Serve Robotics Inc (SERV) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Kathleen, and I will be your conference operator today. At this time, I would like to welcome everyone to the third quarter 2024 financial results and conference call.

感謝您的支持。我叫凱瑟琳，今天我將擔任您的會議主持人。現在，我歡迎大家參加2024年第三季財務業績和電話會議。

(Operator Instructions)

（操作員指示）

Now I would like to turn the call over to Aduke Thelwele, Head, communications and investor relations. Please go ahead.

現在，我想將電話轉給通訊和投資者關係主管 Aduke Thelwele。請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to Serve Robotics third quarter 2024 conference call. With me today are Serve's CEO and Co-Founder, Ali Kashani, and our CFO, Brian Read.

謝謝接線員，大家下午好。歡迎參加 Serve Robotics 2024 年第三季電話會議。今天與我一起的還有 Serve 的執行長兼聯合創始人 Ali Kashani 和我們的財務長 Brian Read。

During today's call, we may present both GAAP and non-GAAP financial measures. If needed, a reconciliation of GAAP to non-GAAP measures can be found in our earnings release filed earlier today. Certain statements in this call are forward-looking statements. You should not place undue reliance on forward-looking statements. Actual risks may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today, except as required by law.

在今天的電話會議中，我們可能會展示 GAAP 和非 GAAP 財務指標。如果需要，可以在我們今天早些時候提交的收益報告中找到 GAAP 與非 GAAP 指標的對帳表。本次電話會議中的某些陳述屬於前瞻性陳述。您不應過度依賴前瞻性陳述。實際風險可能與這些前瞻性聲明有重大差異，除非法律要求，否則我們不承擔更新我們今天所做的任何前瞻性聲明的任何義務。

For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today as well as the risks and uncertainties described in our most recent Form 10-K and in other filings made with the SEC.

有關可能導致實際結果與前瞻性陳述存在重大差異的因素的更多信息，請參閱我們今天發布的新聞稿以及我們最新的 10-K 表格和向美國證券交易委員會提交的其他文件中描述的風險和不確定性。

We published our quarterly financial press release and updated corporate presentation to our Investor Relations website earlier this afternoon, and we ask you to review those documents if you haven't already. With that, let me hand it over to Ali.

我們今天下午早些時候在投資者關係網站上發布了季度財務新聞稿和更新的公司介紹，如果您還沒有查看過這些文件，我們請您查看一下。說完這些，讓我把它交給阿里。

Thanks, Aduke. All right. Since our last call in August, we've been busy. We've been making a lot of progress that I would like to catch you up on today. I'll try to keep it short.

謝謝，阿杜克。好的。自從八月上次通話以來，我們一直很忙。我們已經取得了很多進展，今天我想向你們報告一下。我會盡量簡短地說。

First, let's talk about our progress towards scaling. We are on track to deploy 2,000 robots by the end of 2025 under our agreement with Uber, pushing us towards expected run rate of $60 million to $80 million in annual revenue once the robots are deployed and reach full utilization. And I want to reveal our next city beyond LA today. So stay tuned.

首先，讓我們談談我們在擴展方面取得的進展。根據我們與 Uber 達成的協議，我們計劃在 2025 年底前部署 2,000 台機器人，一旦機器人部署完畢並達到充分利用，我們的年收入預計將達到 6,000 萬至 8,000 萬美元。今天我想透露一下洛杉磯以外的下一個城市。敬請關注。

Next, we are going to dive into some of the strategic moves that we are making, including today's announcement about acquiring the kitchen robotic start-up, Vebu, Inc. We'll also talk about our new partnerships with Shake Shack and Wing Aviation and also give you a quick update on our work with Magna International. And then I'll pass it to Brian to walk you through last quarter's financials and our recent financing moves. So let's jump in. I'm happy to report that we are on track with our rollout plan.

接下來，我們將深入探討我們正在採取的一些策略性舉措，包括今天宣布收購廚房機器人新創公司 Vebu, Inc.。我們還將討論與 Shake Shack 和 Wing Aviation 的新合作夥伴關係，並簡要介紹我們與麥格納國際的合作進展。然後我會把它交給布萊恩，讓他向你們介紹上個季度的財務狀況和我們最近的融資動向。那麼就讓我們開始吧。我很高興地報告，我們的推廣計劃正在順利進行中。

We recently announced our third-gen robots. And while we initially expected them to hit the sidewalks early next year, we are now set to deploy 75 of them by this year's end. That's going to double our delivery fleet. By the end of Q1, we will have 250 of these robots cruising around LA as planned and we are still on track to enter our first new market outside of LA

我們最近發布了第三代機器人。雖然我們最初預計它們將在明年初出現在人行道上，但現在我們計劃在今年年底前部署其中的 75 個。這將使我們的送貨隊伍規模增加一倍。到第一季末，我們將按計劃在洛杉磯部署 250 台這樣的機器人，並且我們仍有望進入洛杉磯以外的第一個新市場

by the end of Q2 next year. Now on the manufacturing side. Our third-gen robots are rolling off assembly lines with the first ones already delivered to our LA facility. These units were delivered a few weeks ahead of schedule and they have performed well in certification testing.

明年第二季末。現在談談製造方面。我們的第三代機器人正在從組裝線上陸續推出，第一批機器人已經交付到我們的洛杉磯工廠。這些設備提前幾週交付，並且在認證測試中表現良好。

Our approach is still phased and delivered, deploying in batches to ensure that we are scaling smoothly. With 250 more robots coming to LA in Q1 next year, we are expanding into new areas, including Downtown LA, Sawtelle and Westwood. I was there last week visiting two new robot depots that we have secured and exploring new neighborhoods that we are going to be serving.

我們的方法仍然是分階段交付、分批部署，以確保順利擴展。隨著明年第一季將有 250 台機器人進入洛杉磯，我們將擴展到新的地區，包括洛杉磯市中心、索特爾和韋斯特伍德。上週我去那裡參觀了我們已獲得的兩個新機器人倉庫，並探索了我們將要服務的新社區。

We'll start delivering in these neighborhoods over the next couple of weeks, effectively doubling the number of restaurants that we serve on our platform. As the fleet grows over the coming weeks and months, we also plan to extend our service into other neighboring areas. Now for the big reveal. Our first market outside of LA is going to be the Dallas Fort Worth metro.

