Serve Robotics Announces Second Quarter 2025 Results
Serve Robotics (NASDAQ:SERV), a leading autonomous sidewalk delivery company, reported strong Q2 2025 results with revenue of $642,000, up 46% from Q1 2025. The company achieved 78% quarter-over-quarter delivery volume growth and expanded its robot fleet with over 120 new third-generation robots.
Key highlights include launching operations in Atlanta, completing a Middle East pilot in Doha, and securing a partnership with Little Caesars. The company maintains a strong liquidity position of $183 million, providing runway through 2026. Serve projects Q3 2025 revenue between $600-700K, representing 170-215% year-over-year growth, and anticipates reaching $60-80 million annualized revenue once its 2,000-robot fleet is fully deployed in 2026.
Serve Robotics (NASDAQ:SERV), azienda leader nelle consegne autonome su marciapiede, ha riportato risultati solidi per il secondo trimestre 2025 con un fatturato di 642.000 dollari, in aumento del 46% rispetto al primo trimestre 2025. L'azienda ha registrato una crescita del volume di consegne del 78% trimestre su trimestre e ha ampliato la sua flotta di robot con oltre 120 nuovi robot di terza generazione.
Tra i principali risultati si segnalano l'avvio delle operazioni ad Atlanta, il completamento di un progetto pilota in Medio Oriente a Doha e la stipula di una partnership con Little Caesars. L'azienda mantiene una solida posizione di liquidità di 183 milioni di dollari, che garantisce risorse fino al 2026. Serve prevede per il terzo trimestre 2025 un fatturato compreso tra 600.000 e 700.000 dollari, con una crescita annua del 170-215%, e prevede di raggiungere un fatturato annualizzato tra 60 e 80 milioni di dollari una volta che la flotta di 2.000 robot sarà completamente operativa nel 2026.
Serve Robotics (NASDAQ:SERV), una empresa líder en entregas autónomas en aceras, reportó sólidos resultados para el segundo trimestre de 2025 con ingresos de 642,000 dólares, un aumento del 46% respecto al primer trimestre de 2025. La compañía alcanzó un crecimiento del volumen de entregas del 78% trimestre a trimestre y amplió su flota de robots con más de 120 nuevos robots de tercera generación.
Los aspectos destacados incluyen el inicio de operaciones en Atlanta, la finalización de un piloto en Oriente Medio en Doha y la obtención de una asociación con Little Caesars. La empresa mantiene una posición de liquidez sólida de 183 millones de dólares, lo que le proporciona recursos hasta 2026. Serve proyecta ingresos para el tercer trimestre de 2025 entre 600,000 y 700,000 dólares, representando un crecimiento interanual del 170-215%, y anticipa alcanzar ingresos anualizados de 60 a 80 millones de dólares una vez que su flota de 2,000 robots esté completamente desplegada en 2026.
Serve Robotics (NASDAQ:SERV)는 선도적인 자율 보도 배달 회사로서 2025년 2분기에 수익 64만 2천 달러를 기록하며 2025년 1분기 대비 46% 성장한 강력한 실적을 보고했습니다. 회사는 분기별 배달량이 78% 증가했으며, 120대 이상의 3세대 로봇을 추가하여 로봇 함대를 확장했습니다.
주요 성과로는 애틀랜타에서의 운영 시작, 도하에서 중동 파일럿 완료, Little Caesars와의 파트너십 체결이 포함됩니다. 회사는 1억 8,300만 달러의 강력한 유동성을 유지하여 2026년까지 운영 자금을 확보하고 있습니다. Serve는 2025년 3분기 수익을 60만~70만 달러로 예상하며, 연간 대비 170~215% 성장할 것으로 전망합니다. 또한 2026년까지 2,000대 로봇 함대가 완전히 배치되면 연간 수익 6,000만~8,000만 달러에 이를 것으로 기대하고 있습니다.
Serve Robotics (NASDAQ:SERV), une entreprise leader dans la livraison autonome sur trottoir, a annoncé de solides résultats pour le deuxième trimestre 2025 avec un chiffre d'affaires de 642 000 dollars, en hausse de 46 % par rapport au premier trimestre 2025. La société a enregistré une croissance de 78 % du volume de livraison d'un trimestre à l'autre et a étendu sa flotte de robots avec plus de 120 nouveaux robots de troisième génération.
