Shares of Serve Robotics Inc (NASDAQ:SERV) are trading lower on Friday after the fourth-quarter FY24 earnings.
The company reported a three-fold jump year-on-year in fourth-quarter revenue to $175,842, missing the analyst consensus estimate of $246,400.
Adjusted EPS loss of 23 cents missed the consensus estimate for a loss of 18 cents.
The average number of robots performing daily deliveries in the fourth quarter increased 67% to 57.
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The average number of hours the company’s robots were ready to accept offers and perform daily deliveries improved to 455 hours versus 260 hours last year.
The total operating expenses for the quarter increased almost 100% to $12.9 million. Loss from operations ballooned to $13.6 million compared to a loss of $6.8 million last year.
Serve Robotics held $123.3 million in cash and equivalents as of December 31, 2024. Cash used in operating activities for twelve months totaled $21.5 million.
Ali Kashani, Serve’s Co-founder and CEO, said, “We entered the year with an ambitious plan, and made significant progress in realizing it. We believe we are well-positioned for continued growth and on track to deploy 2,000 robots across the U.S. by year-end.”
Price Action: SERV shares traded lower by 8.33% at $7.26 at last check Friday.
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