Serve Robotics (SERV) Q4 2024 earnings summary

Executive summary

• 2024 revenue reached $1.8 million, a 773% year-over-year increase, with Q4 revenue at $176,000, driven by software services and delivery/branding growth.

• Expanded restaurant partnerships 3X and household reach 2X, serving over 1,000 restaurants and 300,000 households, and entering new markets including Miami, with plans for Dallas and Atlanta in 2025.

• Completed design and initial production of Gen 3 robots, reducing manufacturing costs by 65% compared to prior models and achieving significant operational improvements.

• Ended 2024 with a strong cash position of $123 million and no debt, raising a total of $259 million since January 2024.

• On track to deploy 2,000 robots across the U.S. by year-end 2025.

Financial highlights

• 2024 revenue was $1.8 million, a 773% increase year-over-year; Q4 revenue was $175,842.

• Gross margin improved from -700% in 2023 to -4% in 2024; gross loss for 2024 was $75,156, compared to $1,522,717 in 2023.

• GAAP net loss for 2024 was $39.2 million, up from $24.8 million in 2023; non-GAAP net loss was $24.6 million.

• Adjusted EBITDA loss for 2024 was $23.6 million, compared to $20.1 million in 2023.

• Ended 2024 with $123.3 million in cash and cash equivalents.

Outlook and guidance

• On track to deploy 2,000 robots by year-end 2025, with 250 Gen 3 robots to be fully deployed by end of Q2 and 700 more in Q3.

• Targeting $60–$80 million in annualized revenue once the fleet reaches full utilization, estimated in 2026.

• Expansion into Dallas and Atlanta markets expected by end of Q2 2025.

• Expecting continued volume and revenue growth in Q1 and Q2 2025, with major scale-up in the second half.