Les points forts incluent le lancement des opérations à Atlanta, la réalisation d'un pilote au Moyen-Orient à Doha, et la conclusion d'un partenariat avec Little Caesars. L'entreprise maintient une solide position de liquidité de 183 millions de dollars, assurant une trésorerie jusqu'en 2026. Serve prévoit un chiffre d'affaires pour le troisième trimestre 2025 compris entre 600 000 et 700 000 dollars, représentant une croissance annuelle de 170 à 215 %, et anticipe d'atteindre un chiffre d'affaires annualisé de 60 à 80 millions de dollars une fois que sa flotte de 2 000 robots sera entièrement déployée en 2026.
Serve Robotics (NASDAQ:SERV), ein führendes Unternehmen für autonome Lieferungen auf Gehwegen, meldete starke Ergebnisse für das zweite Quartal 2025 mit einem Umsatz von 642.000 US-Dollar, was einem Anstieg von 46 % gegenüber dem ersten Quartal 2025 entspricht. Das Unternehmen erzielte ein quartalsweises Lieferungsvolumenwachstum von 78 % und erweiterte seine Robotikflotte um über 120 neue Roboter der dritten Generation.
Zu den wichtigsten Highlights zählen der Start der Aktivitäten in Atlanta, der Abschluss eines Pilotprojekts im Nahen Osten in Doha und der Abschluss einer Partnerschaft mit Little Caesars. Das Unternehmen verfügt über eine starke Liquiditätsposition von 183 Millionen US-Dollar, die bis 2026 finanzielle Sicherheit bietet. Serve prognostiziert für das dritte Quartal 2025 einen Umsatz zwischen 600.000 und 700.000 US-Dollar, was einem Wachstum von 170-215 % im Jahresvergleich entspricht, und erwartet, ein annualisiertes Umsatzvolumen von 60-80 Millionen US-Dollar zu erreichen, sobald die Flotte von 2.000 Robotern 2026 vollständig im Einsatz ist.
- Revenue increased 46% quarter-over-quarter to $642,000
- Delivery volume grew 78% sequentially from Q1 2025
- Strong liquidity position of $183 million providing runway through 2026
- Successfully delivered 120+ new third-generation robots ahead of schedule
- Secured national partnership with Little Caesars
- Daily supply hours increased by 340% compared to Q2 2024
- Gross loss of $2.86 million in Q2 2025 compared to gross profit of $142,000 in Q2 2024
- Net loss widened to $20.85 million in Q2 2025 from $9.04 million in Q2 2024
- Operating expenses increased significantly to $19.79 million from $8.70 million year-over-year
Insights
Serve Robotics shows strong 78% delivery volume growth and market expansion, but losses widened amid aggressive fleet investment.
Serve Robotics' Q2 results demonstrate significant operational momentum with delivery volume increasing 78% quarter-over-quarter, driven by successful deployment of 120+ next-gen robots. The company has more than doubled its daily active robots to 160 from just 48 a year ago, with daily supply hours jumping 340% year-over-year.
Revenue growth is robust at $642,000, up 46% sequentially, with fleet services revenue showing the strongest improvement at 55% quarter-over-quarter. This acceleration validates their market expansion strategy, having successfully launched in Atlanta with Chicago coming soon, plus completing their first international pilot in Doha.
The addition of Little Caesars as a customer is particularly noteworthy, as it represents Serve's entry into national restaurant chain partnerships - a critical milestone for scaling a robotics delivery business. Large chain partnerships provide consistent volume that helps optimize fleet utilization.
However, there are concerning financial trends beneath the growth metrics. Despite the operational progress, net losses widened to $20.85 million in Q2 from $13.22 million in Q1. The gross loss nearly doubled to $2.86 million as the company scales its robot fleet ahead of revenue. This negative unit economics situation is common in robotics deployments but requires careful monitoring.
Cash burn is significant with $25.4 million used in operations during the first half of 2025. The $183 million liquidity position provides runway through 2026 according to management, but the burn rate bears watching as the company aims to quadruple its fleet in the second half of 2025.
Their projection of $60-80 million annualized revenue with a 2,000-robot fleet suggests each robot would generate $30,000-$40,000 annually at full utilization. The key question is whether gross margins can become positive at that scale, which will determine the long-term viability of their business model.
Serve shows strong growth metrics but deepening losses; $183M cash runway provides time to prove unit economics.
