Serve Robotics Inc (SERV) 2024 Q4 法說會逐字稿

Thank you for standing by. My name is Danielle, and I will be your conference operator today. At this time, I would like to welcome everyone to the fourth quarter and full year 2024 results conference call. (Operator Instructions) I would now like to turn the call over to Aduke Thelwell. Please go ahead.

感謝您的支持。我叫丹妮爾，今天我將擔任您的會議主持人。現在，我歡迎大家參加2024年第四季和全年業績電話會議。（操作員指示）現在我想將電話轉給 Aduke Thelwell。請繼續。

Thank you, operator and good afternoon, everyone. Welcome to Serve Robotics Fourth Quarter and Full Year 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 年第四季和全年電話會議。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.

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。

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.

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. We published our quarterly financial press release and our updated corporate presentation to our Investor website earlier this afternoon. We ask you to review those documents if you haven't already.

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。今天下午早些時候，我們在投資者網站上發布了季度財務新聞稿和更新的公司介紹。如果您還沒有查看這些文件，我們要求您查看一下。

With that, let me hand it over to Ali.

說完這些，讓我把它交給阿里。

Thank you, Aduke. We've got a lot to cover today. I'm going to start by giving an update about the past quarter and put that in the context of our progress over the year 2024. And then we'll talk about the year ahead, give you some additional details about our plans to deploy 2,000 robots by the end of 2025, which remains on track. And then lastly, I want to talk a little bit about the recent progress in AI and how Serve fits into that.

謝謝你，阿杜克。今天我們有很多事情要講。我將首先介紹上個季度的最新情況，並將其放在 2024 年我們取得進展的背景下。然後，我們將討論未來一年，並向您提供一些有關我們計劃的更多細節，即到 2025 年底部署 2,000 台機器人，該計劃仍在按計劃進行。最後，我想談談人工智慧的最新進展以及 Serve 如何融入其中。

So, let me start with five quick highlights before we dive into each one of them. First, revenue. We wrapped up the year with $1.8 million in revenue, which is a 700% increase year over year. Second, our reach. We increased the number of restaurants we serve by 3x last year and also increased the households we reach by over 2x just in the last four months.

因此，在我們深入探討每一個要點之前，讓我先簡單介紹五個要點。第一，收入。我們今年的營收為 180 萬美元，年增 700%。第二，我們的影響力。去年，我們服務的餐廳數量增加了 3 倍，僅在過去四個月中，我們服務的家庭數量就增加了 2 倍多。

We did all this by expanding to new neighborhoods in L.A. and expanding to our first East Coast city, which is Miami. Third, the fleet. We are about to complete building 250 third-gen robots to add to our fleet. Fourth, an engineering update.

我們透過擴展到洛杉磯的新社區以及擴展到我們的第一個東海岸城市邁阿密來實現這一切。第三，艦隊。我們即將完成 250 台第三代機器人的建造，以擴充我們的機器人團隊。第四，工程更新。

We have designed further cost-reductions into our third-generation robots, effectively cutting the cost of building robots by 2/3 in just a year. And last but not least, our balance sheet. We massively improved our cash position, became debt-free and increased our capital efficiency by saving $20 million in future capital costs, which Brian will discuss later.

我們對第三代機器人進行了進一步的成本削減設計，在短短一年內有效地將機器人製造成本降低了 2/3。最後但同樣重要的是我們的資產負債表。我們大大改善了現金狀況，擺脫了債務，並透過節省 2000 萬美元的未來資本成本提高了資本效率，Brian 稍後將對此進行討論。

Now let's dive in. As you can see, we've been growing fast on all fronts, expanding into new neighborhoods and cities, onboarding more restaurants, scaling our fleet. In LA, we launched in Downtown, Sawtelle and Westwood just in November, instantly increasing our household reach by 50% and tripling the number of restaurants we serve compared to the start of the year. We also didn't stop there. Since January, we added Glendale and Long Beach, plus we also expanded beyond California for the first time to Miami.

