Company: SERV
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001832483-25-000038
Chunk: 47

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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2024, respectively, and provides information regarding the dollar and percentage increase (or decrease) during such periods. 

Three Months EndedMarch 31,20252024ChangeChange %Revenues$440,465 $946,711 $(506,246)(53)%Cost of revenues1,908,773 352,438 1,556,335 442 %Gross profit (loss)(1,468,308)594,273 (2,062,581)(347)%  Operating expenses:  General and administrative4,749,952 1,008,071 3,741,881 371 %Operations1,667,641 540,974 1,126,667 208 %Research and development6,879,851 6,638,441 241,410 4 %Sales and marketing238,933 118,236 120,697 102 %Total operating expenses13,536,377 8,305,722 5,230,655 63 %  Loss from operations(15,004,685)(7,711,449)(7,293,236)95 %  Other income (expense), net:  Interest income1,791,796 9,994 1,781,802 17829 %Interest expense(3,403)(1,336,516)1,333,113 (100)%Total other income (expense), net1,788,393 (1,326,522)3,114,915 (235)%Provision for income taxes- - Net loss$(13,216,292)$(9,037,971)$(4,178,321)46 %

Revenues decreased $0.51 million to $0.44 million for the three months ended March 31, 2025, compared to $0.95 million for the same period in 2024. The decrease is due to a decrease in software services revenue, which may be inconsistent in the future. As a result of a larger fleet, the Company recognized increases in fleet services revenues of $0.12 million to $0.21 million for the three months ended March 31, 2025, compared to $0.10 million for the same period in 2024. 

Cost of revenues increased $1.56 million to $1.91 million for the three months ended March 31,