Serve Robotics Inc (SERV) News

Serve Robotics Enters Production Agreement with Magna to Scale Robot Manufacturing

Source: PR Newswire (US)
Serve to rely on Magna's manufacturing expertise to scale its fleet to up to 2,000 robots for Uber Eats and for geographic expansion
Magna has been licensing Serve's technology to support development of new robotic products
SAN FRANCISCO, April 24, 2024 /PRNewswire/ -- Serve Robotics Inc. (the "Company" or "Serve") (NASDAQ:SERV), a leading autonomous sidewalk delivery company, today announced an expansion of their existing agreement with Magna International Inc. ("Magna") (TSX: MG; NYSE: MGA), one of the world's largest automotive suppliers, to accelerate the adoption of robotics in logistics. Under the terms of a new production and purchase agreement effective April 24, Magna will become the exclusive contract manufacturer of Serve's delivery robots, supporting Serve's plan to deploy up to 2,000 robots on the Uber Eats platform across multiple U.S. markets.

Serve Robotics logo

This new agreement extends the partnership established by a previously disclosed licensing agreement effective February 20, 2024, under which Serve granted Magna a non-exclusive license to its market-leading technologies and expertise, enabling Magna to further develop new products in the robotics and logistics space.

"Serve is a leader in creating robots that navigate complex human environments. Following our successful public offering, we are excited to start working to scale our robotic fleet with Magna's world-class manufacturing capabilities. This collaboration supports the natural progression of our business beyond food delivery and positions our proprietary robotics technology as a platform upon which new robots can be built. Magna is a valuable partner in this effort," said Ali Kashani, CEO of Serve Robotics.

"Magna is excited to continue collaborating with Serve, leveraging our manufacturing and technical expertise to help fuel Serve's growth potential," said Matteo Del Sorbo, Executive Vice President of Magna, responsible for New Mobility globally.

About Serve Robotics

Backed by Uber and NVIDIA, Serve Robotics develops advanced, AI-powered, low-emissions sidewalk delivery robots that endeavor to make delivery sustainable and economical. Spun off from Uber in 2021 as an independent company, Serve has completed tens of thousands of deliveries for enterprise partners such as Uber Eats and 7-Eleven. Serve has scalable multi-year contracts, including a signed agreement to deploy up to 2,000 delivery robots on the Uber Eats platform across multiple U.S. markets.

For further information about Serve Robotics (NASDAQ:SERV), please visit www.serverobotics.com or follow us on social media via X (Twitter), Instagram, or LinkedIn @serverobotics.

Serve Contact

Aduke Thelwell
Head of Communications & Investor Relations
Serve Robotics
aduke.thelwell@serverobotics.com
347-464-8510

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/serve-robotics-enters-production-agreement-with-magna-to-scale-robot-manufacturing-302125462.html

SOURCE Serve Robotics Inc.


Copyright 2024 PR Newswire

Serve Robotics Inc. (the "Company" or "Serve") (NASDAQ:SERV), a leading autonomous sidewalk delivery company, today announced an expansion of their existing agreement with Magna International Inc. ("Magna") (TSX: MG; NYSE: MGA), one of the world's largest automotive suppliers, to accelerate the adoption of robotics in logistics. Under the terms of a new production and purchase agreement effective April 24, Magna will become the exclusive contract manufacturer of Serve's delivery robots, supporting Serve's plan to deploy up to 2,000 robots on the Uber Eats platform across multiple U.S. markets.

SAN FRANCISCO, April 22, 2024 /PRNewswire/ -- Serve Robotics Inc. (the "Company" or "Serve"), a leading autonomous sidewalk delivery company, today announced the closing of its underwritten public offering of 10,000,000 shares of common stock at a price to the public of $4.00 per share, for aggregate gross proceeds of $40 million, prior to deducting underwriting discounts and offering expenses. The offering included the participation of one of Serve's largest stockholders and strategic partners, Postmates, LLC, a wholly-owned subsidiary of Uber Technologies Inc (NYSE: UBER).

In addition, Serve has granted Aegis Capital Corp. ("Aegis") a 45-day option to purchase up to 1,500,000 additional shares of common stock, equal to 15% of the number of shares sold in the offering solely to cover over-allotments, if any. If Aegis exercises the option in full, the total gross proceeds of the offering including the overallotment would be approximately $46 million before deducting underwriting discounts and commissions and offering expenses.