現在讓我們開始吧。如您所見，我們在各個方面都在快速發展，擴展到新的社區和城市，引入更多餐廳，擴大我們的餐廳隊伍。在洛杉磯，我們於 11 月在市中心、索特爾和韋斯特伍德推出了這項服務，與年初相比，我們的家庭覆蓋率立即提高了 50%，我們服務的餐廳數量增加了兩倍。我們也沒有就此止步。自一月以來，我們增加了格倫代爾和長灘，此外我們還首次將業務擴展到加州以外的邁阿密。

Today, we support over 1,000 restaurants and reach over 300,000 households. That's a 2x expansion in market reached in just a few months. We are continuing to work with our delivery partners and local merchants and municipalities to unlock even more neighborhoods and cities throughout the year.

如今，我們支持超過 1,000 家餐廳並覆蓋超過 300,000 個家庭。短短幾個月內，市場規模就擴大了兩倍。我們將繼續與我們的配送合作夥伴、當地商家和市政當局合作，全年開拓更多的社區和城市。

On the fleet side, in Q4, we completed the design of our third-generation robots and even manufactured 75 units in the final days of December ahead of schedule. These are the first production batch of third-generation robots, and we've been ramping them up into the delivery fleet since the new year.

在機器人團隊方面，我們在第四季完成了第三代機器人的設計，並在12月底提前生產了75台。這是第三代機器人的首批生產批次，自新年以來，我們一直將它們投入到送貨車隊中。

So, we expect their impact on delivery volume to really start showing in Q1 and Q2. Despite the fact that our delivery fleet didn't expand until the very end of Q4, our Gen2 robots have actually delivered 20% more orders quarter over quarter. And this is primarily because of optimizing our operation and expanding our reach.

因此，我們預計它們對交付量的影響將在第一季和第二季真正開始顯現。儘管我們的送貨隊伍直到第四季末才擴大，但我們的第二代機器人實際上比上一季多交付了 20% 的訂單。這主要是因為優化了我們的營運並擴大了我們的覆蓋範圍。

This is true even though we actually had to use some of the existing fleet to support the expansion activities like sending robots to new neighborhoods and cities to map and collect data. So, we were actually reducing our delivery fleet size and yet we achieved 20% increase in our delivery output quarter over quarter.

儘管我們實際上必須使用部分現有機器人來支援擴展活動，例如派遣機器人到新的社區和城市繪製地圖和收集數據，但情況確實如此。因此，我們實際上正在減少我們的送貨車隊規模，但我們的送貨產量卻實現了環比 20% 的成長。

If you look at our daily active robots and daily supply hours, their numbers have remained roughly the same as Q3 since we did not expand the fleet until the very end of Q4 last year. We had 57 daily active robots in Q4, up 81% from 29 robots in Q4 of 2023, and comparable to Q3's 59 robots, the slight difference here being because we were using some of our robots for expansion activities rather than deliveries. Similarly, we had 455 daily supply hours, which was in line with 465 hours from Q3 and nearly double Q4 2023.

如果你看我們每天活躍的機器人數量和每天的供應時間，它們的數量與第三季度大致相同，因為我們直到去年第四季末才擴大機器人數量。我們在第四季擁有 57 個每日活躍機器人，比 2023 年第四季的 29 個機器人成長了 81%，與第三季的 59 個機器人相當，這裡的細微差別是因為我們利用部分機器人進行擴展活動而不是交付。同樣，我們每天的供應時間為 455 小時，與第三季的 465 小時持平，幾乎是 2023 年第四季的兩倍。

So, let's take a step back and look at the entire 2024, which was a truly transformational year for us. We listed on NASDAQ, raised over $250 million from the beginning of 2024 to today to really strengthen our balance sheet. We partnered with Magna International to scale our fleet manufacturing reliably, and we also formed new partnerships, including Shake Shack and Wing, and we doubled our supply hours on active robot capacity and volume.

那麼，讓我們回顧一下整個 2024 年，這對我們來說是真正轉型的一年。我們在納斯達克上市，從 2024 年初到今天籌集了超過 2.5 億美元，以真正增強我們的資產負債表。我們與麥格納國際 (Magna International) 合作，可靠地擴大我們的車隊製造規模，並且我們還建立了新的合作夥伴關係，包括 Shake Shack 和 Wing，並將活躍機器人容量和數量的供應時間增加了一倍。

And we completed our Gen3 robot design, which can move twice as fast, go twice as far, have 5 times more brain power, and cost about 1/3 of our previous generation robots. And we built a first batch of those Gen3 robots ahead of schedule at the end of last year.