Serve Robotics' Q2 results present a classic early-stage growth story - rapidly expanding operations with widening losses as the company invests heavily in scaling its autonomous delivery platform. The $642,000 quarterly revenue represents solid 46% sequential growth, but the path to profitability remains distant with accelerating losses.
The company's cost structure reveals the challenges of robotics deployment at scale. Cost of revenue at $3.5 million vastly exceeds the $642,000 in revenue, creating a negative gross margin of -445%. This indicates that each delivery currently costs significantly more than what customers are paying, though this is expected to improve with scale and higher utilization.
R&D expenses of $9.1 million represent the largest operating expense, reflecting continued investment in autonomy technology. Total operating expenses increased to $19.8 million from $13.5 million in Q1, demonstrating the accelerating investment as the company pursues its growth strategy.
The balance sheet remains Serve's strongest asset, with $183 million in liquidity ($116.7M cash and $66.6M short-term investments). At the current cash burn rate, this provides approximately 18-24 months of runway, aligning with management's projection of funding through 2026.
The company's market expansion (Atlanta launch, Chicago upcoming) and new partnership with Little Caesars indicate positive commercial traction. However, investors should focus on three key metrics going forward: 1) improvement in gross margin as the fleet scales, 2) growth in revenue per robot, and 3) reduction in the cash burn rate.
Management's projection of $60-80 million annualized revenue with 2,000 robots by 2026 implies significant revenue scaling, but the critical question is whether this will translate to positive unit economics. The high liquidity position gives Serve time to prove its model, but the company must demonstrate a clear path to profitability as it scales.
- Delivery Volume growth of nearly
80% quarter over quarter - Launched Atlanta market and announced Chicago launch in the coming weeks
- Second quarter revenue of
$642 thousand , a46% increase versus Q1 2025 - Maintained a strong liquidity position of
$183 million
SAN FRANCISCO, Aug. 07, 2025 (GLOBE NEWSWIRE) -- Serve Robotics Inc. (the “Company” or “Serve”) (Nasdaq: SERV), a leading autonomous sidewalk delivery company, today announced financial results for the second quarter ended June 30, 2025.
“Serve is building the world ahead, where autonomous last mile transportation is ubiquitous and foundational,” said Dr. Ali Kashani, Serve’s Co-founder and CEO. “This quarter marked a major step forward as we expanded into new markets, scaled operations, and fueled our autonomy flywheel to an unprecedented degree. With every successful delivery, Serve’s growing fleet gets smarter, stronger, and more efficient.”
“Our disciplined execution this year has positioned us to scale confidently. After quadrupling our fleet in the first half of the year, we plan to quadruple yet again in the back half of 2025,” said Brian Read, CFO of Serve. “We’re entering a new phase of growth through 2026 with expanding market reach, improving operational efficiency, and stronger expected revenue generation resulting in projected annualized
Business Highlights
- Continued Fleet Growth: Successfully delivered over 120 new third-generation robots ahead of schedule in the second quarter. Daily supply hours increased by over
340% compared to Q2 2024. - Continued Volume Growth: During the second quarter, delivery volume increased over
78% sequentially from Q1. - Expanded Reach: Launched new metro market in Atlanta and expanded footprint in the Los Angeles and Miami markets. Also successfully completed our first Middle East pilot in downtown Doha.
- Partnership Expansion: Following the end of Q2, we began delivering for Little Caesars, the third largest pizza chain in the U.S. This national partnership highlights our strategic focus to be the preferred delivery partner for key merchants.
Financial Highlights
- Revenue: Revenue for Q1 2025 was in line with guidance and increased
46% on a sequential basis to$642 thousand . Fleet Revenues, which include Delivery and Branding Revenue, grew$117 thousand , representing a55% increase quarter over quarter. - Balance Sheet: Strong liquidity position of
$183 million as of June 30, 2025, expected to provide runway through the end of 2026. - Outstanding Shares: Approximately 59.3 million shares of common stock outstanding as of June 30, 2025.
Outlook
- Guidance Reiterated: Projected annualized revenue run-rate of
$60 t o$80 million once our 2,000-robot fleet is fully deployed and reaches target utilization, which we anticipate will occur during 2026. - Guidance for Q3: With revenue growth between
170% and215% year over year, we are projecting$600 t o$700 thousand revenue in Q3. - Fleet Scale: We anticipate deployment acceleration in 2H that is expected to more than double our robot fleet in Q3.
