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Serve Robotics Inc (NASDAQ:SERV) shares are trading lower on Thursday. The company disclosed its financial results for the third quarter.
What To Know: Serve Robotics reported quarterly losses of 40 cents per share, versus the analyst consensus estimate for losses of 33 cents per share.
The company’s quarterly sales of $687,000 were also lower than analyst estimates of $691,167, per Benzinga Pro. The number compares to sales of $221,555 during the same period last year, representing a 210.08% increase.
“The relentless execution of our scale plan continues to drive consistent revenue growth,” said Brian Read, CFO of Serve. “We will continue to invest in key capabilities that strengthen our industry-leading autonomy and robotics platform, including integration of our recent Phantom Auto and Vayu acquisitions, to expand our increasingly diverse revenue stack.”
During the quarter, Serve Robotics deployed more than 1,000 robots. When compared to the third quarter of 2024, daily supply hours increased by more than 713%.
In order to expand its nationwide reach, the company started operations in the Chicago market and signed a new, multi-year strategic partnership with DoorDash Inc (NASDAQ:DASH) to roll out deliveries throughout the U.S. Currently, Serve Robotics serves three million people in the United States and more than 3,600 restaurants.
The company noted that it raised $100 million through a registered direct share offering after finishing the quarter with $210 million in total liquidity.
Serve Robotics anticipates that revenue for fiscal 2025 will exceed $2.5 million, versus estimates of $4.14 million. Despite issuing disappointing guidance for 2025, the company said it expects a roughly 10-fold increase in revenue in 2026 based on preliminary projections.
SERV Price Action: Serve Robotics shares were down 10.36% at $9.39 at the time of publication on Thursday, according to Benzinga Pro.
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