Serve Robotics reported significant revenue growth for Q2 2024, with revenues increasing 655% to $468,375 compared to $62,009 in Q2 2023. The growth was primarily driven by $296,035 in software services revenue from its Magna partnership, alongside increases in delivery and branding revenues. However, the company posted a net loss of $9.04 million for the quarter, wider than the $4.97 million loss in Q2 2023.The company strengthened its financial position by raising $35.8 million in net proceeds through its initial public offering in April 2024, issuing 10 million shares at $4.00 per share. Additionally, Serve Robotics expanded its operational capacity, increasing its daily active robots to 48 from 23 in the prior year period, while daily supply hours grew to 385 from 152.Research and development expenses rose significantly to $5.79 million, up from $2.13 million in Q2 2023, primarily due to $2.10 million in stock compensation related to the Magna Warrant and increased investments in headcount and software. The company also formed a strategic partnership with Magna New Mobility USA, issuing warrants to purchase up to 2.15 million shares as part of their manufacturing collaboration.

Serve Robotics reported significant revenue growth for Q2 2024, with revenues increasing 655% to $468,375 compared to $62,009 in Q2 2023. The growth was primarily driven by $296,035 in software services revenue from its Magna partnership, alongside increases in delivery and branding revenues. However, the company posted a net loss of $9.04 million for the quarter, wider than the $4.97 million loss in Q2 2023.The company strengthened its financial position by raising $35.8 million in net proceeds through its initial public offering in April 2024, issuing 10 million shares at $4.00 per share. Additionally, Serve Robotics expanded its operational capacity, increasing its daily active robots to 48 from 23 in the prior year period, while daily supply hours grew to 385 from 152.Research and development expenses rose significantly to $5.79 million, up from $2.13 million in Q2 2023, primarily due to $2.10 million in stock compensation related to the Magna Warrant and increased investments in headcount and software. The company also formed a strategic partnership with Magna New Mobility USA, issuing warrants to purchase up to 2.15 million shares as part of their manufacturing collaboration.