我們完成了第三代機器人的設計，它的移動速度提高了兩倍，行進距離提高了兩倍，腦力提高了五倍，而成本僅為上一代機器人的三分之一。我們在去年年底提前製造了第一批 Gen3 機器人。

Now behind the scene, there was even more going on. We have actually boosted the speed of our robots by 30% last year and we cut our missed delivery deadline rate by 75%. We did that all the while doubling our delivery volume. I'm proud of what our team has accomplished over the last year, and I think it's positioning us really well to achieve what we are set out to do in 2025, which is deploy 2,000 of our robots. We are really entering this year with strong momentum.

現在，幕後還發生了更多的事情。事實上，去年我們已經將機器人的速度提高了 30%，並且將錯過交貨期限的比例降低了 75%。我們這樣做的同時，也使送貨量增加了一倍。我為我們團隊在過去一年中所取得的成就感到自豪，我認為這將幫助我們實現 2025 年的目標，即部署 2,000 台機器人。我們確實以強勁的勢頭進入了今年。

So, let's talk about 2025, starting with the first half of the year. We've started by accelerating our expansion time line by entering Miami ahead of schedule in Q1. Dallas remains on track for Q2, which is what we promised, and I can announce that we have a plan to launch a third market in Q2. So, let's go through this one by one. First, Miami.

那麼，讓我們從上半年開始談論 2025 年。我們已於第一季提前進入邁阿密，從而加快了擴張時間表。達拉斯市場在第二季仍按計劃進行，正如我們所承諾的，我可以宣布，我們計劃在第二季推出第三個市場。那麼，讓我們逐一討論一下。首先，邁阿密。

In February, we launched in two neighborhoods, Brickell and Miami Beach, in collaboration with Ways. We are now serving 50 local restaurants already. This includes two important brands who signed with us right at launch, our existing partner, Shake Shack and our new partner, the beloved local pizzeria Mr. O1. This news may come as a bit of a surprise since we haven't shared any plans to launch Miami in Q1, but we did see a demand from our partners and decided to take the opportunity and move quickly.

今年 2 月，我們與 Ways 合作，在布里克爾和邁阿密海灘兩個社區推出了這項服務。我們現在已經為 50 家當地餐廳提供服務。其中包括兩個在產品發佈時與我們簽約的重要品牌：我們現有的合作夥伴 Shake Shack 和我們的新合作夥伴，深受喜愛的當地披薩店 Mr. O1。這個消息可能有點令人驚訝，因為我們還沒有分享在第一季推出邁阿密的任何計劃，但我們確實看到了合作夥伴的需求，並決定抓住機會迅速採取行動。

Next up is Dallas. We are on track to launch in Q2, bringing our robots to neighborhoods like Uptown and St. Thomas. We also expect the first deployment of our Wing partnership for multimodal robot to drone deliveries to take place once we launch there. Last but not least, I'm excited to share that we are bringing Serve Robots to Atlanta in Q2.

接下來是達拉斯。我們將在第二季推出我們的機器人，並將其帶到 Uptown 和 St. Thomas 等社區。我們也預計，一旦我們在那裡啟動，我們的 Wing 合作夥伴關係將首次部署多模式機器人到無人機的交付。最後但同樣重要的一點是，我很高興地告訴大家，我們將在第二季將 Serve Robots 帶到亞特蘭大。

This is another great city because it has dense commercial and residential neighborhoods, really good walkability and mixed-use developments and a thriving restaurant scene. We're really hopeful that as we scale in Atlanta, our robots are going to actually help reduce the grid-like traffic there and improve congestion by taking these short distance deliveries off the street.

這是另一個很棒的城市，因為它擁有密集的商業和住宅區、良好的步行性和混合用途開發以及繁榮的餐飲業。我們非常希望，隨著我們在亞特蘭大的規模不斷擴大，我們的機器人能夠真正幫助減少那裡網格狀的交通，並通過將這些短距離送貨從街道上轉移開來改善交通擁堵。

Beyond these new three cities, we plan to bring robots to more cities by the end of the year, and we will announce additional details and dates as we work with our partners and local officials to finalize the plan. In terms of the fleet size, I can confirm that we are working to build the 250 Gen3 robots that we had shared earlier by the end of this quarter. So, we've already built 75, more of them are now in process.

