Company: SERV
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001832483-25-000112
Chunk: 71

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 71
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. The remaining $5.35 million is primarily the result of increased incremental operating expenses as we scale for expanded locations and workforce.

36

Operations expenses increased $4.45 million to $6.78 million for the nine months ended September 30, 2025, from $2.33 million for the same period in 2024, due to an increase in headcount expenses of $1.84 million, increase in stock-based compensation expense of  $0.32 million, and an increase in facility costs of $0.81 million  from expansion locations.

Research and development expenses increased $11.98 million for the nine months ended September 30, 2025 to $29.41 million, compared to $17.43 million for the same period in 2024, due primarily to an increase of headcount expenses of $8.94 million.

Sales and marketing expenses increased $0.92 million to $1.59 million for the nine months ended September 30, 2025, from $0.67 million for the same period in 2024, due to an increase in headcount expenses of $0.51 million and marketing expenses of $0.11 million.

Interest income increased $4.50 million to $5.29 million for the nine months ended September 30, 2025, from $0.79 million for the same period in 2024 as a result of interest earned from cash on hand and marketable securities. 

Interest expense and amortization decreased $1.92 million to zero for the nine months ended September 30, 2025, from the expense of $1.93 million for the same period in 2024, as the prior period expense was related to amortization of debt discount. 

Realized gain on foreign currency translation had a negligible increase from the translation of the Company’s non-U.S. transactions to U.S. dollars.

Realized gain on investments increased $0.09 million to $0.09 million for the three months ended September 30, 2025, from income of zero for the same period in 2024 as a result of recognized gains from marketable securities. 

Key Metrics

We regularly review the following key business metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions:

            Three Months EndedNine Months EndedSeptember 2025September 2024September 2025September 2024Key Metrics(Unaudited)(Unaudited)(Un