Serve Robotics president sells shares worth $3,992

Published 21/03/2025, 00:24
Serve Robotics president sells shares worth $3,992

Touraj Parang, the President and COO of Serve Robotics Inc. (NASDAQ:SERV), a company with a market capitalization of $420 million, recently sold 546 shares of the company’s common stock. According to InvestingPro data, SERV currently trades near its Fair Value, with the stock down nearly 49% year-to-date. The transaction, which took place on March 19, 2025, was valued at approximately $3,992, with each share priced at $7.3126. Following this sale, Parang now directly owns 1,161,544 shares of Serve Robotics. The sale was executed to satisfy tax withholding obligations related to the acquisition of shares in connection with the settlement of vested restricted stock units (RSUs). InvestingPro analysis reveals the stock generally trades with high price volatility, with prices ranging from $1.77 to $24.35 over the past 52 weeks. Subscribers can access 10+ additional ProTips and a comprehensive Pro Research Report for deeper insights into SERV’s financial health and market position.

In other recent news, Serve Robotics Inc. reported its Q4 2024 earnings, revealing a larger-than-anticipated loss. The company posted an earnings per share (EPS) of -$0.23, falling short of analyst expectations, alongside a revenue of $170,000, which also slightly underperformed against projections. Despite a significant 700% year-over-year increase in annual revenue to $1.8 million, Serve Robotics reported a GAAP net loss of $39.2 million for 2024, compared to $24.9 million in 2023. The company’s software services contributed $1.2 million to this annual revenue, while delivery and branding revenue rose 435% to $627,000.

The company is focusing on expanding its robot fleet and geographic reach, aiming to deploy 2,000 robots by the end of 2025. Plans are in place to expand into Dallas and Atlanta in Q2 2025, targeting annualized revenue of $60-$80 million by 2026. Serve Robotics also announced a 30% cost reduction in the next batch of its third-generation robots, which will be built later this year. Additionally, the company confirmed ongoing discussions regarding the Vibu acquisition, although no material updates have been shared. Despite these developments, Serve Robotics remains committed to its expansion strategy and improving operational efficiency.

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