BofA warns Fed risks policy mistake with early rate cuts
Abraham Euan, the Chief Hardware and Manufacturing Officer at Serve Robotics Inc. (NASDAQ:SERV), a company with a market capitalization of $420 million, recently sold 380 shares of the company’s common stock. The shares were sold on March 19 at an average price of $7.3701 each, totaling approximately $2,800. Following this transaction, Euan holds 149,478 shares in the company. According to InvestingPro analysis, SERV stock has shown significant volatility, trading between $1.77 and $24.35 over the past 52 weeks, with the current price suggesting fair valuation. The sale was conducted to satisfy tax withholding obligations related to the acquisition of shares through the settlement of restricted stock units. InvestingPro data reveals 11 additional key insights about SERV’s financial health and market position, available exclusively to subscribers through the comprehensive Pro Research Report.
In other recent news, Serve Robotics Inc. reported its Q4 2024 earnings, which revealed a larger-than-expected loss. The company posted an earnings per share (EPS) of -$0.23, falling short of analyst expectations, with revenue reaching $170,000. This performance contributed to a 9.72% decline in its stock during after-hours trading. Despite these setbacks, Serve Robotics demonstrated significant year-over-year growth, with annual revenue increasing by 700% to $1.8 million. The company’s software services contributed $1.2 million, while delivery and branding revenue rose by 435% to $627,000.
The company also reported a GAAP net loss of $39.2 million for 2024, up from $24.9 million in 2023. Serve Robotics plans to deploy 2,000 robots by the end of 2025, focusing on cost reduction and operational efficiency. Looking ahead, the company aims to expand into Dallas and Atlanta in Q2 2025, targeting annualized revenue of $60-$80 million by 2026. Additionally, Serve Robotics aims to cut the cost of its next batch of Gen three robots by 30% compared to the current batch. The company ended the year with a cash position of $123 million, supported by a recent $80 million offering.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.