Company: SERV
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001832483-25-000089
Chunk: 53

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 53
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Revenues increased $0.17 million to $0.64 million for the three months ended June 30, 2025, compared to $0.47 million for the same period in 2024. This increase was primarily due to a larger fleet, which resulted in fleet services revenues increasing by $0.16 million to $0.33 million for the three months ended June 30, 2025, compared to $0.17 million for the same period in 2024. 

Cost of revenues increased $3.18 million to $3.50 million for the three months ended June 30, 2025, compared with $0.33 million for the same period in 2024, due to costs related to scale-up of our fleet and launch related costs in new markets of $2.80 million.

29

General and administrative expenses increased $6.20 million to $8.08 million for the three months ended June 30, 2025, from $1.87 million for the same period in 2024, due primarily to an increase in stock-based compensation expense of $1.63 million, $1.06 million from growth due to employee headcount and finance lease purchases of $2.25 million.

Operations expenses increased $1.25 million to $2.12 million for the three months ended June 30, 2025, from $0.87 million for the same period in 2024, due to an increase in infrastructure and facility costs of $0.57 million from expansion locations and expanded workforce of $0.23 million.

Research and development expenses increased $3.33 million to $9.12 million for the three months ended June 30, 2025, from $5.79 million for the same period in 2024, due to an increase of headcount expenses of $2.46 million.

Sales and marketing expenses increased $0.30 million to $0.46 million for the three months ended June 30, 2025, from $0.17 million for the same period in 2024, due to an increase in headcount expenses of $0.20 million.

Interest income increased $1.50 million to $1.79 million for the three months ended June 30, 2025, from income of $0.30 million for the same period in 2024 as a result of interest earned from cash on hand