Serve Robotics reports Q2 EPS (27c) vs. (74c) last year

Reports Q2 revenue $468.4M vs. $62.0M last year. Serve “averaged 385 daily supply hours during the second quarter 2024, a 106% increase year-over-year and a 28% increase quarter-over-quarter. The Company also achieved an 85% increase in daily active robots year-over-year and a 23% increase quarter-over-quarter.” “We are pleased to report another strong quarter, extending our 30-month track record of double-digit month-over-month growth and improvements in key operational metrics,” said Dr. Ali Kashani, Serve’s Co-founder and CEO. “This quarter, we expanded into Koreatown in Los Angeles, signed important agreements with Magna International Inc. and expanded on our supply agreement with Ouster Inc. , and appointed our Chief Hardware & Manufacturing Officer to spearhead our fleet expansion efforts. I am particularly pleased to announce that Serve has completed the design of our third-generation robot. Looking ahead, we are focused on executing Serve’s fleet expansion plan to deploy at least 250 additional robots in Los Angeles by the end of Q1 2025. We believe our continued execution of this plan through year end 2025 will position Serve to deploy all 2,000 robots under our Uber Eats agreement, which at full utilization is expected to generate $60 to $80 million in run-rate revenue annually.”