Microvast Holdings announces departure of chief financial officer
Ali Kashani, the Chief Executive Officer of Serve Robotics Inc. (NASDAQ:SERV), recently sold a portion of his holdings in the company. The transaction comes as the stock trades at $6.93, having declined nearly 49% year-to-date. According to InvestingPro data, the company currently has a market capitalization of $420 million. According to a recent SEC filing, Kashani sold 2,055 shares of common stock at a price of $7.37 per share, amounting to a total transaction value of $15,145.
Following this sale, Kashani retains direct ownership of 3,226,797 shares. Additionally, there are 16,070 shares held indirectly by his spouse. The sale was conducted to satisfy tax withholding obligations related to the acquisition of shares through the settlement of restricted stock units. For deeper insights into insider transactions and comprehensive financial analysis, including 12 additional ProTips, check out the detailed Pro Research Report available on InvestingPro.
In other recent news, Serve Robotics Inc. reported its Q4 2024 earnings, showing a larger-than-expected loss with an earnings per share (EPS) of -$0.23, missing analyst forecasts. The company’s revenue for the quarter was $170,000, slightly below projections. Despite the earnings miss, Serve Robotics demonstrated substantial year-over-year growth, with annual revenue reaching $1.8 million, a 700% increase from the previous year. The company also reported a GAAP net loss of $39.2 million for 2024, up from $24.9 million in 2023.
Serve Robotics is focusing on expanding its robot fleet and geographic reach, with plans to deploy 2,000 robots by the end of 2025. The company aims to expand into Dallas and Atlanta in Q2 2025. In terms of analyst activity, there is no specific mention of upgrades or downgrades, but the company has been working with partners like Magna International (NYSE:MGA) and NVIDIA (NASDAQ:NVDA) on technology and manufacturing. Serve Robotics’ cash position is strong, ending the fourth quarter with $123 million, which supports its expansion plans without the need for immediate additional capital.
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