我們將在未來幾週內開始向這些社區提供送餐服務，這將使我們平台上服務的餐廳數量增加一倍。隨著未來幾週和幾個月車隊的壯大，我們也計劃將服務擴展到其他鄰近地區。現在來揭曉真相。我們在洛杉磯以外的第一個市場將是達拉斯沃斯堡大都會區。

Dallas is a dense city with a booming commercial hub and an innovating edge. It's the first city to permit beyond line of sight drone delivery, for example. Expanding there would let us ramp up our partnership with Wing Aviation after the pilot as well. By year-end 2025, we are expected to be on track to deploy all 2,000 robots as we planned, aiming to get to run rate of $60 million to $80 million in annual revenue once they hit full utilization, which in new cities could take about 6 to 12 months. The full cost recovery for each robot is also expected to occur within 12 months.

達拉斯是一個人口密集的城市，擁有繁榮的商業中心和創新優勢。例如，它是第一個允許超視距無人機送貨的城市。在那裡擴張將使我們在試點之後加強與 Wing Aviation 的合作夥伴關係。到 2025 年底，我們預計將按計劃部署所有 2,000 台機器人，目標是在達到充分利用後實現 6,000 萬至 8,000 萬美元的年收入，這在新城市可能大約需要 6 到 12 個月。預計每台機器人的全部成本將在 12 個月內收回。

Now let's dive into some of the strategic announcements we've recently made. First off, Shake Shack. Back in August, we kicked off a partnership to deliver Shake Shack orders with our robots in LA We are optimistic that this will expand to new cities as we show the value of robots. This can also serve as a model for other national partners.

現在讓我們深入了解我們最近發布的一些策略公告。首先是 Shake Shack。早在今年 8 月，我們就已在洛杉磯與 Shake Shack 建立合作關係，利用我們的機器人配送訂單。隨著我們展示機器人的價值，我們樂觀地認為這項服務將擴展到新的城市。這也可以作為其他國家合作夥伴的榜樣。

This particular partnership came through our relationship with Uber, which is a nice reminder of how Uber's enterprise relationships can actually be valuable for Serve. Next, let's talk about Wing Aviation. We announced this October that robots and drones are teaming up for deliveries. Wing has done hundreds of thousands of deliveries worldwide from medications to library books and coffee and food, and Dallas Fort Worth is one of the first US metros Uthat has cleared drone operations beyond line of sight.

這種特殊的合作關係是透過我們與 Uber 的關係而建立的，這很好地提醒了我們 Uber 的企業關係對於 Serve 來說實際上是多麼有價值。接下來我們來談談Wing Aviation。今年 10 月，我們宣布機器人和無人機將聯手進行送貨。Wing 已在全球範圍內完成了數十萬次運送，從藥品到圖書館書籍、咖啡和食物，達拉斯沃斯堡是美國首批允許無人機在視線之外作業的大都市之一。

This partnership is really one of a kind. Successfully showing this model works can open up opportunities for both companies.

這次合作確實是獨一無二的。成功展示該模型可以為兩家公司帶來機會。

By combining our robots with Wing drones, we are covering both short and long-distance deliveries together addressing deliveries up to 6 miles. This is an ideal way for our merchant partners to automate a large portion of their deliveries, and we believe that multi-modal robotic delivery will be the most efficient most for millions of packages delivered every day. As I like to tell my team, the only thing that's cooler than robots is robots and drones working together. We've been working on this partnership for some time and I'm excited to see what potential it can unlock. I believe this can help us accelerate our conversations with national chains as well.

透過將我們的機器人與 Wing 無人機結合，我們可以同時覆蓋短距離和長距離配送，配送距離可達 6 英里。這是我們的商家合作夥伴實現大部分配送自動化的理想方式，我們相信，多模式機器人配送對於每天配送的數百萬個包裹來說將是最有效的。我喜歡告訴我的團隊，唯一比機器人更酷的事情就是機器人和無人機的協同工作。我們已經為這項合作努力了一段時間，我很高興看到它能夠釋放出什麼樣的潛力。我相信這也可以幫助我們加快與全國連鎖店的對話。

I think the last few years have been all about every start-up working in their silos and getting their tech to work and get ready for scale. But now we are finally putting the pieces of the puzzle together to bring forward this future of automated delivery that we've all been waiting for. And one bit of news to share is that we expect to launch the Wing pilot in Dallas in the coming weeks. This aligns well with our plan to expand to Dallas Fort Worth by Q2 2025 in full scale. Finally, a quick update about our collaboration with Magna International.

我認為在過去幾年裡，每家新創公司都在各自為政，努力讓其技術發揮作用，為擴​​大規模做好準備。但現在我們終於將各個部分拼湊在一起，以實現我們一直在等待的自動化交付的未來。值得分享的一個消息是，我們預計將在未來幾週內在達拉斯啟動 Wing 試點。這與我們計劃在 2025 年第二季全面擴展到達拉斯沃斯堡的計劃非常一致。最後，簡單介紹一下我們與麥格納國際的合作情況。

We hadn't talked about this before, but our software services work with Magna is moving into a new phase. Magna is one of the world's largest auto manufacturers and they're also assembling our new robots. Over the past three quarters, we've recognized revenue from a non-recurring software services contract with them, which mostly wrapped up in Q2. Now we've entered the second phase, which should generate a few hundred thousand in revenue next year. The work relates to Magna licensing software to create new products.

我們之前沒有談論過這個問題，但我們與麥格納的軟體服務合作正在進入一個新階段。麥格納是世界上最大的汽車製造商之一，他們也正在組裝我們的新機器人。在過去三個季度中，我們從與他們簽訂的非經常性軟體服務合約中確認了收入，這些收入大部分在第二季結束。現在我們已經進入第二階段，明年應該可以產生幾十萬的收入。這項工作涉及麥格納授權軟體來創造新產品。

And while the revenue is non-recurring, it's a testament to our relationship with Magna and our tech leadership in the field. All right. One last thing. We have signed an agreement to acquire Vebu, Inc. You might know them from recent headlines about Autocado, the robot that has Autocado prep time and was developed by Vebu in collaboration with Chipotle.

雖然這筆收入是非經常性的，但它證明了我們與麥格納的關係以及我們在該領域的技術領導地位。好的。最後一件事。我們已經簽署了收購 Vebu, Inc. 的協議。您可能從最近有關 Autocado 的頭條新聞中了解到他們，Autocado 是一款具有 Autocado 準備時間的機器人，由 Vebu 與 Chipotle 合作開發。

We are bringing the Vebu team onboard to expand into kitchen automation. Big food chains have limited time to work with tech start-ups. So offering both kitchen and curbside solutions to them would make us a one-stop shop for their needs. This is a valuable competitive advantage.