Serve plans to use the net proceeds from the offering to fund research and development of the next generations of Serve's robots, manufacturing activities, geographic expansion, and for working capital and other general corporate purposes.

Serve's common stock is listed on the Nasdaq Capital Market under the symbol "SERV". Serve was previously listed on the OTCQB® Venture Market under the ticker symbol "SBOT" and will no longer trade on that market.

Aegis Capital Corp. is acting as the sole book-running manager for the offering. Orrick, Herrington & Sutcliffe LLP is acting as counsel to the Company. Sichenzia Ross Ference Carmel LLP is acting as counsel to Aegis Capital Corp.

https://techcrunch.com/2024/04/18/uber-nvidia-backed-serve-robotics-hits-public-markets-with-40m-splash/

Uber, Nvidia-backed Serve Robotics hits public markets with $40M splash
Rebecca Bellan@rebeccabellan / 10:26 AM EDT•April 18, 2024
Comment
A Serve Robotics autonomous delivery robot, which utilizes AI and is emissions-free, crosses a crosswalk in West Hollywood
Image Credits: Mario Tama / Getty Images
Serve Robotics, the Uber and Nvidia-backed sidewalk robot delivery company, debuted publicly on the stock exchange Thursday, making it the latest startup to choose going public via a reverse merger as an alternative path to capital needed to fund growth.

The company, which spun out of Uber’s acquisition of Postmates in 2021, hits the Nasdaq under the ticker “SERV” with gross proceeds of roughly $40 million — “prior to deducting underwriting discounts and offering expenses,” per regulatory filings — at a share price of $4.

Serve completed its reverse merger with blank-check company Patricia Acquisition Corp. in August 2023, and at the same time secured $30 million in a round led by existing investors Uber, Nvidia and Wavemaker Partners, bringing its total amount raised at the time to $56 million. While Serve’s debut in the public markets comes from a reverse merger and not a SPAC, the two alternate paths to IPO are not too dissimilar. They both provide startups with a faster route to public markets. However, pulling this particular financial lever has its risks, especially if the company is pre-revenue or bringing in very little revenue. We need look no further than the countless fallen autonomous vehicle and electric vehicle companies to determine that this is not a golden ticket to longevity or profitability.

Like any publicly traded company, this path does require financial disclosures that provides information on revenue and profits or losses.

Serve brought in $207,545 in revenue last year, up from $107,819 in 2022, per regulatory filings. That’s at a loss of $1.5 million in 2023 and $1.04 million in 2022. However, Serve Robotics said it’s expecting enormous growth fueled by money generated by going public. Those funds will go toward funding R&D for future generations of robots, manufacturing activities, geographic expansion and general working capital and corporate purposes.

The startup also has some big revenue ambitions. Serve said it aims to generate between $60 million and $80 million in annual revenue, with contribution margins of over 50% and positive cash flow by the end of 2025. The company pointed to recent momentum, including its 25% month-over-month increase in deliveries since 2022 when the startup started delivering for Uber Eats.

Future growth will come from scaling the 100 robots deployed today in Los Angeles to up to 2,000 robots in multiple U.S. cities by the end of next year through a contract with Uber Eats. Serve has also enlisted Magna International as a manufacturing partner. Currently, Serve handles 300 restaurants via the Uber Eats and 7-Eleven platform in LA, but has its eyes on Dallas, San Diego and Vancouver, Canada, according to CEO Ali Kashani.


Serve projects that a big portion of its revenue will come from ads, Kashani told TechCrunch.

“I never thought that I would start a robotics company and then be in the ads business,” said a tired, but excited, Kashani in a phone interview minutes before the bell rang. It’s normal for companies to barely sleep before making their public debut out of a need to finalize all the financials and pure adrenaline. “But it’s great because this can help offset the delivery costs, so everybody wins.”

Kashani said Serve has had a lot of inbound interest for ads on its cute little sidewalk robots. On an annual basis, ad revenue can generate 25% to 50% of Serve’s total revenue, he said.