Quarterly Conference Call
Company management will host a conference call and webcast today at 2:00 p.m. PT / 5:00 p.m. ET to discuss the financial results and provide a corporate update. A live webcast and replay can be accessed from the investor relations page of Serve’s website at investors.serverobotics.com.
Individuals interested in listening to the conference call may do so by dialing 1-800-715-9871 and referencing conference ID 9575103.
Serve develops advanced, AI-powered, low-emissions sidewalk delivery robots that endeavor to make delivery sustainable and economical. Spun off from Uber in 2021 as an independent company, Serve has completed tens of thousands of deliveries for enterprise partners such as Uber Eats and 7-Eleven. Serve has scalable multi-year contracts, including a signed agreement to deploy up to 2,000 delivery robots on the Uber Eats platform across multiple U.S. markets.
For further information about Serve (Nasdaq: SERV), please visit www.serverobotics.com or follow us on social media via X (Twitter), Instagram, or LinkedIn @serverobotics.
Supplemental Financial Information
The key metrics and financial tables outlined below are metrics that provide management with additional understanding of the drivers of business performance and the Company’s ability to deliver stockholder return. Investors should not place undue reliance on these metrics as indicators of future or expected results. The Company’s presentation of these metrics may differ from similarly titled metrics presented by other companies and therefore comparability may be limited.
Table 1
Key Metrics
(unaudited)
| Three Months Ended | Six Months Ended | ||||||||
| June 30, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |||||
| Daily Active Robots (1) | 160 | 73 | 48 | 116 | 44 | ||||
| Daily Supply Hours (2) | 1,723 | 648 | 385 | 1,189 | 342 | ||||
(1) Daily Active Robots: The Company defines daily active robots as the average number of robots performing daily deliveries during the period.
(2) Daily Supply Hours: The Company defines daily supply hours as the average number of hours the Company’s robots are ready to accept offers and perform daily deliveries during the period.
Table 2
Disaggregation of Revenue
(in thousands)
(unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||
| June 30, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | ||||||||||
| Software services | $ | 312 | $ | 229 | $ | 296 | $ | 541 | $ | 1,147 | ||||
| Fleet services | 330 | 211 | 172 | 541 | 268 | |||||||||
| $ | 642 | $ | 440 | $ | 468 | $ | 1,082 | $ | 1,415 | |||||
Forward Looking Statements
This Serve Robotics Inc. press release contains “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when we or our management are discussing our beliefs, estimates or expectations. Such statements generally include the words “believes,” “plans,” “intends,” “targets,” “may,” “could,” “should,” “will,” “expects,” “estimates,” “suggests,” “anticipates,” “outlook,” “continues,” “guidance,” “projects,” or similar expressions. These statements are not historical facts or guarantees of future performance, but represent management’s belief at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside of our control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. Forward-looking statements include, without limitation, statements regarding the Company’s future revenue generation, timing of the Company’s robot deployment, the Company’s ability to expand to additional markets, capabilities of the Company’s robots, the Company’s operational efficiency, and the Company’s timing and ability to scale to commercial production.
The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission (“SEC”), including in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024, and in the Company’s subsequent SEC filings. The Company can give no assurance that the plans, intentions, expectations or strategies as reflected in or suggested by those forward-looking statements will be attained or achieved. The forward-looking statements in this presentation are based on information available to the Company as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements, except as required by law. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this presentation.
Non-GAAP Measures of Financial Performance
To supplement the Company’s financial statements, which are presented on the basis of U.S. generally accepted accounting principles (“GAAP”), the following non-GAAP measures of financial performance are included in this release: non-GAAP general and administrative expense, non-GAAP research and development expense, non-GAAP operations expense, non-GAAP sales and marketing expense, non-GAAP operating expense, adjusted EBITDA, non-GAAP net loss and non-GAAP basic and diluted net loss per Common share.
The Company believes that providing this non-GAAP information in addition to the GAAP financial information allows investors to view the financial results in the way the Company views its operating results. The Company also believes that providing this information allows investors to not only better understand the Company’s financial performance but also better evaluate the information used by management to evaluate and measure such performance.
As such, the Company believes that disclosing non-GAAP financial measures to the readers of its financial statements provides the reader with useful supplemental information that allows for greater transparency in the review of the company’s financial and operational performance. The Company defines its non-GAAP measures by excluding stock-based compensation, transaction costs and finance lease purchase option.
Reconciliations of GAAP to these adjusted non-GAAP financial measures are included in the tables presented. When analyzing the Company’s operating results, investors should not consider non-GAAP measures as substitutes for the comparable financial measures prepared in accordance with GAAP.
