Company: SERV
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001832483-25-000089
Chunk: 54

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 54
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 and marketable securities. 

Interest expense and amortization decreased $0.56 million to zero for the three months ended June 30, 2025, from the expense of $0.56 million for the same period in 2024, as the prior period expense was related to amortization of debt discount. 

30

Comparison of Results of Operations for the six months ended June 30, 2025 and 2024

The following table summarizes our operating results as reflected in our unaudited statements of operations during the six months ended June 30, 2025 and 2024, respectively, and provides information regarding the dollar and percentage increase (or decrease) during such periods (in thousands). 

Six Months EndedJune 30,20252024ChangeChange %Revenues$1,082 $1,415 $(333)(24)%Cost of revenues5,410 678 4,732 697 %Gross profit (loss)(4,328)737 (5,065)(688)%Operating expenses:General and administrative12,828 2,881 9,947 345 %Operations3,793 1,412 2,381 169 %Research and development16,000 12,426 3,574 29 %Sales and marketing702 284 418 147 %Total operating expenses33,323 17,003 16,320 96 %Loss from operations(37,651)(16,266)(21,385)131 %Other income (expense):Interest income3,586 306 3,280 1072 %Interest expense(3)(1,893)1,890 (100)%Change in fair value of derivative liability- (222)222 (100)%Total other income (expense)3,583 (1,809)5,392 (298)%Provision for income taxes- - - — %Net loss$(34,068)$(18,075)$(15,993)— %

Revenues decreased $0.33 million to $1.08 million for the six months ended June 30, 2025, compared to $1.42 million for the same period in 2024. The decrease is due to a decrease in software services revenue, which may be inconsistent in the future. As a result of a larger fleet, the Company recognized increases in fleet services revenues of $0.27 million to $0