Serve Robotics - SERV STOCK NEWS

Serve Robotics (NASDAQ: SERV) has announced the expansion of its autonomous delivery service to the Miami metro area, partnering with Shake Shack and Mister O1 Extraordinary Pizza. The service will be available through Uber Eats in Miami Beach and Brickell neighborhoods, areas with approximately 120,000 residents and active commercial districts.

This expansion follows Serve's successful operations in Los Angeles and planned entry into Dallas-Fort Worth. The company aims to deploy 2,000 robots across the U.S. by the end of 2025. The initiative focuses on sustainable delivery solutions, working to reduce emissions and traffic congestion while enhancing customer experience and supporting local restaurants.

The company has collaborated with city officials and local stakeholders to ensure a smooth implementation of the service. Customers ordering from select Shake Shack and Mister O1 locations via Uber Eats may receive their orders through Serve's autonomous robots.

Serve Robotics (Nasdaq: SERV), an autonomous sidewalk delivery company, has announced a registered direct offering of 4,210,525 shares of common stock. The offering is expected to generate $80.0 million in gross proceeds before deducting placement agent fees and other expenses. The transaction is anticipated to close on January 7, 2025, subject to customary closing conditions.

The company plans to use the net proceeds for general corporate purposes, including working capital. Northland Capital Markets is serving as the exclusive placement agent. The offering is being conducted under an effective shelf registration statement on Form S-3, which was declared effective by the SEC on October 3, 2024.

Serve Robotics (SERV) has secured $86 million in new financing during December 2024, bringing its total fundraising in 2024 to $167 million. Since spinning out from Uber in 2021, the company has raised approximately $220 million in total funding.

The December funding was obtained through the company's ATM facility and warrant exercises. As of December 31, 2024, Serve had approximately 51.5 million shares of common stock outstanding. This capital infusion extends the company's operational runway through the end of 2026 and enables self-funding of equipment investments, eliminating the need for equipment financing and associated costs.

The funding will support strategic initiatives and technology advancement as Serve prepares to ramp up production of its third-generation robots and expand into new markets in 2025 and beyond.

Serve Robotics (Nasdaq: SERV) has appointed Lily Sarafan to its Board of Directors. Sarafan brings nearly 20 years of experience in entrepreneurship, executive leadership, and board governance. She is the co-founder and former CEO of TheKey, a major in-home care provider network, where she currently serves as executive chair. She also holds board positions at Instacart, Thumbtack, Kyo, and Stanford University.

Sarafan's accolades include EY Entrepreneur of the Year, Fortune 40 Under 40, and Women Health Care Executives' Woman of the Year. She holds degrees from Stanford University in Management Science and Engineering, and Science, Technology, and Society. Board Chairman Ali Kashani highlighted her expertise in home services and on-demand delivery as valuable assets for Serve's market expansion and automation future.

Serve Robotics (Nasdaq: SERV) has appointed Anthony Armenta as Chief Software and Data Officer. In this newly created role, Armenta will lead the development of Serve's software, AI, and autonomy stack to enhance robot reliability, performance, and nationwide scalability. Armenta previously worked at Serve as VP of Software Engineering at Postmates before the company's spin-off from Uber. He brings over 30 years of experience, including roles as CTO at GM BrightDrop, VP of Software Engineering at Anki Robotics, and SVP of Engineering at Wyse Technologies.

Serve Robotics (NASDAQ: SERV) reported Q3 2024 financial results, highlighting significant operational progress. The company completed $32.3 million in capital raises, ending Q3 with $50.9 million in cash and zero debt. Revenue reached $0.22 million, including $0.04 million from software services. Operational metrics showed strong growth with 465 daily supply hours, up 108% year-over-year. The company announced expansion into Dallas Fort Worth and plans to acquire Vebu's Autocado robot technology. Serve remains ahead of schedule in its agreement with Uber Eats to deploy 2,000 robots by end of 2025.

Serve Robotics (Nasdaq: SERV) announced its agreement to acquire the assets of Vebu, a leader in full-stack automation for the restaurant industry. This all-stock transaction, with undisclosed financial terms, aims to enhance Serve's offerings by integrating Vebu's kitchen automation solutions, including the Autocado robot, which automates avocado processing. Vebu's founder, Buck Jordan, will join Serve as SVP of Kitchen Automation. This acquisition is expected to unlock key synergies, expand Serve's market opportunities, and strengthen partnerships with major restaurant chains like Chipotle.

Serve Robotics (Nasdaq: SERV), an autonomous sidewalk delivery company, will release its Q3 2024 financial results on November 7, 2024, after U.S. markets close. Management will host a conference call and webcast at 2:00 p.m. PT / 5:00 p.m. ET on the same day. Investors can access the webcast through the company's investor relations website and join the conference call by dialing 1 (800) 715-9871 with conference ID#: 3511636. Questions for management must be submitted via email to investor.relations@serverobotics.com by November 5, 2024, at 1:00 p.m. PT.

Serve Robotics Inc. (Nasdaq: SERV) has unveiled its third-generation autonomous delivery robot, designed for national scaling. The new model offers enhanced capabilities at reduced manufacturing costs, with 2,000 units set for deployment in 2025 on the Uber Eats platform across multiple U.S. markets.

Key improvements include:

• Doubled speed and travel distance on a single charge
• 6 more hours of field operation daily
• 5x more on-board computing power
• 15% larger cargo capacity
• Enhanced weather resistance and smoother ride
• 40% quicker emergency braking

These advancements support Serve's commitment to safety and efficiency in sidewalk delivery. The company plans to deploy the new robots in Los Angeles and a new metro market in the coming months.