我們正在邀請 Vebu 團隊加入我們，拓展廚房自動化領域。大型連鎖餐飲企業與科技新創企業合作的時間有限。因此，為他們提供廚房和路邊解決方案將使我們成為滿足他們需求的一站式商店。這是一個寶貴的競爭優勢。

Vebu and Serve are solving the same problem, which is labor shortage, with the similar tech, which is AI and robotics, and for the same partners. So this will deepen our relationship with national chains. And as we expand our delivery footprint, it can accelerate our integration with them. Another benefit from this is Vebu's Founder, Buck Jordan, and his stellar team joining us. Buck is a big name in food automation and founded Miso Robotics before Vebu.

Vebu 和 Serve 正在利用類似的技術（即人工智慧和機器人技術）為相同的合作夥伴解決相同的問題（即勞動力短缺）。這將加深我們與全國連鎖店的關係。隨著我們擴大交付範圍，它可以加速我們與他們的整合。另一個好處是 Vebu 的創辦人 Buck Jordan 和他的優秀團隊加入了我們。Buck 是食品自動化領域的知名人士，在 Vebu 之前創立了 Miso Robotics。

He was also one of Serve's earliest backers. And soon after we spun out of Uber, he joined our Board. Over the years, he has opened many doors for us with some of the biggest names in the food industry. I feel honored because it's not often you can assemble a team of experienced founders together all putting in the same direction. On top of the team and tech, there's also potential revenue growth and cash flow here.

他也是 Serve 最早的支持者之一。我們從 Uber 分拆出來後不久，他就加入了我們的董事會。多年來，他為我們打開了許多與食品業一些大腕合作的大門。我感到很榮幸，因為能夠組建一支由經驗豐富的創始人組成的、共同努力的團隊並不常見。除了團隊和技術之外，這裡還有潛在的收入成長和現金流。

Autocado is in pilot at Chipotle. And if all goes well with their Stage-Gate Validation process, it could roll out to more stores and bring in a fresh revenue stream. To sum up, this acquisition is a strategic milestone that brings us an exciting product, a brilliant team, a deeper partnership with national chains and a potential new revenue and cash flow stream. Due to the smaller size of the deal, we won't be disclosing the terms and it remains subject to customary closing conditions, but I can share that it is an all-stock transaction.

Autocado 正在 Chipotle 進行試點。如果他們的階段門驗證流程一切順利，它可能會推廣到更多的商店並帶來新的收入來源。總而言之，此次收購是一個戰略里程碑，它為我們帶來了令人興奮的產品、優秀的團隊、與全國連鎖店更深層次的合作以及潛在的新收入和現金流。由於交易規模較小，我們不會透露具體條款，並且仍需遵守慣例成交條件，但我可以透露，這是一項全股票交易。

We believe Vebu's balance sheet cash will be sufficient to fund the Autocado pilot, after which it is expected to ramp up revenue. I'm really excited about this potential acquisition and I cannot wait to update you as we move forward. So let's recap. We are a bit ahead of schedule on our 2,000 robot deployment. By this year's end, we are looking at a fleet twice the size we had originally planned.

我們相信 Vebu 的資產負債表現金足以資助 Autocado 試點項目，之後預計其收入將會增加。我對這次潛在的收購感到非常興奮，我迫不及待想向您通報進度。讓我們回顧一下。我們的 2,000 台機器人部署計畫比原計畫提前了一點。到今年年底，我們的船隊規模將達到原計劃的兩倍。

We are also quickly expanding our service area in Los Angeles to Downtown LA, Sawtelle and Westwood. We've got a new partnership with Shake Shack in LA, which we hope will expand and pave the way for future national partners. Then there is a collaboration with Wing where robots and drones are teaming up. We expect this to be up and running in the coming weeks, allowing us to cover a big range of delivery distances together. This will also bring us to Dallas Fort Worth area for the first time, initially at a small scale for the Wing pilot and then for our full expansion expected by the end of Q2 2025.

我們也正在迅速擴展我們在洛杉磯的服務範圍至洛杉磯市中心、索特爾和韋斯特伍德。我們與洛杉磯的 Shake Shack 建立了新的合作夥伴關係，我們希望這種合作關係能夠擴大，並為未來的全國合作夥伴鋪平道路。然後是與 Wing 的合作，機器人和無人機將聯手合作。我們預計該系統將在未來幾週內投入運行，使我們能夠共同覆蓋大範圍的配送距離。這也將使我們首次進入達拉斯沃斯堡地區，最初將進行小規模的 Wing 試點，然後預計在 2025 年第二季末進行全面擴展。

There is also the partnership with Magna, which is going strong with a new software services phase underway. And lastly, we are excited about bringing Vebu into the fold once the potential transaction closes. Together, we expect to be able to offer a more complete solution to restaurant partners, thanks to both Vebu and Wing and deepen our relationship with them and potentially speed up our revenue growth and path to profitability. All of this aligns with the master plan I shared with you on our last earnings call, own food delivery first, then expand into other verticals, and finally, use our core robotics tech to power new robot forms that co-exist with humans. All right.

此外，我們還與麥格納 (Magna) 建立了合作夥伴關係，雙方合作正在蓬勃發展，新的軟體服務階段也正在推進中。最後，一旦潛在交易完成，我們很高興能將 Vebu 納入我們的麾下。我們希望能夠透過 Vebu 和 Wing 為餐廳合作夥伴提供更完整的解決方案，加深我們與他們的關係，並有可能加快我們的收入成長和獲利之路。所有這些都與我在上次收益電話會議上與大家分享的總體規劃相一致，首先擁有食品配送業務，然後擴展到其他垂直領域，最後使用我們的核心機器人技術為與人類共存的新型機器人形式提供動力。好的。

That's it for me. Brian, please take over with the third quarter financials and insights.

對我來說就是這樣。布萊恩，請接手第三季的財務和見解。

Thanks, Ali. Today, I'll walk through our solid financial performance in Q3, talk about the steps we've taken to increase our financial flexibility and provide directional insights as we look forward to a transformative 2025. We delivered total revenue of $222,000 for the third quarter of 2024. Delivery and branding revenues contributed $183,000 with delivery revenue seeing a 49% increase over the prior quarter and a 108% increase from the same period prior year.

謝謝，阿里。今天，我將介紹我們第三季度的穩健財務業績，談談我們為提高財務靈活性所採取的措施，並在展望變革性的 2025 年時提供方向性見解。2024 年第三季我們的總收入為 222,000 美元。送貨和品牌收入貢獻了 183,000 美元，其中送貨收入比上一季增長 49%，比去年同期增長 108%。

The increase was attributed to improved utilization of our existing delivery fleet, which benefited from both software enhancements and operational improvements during the quarter. While marginal in their dollar impact, these improvements are critical as we prepare for fleet expansion.

