,405,938)

(68,334,381)

     Total stockholders’ equity (deficit)

56,175,419

(4,033,406)

  Total liabilities and stockholders’ equity (deficit)

$61,465,361

$2,804,549

 

Serve Robotics Inc.

Unaudited Condensed Consolidated Statements of Operations

For the Three and Nine Months Ended September 30, 2024 and 2023; and Three Months Ended June 30, 2024

(unaudited)

Three Months Ended

Nine Months Ended

September 30, 2024

June 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

Revenues

$221,555

$468,375

$62,565

$1,636,641

$164,826

Cost of revenues

377,304

326,013

572,537

1,055,755

1,331,165

     Gross profit (loss)

(155,749)

142,362

(509,972)

580,886

(1,166,339)

Operating expenses:

   General and administrative

1,980,087

1,873,320

1,428,143

4,861,478

3,414,949

   Operations

917,350

871,211

558,068

2,329,535

1,672,403

   Research and development

5,007,985

5,787,906

2,962,812

17,434,332

7,171,446

   Sales and marketing

383,902

165,612

118,793

667,750

481,511

     Total operating expenses

8,289,324

8,698,049

5,067,816

25,293,095

12,740,309

Loss from operations

(8,445,073)

(8,555,687)

(5,577,788)

(24,712,209)

(13,906,648)

Other income (expense), net:

   Interest income (expense), net

448,854

(260,120)

(1,483,390)

(1,137,788)

(2,021,996)

   Loss on conversion of note payable

–

(221,560)

(149,000)

(221,560)

(149,000)

   Change in fair value of simple agreements for future equity

–

–

(435,794)

–

(1,672,706)

     Total other income (expense), net

448,854

(481,680)

(2,068,184)

(1,359,348)

(3,843,702)

Provision for income taxes

–

–

–

–

–

Net loss

$(7,996,219)

$(9,037,367)

$(7,645,972)

$(26,071,557)

$(17,750,350)

Weighted average common shares outstanding – basic and diluted

40,586,781

29,176,370

18,528,262

33,267,589

10,674,991

Net loss per common share – basic and diluted

$(0.20)

$(0.62)

$(0.41)

$(0.78)

$(1.66)

 

Serve Robotics Inc.

Unaudited Condensed Consolidated Statements of Cash Flows

For the Nine Months Ended September 30, 2024 and 2023

(unaudited)

Nine Months Ended

September 30,

2024

2023

Cash flows from operating activities:

Net loss

$(26,071,557)

$(17,750,350)

Adjustments to reconcile net loss to net cash used in

   Depreciation

36,560

1,396,919

    Stock-based compensation

9,930,480

304,256

    Amortization of debt discount

1,677,942

816,715

    Warrants issued with convertible note

–

991,000

    Change in fair value of derivative liability

221,560

149,000

    Change in fair value of simple agreements for future equity

–

1,672,706

    Interest on recourse loan

–

(2,797)

    Changes in operating assets and liabilities:

       Accounts receivable

(10,144)

19,742

       Inventory

446,986

(250,459)

       Prepaid expenses

(2,775,591)

(517,233)

       Escrow receivable

(180,000)

–

       Accounts payable

1,556,149

782,454

       Accrued liabilities

(110,870)

129,481

       Deferred revenue

14,097

–

       Right of use liabilities, net

(14,433)

(35,782)

          Net cash used in operating activities

(15,278,821)

(12,294,348)

Cash flows from investing activities:

Purchase of property and equipment

(5,394,399)

(2,493)

       Net cash used in investing activities

(5,394,399)

(2,493)

Cash flows from financing activities:

Proceeds from issuance of common stock pursuant to

35,849,136

–

Proceeds from issuance of pre-funded warrants to

17,115,963

–

Proceeds from exercise of warrants

16,324,832

–

Proceeds from convertible notes payable

4,844,625

2,798,410

Proceeds from exercise of options

86,755

–

Proceeds from note payable, net of offering costs

–

750,000

Repayments of note payable

(1,250,000)

(1,500,000)

Proceeds from note payable, related party

–

449,000

Repayments of notes payable, related party

(70,000)

(449,000)

Issuance of common stock pursuant to Merger, net of

–

10,026,258

Proceeds from simple agreement for future equity

–

2,666,953

Repayment of lease liability financing

(1,321,714)

(1,658,359)

       Net cash provided by financing activities

71,579,597

13,083,262

Net change in cash and cash equivalents

50,906,377

786,421

Cash and cash equivalents at beginning of period

6,756

2,715,719

Cash and cash equivalents at end of period

$50,913,133

$3,502,140

 

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SOURCE Serve Robotics Inc.

