Company: SERV
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001832483-25-000038
Chunk: 82

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 82
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 equivalents and marketable securities.

Interest Expense. Interest expense consists of stated rates of interest on financing instruments, fees incurred related to financing instruments or accretion of debt discounts.

Financial Overview

For the three months ended March 31, 2025 and 2024, we generated revenues of $440,465 and $946,711, respectively, and reported a net loss of $13,216,292 and $9,037,971, respectively.

As noted in our condensed consolidated financial statements, as of March 31, 2025, we had an accumulated deficit of $120,741,725.

23

Results of Operations

Comparison of Results of Operations for the three months ended March 31, 2025 and 2024

The following table summarizes our operating results as reflected in our unaudited statements of operations during the three months ended March 31, 2025 and 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)%