這一增長歸因於我們現有送貨車隊的利用率提高，這得益於本季度軟體增強和營運改進。雖然這些改進對美元的影響微乎其微，但對於我們準備擴大船隊來說，它們至關重要。

During the third quarter, we had 59 daily active robots, representing a 23% increase quarter-over-quarter and 97% increase compared to the same period prior year. These active robots produced an average of 465 daily supply hours, a 21% increase quarter-over-quarter and 108% increase compared to the same period prior year. As communicated last quarter, we saw a reduction in our third quarter software services revenue, which contributed $39,000 during the quarter. While our initial software services contract with Magna is complete, we look forward to providing further services under the recently signed agreement. From this, we anticipate recognizing a few hundred thousand dollars of additional revenues in the first half of 2025.

第三季度，我們每日活躍機器人數量為 59 個，較上季成長 23%，比去年同期成長 97%。這些活躍的機器人每天平均提供465個供應小時，比上一季成長21%，比去年同期成長108%。正如上個季度所傳達的，我們發現第三季軟體服務收入有所減少，該收入在本季度貢獻了 39,000 美元。雖然我們與麥格納的初始軟體服務合約已經完成，但我們期待根據最近簽署的協議提供進一步的服務。由此，我們預計 2025 年上半年將實現數十萬美元的額外收入。

Our cost of revenue during the third quarter was $377,000. The decline in reported gross margin compared to the previous quarter was primarily due to a reduction in higher margin software services revenue.

我們第三季的收入成本為 377,000 美元。與上一季相比，報告毛利率的下降主要是由於利潤率較高的軟體服務收入的減少。

On a year-over-year basis, our delivery and branding gross margins improved 84% compared to the same period prior year. Stock-based compensation for the third quarter was $2.2 million compared to $3.5 million in the prior quarter and $0.1 million in the same period prior year. Operating expenses for the third quarter were $8.3 million compared to $8.7 million in the prior quarter and $5.1 million in the same period prior year.

與去年同期相比，我們的配送和品牌毛利率提高了 84%。第三季的股票薪酬為 220 萬美元，而上一季為 350 萬美元，去年同期為 10 萬美元。第三季營運費用為 830 萬美元，而上一季為 870 萬美元，去年同期為 510 萬美元。

In the third quarter, we had interest income of $449,000, reflecting the benefits of the higher cash balance following the recent capital raise transactions and debt repayments I will explain in a moment. That compares to interest expense of $260,000 and $1.5 million in the prior quarter and a year ago respectively. Our net loss for the third quarter shrunk to $8 million compared to $9 million in the prior quarter. Turning to our cash position and financial flexibility. For the third quarter, free cash flow, calculated as cash flow used in operations minus capital expenditures, was negative $10.1 million and included approximately $6.9 million related to manufacturing costs.

第三季度，我們的利息收入為 449,000 美元，這反映了最近的融資交易和債務償還之後現金餘額增加的好處，我稍後會解釋。相比之下，上一季和去年同期的利息支出分別為 26 萬美元和 150 萬美元。與上一季的 900 萬美元相比，第三季的淨虧損縮減至 800 萬美元。談談我們的現金狀況和財務靈活性。第三季度，自由現金流（以經營活動所用現金流減去資本支出計算）為負 1,010 萬美元，其中包括與製造成本相關的約 690 萬美元。

However, our overall cash position was bolstered by two equity transactions. Our July and August transactions were private placement offerings, consisting of pre-funded warrants to purchase shares of common stock and warrants exercisable for common stock.

然而，兩筆股權交易增強了我們的整體現金狀況。我們七月和八月的交易是私募發行，包括預先出資的認股權證（用於購買普通股）和可行使普通股的認股權證。

These transactions and associated warrant exercises generated net proceeds of $32.3 million in the quarter. These transactions not only delivered substantial liquidity for the company, but were executed at favorable premiums to our April 2024 NASDAQ listing price. In addition, we also received $700,000 from proceeds of additional warrant exercises. As of September 30, 2024, there were approximately 5.5 million warrants outstanding with a weighted average exercise price of $5.41.

這些交易和相關認股權證行使在本季度產生了 3,230 萬美元的淨收益。這些交易不僅為公司帶來了大量流動性，而且以高於我們 2024 年 4 月納斯達克上市價格的溢價執行。此外，我們也從額外認股權證行使收益中獲得了 70 萬美元。截至 2024 年 9 月 30 日，未行使認股權證約為 550 萬份，加權平均行使價為 5.41 美元。

We fully repaid the outstanding balance on our secured term loan, reducing the company's balance to 0 as of September 30. This positions us with a strong cash balance of $50.9 million, which we anticipate provides sufficient capital to support our 2,000 robot rollout in 2025. Earlier today, we established a new ATM program, providing us with further flexibility in capital raising.

我們已全額償還了擔保定期貸款的未償餘額，截至 9 月 30 日，公司的餘額已降至 0。這使我們的現金餘額達到 5,090 萬美元，我們預計這將提供足夠的資金來支持我們在 2025 年推出 2000 台機器人。今天早些時候，我們建立了一個新的 ATM 計劃，為我們的融資提供了進一步的靈活性。

While our current balance sheet and forward projections do not indicate any immediate need for capital, we view this as a prudent step that provides us with important optionality if our capital needs change or we see new opportunities in the marketplace. Our total available credit under signed commitments with equipment financing partners remains at $11.6 million.

雖然我們目前的資產負債表和未來預測並未顯示有任何立即的資本需求，但我們認為這是一個謹慎的舉措，如果我們的資本需求發生變化或我們在市場上看到新的機會，它將為我們提供重要的選擇權。我們與設備融資合作夥伴簽署的承諾項下的可用信貸總額仍為 1,160 萬美元。

As of today, no amount has been drawn under these facilities. And due to the upfront capital requirements for our fleet, we will continue to explore effective financing solutions for our robots. The net result of these important steps to secure our financial position is that we have alleviated the significant doubt for our going concern as of the filing of our Form 10-Q this afternoon. The recently announced acquisition of Vebu, which Ali discussed earlier, presents a compelling opportunity for our organization. While we are not yet releasing financial information as we work towards completing the transaction, we have initiated preparations to ensure a smooth integration process.

