Company: SERV
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001832483-25-000112
Chunk: 142

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 142
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)2707 %  Operating expenses:  General and administrative13,153 1,980 11,173 564 %Operations2,987 917 2,070 226 %Research and development13,414 5,008 8,406 168 %Sales and marketing883 384 499 130 %Total operating expenses30,437 8,289 22,148 267 %  Loss from operations(34,816)(8,445)(26,371)312 %  Other income (expense):  Interest income1,707 483 1,224 253 %Interest expense- (34)34 (100)%Realized gain on foreign currency translation4 - 4 — %Realized gain on investments85 - 85 — %Total other income (expense)1,796 449 1,347 300 %Provision for income taxes- - - — %Net loss$(33,020)$(7,996)$(25,024)313 %

Revenues increased $0.47 million to $0.69 million for the three months ended September 30, 2025, compared to $0.22 million for the same period in 2024. This increase was primarily due to a larger fleet, which resulted in fleet services 

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revenues increasing by $0.25 million to $0.43 million for the three months ended September 30, 2025, compared to $0.18 million for the same period in 2024. The additional increase was due to software services revenue increasing by $0.22 million to $0.25 million for the three months ended September 30, 2025, compared to $0.04 million for the same period in 2024.

Cost of revenues increased $4.69 million to $5.07 million for the three months ended September 30, 2025, compared with $0.38 million for the same period in 2024, due to costs related to scale-up of our fleet and launch related costs in new markets of $3.96 million.

General and administrative expenses increased $11.17 million to $13.15 million for the three months ended September 30, 2025, from $1.98 million for the same period in 2024, due primarily to an increase of $2.92