Company: SERV
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001832483-25-000010
Chunk: 121

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-03-06
Form: 10-K
Item: Item 7
Chunk 121
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 and 2023

The following table summarizes our operating results as reflected in our statements of operations during the year ended December 31, 2024 and 2023, respectively, and provides information regarding the dollar and percentage increase (or decrease) during such periods.

Year Ended December 31,20242023ChangeRevenues$1,812,483 $207,545 $1,604,938 Cost of revenues1,887,639 1,730,262 157,377 Gross profit (loss)(75,156)(1,522,717)1,447,561 Operating expenses:General and administrative10,092,911 4,618,499 5,474,412 Operations3,288,779 2,564,930 723,849 Research and development24,255,023 9,947,258 14,307,765 Sales and marketing577,075 605,205 (28,130)Impairment of long-lived assets- 1,468,995 (1,468,995)Total operating expenses38,213,788 19,204,887 19,008,901 Loss from operations(38,288,944)(20,727,604)(17,561,340)Other income (expense), net:Interest income (expense), net(680,548)(2,264,426)1,583,878 Change in fair value of derivative liability(221,560)(149,000)(72,560)Change in fair value of simple agreements for future equity- (1,672,706)1,672,706 Total other income (expense), net(902,108)(4,086,132)3,184,024 Provision for income taxes- - - Net loss$(39,191,052)$(24,813,736)$(14,377,316)Weighted average common shares outstanding - basic and diluted36,658,83414,204,07822,454,756Net loss per common share - basic and diluted$(1.07)$(1.75)$(0.64)

Revenues increased $1.60 million to $1.81 million for the year ended December 31, 2024 from $0.21 million for the year ended December 31, 2023. The increase is due primarily to the $1.19 million in revenues generated from software services