截至今天，這些設施尚未提取任何金額。由於我們的機器人團隊有前期資本需求，我們將繼續為我們的機器人探索有效的融資解決方案。這些確保我們財務狀況的重要步驟的最終結果是，截至今天下午提交 10-Q 表時，我們已經減輕了對持續經營的重大疑慮。阿里之前討論過的最近宣布的對 Vebu 的收購，為我們的組織提供了一個極具吸引力的機會。雖然我們正致力於完成交易，但尚未發布財務訊息，但我們已開始著手準備，以確保整合過程順利進行。

As Ali noted, this acquisition is structured as an all-stock transaction with no upfront cash consideration, and Vebu brings a balance sheet, which we expect to be sufficient to fund the operations through the duration of the Autocado pilot phase. Post closing, we anticipate a modest increase in our quarterly operational cash use, primarily driven by head count and production readiness costs.

正如阿里所指出的，此次收購是全股票交易，沒有預付現金對價，而 Vebu 帶來的資產負債表足以為 Autocado 試點階段的營運提供資金。交易結束後，我們預期季度營運現金使用量將小幅增加，主要原因是員工人數和生產準備成本。

It's important to note that this is a relatively minor transaction and we have no plans to seek additional capital to finance this acquisition. We remain committed to a disciplined approach to capital management focused on strengthening our balance sheet to deliver sustainable growth and long-term value for our shareholders. Lastly, I'd like to provide some directional insights as we look towards 2025.

值得注意的是，這是一筆相對較小的交易，我們沒有計劃尋求額外資本來為此次收購提供資金。我們將繼續致力於採取嚴謹的資本管理方法，並專注於加強我們的資產負債表，為股東實現永續成長和長期價值。最後，我想就展望2025年提供一些方向性的見解。

Our financial outlook continues to project a run rate of $60 million to $80 million in annualized revenue once the robots are deployed and reach full utilization. Specifically, we anticipate growth in delivery and branding revenue streams, resulting from the ongoing geographical expansions in Los Angeles, expansion into the Dallas Fort Worth metro area scheduled by the end of Q2 and additional cities throughout the year.

我們的財務前景繼續預測，一旦機器人部署並達到充分利用，年收入將達到 6,000 萬至 8,000 萬美元。具體來說，我們預計配送和品牌收入流將會成長，這得益於洛杉磯的持續地理擴張、計劃於第二季末擴展到達拉斯沃斯堡大都會區以及全年擴展到其他城市。

As previously indicated, the majority of the 2,000 robots related to our Uber contract will be deployed in the second half of 2025. And therefore, we expect our revenue to be weighted towards the latter half of the year. For branded growth, we are exploring resources to expand our revenue pipeline, meeting strong demand from customers seeking to leverage our expanding fleet for advertising campaigns.

如前所述，我們與 Uber 的合約涉及的 2,000 個機器人大部分將在 2025 年下半年部署。因此，我們預計我們的收入將集中在下半年。對於品牌成長，我們正在探索資源來擴大我們的收入管道，滿足客戶尋求利用我們不斷擴大的車隊進行廣告活動的強烈需求。

Software service revenue should be considered non-recurring in the near-term. We will provide specific updates on software contracts as appropriate. Our newly signed software services agreement with Magna is expected to generate a few hundred thousand dollars in additional revenues in the first half of 2025. These updates are consistent with previous statements and underscore our ongoing commitment to disciplined strategic growth. With that, let's turn it over to questions.

軟體服務收入在短期內應被視為非經常性收入。我們將根據需要提供有關軟體合約的具體更新。我們與麥格納新簽署的軟體服務協議預計將在2025年上半年產生數十萬美元的額外收入。這些更新與先前的聲明一致，並強調了我們對嚴謹的策略成長的持續承諾。好了，讓我們開始提問吧。

(Event Instructions)

（活動須知）

So this first question is from Mike Lattimore at Northland. By the end of 2025, do you expect to have 2,000 robots in total or 2,000 robots in addition to 2024 levels?

第一個問題來自 Northland 的 Mike Lattimore。到 2025 年底，您預計總共會有 2,000 個機器人，還是在 2024 個水平的基礎上再增加 2,000 個機器人？

Yeah, I'll take that one.

是的，我要那個。

Brian, would you like to take this first one?

布萊恩，你想先拿這個嗎？

Sure. Thanks, Mike. So you have to be clear, we are aiming to have a total of 2000 robots by the end of the year 2025. To clarify that, it doesn't mean that the entire 2,000 robot fleet will be active robots and in service at all times, as you could expect, right, managing a larger fleet, we have to have maintenance on that. We will use the fleet for some R&D efforts, and we're thinking about that right now, probably in the highest single digit percentages, with respect to the 2,000 robots. So I hope that provides some color.

當然。謝謝，麥克。所以你必須清楚，我們的目標是到 2025 年底總共有 2000 台機器人。需要澄清的是，這並不意味著整個 2,000 個機器人艦隊都是活躍的機器人並且始終處於服務狀態，正如您所期望的那樣，管理更大的艦隊，我們必須對其進行維護。我們將利用這些機器人進行一些研發工作，我們現在正在考慮這個問題，就這 2,000 個機器人而言，可能佔最高個位數百分比。所以我希望這能提供一些資訊。

Okay, thank you, Brian. This next question is from [Ramel Dionisio at Aegis] He's asking, could you discuss the advantages of the third generation robot in more detail? Specifically, how much might revenue generation improve and how was manufacturing cost halved while functionality was increased? Ali, do you want to take this one?

好的，謝謝你，布萊恩。下一個問題來自 [Aegis 的 Ramel Dionisio]，他問，您能更詳細地討論一下第三代機器人的優勢嗎？具體來說，收入產生可能會提高多少，以及如何在功能增加的同時將製造成本減半？阿里，你想拿這個嗎？

Absolutely. So our third gen robots have about 70% more battery. They have about twice as much speed. They can basically deliver more items per day than the current robots. That's what drives the revenue increase. Also, they have better sensors and 5 times more compute power, which is what -- basically, what that means is that they can generate that revenue more efficiently.

絕對地。因此我們的第三代機器人的電池容量增加了約 70%。它們的速度大約是原來的兩倍。它們每天運送的物品基本上比現在的機器人還要多。這就是推動營收增加的因素。此外，它們擁有更好的感測器和 5 倍的運算能力，這基本上意味著它們可以更有效地創造收入。

But what I'm particularly proud about is the fact that we have achieved all these improvements in the robots while at the same time decreasing the cost of the robot in half. So we've made certain components that used to be off the shelf are now being made in-house. This removes overhead. We have robots that are now optimized from a design point of view for cost, so better manufacturing and lower parts cost. We also have conponents that have improved in terms of both performance and cost because of Moore's law like batteries and lighter and GPUs.

