Company: SERV
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001832483-25-000038
Chunk: 99

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 99
---
 period in 2024, due to costs related to scale-up of our fleet and launch related costs in new markets of $1.33 million.

General and administrative expenses increased $3.74 million to $4.75 million for the three months ended March 31, 2025, from $1.01 million for the same period in 2024, due to an increase in stock-based compensation expense of $1.82 million and $0.87 million from growth due to employee headcount.

Operations expenses increased $1.13 million to $1.67 million for the three months ended March 31, 2025, from $0.54 million for the same period in 2024, due to an increase in infrastructure and facility costs of $0.32 million from expansion locations, expanded workforce of $0.09 million, the remaining fleet financing costs of $0.19 million and software costs of $0.17 million.

Research and development expenses increased $0.24 million for the three months ended March 31, 2025 to $6.88 million, compared to $6.64 million for the same period in 2024, due to an increase of headcount of $1.61 million, consulting 

24

expenses of $0.21 million and depreciation of $0.23 million, offset by a decrease in stock-based compensation expense of $2.31 million.

Sales and marketing expenses increased $0.12 million to $0.24 million for the three months ended March 31, 2025, from $0.12 million for the same period in 2024, due to an increase in stock-based compensation expense of $0.04 million and headcount of $0.03 million.

Interest income increased $1.78 million to $1.79 million for the three months ended March 31, 2025, from income of $0.01 million for the same period in 2024 as a result interest earned from cash on hand. 

Interest expense and amortization decreased $1.33 million to none for the three months ended March 31, 2025, from the expense of $1.34 million for the same period in 2024, as the prior period expense was related to amortization of debt discount. 

Key Metrics

We regularly review the following key business metrics to evaluate our business, measure our performance, identify trends affecting