除了這三個新城市之外，我們計劃在今年年底前將機器人推廣到更多城市，我們將與合作夥伴和當地官員合作最終確定該計劃，並公佈更多細節和日期。就機器人規模而言，我可以確認，我們正在努力在本季結束時建造我們之前共享的 250 台 Gen3 機器人。我們已經建造了 75 個，還有更多的正在建設中。

We're also currently ramping up those 75 robots into our delivery fleet, and we expect that all these 250 robots would be fully deployed and in deliveries by the end of Q2. So, the real volume impact that we expect to see from these robots are going to be seen mostly in the second quarter.

我們目前也正在將這 75 台機器人擴充到我們的送貨車隊中，我們預計所有這 250 台機器人將在第二季末全面部署並投入送貨。因此，我們預計這些機器人的實際銷售影響將主要在第二季顯現。

As is typical with new hardware rollouts, we will have to deal with hardware and software adjustments, any kinks that we need to figure out. So, to really bring these robots to true productivity is going to take a few weeks of effort. These 250 robots are really meant to provide us valuable insights before we get to the larger scale up that we are going to have in the second half of the year.

正如新硬體推出的典型情況一樣，我們必須處理硬體和軟體的調整，並解決任何我們需要解決的問題。因此，要真正讓這些機器人發揮生產力還需要幾週的努力。這 250 個機器人確實旨在為我們提供寶貴的見解，以便我們在下半年實現更大規模的開發。

So, beyond Q1, I have another important update for the additional rollouts. I'm very excited to share that we've achieved another 30% cost reduction in our next batch of Gen3 robots compared to the current batch we're building. So, if you recall, our current batch had a 50% cost reduction compared to the previous generation robots. This is something we announced back in October. But the following batches are going to be even 30% cheaper than the current batch.

因此，除了第一季之外，我還有另一個關於額外推出的重要更新。我很高興地告訴大家，與我們正在生產的當前批次相比，我們下一批 Gen3 機器人的成本又降低了 30%。所以，如果你還記得的話，我們目前批次的成本與上一代機器人相比降低了 50%。這是我們十月宣布的消息。但接下來的批次將比目前批次便宜 30%。

So, in total, that means that our Gen3 robots that we're building later this year are going to be 35% of the cost of our Gen2 robots, almost 1/3. This is the result of a very aggressive focus on our profitability goals, and I'm very proud of what the team has achieved in a few short months as we prepare to scale up.

因此，總的來說，這意味著我們今年稍後製造的 Gen3 機器人的成本將達到 Gen2 機器人成本的 35%，幾乎是 1/3。這是我們積極關注獲利目標的結果，我對團隊在準備擴大規模的短短幾個月內所取得的成就感到非常自豪。

This basically means that the rest of the 2,000 robots after the 250 we are building this quarter are going to be the cheaper new robots. And we are on track to build them in the second half of the year at a cost that would be millions of dollars less as a result of this cost down. Our plan is to build 700 of the new lower-cost robots in Q3 and then the rest of them in Q4.

這基本上意味著，我們在本季建造的 250 台機器人之後的 2,000 台機器人將是更便宜的新機器人。我們計劃在今年下半年建造這些設施，由於成本下降，成本將減少數百萬美元。我們的計劃是在第三季生產 700 台新型低成本機器人，然後在第四季生產其餘機器人。

We're going to share more updates, obviously, as we go through and get closer to these states. A lot of the work we are doing this quarter and next quarter is really preparation for a big scale up in the second half of the year. I mentioned the additional robot, cost-reduction as an example, but there is a lot more effort that's going into hiring and training staff, preparing internal tools and operating procedures.

顯然，隨著我們逐漸接近這些州，我們將分享更多更新。我們本季和下個季度所做的許多工作實際上都是為了下半年的大規模擴張做準備。我提到了增加機器人、降低成本的例子，但在招募和培訓員工、準備內部工具和操作程序方面還需要付出更多的努力。

Working with our partners and municipalities, sending robots and staff to map and collect data and run tests in new cities and neighborhoods, et cetera. So, our number one priority in the first half of the year is getting ready for the second half of the year rather than any short-term targets. So, I expect we see volume growth and revenue growth in Q1 and Q2, but mainly as an outcome of the work we are doing to prepare for that big growth push for the second half.

