Summary by Moomoo AI
Serve Robotics announced its Q3 2024 financial results, highlighting significant operational and financial progress. The company reported a 108% YoY increase in daily supply hours and a 97% YoY increase in daily active robots. Revenue reached $0.22 million, including $0.04 million from software services.Serve completed capital raise transactions totaling $32.3 million, ending Q3 with $50.9 million in cash. The company announced plans to expand in Los Angeles and enter the Dallas Fort Worth market. Additionally, Serve revealed an agreement to acquire Vebu Inc., including its Autocado robot, to strengthen its strategic position in restaurant automation.The company remains on track to deploy 2,000 new robots across multiple markets by year-end 2025, as part of its agreement with Uber Eats. Serve also initiated partnerships with Wing Aviation and Shake Shack to expand its reach, laying the foundation for a successful 2025.
