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Serve Robotics Inc (NASDAQ:SERV) shares are trading higher Wednesday after the company reported second-quarter financial results and announced a partnership with Shake Shack Inc (NYSE:SHAK) for delivery.
What Happened: After the market close on Tuesday, Serve Robotics reported second-quarter revenue of $468,375, versus estimates of $400,000. The company reported a quarterly loss of 27 cents, versus estimates for a loss of 25 cents.
Serve averaged 385 daily supply hours during the second quarter, representing a 106% increase year-over-year. The company noted that it also achieved an 85% increase in daily active robots on a year-over-year basis.
Serve said it commenced manufacturing activities on its 2,000-robot fleet in the second quarter, entered into a purchase and production agreement with Magna and signed an amendment expanding its supply agreement with Ouster to equip its robots with upgraded sensors.
"I am particularly pleased to announce that Serve has completed the design of our third-generation robot. Looking ahead, we are focused on executing Serve's fleet expansion plan to deploy at least 250 additional robots in Los Angeles by the end of Q1 2025," said Ali Kashani, co-founder and CEO of Serve Robotics.
"We believe our continued execution of this plan through year-end 2025 will position Serve to deploy all 2,000 robots under our Uber Eats agreement, which at full utilization is expected to generate $60 to $80 million in run-rate revenue annually."
Serve Robotics shares have seen increased attention in recent weeks leading up to earnings, rising more than 335% over the past month. Nvidia Corp (NASDAQ:NVDA) reported a 10% stake in the robotics company in mid-July.
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What Else: Serve announced a partnership with Shake Shack to deliver the company’s orders using Serve’s autonomous delivery robots via Uber Technologies Inc’s (NYSE:UBER) Uber Eats.
Customers who order from select Shake Shack restaurants in Los Angeles using Uber Eats may get their orders delivered via Serve’s autonomous robots. Uber Eats has been offering autonomous deliveries through Serve in Los Angeles since 2022.
“We are excited to add another national merchant like Shake Shack to our platform, a partnership made possible through the relationship we have built with Uber Eats across tens of thousands of successful deliveries,” said Touraj Parang, president and COO of Serve Robotics.
“Today’s announcement highlights the value of Serve’s world-class strategic partnerships as we work to expand our geographic footprint and deploy 2,000 robots across the U.S. in 2025.”
SERV Price Action: Serve Robotics shares were up 34.2% at $13.90 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Serve Robotics.