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Zhejiang Archaeology and Chinese Civilization Series “Rice Cultivation and Oriental Civilization” Exhibition Launched at China Cultural Center in Tokyo, Japan

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TOKYO, Nov. 8, 2024 /PRNewswire/ — The thematic exhibition, “Rice Cultivation and Oriental Civilization”, is now open to public at China Cultural Center in Tokyo, Japan. Running daily from 10:30 to 17:00, from November 6 to 15, 2024, This exhibition is organized by the Zhejiang Institute of Cultural Relics and Archaeology, and is presented from the perspective of Eastern civilization. This exhibition showcases the evolution of prehistoric rice civilization in the lower reaches of the Yangtze River in China over the last 10,000 years, as well as its profound connection with Oriental civilization, through archaeological findings and research outcomes.

Japan and Zhejiang, united by the shared aroma of rice and the richness of civilizations, welcome you to this exhibition with open arms. Besides, a ceremony to inaugurate the exhibition will take place at China Cultural Center in Tokyo at 1 p.m. November 6. The event will feature academic exchanges between top Japanese and Chinese experts in the field of archaeology. You are cordially invited to join us for this enlightening event!

View original content:https://www.prnewswire.com/apac/news-releases/zhejiang-archaeology-and-chinese-civilization-series-rice-cultivation-and-oriental-civilization-exhibition-launched-at-china-cultural-center-in-tokyo-japan-302299687.html

SOURCE Zhejiang Institute of Cultural Relics and Archaeology

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OCKAM LAUNCHES ZERO TRUST CONNECTORS ON SNOWFLAKE MARKETPLACE

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November 8, 2024

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Snowflake customers can now connect every application, data source, and service in their enterprise to the AI Data Cloud with Ockam.

SAN FRANCISCO, Nov. 8, 2024 /PRNewswire/ — Ockam today announced the launch of eight new Connectors on Snowflake Marketplace. Ockam’s Snowflake Connectors will make it possible for joint customers to extend their AI Data Cloud to any federated application, data source and API across their enterprise.

Snowflake customers can now connect every data source in their enterprise to the AI Data Cloud with Ockam.

“The Snowflake Native App Framework and Snowflake Marketplace infrastructure is a game changer,”  said Matthew Gregory, Founder and CEO, Ockam. “I was part of the inception of the Heroku and Azure marketplaces and have experienced how open platforms build unifying ecosystems and strong communities. It’s been a long time coming, but now there’s an AI Data Cloud that’s committed to breaking silos to connect enterprise applications – everywhere.”

Ockam and Snowflake, the AI Data Cloud company, are working together to help joint customers inform business decisions and drive innovations by extending the power of the AI Data Cloud to every application, service, and data source, regardless of their cloud or on-prem footprint. Joint customers can now bring their data to other business critical applications without the risk of exposing data, or applications, to public facing internet gateways. Ockam Connectors create secure, mutually authenticated, point-to-point connections between Snowflake and every application in the enterprise. Previously, some business critical applications have been hard, if not impossible, to connect to Snowflake. Ockam makes it easy to access silos and to build a truly enterprise-wide Data Cloud.

“This collaboration with Ockam underscores our shared motivation to enable organizations to get the most out of their data and secure their environments,” said Tarik Dwiek, Head of Technology Alliances at Snowflake. “By bringing Ockam’s Connectors to the AI Data Cloud, we’re helping organizations to secure their applications, APIs, container services, or data stores across multi-cloud or hybrid infrastructures and accelerate their digital transformation journey.”

Ockam’s Snowflake Connectors add guarantees of data confidentiality, integrity, and authenticity, so you can enforce your enterprise data governance and privacy policies for connections to and from Snowflake. Every cloud app, API, container service, and data store across your multi-cloud or hybrid infrastructure will get its own unique cryptographically provable identity and encryption keys. They individually use their keys to mutually authenticate with their Snowflake AI Data Cloud and establish trusted secure channels across the data platform. All the data that moves through the AI Data Cloud is end-to-end encrypted while in motion. Keys, enrollments, and credentials are safely created, stored, rotated, and revoked automagically so there’s almost nothing to manage.

Snowflake Marketplace is powered by Snowflake’s ground-breaking cross-cloud technology, Snowgrid, allowing companies direct access to raw data products and the ability to leverage data, apps, and AI products quickly, securely, and cost-effectively. Snowflake Marketplace simplifies discovery, access, and the commercialization of data products, enabling companies to unlock entirely new revenue streams and extended insights across the AI Data Cloud. To learn more about Snowflake Marketplace and how to find, try and buy the data, apps and AI products needed for innovative business solutions, click here.