與我們的合作夥伴和市政當局合作，派遣機器人和工作人員繪製地圖、收集數據並在新的城市和社區進行測試等等。所以，我們上半年的首要任務是為下半年做好準備，而不是什麼短期目標。因此，我預計我們在第一季和第二季會看到銷售和收入的成長，但這主要是因為我們為下半年的大幅成長所做的準備工作。

Now on top of those efforts I mentioned, we are also trying to build redundancy in our plans. We want to make sure that we have layers of contingency in place just in case unexpected things happen, whether it's government dynamics changing or the shipping delays, or any factors outside of our control that could threaten our time lines in a given market. We want to have additional options such as going deeper in given cities like L.A. and Miami, both of which have significant demands for us to meet. So, the plan for 2025 is really build the rest of the 250 robots in this quarter, have them all fully deployed by the end of next quarter so that we can learn from them.

現在，除了我提到的那些努力之外，我們還試圖在計劃中建立冗餘。我們希望確保做好多層次的應急準備，以防發生意外情況，無論是政府動態變化還是運輸延誤，還是任何我們無法控制的因素，都可能威脅到我們在特定市場的時間表。我們希望擁有更多選擇，例如深入洛杉磯和邁阿密等特定城市，這兩個城市都有很大的需求需要我們滿足。因此，2025 年的計劃是在本季度真正建造剩下的 250 台機器人，並在下個季度末全面部署它們，以便我們可以從中學習。

Build the rest of the 2,000 robots in the second half of the year at a cost that would be about 30% less than the current robot cost, and simultaneously launch Dallas in Q2 followed by Atlanta, and add additional cities after that. And in order to make sure we successfully accomplish all of this, spend the first half of the year really preparing for the second half scale-up and design redundancy into our plans so that we are ready for the inevitability of unknown unknowns.

剩下的2000台機器人將在下半年製造，成本將比現在的機器人成本低30%左右，並在第二季度同步推出達拉斯，隨後是亞特蘭大，之後再增加其他城市。為了確保我們成功完成所有這些任務，我們將用上半年的時間認真為下半年的擴大規模做好準備，並將冗餘設計納入我們的計劃中，以便我們為不可避免的未知情況做好準備。

Okay. With 2024 and 2025 plans out of the way, I want to spend a few minutes talking about the recent advances in AI and how that impacts Serve. AI is really advancing at a breakneck speed. cheaper training, faster inference, open-source models like DeepSeq, you name it. For us, this is all tailwind.

好的。在製定了 2024 年和 2025 年計劃之後，我想花幾分鐘時間談談人工智慧的最新進展及其對 Serve 的影響。人工智慧確實正在以驚人的速度發展。更便宜的訓練、更快的推理、像 DeepSeq 這樣的開源模型，等等。對我們來說，這一切都是順風。

Right now, everyone and their grandma is racing to build AI models and infrastructure, which naturally results in commoditization. Our view is that a lot of the value from AI will accrue to the application layer, where the same kind of race to the bottom is less common. Also, thanks to this proprietary data and domain expertise that you have in the application layer, you can create more efficient modes. If as part of running your business, you accumulate unique data, you can train your AI to get better, which makes your product better, which helps you scale more, which means you get even more data.

現在，每個人以及他們的祖母都在競相建立人工智慧模型和基礎設施，這自然導致了商品化。我們認為，人工智慧的許多價值將集中在應用層，而同樣的競相壓價現像在該層並不常見。此外，由於您在應用層擁有的專有資料和領域專業知識，您可以建立更有效率的模式。如果在經營業務的過程中，您累積了獨特的數據，那麼您就可以訓練您的人工智慧變得更好，從而使您的產品變得更好，幫助您擴大規模，這意味著您可以獲得更多的數據。

You can collect this data at lower and lower cost eventually even while making a profit. So, this flywheel really gets going, and it becomes harder and harder for new entrants to compete with you. Serve is a great example of this. Our robots, they're an application layer on top of AI. They are really AI-embodied.

最終你可以以越來越低的成本收集這些數據，甚至還能獲得利潤。因此，這個飛輪真正開始運轉，新進入者與你競爭變得越來越困難。Serve 就是一個很好的例子。我們的機器人是人工智慧之上的應用層。它們確實是人工智慧的化身。

They collect a terabyte of data each per day. And that data helps make our AI and autonomy better, which leads to even better robots, which leads to even more scale and therefore, more data. So, you see where this goes. This flywheel really gets going. I don't really see any evidence today of a plateau in AI progress, but I do expect that it's inevitable that at some point, we would follow the classic hype cycle, which is, folks get ahead of their skis and then pull back.