To the extent that the Company presents any forward-looking non-GAAP financial measures, the Company does not present a quantitative reconciliation of such measures to the most directly comparable GAAP financial measure (or otherwise present such forward-looking GAAP measures) because it is impractical to do so.
Contacts
Media
Aduke Thelwell, VP of Communications
aduke.thelwell@serverobotics.com
Investor Relations
Sheldon Hanai, Head of Investor Relations
investor.relations@serverobotics.com
Table 3
Serve Robotics Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
| June 30, 2025 | December 31, 2024 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 116,700 | $ | 123,266 | |||
| Short-term investments | 66,631 | - | |||||
| Accounts receivable | 656 | 87 | |||||
| Inventory | - | 310 | |||||
| Prepaid expenses | 2,059 | 1,397 | |||||
| Other receivables | 484 | 192 | |||||
| Total current assets | 186,530 | 125,252 | |||||
| Property and equipment, net | 18,593 | 11,963 | |||||
| Operating lease right-of-use assets | 2,416 | 1,808 | |||||
| Intangible assets, net | 1,429 | - | |||||
| Goodwill | 4,588 | - | |||||
| Other non-current assets | 759 | 578 | |||||
| Total assets | $ | 214,315 | $ | 139,601 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 2,531 | $ | 4,902 | |||
| Accrued liabilities | 1,993 | 655 | |||||
| Deferred revenue | 10 | 20 | |||||
| Operating lease liabilities, current | 1,155 | 666 | |||||
| Financing lease liabilities, current | - | 564 | |||||
| Total current liabilities | 5,689 | 6,807 | |||||
| Operating lease liabilities, non-current | 1,420 | 1,113 | |||||
| Total liabilities | 7,109 | 7,920 | |||||
| Stockholders’ equity: | |||||||
| Ordinary and preferred shares | 6 | 5 | |||||
| Additional paid-in capital | 348,494 | 239,201 | |||||
| Accumulated other comprehensive income (loss) | 298 | - | |||||
| Accumulated deficit | (141,592 | ) | (107,525 | ) | |||
| Total stockholders’ equity | 207,206 | 131,681 | |||||
| Total liabilities and stockholders’ equity | $ | 214,315 | $ | 139,601 | |||
Table 4
Serve Robotics Inc.
Condensed Consolidated Statement of Operations
(in thousands, except share and per share data)
(unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | ||||||||||||||||
| Revenues | $ | 642 | $ | 440 | $ | 468 | $ | 1,082 | $ | 1,415 | ||||||||||
| Cost of revenues | 3,501 | 1,909 | 326 | 5,410 | 678 | |||||||||||||||
| Gross profit (loss) | (2,859 | ) | (1,469 | ) | 142 | (4,328 | ) | 737 | ||||||||||||
| Operating expenses: | ||||||||||||||||||||
| General and administrative | 8,078 | 4,750 | 1,873 | 12,828 | 2,881 | |||||||||||||||
| Operations | 2,124 | 1,669 | 871 | 3,793 | 1,412 | |||||||||||||||
| Research and development | 9,120 | 6,880 | 5,788 | 16,000 | 12,426 | |||||||||||||||
| Sales and marketing | 463 | 239 | 166 | 702 | 284 | |||||||||||||||
| Total operating expenses | 19,785 | 13,538 | 8,698 | 33,323 | 17,003 | |||||||||||||||
| Loss from operations | (22,644 | ) | (15,007 | ) | (8,556 | ) | (37,651 | ) | (16,266 | ) | ||||||||||
| Other income (expense): | ||||||||||||||||||||
| Interest income | 1,794 | 1,792 | 296 | 3,586 | 306 | |||||||||||||||
| Interest expense | - | (3 | ) | (556 | ) | (3 | ) | (1,893 | ) | |||||||||||
| Change in fair value of derivative liability | - | - | (222 | ) | - | (222 | ) | |||||||||||||
| Total other income (expense) | 1,794 | 1,789 | (482 | ) | 3,583 | (1,809 | ) | |||||||||||||
| Provision for income taxes | - | - | - | - | - | |||||||||||||||
| Net loss | (20,850 | ) | (13,218 | ) | (9,038 | ) | (34,068 | ) | (18,075 | ) | ||||||||||
| Other comprehensive loss: | ||||||||||||||||||||
| Unrealized gain on foreign currency translation | 343 | - | - | 343 | - | |||||||||||||||
| Unrealized loss on investments | (45 | ) | - | - | (45 | ) | - | |||||||||||||
| Comprehensive loss | $ | (20,552 | ) | $ | (13,219 | ) | $ | (9,038 | ) | $ | (33,770 | ) | $ | (18,075 | ) | |||||
| Weighted average common shares outstanding - basic and diluted | 57,514,808 | 56,319,299 | 33,795,009 | 56,953,711 | 29,176,370 | |||||||||||||||
| Net loss per common share - basic and diluted | $ | (0.36 | ) | $ | (0.23 | ) | $ | (0.27 | ) | $ | (0.60 | ) | $ | (0.62 | ) | |||||
Table 5
Serve Robotics Inc.
