Serve Robotics Inc. /DE/
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 14, 2025
SERV$3.11-8.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(In thousands)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net loss | $(67,088) | $(26,071) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation & amortization | 3,387 | 37 |
| Stock-based compensation | 14,919 | 9,930 |
| Accretion of discount on available-for-sale securities | (548) | - |
| Amortization of debt discount | - | 1,678 |
| Change in fair value of derivative liability | - | 222 |
| Changes in operating assets and liabilities, net of effects of business acquired: | ||
| Accounts receivable, net | (718) | (10) |
| Inventory | - | 447 |
| Prepaid expenses | (6,229) | (2,776) |
| Other receivables | (496) | (180) |
| Other current assets | (133) | - |
| Accounts payable | 3,479 | 1,556 |
| Accrued liabilities | 2,688 | (111) |
| Deferred revenue | (17) | 14 |
| Operating lease liabilities, net | 155 | (15) |
| Net cash used in operating activities | (50,601) | (15,279) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (20,831) | (5,395) |
| Purchases of short-term marketable securities | (107,485) | - |
| Proceeds from maturity of marketable securities | 14,200 | - |
| Security deposits | (119) | - |
| Acquisition, net of cash acquired | (7,504) | - |
| Capitalized software | (405) | - |
| Net cash used in investing activities | (122,144) | (5,395) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of common stock, net of offering costs | 75,847 | 35,849 |
| Proceeds from issuance of common stock under the 2025 Equity Distribution Agreement, net of offering costs | 78,767 | - |
| Proceeds from issuance of prefunded warrants to purchase common stock in connection with private placement, net of issuance costs | - | 17,116 |
| Proceeds from exercise of warrants | 11,381 | 16,325 |
| Proceeds from exercise of options | 405 | 87 |
| Proceeds from short-swing profit disgorgement | 48 | - |
| Payments of deferred offering costs | - | - |
| Repayment of financing lease liability | (186) | (1,322) |
| Proceeds from convertible notes payable, net of offering costs | - | 4,845 |
| Repayments of notes payable, related party | - | (70) |
| Repayments of note payable | - | (1,250) |
| Net cash provided by financing activities | 166,262 | 71,580 |
| Effect of exchange rate changes on cash and cash equivalents | 56 | - |
| Net change in cash and cash equivalents | (6,427) | 50,906 |
| Cash and cash equivalents at beginning of period | 123,266 | 7 |
| Cash and cash equivalents at end of period | $116,839 | $50,913 |
| Supplemental disclosure of cash flow information: | ||||
|---|---|---|---|---|
| Cash paid for income taxes | $ | - | $ | - |
| Cash paid for interest | $93 | $50 | ||
| Supplemental disclosure of non-cash investing and financing activities: | ||||
| Purchases of property and equipment, accrued but not paid | $1,339 | $ | - | |
| Conversion of convertible notes and derivative into common stock | $ | - | $6,804 | |
See accompanying notes to the unaudited condensed consolidated financial statements
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