Company: SERV
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001832483-25-000089
Chunk: 116

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 2
Chunk 116
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 and human resources, as well as general corporate expenses and general insurance. General and administrative expenses also include depreciation on property and equipment as well as amortization of right of use assets. 

Interest Income. Interest income consists of interest earned on our cash and cash equivalents, restricted cash and cash equivalents and marketable securities.

Interest Expense. Interest expense consists of stated rates of interest on financing instruments, fees incurred related to financing instruments or accretion of debt discounts.

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Financial Overview

For the three months ended June 30, 2025 and 2024, we generated revenues of $642 thousand and $468 thousand, respectively, and reported net losses of $20.8 million and $9.0 million, respectively.

As noted in our unaudited condensed consolidated financial statements, as of June 30, 2025, we had an accumulated deficit of $141.6 million.

Results of Operations

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

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

Three Months EndedJune 30,20252024ChangeChange %Revenues$642 $468 $174 37 %Cost of revenues3,501 326 3,175 974 %Gross profit (loss)(2,859)142 (3,002)(2109)%  Operating expenses:  General and administrative8,078 1,873 6,205 331 %Operations2,124 871 1,253 144 %Research and development9,120 5,788 3,332 58 %Sales and marketing463 166 297 179 %Total operating expenses19,785 8,698 11,087 127 %  Loss from operations(22,644)(8,556)(14,088)165 %  Other income (expense):  Interest income1,794 296 1,498 506 %Interest expense- (556)556 (100)%Change in fair value of derivative liability- (222)222 (100)%Total other income (expense)1,794 (482)2,276 (473)%Provision for income