Condensed Consolidated Statement of Cash Flows
(in thousands)
(unaudited)
| Six Months Ended June 30, | |||||||
| 2025 | 2024 | ||||||
| Cash flows from operating activities: | |||||||
| Net loss | $ | (34,068 | ) | $ | (18,074 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation & amortization | 1,292 | 28 | |||||
| Stock-based compensation | 8,277 | 7,735 | |||||
| Accretion of discount on available-for-sale securities | (398 | ) | - | ||||
| Amortization of debt discount | - | 1,678 | |||||
| Change in fair value of derivative liability | - | 222 | |||||
| Changes in operating assets and liabilities, net of effects of business acquired: | |||||||
| Accounts receivable | (499 | ) | (90 | ) | |||
| Inventory | - | 65 | |||||
| Prepaid expenses | (650 | ) | (443 | ) | |||
| Other receivables | (283 | ) | (180 | ) | |||
| Accounts payable | (485 | ) | (663 | ) | |||
| Accrued liabilities | 1,208 | (121 | ) | ||||
| Deferred revenue | (8 | ) | 53 | ||||
| Operating lease liabilities, net | 188 | (29 | ) | ||||
| Net cash used in operating activities | (25,426 | ) | (9,819 | ) | |||
| Cash flows from investing activities: | |||||||
| Purchases of property and equipment | (9,498 | ) | (798 | ) | |||
| Purchases of marketable securities | (66,308 | ) | - | ||||
| Acquisition, net of cash acquired | (5,634 | ) | - | ||||
| Security deposits | (69 | ) | - | ||||
| Capitalized software | (425 | ) | - | ||||
| Net cash used in investing activities | (81,934 | ) | (798 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from issuance of common stock, net of offering costs | 75,847 | 35,849 | |||||
| Proceeds from issuance of common stock under the 2025 Equity Distribution Agreement, net of offering costs | 13,521 | - | |||||
| Proceeds from short-swing profit disgorgement | 48 | - | |||||
| Proceeds from exercise of warrants | 11,376 | 6 | |||||
| Proceeds from convertible notes payable, net of offering costs | - | 4,845 | |||||
| Proceeds from exercise of options | 224 | 9 | |||||
| Repayments of note payable | - | (500 | ) | ||||
| Repayments of notes payable, related party | - | (70 | ) | ||||
| Payments of deferred offering costs | (35 | ) | - | ||||
| Repayment of financing lease liability | (186 | ) | (747 | ) | |||
| Net cash provided by financing activities | 100,795 | 39,392 | |||||
| Effect of exchange rate changes on cash and cash equivalents | (1 | ) | - | ||||
| Net change in cash and cash equivalents | $ | (6,566 | ) | $ | 28,775 | ||
| Cash and cash equivalents at beginning of period | $ | 123,266 | $ | 7 | |||
| Cash and cash equivalents at end of period | $ | 116,700 | $ | 28,782 | |||
Table 6
Reconciliation of GAAP Net Losses to Adjusted EBITDA
(in thousands)
(unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||
| June 30, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | ||||||||||
| Net loss on GAAP basis | (20,850 | ) | (13,216 | ) | (9,037 | ) | (34,066 | ) | (18,075 | ) | ||||
| Interest income | (1,794 | ) | (1,792 | ) | (296 | ) | (3,586 | ) | (286 | ) | ||||
| Interest expense | - | 3 | 556 | 3 | (781 | ) | ||||||||
| Transaction costs | 239 | - | - | 239 | - | |||||||||
| Finance lease purchase option | 2,246 | - | - | 2,246 | - | |||||||||
