Serve Robotics - SERV STOCK NEWS

Serve Robotics (Nasdaq: SERV) has launched its autonomous delivery service in the Dallas-Fort Worth metro area in partnership with Uber Eats. This expansion is part of Serve's strategic plan to deploy 2,000 AI-powered delivery robots across the U.S. by end of 2025.

The service has begun operating in Uptown neighborhoods including Pearl, State Thomas, West Village and South Routh, reaching over 22,000 households. Local restaurant Ka Thai and Shake Shack are among the participating merchants. The Dallas-Fort Worth launch follows recent expansions in Los Angeles and Miami, with more U.S. markets planned throughout 2025.

The expansion will create new jobs in operations and maintenance roles. Dallas-Fort Worth, being the fourth-largest and among the fastest-growing metro areas in the U.S., was chosen for its well-developed sidewalk infrastructure and openness to innovation.

Serve Robotics (NASDAQ: SERV) reported strong growth in 2024, with annual revenue reaching $1.8 million, up 773% year-over-year. Q4 revenue was $176,000. The company significantly expanded its operational footprint, doubling delivery capacity and reaching over 1,000 restaurants and 300,000 households.

Key operational achievements include launching in Los Angeles and Miami, with planned expansion to Dallas-Fort Worth and Atlanta by Q2 2025. The company completed its third-generation robot design, offering 2x speed and range, 5x more AI computing power, at 65% lower manufacturing costs. Partnership with Magna International delivered the first 75 new robots in December 2024.

Financially, Serve ended 2024 with $123 million in cash, no debt, and raised an additional $91 million in January 2025. Daily supply hours grew to 455 in Q4 2024, with an 81% increase in daily active robots year-over-year.

Serve Robotics (Nasdaq: SERV), a leading autonomous sidewalk delivery company, has announced its participation in the upcoming Cantor Global Technology Conference. The company's CFO Brian Read will engage in a fireside chat scheduled for March 11, 2025, at 3:40 pm Eastern Time.

The presentation will be accessible through a webcast on Serve's investor relations website at investors.serverobotics.com. Interested parties can access a replay of the webcast for 30 days after the live presentation. Stakeholders can register for company email notifications through the investor relations portal.

Serve Robotics (Nasdaq: SERV), an autonomous sidewalk delivery company, has scheduled its 2024 fourth quarter and full year financial results announcement for March 6, 2025, after market close. The company will host a conference call and webcast at 2:00 p.m. PT / 5:00 p.m. ET on the same day.

Management will conduct the conference call, which will be accessible via live audio webcast at investors.serverobotics.com. Analysts and investors can submit questions to management by emailing investor.relations@serverobotics.com before March 4, 2025.

Serve Robotics (NASDAQ: SERV) has announced the expansion of its autonomous delivery service to the Miami metro area, partnering with Shake Shack and Mister O1 Extraordinary Pizza. The service will be available through Uber Eats in Miami Beach and Brickell neighborhoods, areas with approximately 120,000 residents and active commercial districts.

This expansion follows Serve's successful operations in Los Angeles and planned entry into Dallas-Fort Worth. The company aims to deploy 2,000 robots across the U.S. by the end of 2025. The initiative focuses on sustainable delivery solutions, working to reduce emissions and traffic congestion while enhancing customer experience and supporting local restaurants.

The company has collaborated with city officials and local stakeholders to ensure a smooth implementation of the service. Customers ordering from select Shake Shack and Mister O1 locations via Uber Eats may receive their orders through Serve's autonomous robots.

Serve Robotics (Nasdaq: SERV), an autonomous sidewalk delivery company, has announced a registered direct offering of 4,210,525 shares of common stock. The offering is expected to generate $80.0 million in gross proceeds before deducting placement agent fees and other expenses. The transaction is anticipated to close on January 7, 2025, subject to customary closing conditions.

The company plans to use the net proceeds for general corporate purposes, including working capital. Northland Capital Markets is serving as the exclusive placement agent. The offering is being conducted under an effective shelf registration statement on Form S-3, which was declared effective by the SEC on October 3, 2024.

Serve Robotics (SERV) has secured $86 million in new financing during December 2024, bringing its total fundraising in 2024 to $167 million. Since spinning out from Uber in 2021, the company has raised approximately $220 million in total funding.

The December funding was obtained through the company's ATM facility and warrant exercises. As of December 31, 2024, Serve had approximately 51.5 million shares of common stock outstanding. This capital infusion extends the company's operational runway through the end of 2026 and enables self-funding of equipment investments, eliminating the need for equipment financing and associated costs.

The funding will support strategic initiatives and technology advancement as Serve prepares to ramp up production of its third-generation robots and expand into new markets in 2025 and beyond.

Serve Robotics (Nasdaq: SERV) has appointed Lily Sarafan to its Board of Directors. Sarafan brings nearly 20 years of experience in entrepreneurship, executive leadership, and board governance. She is the co-founder and former CEO of TheKey, a major in-home care provider network, where she currently serves as executive chair. She also holds board positions at Instacart, Thumbtack, Kyo, and Stanford University.

Sarafan's accolades include EY Entrepreneur of the Year, Fortune 40 Under 40, and Women Health Care Executives' Woman of the Year. She holds degrees from Stanford University in Management Science and Engineering, and Science, Technology, and Society. Board Chairman Ali Kashani highlighted her expertise in home services and on-demand delivery as valuable assets for Serve's market expansion and automation future.

Serve Robotics (Nasdaq: SERV) has appointed Anthony Armenta as Chief Software and Data Officer. In this newly created role, Armenta will lead the development of Serve's software, AI, and autonomy stack to enhance robot reliability, performance, and nationwide scalability. Armenta previously worked at Serve as VP of Software Engineering at Postmates before the company's spin-off from Uber. He brings over 30 years of experience, including roles as CTO at GM BrightDrop, VP of Software Engineering at Anki Robotics, and SVP of Engineering at Wyse Technologies.