但讓我特別自豪的是，我們在機器人方面取得了所有這些改進，同時將機器人的成本降低了一半。因此，我們以前製造的某些現成的組件現在都可以在內部生產了。這消除了開銷。我們現在從設計角度對機器人的成本進行了最佳化，從而實現了更好的製造並降低了零件成本。由於摩爾定律，我們的組件（如電池、打火機和 GPU）在性能和成本方面也得到了改善。

And lastly, we are building robots at a larger scale than previous builds, which also helps us reduce costs. I also expect that all these trends will continue moving forward because we are going to improve our designs and remove further components that are off the shelf and also scale further, so bring the cost down from all those forces that I just mentioned earlier.

最後，我們建造的機器人規模比以前更大，這也有助於我們降低成本。我還預計所有這些趨勢將繼續向前發展，因為我們將改進我們的設計並去除現成的更多組件，並進一步擴大規模，從而透過我剛才提到的所有力量降低成本。

Okay, thanks, Ali. All right. Another question from Brian Kislinger at Alliance Global. How many stores are signed up to use serves robot delivery, and how does this compare quarter over quarter and year over year? What is a reasonable goal for the number of stores opting in to use Serve Robots a year from now in your current regions and why?

好的，謝謝，阿里。好的。另一個問題來自 Alliance Global 的 Brian Kislinger。有多少家店簽約使用機器人送貨服務？與上一季和去年同期相比，情況如何？您所在地區一年後選擇使用服務機器人的商店數量的合理目標是什麼？為什麼？

That's a multi-part question. Ali, do you want to take this one?

這是一個由多部分組成的問題。阿里，你想拿這個嗎？

Absolutely. So currently, we have more than 400 restaurants that we are serving in Los Angeles. I believe last quarter, the number we had shared was in the 300 range. So that's already grown. And just in the next couple of weeks as we expand in Los Angeles, we expect our total number to almost double, so we would have about 750 restaurants that will be serving just in Los Angeles. We don't have projections for where we are going to be next year, but that kind of gives you a sense of what the expansion rate is going to look like.

絕對地。目前，我們在洛杉磯服務的餐廳超過 400 家。我相信上個季度我們分享的數字在 300 左右。所以這已經成長了。在接下來的幾週內，隨著我們在洛杉磯的擴張，我們預計我們的餐廳總數將幾乎翻一番，因此僅在洛杉磯，我們的餐廳數量將達到約 750 家。我們沒有對明年的預測，但這可以讓您了解擴張率將會是什麼樣的。

Okay, thank you. All right, the next question is, one that we got from quite a few of you via email, and it's about the election. Do we anticipate any impacts to Serve from the recent elections, such as shifts in local regulation or any impact on possible tariffs? Brian?

好的，謝謝。好的，下一個問題是我們從你們很多人透過電子郵件收到的，是關於選舉的。我們是否預期最近的選舉會對 Serve 產生任何影響，例如地方法規的變化或對可能的關稅產生任何影響？布賴恩？

Yes, let me tackle that one. So obviously, we don't have a crystal ball with respect to how the tariffs and the percentages are going to play out over the next four years. But color for that is we're going to track both the recent election from a regulatory and a policy standpoint as well as the tariffs. Regulation and policy, our team is dialed in from a metro and neighborhood perspective.

是的，讓我來解決這個問題。顯然，我們無法預知未來四年關稅和稅率將如何變化。但具體來說，我們將從監管和政策的角度以及關稅的角度來追蹤最近的選舉。法規和政策，我們的團隊從地鐵和社區的角度進行研究。

And favorably, we see a lot of legislation that's being proactively passed to allow our robots to operate on the sidewalks. So we're looking for trends there that continue to monitor. On the tariff side, I would provide that, our supply chain is global. But most of our materials are coming from countries other than China. So with respect to the magnitude there, we'll provide more information as more concrete terms come to the market.

令人欣慰的是，我們看到許多立法正在積極通過，允許我們的機器人在人行道上運行。因此，我們正在尋找並持續監測那裡的趨勢。在關稅方面，我想說的是，我們的供應鏈是全球性的。但我們的材料大部分來自中國以外的國家。因此，就其規模而言，隨著更多具體條款進入市場，我們將提供更多資訊。

Okay, thank you. Next question is from Glenn Matson at [Latinberg]. Can you share details on your plans to scale up? Beyond procurement of the robot, there's also deployment and getting them into service. Can you talk about acceptance by restaurants and customers and everything necessary to maximize revenue per robot? Ali, would you want to take this one?

好的，謝謝。下一個問題來自 Glenn Matson[拉丁伯格]。能分享一下擴大規模計畫的細節嗎？除了採購機器人之外，還需要部署並投入使用。您能談談餐廳和顧客的接受度以及最大化每個機器人收入所需的一切嗎？阿里，你想拿這個嗎？

Absolutely. So we have an effective expansion playbook as we have been expanding in Los Angeles and even doing pilots outside of Los Angeles. It starts by selecting the cities and neighborhoods we're going to based on historical delivery data. This is something we have a unique kind of skill set around because we were born inside one of the largest delivery platforms and are really familiar with that data and the insights. Once we choose the markets, we are expanding to the secure depots to place the robots in.

絕對地。因此，我們有一個有效的擴張策略，因為我們一直在洛杉磯擴張，甚至在洛杉磯以外的地方進行試點。首先根據歷史配送資料選擇我們要去的城市和街區。這是我們擁有的獨特技能，因為我們誕生於最大的交付平台之一，並且非常熟悉這些數據和見解。一旦我們選擇了市場，我們就會擴展到安全倉庫來放置機器人。

For example, our recent LA expansion required two new depots that we just secured. And then as we do that, of course we put in place the field operation team who are in charge of managing and charging and maintaining the robots. And then once that's in place, we obviously work with our partners like Uber to get merchants and customers on board. In many cases, getting a restaurant on board is a simple email that informs them about the program.

例如，我們最近的洛杉磯擴張需要兩個新的倉庫，我們剛剛獲得了這兩個倉庫。然後，我們當然會成立現場操作團隊，負責管理、充電和維護機器人。一旦這一切準備就緒，我們顯然會與 Uber 等合作夥伴合作，讓商家和客戶加入。在許多情況下，讓餐廳加入只需發送一封簡單的電子郵件告知他們該計劃即可。

And they can opt out if they do not wish to be part of the program, they'll be find that to be a very low percentage. In some cases, like certain QSRs may have custom point of sale systems. In that case, you need a different kind of outreach and integration work. And then customers are also the same. They usually place an order and then find out that the restaurant they're ordering from is supported by Serve. Again, they can opt out if they so choose, but they're also informed that they won't have to provide a tip to a robot, which is something customers find really compelling.

