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Serve Robotics Inc (SERV)
NASDAQ:SERV
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Earnings Data
Report Date
―TBA Not Confirmed
Period Ending
―Consensus EPS Forecast
―Last Year’s EPS
―Same Quarter Last Year
Strong Buy
Based on 3 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Aug 13, 2024
|% Change Since: 74.33%
|Next Earnings Date:May 15, 2024
Earnings Call Sentiment|Neutral
The earnings call presented a mix of positive developments such as strategic partnerships, expansion plans, and a strong cash position. However, financial challenges remain with a significant net loss and negative free cash flow. The sentiment is balanced with promising growth prospects offset by current financial hurdles.Company Guidance
During the Serve Robotics Q3 2024 earnings call, the company provided several forward-looking metrics and strategic guidance. CEO Ali Kashani announced plans to deploy 2,000 robots by the end of 2025, targeting an annual revenue run rate of $60 million to $80 million once the robots reach full utilization. They aim to double their delivery fleet by year's end, with 250 third-generation robots in Los Angeles by Q1 2025. The first new market expansion outside of L.A. will be the Dallas-Fort Worth Metro, expected by Q2 2025. Additionally, the company highlighted strategic partnerships with Uber, Shake Shack, and Wing Aviation, and they are acquiring kitchen robotics start-up Vebu, Inc. The acquisition aims to enhance restaurant partnerships by offering comprehensive solutions, from kitchen to curbside. Financially, CFO Brian Read reported Q3 revenue of $222,000, with a notable 49% increase in delivery revenue from the prior quarter. The company also strengthened its cash position with $50.9 million, ensuring sufficient capital to support the robot rollout in 2025.Partnerships and Expansions
Serve Robotics announced partnerships with Shake Shack and Wing Aviation, and plans to expand into the Dallas-Fort Worth Metro area. This expansion aligns with their goal to deploy 2,000 robots by 2025.
Acquisition of Vebu, Inc.
Serve Robotics plans to acquire Vebu, Inc., a kitchen robotics startup, aiming to expand into kitchen automation and offer a more comprehensive solution to restaurant partners.
Third-Generation Robot Rollout
Serve Robotics is ahead of schedule in deploying their third-generation robots, with 75 units to be deployed by year-end, doubling the delivery fleet.
Financial Flexibility and Cash Position
The company raised $32.3 million through equity transactions and paid off its secured term loan, leaving a strong cash balance of $50.9 million.
Increase in Delivery Revenue
Delivery revenue increased by 49% over the prior quarter and 108% from the same period last year, attributed to improved fleet utilization.
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SERV Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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SERV Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 07, 2024 | $10.83 | $9.04 | -16.53% |
| Aug 13, 2024 | $10.37 | $11.37 | +9.64% |
| May 15, 2024 | $3.85 | $3.48 | -9.61% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Serve Robotics Inc (SERV) report earnings?
Currently, no data Available
What is Serve Robotics Inc (SERV) earnings time?
Currently, no data Available
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is SERV EPS forecast?
Currently, no data Available
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