Summary by Moomoo AI
Serve Robotics announced Q2 2024 financial results, reporting total revenue of $0.47 million, including $0.30 million from software services and an 80% QoQ growth in delivery and branding revenue. The company achieved significant operational expansion with a 28% QoQ increase in daily supply hours and a 23% increase in daily active robots.The company strengthened its financial position through a successful $40 million public equity offering in April 2024 and a subsequent $15 million private placement post-quarter. Manufacturing activities commenced on the planned 2,000-robot fleet deployment following agreements with Magna International for contract manufacturing and an expanded supply agreement with Ouster for enhanced sensors.Looking ahead, Serve Robotics plans to deploy at least 250 additional robots in Los Angeles by Q1 2025 end, targeting full deployment of 2,000 robots under the Uber Eats agreement by 2025 end. At full utilization, this deployment is expected to generate $60-80 million in annual run-rate revenue. The company held $28.8 million in cash as of June 30, 2024, with 36.5 million shares outstanding.