如果他們不想參與該計劃，他們可以選擇退出，他們會發現這個比例非常低。在某些情況下，某些 QSR 可能有客製化的銷售點系統。在這種情況下，您需要不同類型的外展和整合工作。那麼顧客也是一樣的。他們通常會下訂單，然後發現他們訂餐的餐廳支援 Serve。同樣，如果他們願意，他們可以選擇退出，但他們也被告知不必向機器人提供小費，這一點讓顧客感到非常有吸引力。

So in both cases, we find really low opt-out rates. People are generally both merchants and customers excited to use the robots. And then once you have all these pieces, of course, the final step is shift the robots to those operating areas.

因此，在這兩種情況下，我們都發現退出率非常低。人們通常無論是商家還是顧客都對使用機器人感到興奮。然後，一旦你有了所有這些零件，當然，最後一步就是將機器人轉移到那些操作區域。

Okay, thank you. The next question is from Richard Shannon at Craig Hallam, and it's on utilization. He says on the Q2 call, Ali, you said we have more demand than supply, but then you also said you expect it could take up to a year to see full utilization of the 2000 robots. How should we resolve these two comments?

好的，謝謝。下一個問題來自 Craig Hallam 的 Richard Shannon，關於利用率。他說，阿里，在第二季電話會議上，您說我們的需求大於供應，但您也表示，預計可能需要長達一年的時間才能充分利用這 2000 台機器人。我們該如何解決這兩則評論呢？

Well, there are a number of steps that go in between securing demand and addressing it. Obviously, you start by setting up, robots and operations. But once you do that, you need, it takes us a few weeks and sometimes a few months to become really efficient in that area. We have to, for example, get familiar with the geography, map the space even as we are operating we are collecting more information, new information as we come across new places and for example, identify routes that are faster than others.

嗯，在確保需求和滿足需求之間需要採取許多步驟。顯然，您首先要設定機器人和操作。但一旦你這樣做了，你需要花費幾週甚至幾個月的時間才能在該領域真正有效率。例如，我們必須熟悉地理，繪製空間地圖，即使在操作過程中，我們也在收集更多資訊、遇到新地方時的新信息，例如，確定比其他路線更快的路線。

You don't really operate at peak performance from day one. And of course you also have this process of getting more and more merchants on board. Again, a lot of them can be on boarded with an email. Some of them require additional steps. But the nice thing about this is that once you do a custom integration with someone that's a QSR in the future when you go to a new neighborhood and you see the same merchants, you don't have to do that anymore, so it becomes even faster and more efficient.

從第一天起，你的表現其實並沒有達到最佳狀態。當然，你還需要讓越來越多的商家加入。同樣，很多用戶都可以透過電子郵件加入。其中一些需要額外的步驟。但這樣做的好處是，一旦您與某個 QSR 進行了自訂集成，將來當您去一個新的社區並看到相同的商家時，您就不必再這樣做了，因此它會變得更快、更有效率。

And then over time we're of course going to get better and better at this process. I think there are a lot of examples for this kind of growth playbook, including even in food delivery and ride sharing where you can see that every subsequent market launch, folks get better at doing it and can get to peak efficiency faster. We expect to have the same kind of learning curve and get better over time.

隨著時間的推移，我們當然會在這個過程中做得越來越好。我認為這種成長策略有很多例子，甚至包括食品配送和共乘領域，你都可以看到，在每次後續的市場推出後，人們都會做得更好，並且可以更快地達到效率高峰。我們希望擁有相同的學習曲線，並且隨著時間的推移變得越來越好。

Okay, thank you. Another question from Mike Lattimore at Northland. He says, you say the 2,000 robots could generate between $60 million to $80 million in revenue. Does that range include branding fees, and what happens, what needs to happen to get to the upper end of that range?

好的，謝謝。另一個問題來自 Northland 的 Mike Lattimore。他說，你說這 2,000 台機器人可以創造 6,000 萬至 8,000 萬美元的收入。這個範圍是否包含品牌費用？需要做什麼才能達到這個範圍的上限？

Brian, I think this one might be for you.

布萊恩，我想這可能適合你。

Yeah, let me elaborate, and it kind of continues on, Alex's previous question about all the steps we're going to take with respect to expansion, but to hit the first question, yes, the $60 million to $80 million is delivery and branding in that number. We would expect that delivery services will contribute the majority of that revenue as we start to ramp up and hit the run rates that we're talking about. I think it comes down to utilization on those robots and then increasing our ad conversions on our branding campaigns.

是的，讓我詳細說明一下，這有點像亞歷克斯之前關於我們在擴張方面將採取的所有步驟的問題的延續，但回到第一個問題，是的，6000 萬到 8000 萬美元是用於交付和品牌推廣。我們預計，隨著我們開始加強並達到我們所說的運行率，送貨服務將貢獻大部分收入。我認為這取決於這些機器人的使用率，然後增加我們品牌活動的廣告轉換率。

As we mentioned in the script, we will have, focused resources and figuring out as we expand into each of these cities and metros, how we can best capitalize on the branding and advertising revenue that's available to us. So that's something else that we'll be definitely focusing our attention on.

正如我們在腳本中提到的那樣，我們將集中資源並弄清楚，隨著我們向每個城市和大都市擴張，我們如何才能最好地利用可用的品牌和廣告收入。所以這是我們肯定會關注的另一件事。

And then the piece that's not in here just to be clear, is software, and I think we've been consistent that the software should be recurring -- should be considered non-recurring as we move forward. There will be exceptions like we talked about with Magna, and we'll address those more on a one-off basis moving forward.

然後，為了清楚起見，這裡沒有提到的部分是軟體，我認為我們一直認為軟體應該是重複的——隨著我們前進，應該被視為非重複的。會有例外情況，就像我們與麥格納討論過的那樣，我們將在未來一次解決這些問題。

Okay, perfect. Thank you. The next question is from Aaron Kessler at Seaport. What are you seeing from a competitive standpoint from other sidewalk robot companies? Would you expect industry consolidation?

好的，完美。謝謝。下一個問題來自 Seaport 的 Aaron Kessler。從競賽角度來看，您認為其他人行道機器人公司的情況如何？您預期產業會進行整合嗎？

Ali, maybe you can answer this one.

