Summary by Moomoo AI
Serve Robotics announced Q2 2024 financial results, highlighting the commencement of manufacturing activities for its 2,000-robot fleet deployment. The company reported $0.47M in revenue, including $0.30M from software services to Magna. Cash position strengthened to $28.8M, bolstered by a $40M equity offering and a post-quarter $15M private placement.Operational metrics showed strong growth, with daily supply hours increasing 106% YoY and 28% QoQ to 385 hours. Daily active robots grew 85% YoY and 23% QoQ. Serve expanded into Koreatown, Los Angeles, and entered agreements with Magna for robot manufacturing and Ouster for upgraded sensors.CEO Ali Kashani emphasized the company's focus on executing its fleet expansion plan, aiming to deploy at least 250 additional robots in Los Angeles by Q1 2025. At full utilization, the 2,000-robot deployment under the Uber Eats agreement is expected to generate $60-80M in annual run-rate revenue.