That’s one of the value propositions Serve has pitched to investors. Serve also says it can tap the rapid progress in AI and robotics to help reduce reliance on cars, because who needs something as small as a burrito delivered in a sedan anyway?

“The tailwind here is that these robots are a lot more scalable than a lot of the alternative approaches we have,” said Kashani. “If you look at a car, it has about 3,000 times more kinetic energy than one of our robots, so just by nature, these are safer… for pedestrians, bikers for everybody else, and I think that’s definitely recognized when we talk to cities. So there’s a lot of regulatory momentum, but you also have the fact that there is a shortage of labor. You can see companies in the delivery space are still not necessarily profitable, and they’re looking for ways to bring some mix of automation into their fleets. So we see a lot of interest in the solution that we’re providing.”

Serve’s robots operate at Level 4 autonomy, meaning they can operate autonomously within certain boundaries and conditions. However, Serve still relies on remote human operators to supervise operations in certain scenarios, like at intersections or if something unexpected happens.

The company’s offering is expected to close around April 22. Serve’s gross proceeds from the offering could hit about $46 million, according to Kashani, if Aegis Capital Corp., the deal’s underwriter, takes the company up on its 45-day option to buy up to 150,000 additional shares of common stock, or about 15% of the number of shares sold, to cover any over-allotments.
Upon the closing of the merger, Uber held a 16.6% stake and Nvidia a 14.3% stake in Serve, according to regulatory filings. An April filing shows that stake will change to 11.5% and 10.1%, respectively, once the offering closes, but a Serve spokesperson caveated that those percentages may change given the $4 opening share price.

Sarfraz Maredia, Uber’s vice president of delivery and head of its Americas region, has joined Serve’s board.

Serve Robotics started its life as Postmates X, the robotics division of on-demand delivery company Postmates. The autonomous sidewalk robots started delivering to Postmates customers in multiple Los Angeles neighborhoods in 2018. It started a commercial service in 2020.

Uber acquired Postmates in late 2020 for $2.65 billion. Three months later, Postmates X spun out as an independent company called Serve Robotics. The new name was taken from the autonomous sidewalk delivery bot that was developed and piloted by Postmates

Serve Robotics Inc. Announces Pricing of $40 Million Public Offering and Uplisting to the Nasdaq Capital Market Under New Ticker "SERV"

https://www.prnewswire.com/news-releases/serve-robotics-inc-announces-pricing-of-40-million-public-offering-and-uplisting-to-the-nasdaq-capital-market-under-new-ticker-serv-302120326.html


SAN FRANCISCO, April 17, 2024 /PRNewswire/ -- Serve Robotics Inc. (the "Company" or "Serve"), a leading autonomous sidewalk delivery company, today announced the pricing of its underwritten public offering of 10,000,000 shares of common stock at a price to the public of $4.00 per share, for aggregate gross proceeds of $40 million, prior to deducting underwriting discounts and offering expenses. The offering includes the participation of one of Serve's largest stockholders and strategic partners, Postmates, LLC, a wholly-owned subsidiary of Uber Technologies Inc (NYSE: UBER).

Serve plans to use net proceeds from the offering to fund research and development of the next generations of Serve's robots, manufacturing activities, geographic expansion, and for working capital and other general corporate purposes.

Serve also announced that, in connection with the offering, its common stock has been approved for listing and will begin trading on the Nasdaq Capital Market under the symbol "SERV" on April 18, 2024. Serve was previously listed on the OTCQB® Venture Market under the ticker symbol "SBOT" and will no longer trade on that market."

Aegis Capital Corp. is acting as the sole book-running manager for the offering. Orrick, Herrington & Sutcliffe LLP is acting as counsel to the Company. Sichenzia Ross Ference Carmel LLP is acting as counsel to Aegis Capital Corp.

A registration statement on Form S-1 (No. 333-277809) relating to the securities being sold in this offering was declared effective by the Securities and Exchange Commission (the "SEC") on April 17, 2024. The offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained, when available, on the SEC's website, www.sec.gov, or by contacting Aegis Capital Corp., Attention: Syndicate Department, 1345 Avenue of the Americas, 27th floor, New York, NY 10105, by email at syndicate @RAREBREED.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Serve Robotics Inc.

