Company: SERV
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001832483-25-000112
Chunk: 124

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 124
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52024ChangeChange %Revenues$1,769 $1,637 $132 8 %Cost of revenues10,476 1,056 9,420 892 %Gross profit (loss)(8,707)581 (9,288)(1599)%Operating expenses:General and administrative25,981 4,861 21,120 434 %Operations6,780 2,330 4,450 191 %Research and development29,414 17,434 11,980 69 %Sales and marketing1,585 668 917 137 %Total operating expenses63,760 25,293 38,467 152 %Loss from operations(72,467)(24,712)(47,755)193 %Other income (expense):Interest income5,293 789 4,504 571 %Interest expense(3)(1,926)1,923 (100)%Realized gain on foreign currency translation4 - 4 — %Realized gain on investments85 - 85 — %Change in fair value of derivative liability- (222)222 (100)%Total other income (expense)5,379 (1,359)6,738 (496)%Provision for income taxes- - - — %Net loss$(67,088)$(26,071)$(41,017)— %

Revenues increased $0.13 million to $1.77 million for the nine months ended September 30, 2025, compared to $1.64 million for the same period in 2024. As a result of a larger fleet, the Company recognized increases in fleet services revenues of $0.52 million to $0.97 million for the nine months ended September 30, 2025, compared to $0.45 million for the same period in 2024. Offsetting this increase was a decrease in software services revenue.

Cost of revenues increased $9.42 million to $10.48 million for the nine months ended September 30, 2025, compared with $1.06 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 $7.58 million.

General and administrative expenses increased $21.12 million to $25.98 million for the nine months ended September 30, 202