Company: SERV
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001832483-25-000089
Chunk: 103

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 103
---
 investing activities was $81.93 million and $0.80 million for the six months ended June 30, 2025 and 2024, respectively. The increase of $81.14 million was primarily due to the purchase of short-term marketable securities of $66.3 million, incremental robot build construction in-process of $8.7 million, and the purchase of a newly acquired business for $5.6 million. 

Financing Activities

Net cash provided by financing activities was $100.80 million and $39.39 million for the six months ended June 30, 2025 and 2024, respectively. The increase of $61.40 million primarily consisted of proceeds from issuance of the Company’s common stock pursuant to securities purchases, net of offering costs of $40.00 million, proceeds from the issuance of the Company’s common stock pursuant to 2025 Equity Disbursement Agreement, net of offering costs of $13.5 million, and proceeds from the exercise of warrants of $11.37 million, partially offset by a decrease in proceeds received from convertible notes of $4.84 million. 

Indebtedness

In March 2022, we entered into a term loan with Silicon Valley Bank for gross proceeds of $2.50 million and the loan was repaid in full as of September 30, 2024.

In June 2022, we entered into an equipment financing lease agreement with Farnam Street commencing November 2022, for the cost of building robots, calling for 24 monthly payments of approximately $0.19 million based on an expected total cost of $4.46 million of robot parts and manufacturing costs. In December 2023, the agreement was modified to require three monthly repayments of approximately $0.03 million each and 12 monthly repayments of approximately $0.19 million each, subject to certain terms and effective in January 2024. There was no outstanding liability as of June 30, 2025. In April 2025, the Company exercised the option to purchase the assets at the end of the lease for $2.25 million.

33

Off-Balance Sheet Transactions

We did not have during the periods presented, and we do not currently have, any off-balance sheet financing arrangements or any relationships with unconsolidated entities or financial partnerships, such as structured finance or special purpose entities that were established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

Critical