Backed by Uber and NVIDIA, Serve Robotics develops advanced, AI-powered, low-emissions sidewalk delivery robots that endeavor to make delivery sustainable and economical. Spun off from Uber in 2021 as an independent company, Serve has completed tens of thousands of deliveries for enterprise partners such as Uber Eats and 7-Eleven. The company has scalable multi-year contracts, including a signed agreement to deploy up to 2,000 delivery robots on the Uber Eats platform across multiple U.S. markets.

For further information about Serve Robotics (NASDAQ:SERV), please visit www.serverobotics.com or follow us on social media via X (Twitter), Instagram, or LinkedIn @serverobotics.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Serve intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Exchange Act. These forward-looking statements can be about future events, including statements regarding Serve's intentions, objectives, plans, expectations, assumptions and beliefs about future events, including Serve's expectations with respect to the financial and operating performance of its business, its capital position, and future growth. The words "anticipate", "believe", "expect", "project", "predict", "will", "forecast", "estimate", "likely", "intend", "outlook", "should", "could", "may", "target", "plan" and other similar expressions can generally be used to identify forward-looking statements. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. Any forward-looking statements in this press release are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Risks that contribute to the uncertain nature of the forward-looking statements include those risks and uncertainties set forth in Serve's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the United States Securities and Exchange Commission (the "SEC") and in its subsequent filings filed with the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. Serve undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Media:

Aduke Thelwell
Head of Investor Relations & Communications
Serve Robotics Inc.
aduke.thelwell@serverobotics.com
347-464-8510

Investors:

CORE IR
investor.relations@serverobotics.com

SOURCE Serve Robotics Inc.

DORIAN 175 MPH PRESSURE 922 incredible!

SERV Looking good!

Bought some SERV Calls yesterday. Potential big revenue influx from Restoration needs. DORIAN May be a doozy. We shall see.

Servidyne to Provide Demand Response Services for the Nation’s Largest Municipally-Owned Electric Utility
Date : 05/26/2010 @ 2:07PM
Source : Business Wire
Stock : Servidyne, Inc. (SERV)
Quote : 3.22 0.38 (13.38%) @ 7:22AM


Servidyne to Provide Demand Response Services for the Nation’s Largest Municipally-Owned Electric Utility
SERVIDYNE, INC. (Nasdaq: SERV), an energy efficiency and demand response company, today announced that it has secured an exclusive two-year demand response services contract with San Antonio, Texas-based CPS Energy, the largest municipally-owned electric utility in the United States.

Servidyne’s Fifth Fuel Management™ team will partner with CPS Energy’s account executives and program managers to implement the demand response program, and will help educate and prepare the utility’s end-use customers to participate in the voluntary energy curtailment program. Servidyne will commence work this month by performing initial on-site energy audits at customer facilities to identify and prioritize available demand response opportunities.

“Servidyne’s Inside the Skin™ energy efficiency expertise will enable these buildings to seamlessly shed electric loads on very hot summer days, resulting in significant reductions in CPS Energy’s peak load growth,” noted Jim Josephson, Servidyne’s Vice President of Sales of Fifth Fuel Management. “This will create a win-win scenario for CPS Energy and its customers, because the resulting energy and cost savings will accrue to both parties. We are gratified to be recognized by CPS Energy as a proven provider of these services, and we are eager to assist them in achieving their demand response goals.”

CPS Energy’s demand response program is part of the utility’s Save for Tomorrow Energy Plan (STEP), which has a goal to reduce growth in demand by 771 megawatts, or the equivalent production capacity of a large electrical generating unit, by 2020.

During the demand response season (June 1 to September 30), each participating CPS Energy customer will be compensated for modifying usage of energy-consuming building assets during peak energy events, when called upon by the utility to temporarily reduce electric consumption. Josephson said he expects that each year, Servidyne will enable at least 20 to 25 CPS Energy customers to participate in the program.

“As more of our customers become aware of the potential cost savings and benefits of this program, we anticipate that the number of participating customer facilities will grow substantially,” said Bruce Evans, Director, Customer Solutions Delivery at CPS Energy. “We are confident in Servidyne’s ability to mobilize to meet the needs of these additional customers and to help us meet our stated load reduction objectives.”