他們每天收集一兆位元組的資料。這些數據有助於提高我們的人工智慧和自主性，從而製造出更優秀的機器人，擴大規模，從而獲得更多數據。所以，你知道這是怎麼回事了。這個飛輪確實開始運轉了。我今天確實沒有看到任何證據表明人工智慧的發展已經停滯，但我確實預計，在某個時候，我們不可避免地會遵循經典的炒作週期，即人們領先一步，然後退縮。

I've always had this aversion to running a business on hype. So, the way we like to operate in this kind of cyclical environment is by really focusing on first principles. What do we believe to be true regardless of what the current thing is? I believe there are three fundamental truths that are relevant to Serve.

我一直對靠炒作來經營企業感到厭惡。因此，在這種週期性環境中，我們喜歡採取的運作方式是真正關注第一原則。無論當前情況如何，我們相信什麼是真實的？我認為有三個基本事實與服務有關。

First, machines can now comprehend and communicate with us. It used to be that you had to say specific magic words to get machines to react, but now you can hold natural conversations in almost any language. Second, machines can now generalize. We used to train AI for very narrow tasks. Any problem had to be broken down to a small list of tasks to train very specific AI models for.

首先，機器現在可以理解我們並與我們溝通。過去，你必須說出特定的魔法字詞才能讓機器做出反應，但現在你可以用幾乎任何語言進行自然對話。其次，機器現在可以概括。我們過去常常訓練人工智慧來完成非常狹窄的任務。任何問題都必須分解為一小部分任務，以訓練非常具體的人工智慧模型。

This really limited how much we can bring AI into the physical world because it has so much complexity and randomness. But now thanks to transformers, we can train machines that develop their own complex internal world models. This leads them to exhibit emerging behaviors that you weren't expecting when you were actually training them. And that makes them a lot more suitable for this unpredictability of the physical world. And third and last is the inevitable fact that AI is going to enter our physical spaces.

這確實限制了我們將人工智慧帶入物理世界的程度，因為它具有太多的複雜性和隨機性。但現在有了變形金剛，我們可以訓練機器來發展它們自己複雜的內在世界模型。這會導致它們表現出你在實際訓練它們時沒有預料到的新行為。這使得它們更適合物理世界的不可預測性。第三點也是最後一點是人工智慧將進入我們的物理空間這不可避免的事實。

Limiting AI to the digital realm really limits its potential. So, we are going to see these new thinking machines of ours enter our physical spaces as well to make our lives better. And I believe the time for this transition is now.

將人工智慧限制在數位領域確實限制了它的潛力。因此，我們將看到這些新的思維機器進入我們的物理空間，讓我們的生活變得更美好。我相信現在正是轉變的時候。

Now that the machines can finally talk to us and now that they can understand our messy physical world, we are finally in a position to really realize our robot dreams. Robotics is really one of the most important natural endpoints of AI progress. What's unique about robots as an application of AI is that while software gets commoditized, hardware is hardware. Robots are a great example of how value can accrue to the application layer because it takes years to build that hardware and it's expensive. It scares a lot of new entrants.

現在機器終於可以與我們對話，並且能夠理解我們混亂的物理世界，我們終於可以真正實現我們的機器人夢想了。機器人技術確實是人工智慧進步最重要的自然終點之一。作為人工智慧應用，機器人的獨特之處在於，雖然軟體可以商品化，但硬體就是硬體。機器人就是一個很好的例子，說明價值如何累積到應用層，因為建構硬體需要數年時間，而且成本高昂。這讓很多新進者感到害怕。

And existing players enjoy the benefits of economy of scale as they progress. And of course, robots organically collect a ton of application-specific and proprietary data, which is otherwise very hard to obtain. And this really feeds that data flywheel. Needless to say, this is exactly the thesis that we built Serve around from the beginning. We've been engineering our unique domain-specific hardware and software, and we've been collecting petabytes of data for years already.

現有參與者在進步的同時，也享受著規模經濟帶來的好處。當然，機器人會自然地收集大量特定於應用程式和專有的數據，這些數據通常很難透過其他方式獲得。這確實為數據飛輪提供了動力。毋庸置疑，這正是我們從一開始就建構 Serve 的論點。我們一直在設計我們獨特的特定領域的硬體和軟體，並且我們已經收集了數 PB 的數據。

So, we are in a really fortunate position right now to take advantage of this very historic moment that's taking place in front of us.

