Company: SERV
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001832483-25-000089
Chunk: 119

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 2
Chunk 119
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 the future. As a result of a larger fleet, the Company recognized increases in fleet services revenues of $0.27 million to $0.54 million for the six months ended June 30, 2025, compared to $0.27 million for the same period in 2024.

Cost of revenues increased $4.73 million to $5.41 million for the six months ended June 30, 2025, compared with $0.68 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 $3.55 million.

General and administrative expenses increased $9.95 million to $12.83 million for the six months ended June 30, 2025, from $2.88 million for the same period in 2024, due to an increase in stock-based compensation expense of $3.45 million, increase in headcount expenses of $1.93 million and finance lease purchases of $2.25 million.

Operations expenses increased $2.38 million to $3.79 million for the six months ended June 30, 2025, from $1.41 million for the same period in 2024, due to an increase in infrastructure and facility costs of $1.06 million from expansion locations, expanded workforce of $0.32 million, and the remaining fleet financing costs of $0.19 million.

31

Research and development expenses increased $3.57 million for the six months ended June 30, 2025 to $16.00 million, compared to $12.43 million for the same period in 2024, due to an increase of headcount expenses of $4.07 million, consulting expenses of $0.46 million, depreciation of $0.71 million, and software expenses of $0.61 million, offset by a decrease in stock-based compensation expense of $3.01 million.

Sales and marketing expenses increased $0.42 million to $0.70 million for the six months ended June 30, 2025, from $0.28 million for the same period in 2024, due to an increase in headcount expenses of $0.22 million, stock-based compensation expense of $0.07 million and marketing expenses of $0.06 million.

Interest income increased $3.28 million to $3.59 million for the six months ended June 30, 2025, from $0.31 million for the