Servidyne’s Fifth Fuel Management is designed to provide technology-enabled real-time demand response capabilities to operators of large, complex buildings, like office towers, manufacturing facilities, hospitals, universities and hotels. The Fifth Fuel Management system is built upon two core competencies: Servidyne’s award-winning engineering practice focused on energy conversion and delivery on the load side of the utility meter, and the Company’s propriety software-as-a-service iTendant® platform, a Web-based, computerized maintenance management system (CMMS) hosted in a Tier I data center, which provides the reliable two-way, fast and secure communication and tracking platform needed for demand response.

About CPS Energy

CPS Energy is the nation's largest municipally owned energy company providing both natural gas and electric service. Acquired by the City of San Antonio in 1942, the company serves 707,000 electric customers and 322,000 natural gas customers in and around America's seventh-largest city. CPS Energy has achieved the highest financial ratings of any electric system in the U. S., stands number one in wind-energy capacity among municipally owned utilities across the country, and ranks number one in Texas in solar-generated electricity under contract.

About Servidyne

Established in 1925, Servidyne, Inc. is headquartered in Atlanta, Georgia, and operates globally through its wholly–owned subsidiaries. The Company provides comprehensive energy efficiency and demand response solutions, sustainability programs, and other products and services that significantly enhance the operating and financial performance of existing buildings. Servidyne enables its customers to cut energy consumption and realize immediate cost savings across their portfolios, while reducing greenhouse gas emissions and improving the comfort and satisfaction of their buildings' occupants. The Company serves a broad range of markets in the United States and internationally, including owners and operators of corporate, commercial office, hospitality, gaming, retail, light industrial, distribution, healthcare, government, multi-family and education facilities, as well as energy services companies and public and private utilities. Servidyne also owns commercial income-producing properties in the Southeast. For more information, please visit www.servidyne.com, www.fifthfuelmanagement.com, or call 770-953-0304 begin_of_the_skype_highlighting 770-953-0304 end_of_the_skype_highlighting.

Certain statements contained in this news release are forward-looking statements within the meaning of federal securities laws. Such forward-looking statements involve known and unknown risks, uncertainties and other matters, including the risks and uncertainties set forth under the heading “Risk Factors” in the Company’s periodic reports filed with the Securities and Exchange Commission, any of which may cause the actual results, performance or achievements of Servidyne, Inc. to be materially different from any past or future results, performance, or uncertainties expressed or implied by such forward-looking statements. Without limitation, statements in this press release that are forward-looking include the Company’s expectation of starting energy audit work this month to identify and prioritize available customer demand response opportunities, the Company’s expectation that its Inside the Skin™ energy efficiency expertise will enable customer buildings to seamlessly shed electric loads on peak demand days, the Company’s belief that demand response will create a win-win scenario for the utility and its customers, the Company’s belief that during the demand response season, each participating customer will be compensated for reducing consumption of electricity when requested, and the Company’s expectation that at least 20 to 25 CPS Energy customers will participate annually in the demand response program. Servidyne, Inc. does not undertake to

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Wednesday May 26, 2010 20 Min Delayed
Short Quote™

Enter Symbol:




Servidyne Incorporated $ 2.84
SERV -0.06

Short Interest (Shares Short) 41,200
Days To Cover (Short Interest Ratio) 2.8
Short Percent of Float 2.45 %
Short Interest - Prior 41,600
Short % Increase / Decrease -0.24 %
Short Squeeze Ranking™ 4

% From 52-Wk High ($ 7.24 ) -60.77 %
% From 52-Wk Low ($ 1.53 ) 85.62 %
% From 200-Day MA ($ 2.25 ) 26.22 %
% From 50-Day MA ($ 3.03 ) -6.27 %
Price % Change (52-Week) 55.19 %

Shares Float 1,700,000
Total Shares Outstanding 3,676,083
% Owned by Insiders 53.42 %
% Owned by Institutions 16.60 %
Market Cap. $ 10,072,467
Trading Volume - Today 0
Trading Volume - Average 15,000
Trading Volume - Today vs. Average 0.00 %
Earnings Per Share -0.98
PE Ratio
Record Date 2010-MayB

Sector Industrial Goods
Industry Heavy Construction
Exchange NAS
Data Provided Without Warranty