About Ockam

Ockam is simple. There are three things you need to know:

Ockam enables you to build trust between every application, database, SaaS service, code repo, data lake, AI Engine, container, and microservice… everywhere, in any network.Ockam is networkless. We enable you to skip the pain of system administration, IP Backlogs, Allow Lists,VPNs, firewalls, reverse proxies, setting up public endpoints, creating public APIs, and key administration.Ockam is secure-by-design. It is open-source, audited and built in rust. It does the encryption, authentication, key generation, rotation, revocation, and a lot more.

Get Ockam Connectors on Snowflake Marketplace
Learn more at https://www.ockam.io/for/snowflake

Media Contact: Nicholas Ippolito, nicholas@ockam.io 

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PT SMI Successfully Hosted the ADFIAP International CEO Forum XVII, Sharpens Collaborations to Accelerate Sustainable Development

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BALI, Indonesia, Nov. 8, 2024 /PRNewswire/ — ADFIAP International CEO Forum XVII successfully concluded with over 150 esteemed participants shared common agreement regarding the crucial role of Development Finance Institutions (DFI). The event hosted by PT Sarana Multi Infrastruktur (Persero) (“PT SMI”), a state-owned enterprise under the Ministry of Finance of the Republic of Indonesia, held in Bali, Indonesia, on November 6-8 2024.

Under the forum theme, “Building a Sustainable Future: The Crucial Role of DFIs in a Low Carbon Development Agenda”, the conference brings together CEOs of development banks and ADFIAP member financial institutions to conduct meaningful dialogues, exchange ideas and collaborate on current issues related to sustainable development and climate change challenges as well as financing the development of projects related to climate change faced by many financial institutions. The forum served as a platform for high-level discussions, knowledge sharing and collaboration among key industry stakeholders, which will support the common goals.

As the forum concluded, there are several key takeaways emerge: a. The urgency of climate action is undeniable. DFIs must accelerate the energy transition and adopt sustainable practices across all sectors; b. Collaboration is the key to unlocking the full potential of sustainable development. By working together, DFIs can overcome challenges, share knowledge, and amplify their impact; c. Innovation is the engine of progress. DFIs must embrace new ideas, technologies, and business models to address the complexities of the 21st century; d. The human dimension must be at the heart of DFI’s work. DFI must prioritize social equity, environmental sustainability, and human well-being.

PT SMI was appointed as the host of CEO Forum for the first time, since joining ADFIAP back in 2016. Through its membership in ADFIAP, PT SMI expands networks and builds relationships with financial institutions to collaborate and contribute to sustainable development.

“We are truly privileged to host this important event and appreciate the trust and confidence placed in us by ADFIAP. The theme of this year’s forum, “Building a Sustainable Future: The Crucial Role of Development Finance Institutions in a Low Carbon Development Agenda” couldn’t be more timely. PT SMI is committed to transforming itself into a full-fledged DFI. By focusing on research-based concessional loans and aligning our activities with the principles of People, Planet, Profit, and Prosperity, we aim to maximize our impact on sustainable development”, says Reynaldi Hermansjah, President Director of PT SMI.

Notable speakers from renowned DFIs, government institutions, and international organizations enlightened participants with their expertise and insights. Key topics covered included equitable energy transition, leveraging digital transformation strategies, the role of impact investment in building resilient infrastructure, and ensuring universal water access and sanitation. The delegates were also treated to experience the richness of Balinese culture through a series of tour agendas, enjoying traditional culinary and local arts.

“This year’s CEO Forum proved successful in uniting visions through a number of fruitful discussions. We are aware that the effort for driving sustainable development and combating climate change is still a work in progress. But what we achieved here in Bali in the past few days is definitely essential for us to move forward with our collective agenda of fostering sustainable growth and development in our region and beyond”, says H.E. Dr. Kao Thach, ADFIAP Chairman.

Association of Development Financing Institution in Asia Pacific (ADFIAP) is an association whose members are development banks and other financial institutions involved in the development financing activities in the Asia-Pacific region. Founded in 1976, ADFIAP has a mission to advance sustainable development through its members which currently consist of 94 institutions in 41 countries.

About PT Sarana Multi Infrastruktur (Persero) (“PT SMI”)

PT Sarana Multi Infrastruktur (Persero) (“PT SMI”) was established on February 26, 2009 as a State-Owned Enterprise under the coordination of the Ministry of Finance as a Non-Bank Financial Institution, with a role and mandate to act as a sustainable development agent.

PT SMI has various functions and unique products/features to support the acceleration of infrastructure development which not only functions as an infrastructure financing but also as an enabler through the implementation of a Public Private Partnership (PPP) scheme, which includes various financial institutions, both private and multilateral. PT SMI actively supports the PPP implementation and encourages the acceleration of infrastructure development in the regions through regional loan products.

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SOURCE PT Sarana Multi Infrastruktur (Persero)

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