Company: SERV
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001832483-25-000112
Chunk: 147

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 147
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 we may require additional capital resources. We believe our existing cash and cash equivalents and marketable securities will be sufficient to meet our working capital and capital expenditures needs for at least the next 12 months.

Our future capital expenditures will depend on many factors, including, but not limited to our growth, our ability to attract and retain customers, the continuing market acceptance of our offerings, the time and extent of spending to support our efforts to develop our platform, and the expansion of sales and marketing activities, the timing and extent of spending for policy initiatives. Further, we may in the future enter into arrangements to acquire or invest in businesses, products, services, and technologies. We may be required to seek additional equity or debt financing. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If we are unable to raise additional capital when desired, our business, financial condition, and results of operations could be adversely affected.

The following table shows a summary of our cash flows for the periods (in thousands):

Nine Months EndedSeptember 30,20252024ChangeNet cash (used in) provided by:Operating activities$(50,601)$(15,279)$(35,322)Investing activities(122,144)(5,395)(116,749)Financing activities166,262 71,580 94,682 Increase (decrease) in cash and cash equivalents$(6,483)$50,906 $(57,389)

Operating Activities

Net cash used in operating activities was $50.60 million and $15.28 million for the nine months ended September 30, 2025 and 2024, respectively. The increase of $35.32 million primarily consisted of an increased net loss of $41.02 million, adjusted for certain non-cash items, which primarily includes an increase of $3.35 million of depreciation and amortization expense and $4.99 million of non-cash stock-based compensation expense, offset by a decrease of $1.68 million of amortization of debt discount.

Investing Activities

Net cash used in investing activities was $122.14 million and $5.40 million for the nine months ended September 30, 2025 and 2024, respectively. The increase of $116.75 million was primarily due to the purchase of short-term marketable securities of $107.49 million, incremental robot build construction in-process of $15.4 million, and the purchase