阿里，也許你可以回答這個問題。

Certainly. I think that we've seen a lot of different approaches to delivery in general, whether long or short distance. There are a few different beds over the years taken specifically with side block robots. I think robotics is very (inaudible) addresses a major pain point that attracts a lot of effort.

當然。我認為我們已經看到了很多不同的運輸方式，無論是長距離還是短距離。多年來，有幾張不同的床是專門用側塊機器人拍攝的。我認為機器人技術非常（聽不清楚）解決了一個需要付出大量努力的主要痛點。

Over the years, we've seen some contrarian bets taken here. But I think we are now starting to see markets largely validated a lot of the design and go to market decisions that we've made since early days. For example, we initially saw folks using robots with fairly minimal capabilities, like usually short battery life, no liar, small six-wheel drivetrain architecture, remotely operated.

多年來，我們看到一些反向押注。但我認為我們現在開始看到市場在很大程度上驗證了我們自早期以來所做的許多設計和市場決策。例如，我們最初看到人們使用功能相當有限的機器人，例如電池壽命通常較短、不說謊、小型六輪傳動系統架構、遠端操作。

A lot of these are now much more focused on campuses, and we've also seen robots on, let's say bike lanes. Now, I'm seeing this pattern of folks increasing battery life, realizing that they have to cover all their battery, which is similar to our robots, replacing six wheels with four wheels because it's being more efficient than you're trying to have the right amount of battery life, or even changing messaging around emphasizing AI and autonomy, even if they're not that far along.

現在很多機器人都更專注於校園，我們也在自行車道上看到了機器人。現在，我看到人們在延長電池壽命，意識到他們必須覆蓋所有電池，這類似於我們的機器人，用四個輪子代替六個輪子，因為這比你試圖獲得適當的電池壽命更有效率，或者甚至改變強調人工智能和自主性的信息，即使他們還沒有走那麼遠。

Also, I don't see anyone focused on bike lanes anymore. A lot of these decisions, I think we are starting to see a pattern of where folks are converging. I obviously take a lot of pride in the decisions we made early and the best we've taken being proven right. I think folks that have started in a different spot may face some limitations. That may be why there are a lot of folks focused on campuses with more forgiving and more enclosed. And then when you look at the biggest market environments for these robots like the urban environment, we are really leading the pack.

此外，我再也沒有看到有人關注自行車道。對於許多這樣的決定，我認為我們開始看到人們趨同的模式。我顯然對我們早期所做的決定以及事實證明我們所做的最佳決定感到非常自豪。我認為從不同地方開始的人們可能會面臨一些限制。這也許就是為什麼很多人關注更寬容和封閉的校園。然後，當你觀察這些機器人的最大市場環境（例如城市環境）時，我們確實處於領先地位。

So overall, I do expect this kind of convergence, to obviously keep our eyes open for consolidation opportunities. We've had some inbound interest as well, from teams that needed more support. But to date we haven't seen anything, any technology or product that seems like, an acquisition that made sense for us. And then the last thing I would just mention is the way things are moving forward based on at least information that is out there. By the end of next year, when we deploy our 2,000 robots, we expect to be the, if not one of the largest or if not the largest, one of the largest AV fleets in North America. So we feel like we are in a very good position.

所以總的來說，我確實期待這種融合，顯然會讓我們密切關注整合機會。我們也收到了一些來自需要更多支持的團隊的興趣。但到目前為止，我們還沒有看到任何對我們有意義的收購，任何技術或產品。最後我想提的是，至少根據現有的訊息，事情正在向前發展。到明年年底，當我們部署 2,000 台機器人時，我們預計它將成為北美最大的 AV 車隊之一。因此我們感覺我們處於非常有利的地位。

Okay, great. So speaking of potential acquisitions, the last question is a composite of some emails that we've gotten in the last hour and it's about the [Webo] transaction. Can you explain how you expect the Weibo acquisition to play out and what serves this relationship with Chipotle will be and what next steps will be for the Autocado product moving past the pilot stage? Ali?

好的，太好了。說到潛在的收購，最後一個問題是我們在過去一個小時收到的一些電子郵件的綜合，是關於 [Webo] 交易的。您能否解釋一下您對微博收購的預期，以及與 Chipotle 的這種合作關係將帶來什麼，以及 Autocado 產品在試點階段之後的下一步計劃是什麼？阿里？

Absolutely. So Avocado is currently being piloted by Chipotle, and that's all we can share about that right now. But obviously we've done our diligence. We feel really good about the technology and the team and the opportunity, and we are also excited to collaborate with Chipotle.

絕對地。Avocado 目前正在由 Chipotle 進行試點，目前我們可以分享的就這些。但顯然我們已經盡責了。我們對這項技術、團隊和機會感到非常滿意，我們也很高興能與 Chipotle 合作。

The key insight, I think, is that as we've expanded our footprint and expanded our relationship with restaurants, we understand that to be able to have a deeper partnership with them. You need to address kind of their pain points more holistically because folks don't have a tonne -- they don't have infinite bandwidth and time to explore every single technology out there, every single startup out there. What we want to be able to offer them is a more holistic solution so that we can actually meet them where they are.

我認為，關鍵的見解是，隨著我們擴大業務範圍並擴大與餐廳的關係，我們明白能夠與他們建立更深層的合作關係。你需要更全面地解決他們的痛點，因為人們沒有無限的頻寬和時間來探索每一項技術、每家新創公司。我們希望能夠為他們提供更全面的解決方案，以便我們能夠真正滿足他們的需求。

And I think they're looking at their kitchens, they're looking at their delivery and kind of curbside, and we can be a one stop shop now that Weibo would be joining us. And that's really the objective here. And at this moment, we are going to launch thousands of robots next year and our hope is that with products like Avocado we are going to have a similar type of scale happening in in a not too distant future with the kitchen automation side of our business when this acquisition is completed.

我認為他們正在關注他們的廚房，關注他們的送貨和路邊服務，現在有了微博的加入，我們可以成為一站式商店。這才是真正的目標。目前，我們計劃明年推出數千台機器人，我們希望，在不久的將來，透過 Avocado 這樣的產品，當此次收購完成後，我們的廚房自動化業務也能達到類似的規模。

Okay, perfect. Those are all the questions we have for today. So thank you everyone for joining us, and we look forward to continuing the dialogue. Operator, over to you.

好的，完美。這些就是我們今天要問的所有問題。感謝大家的參與，我們期待繼續對話。接線員，交給你了。

Ladies and gentlemen, thank you all for joining. That concludes today's call. You may now disconnect.

女士們、先生們，感謝大家的參與。今天的電話會議到此結束。您現在可以斷開連線。