| Depreciation & amortization | 817 | 475 | 10 | 1,292 | 28 | |||||||||
| Stock-based compensation | 4,398 | 3,879 | 3,480 | 8,277 | 7,735 | |||||||||
| Adjusted EBITDA | (14,944 | ) | (10,651 | ) | (5,287 | ) | (25,595 | ) | (11,379 | ) | ||||
Table 7
Reconciliation of GAAP Measures to Non-GAAP Measures
(in thousands, except share and per share data)
(unaudited)
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |||||||||||||||
| GAAP cost of sales | $ | 3,501 | $ | 1,909 | $ | 326 | $ | 5,410 | $ | 678 | |||||||||
| Stock-based compensation | - | - | - | - | - | ||||||||||||||
| Non-GAAP cost of sales | 3,501 | 1,909 | 326 | 5,410 | 678 | ||||||||||||||
| GAAP general & administrative expense | $ | 8,078 | $ | 4,750 | $ | 1,873 | $ | 12,828 | $ | 2,881 | |||||||||
| Stock-based compensation | 2,061 | 1,824 | 428 | 3,885 | 435 | ||||||||||||||
| Finance lease purchase option | 2,246 | - | - | 2,246 | - | ||||||||||||||
| Transaction costs | 239 | - | - | 239 | - | ||||||||||||||
| Non-GAAP general and administrative expense | 3,532 | 2,926 | 1,445 | 6,458 | 2,446 | ||||||||||||||
| GAAP operations expense | $ | 2,124 | $ | 1,668 | $ | 871 | $ | 3,793 | $ | 1,412 | |||||||||
| Stock-based compensation | 96 | 80 | 138 | 176 | 145 | ||||||||||||||
| Non-GAAP operations expense | 2,028 | 1,588 | 733 | 3,617 | 1,267 | ||||||||||||||
| GAAP research and development expense | $ | 9,120 | $ | 6,880 | $ | 5,788 | $ | 16,000 | $ | 12,426 | |||||||||
| Stock-based compensation | 2,159 | 1,928 | 2,861 | 4,087 | 7,101 | ||||||||||||||
| Non-GAAP research and development expense | 6,961 | 4,952 | 2,927 | 11,913 | 5,325 | ||||||||||||||
| GAAP sales and marketing expense | $ | 463 | $ | 239 | $ | 166 | $ | 702 | $ | 284 | |||||||||
| Stock-based compensation | 83 | 46 | 53 | 129 | 56 | ||||||||||||||
| Non-GAAP sales and marketing expense | 380 | 193 | 113 | 573 | 228 | ||||||||||||||
| GAAP operating expense | $ | 19,785 | $ | 13,536 | $ | 8,698 | $ | 33,323 | $ | 17,003 | |||||||||
| Stock-based compensation | 4,398 | 3,879 | 3,480 | 8,277 | 7,735 | ||||||||||||||
| Finance lease purchase option | 2,246 | - | - | 2,246 | - | ||||||||||||||
| Transaction costs | 239 | - | - | 239 | - | ||||||||||||||
| Non-GAAP operating expenses | 12,902 | 9,657 | 5,218 | 22,561 | 9,268 | ||||||||||||||
| GAAP net loss | $ | (20,850 | ) | $ | (13,216 | ) | $ | (9,038 | ) | $ | (34,068 | ) | $ | (18,074 | ) | ||||
| Stock-based compensation | 4,398 | 3,879 | 3,480 | 8,277 | 7,735 | ||||||||||||||
| Finance lease purchase option | 2,246 | - | - | 2,246 | - | ||||||||||||||
| Transaction costs | 239 | - | - | 239 | - | ||||||||||||||
| Non-GAAP net loss | (13,967 | ) | (9,337 | ) | (5,558 | ) | (23,306 | ) | (10,339 | ) | |||||||||
| Weighted average common shares outstanding - basic and diluted | 57,514,808 | 56,319,299 | 33,795,009 | 56,953,711 | 29,176,370 | ||||||||||||||
| GAAP basic and diluted net loss per Common share | $ | (0.36 | ) | $ | (0.23 | ) | $ | (0.27 | ) | $ | (0.60 | ) | $ | (0.62 | ) | ||||
| Non-GAAP basic and diluted net loss per Common share | $ | (0.24 | ) | $ | (0.17 | ) | $ | (0.16 | ) | $ | (0.41 | ) | $ | (0.35 | ) | ||||
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