Company: SERV
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001832483-25-000038
Chunk: 84

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 84
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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 our business, formulate business plans and make strategic decisions:

            Three Months EndedMarch 31,20252024Key Metrics(Unaudited)(Unaudited)Daily Active Robots (1)7339Daily Supply Hours (2)648300

Daily Active Robots: We define daily active robots as the average number of robots performing daily deliveries during the period. Daily active robots reflect our operation team’s capacity to have active robots in the field performing deliveries and/or generating branding revenues. We closely monitor and strive to increase our daily active robots efficiently as we improve our autonomy and resultant human-to-robot ratios and increase the number of merchants and brand advertisers on our platform.

Daily Supply Hours: We define daily supply hours as the average number of hours our robots are ready to accept offers and perform daily deliveries during the period. Supply hours represent the aggregate number of robot hours per day during which we can utilize our robots for delivery. Supply hours increase as we add active robots and increase the operating window of those robots in a day. We closely monitor and strive to efficiently increase our fleet’s daily supply hours.

Liquidity and Capital Resources

As of March 31, 2025, we had current assets of $199.97 million and current liabilities of $5.26 million, which included $197.76 million in cash and cash equivalents. Cash and cash equivalents consisted of cash on deposit with banks as well as an institutional money market account.

We have generated significant operating losses from our operations as reflected in our accumulated deficit of $120.74 million as of March 31