Company: SERV
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001832483-25-000038
Chunk: 50

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 50
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 businesses, products, services, and technologies. We may be required to seek additional equity or debt financing. In the event that additional 

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financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If we are unable to raise additional capital when desired, our business, financial condition, and results of operations could be adversely affected.

Cash Flows

As of March 31, 2025, our cash and cash equivalents were $197.76 million. The following table shows a summary of our cash flows for the periods:

Three Months Ended March 31,20252024ChangeNet cash (used in) provided by:Operating activities$(9,462,814)$(4,078,380)$(5,384,434)Investing activities(3,300,083)(3,340)(3,296,743)Financing activities87,255,296 4,502,446 82,752,850 Increase in cash and cash equivalents$74,492,399 $420,726 $74,071,673 

Operating Activities

Net cash used in operating activities was $9.46 million and $4.08 million for the three months ended March 31, 2025 and 2024, respectively. The increase of $5.38 million primarily consisted of an increased net loss of $4.18 million, adjusted for certain non-cash items, which primarily includes an increase of $0.46 million of depreciation expense, offset by decreases of $0.38 million of non-cash stock-based compensation expense and $1.21 million of amortization of debt discount.

Investing Activities

Net cash used in investing activities was $3.30 million and none for the three months ended March 31, 2025 and 2024, respectively. The increase of $3.30 million was mainly due to robot build construction in-process. 

Financing Activities

Net cash provided by financing activities was $87.26 million and $4.50 million for the three months ended March 31, 2025 and 2024, respectively. The increase of $82.75 million primarily consisted of proceeds from issuance of common stock pursuant to securities purchase, net of offering costs of $75.85 million, and proceeds from the exercise of warrants of $11.78 million, partially offset by a decrease in proceeds received from convertible notes of $4.84 million. 

Indebtedness