因此，我們現在非常幸運，可以利用眼前這個歷史性的時刻。

So, with that, I'll hand over to Brian to walk you through our financials.

因此，我將把時間交給 Brian，讓他向您介紹我們的財務狀況。

Thanks, Ali, and good afternoon, everyone. 2024 was a defining year for Serve. Over the past 12 months, we strengthened our financial position, scaled our operations and set the stage for a transformational 2025. We are working hard to support the planned expansion of our business to 2,000 robots before the end of the year, while at the same time, remaining disciplined with our cash to improve financial flexibility. Today, I'll walk you through the financial results and provide insight into the year ahead.

謝謝，阿里，大家下午好。 2024 年對 Serve 來說是決定性的一年。在過去的 12 個月裡，我們加強了財務狀況，擴大了業務規模，為 2025 年的轉型奠定了基礎。我們正在努力支持在年底前將業務擴展到 2,000 台機器人的計劃，同時保持現金紀律以提高財務靈活性。今天，我將向您介紹財務結果並對未來一年的前景提供見解。

As -- our business is still in its early innings. Revenue for 2024 reached $1.8 million with Q4 contributing $176,000. This marks over 700% growth year over year, demonstrating the increasing adoption of our technology and services. A significant driver of this growth was the addition of $1.2 million in software services booked in 2024, alongside a 227% increase in annual delivery and branding revenue, which despite no new robots being deployed until the final days of the fourth quarter, grew $435,000 to reach $627,000 in 2024.

因為——我們的業務仍處於早期階段。2024 年的營收達到 180 萬美元，其中第四季貢獻了 176,000 美元。這標誌著同比增長超過 700%，表明我們的技術和服務的採用率日益提高。這一增長的一個重要驅動力是 2024 年軟體服務訂單增加了 120 萬美元，同時年度交付和品牌收入增長了 227%，儘管直到第四季度最後幾天才部署新的機器人，但到 2024 年仍增長了 435,000 美元，達到 627,000 美元。

On a sequential basis, when adjusting for $26,000 in nonrecurring pilot program delivery revenue reported in Q3, our quarter over quarter delivery and branding revenue grew by 12%. As Ali mentioned, last quarter's volume growth reflects higher utilization across our fleet and improved operational efficiencies.

按順序計算，當調整第三季報告的 26,000 美元非經常性試點計畫交付收入時，我們的季度交付和品牌收入環比增長了 12%。正如阿里所提到的，上個季度的銷售成長反映了我們船隊的利用率提高和營運效率的提高。

2024 gross margin improved significantly from negative 700% in 2023 to negative 4% in 2024, reflecting increased fleet efficiency and a more favorable revenue mix from the high-margin nature of our software services. Within delivery and branding, gross margins expanded 76% year over year, driven by fleet utilization improvements and ongoing progress in the unit economics per delivery.

2024 年毛利率從 2023 年的負 700% 大幅改善至 2024 年的負 4%，這反映了車隊效率的提高以及我們軟體服務高利潤性質帶來的更有利的收入組合。在配送和品牌推廣方面，毛利率年增 76%，這得益於車隊利用率的提高和每次配送單位經濟效益的持續進步。

In terms of Q4 gross margin, cost of sales increased in Q4 as the fixed cost base expanded from the ramp-up of our 2,000-unit fleet. As fleet utilization and delivery hours improve, the portion of cost allocated into COGS in our P&L will adjust accordingly. Total GAAP operating expenses for 2024 were $38.2 million, increasing from $19.2 million in the prior year. This reflects increased personnel, software development and fleet expansion costs. On a non-GAAP basis, 2024 operating expenses were $23.7 million compared to $18.7 million in the prior year.

就第四季毛利率而言，由於我們 2,000 輛車隊的增加導致固定成本基礎擴大，第四季度銷售成本增加。隨著車隊利用率和運輸時間的提高，我們損益表中分配給銷貨成本的部分將會隨之調整。2024 年 GAAP 總營運費用為 3,820 萬美元，高於前一年的 1,920 萬美元。這反映了人員、軟體開發和機隊擴張成本的增加。以非公認會計準則計算，2024 年營運費用為 2,370 萬美元，而前一年為 1,870 萬美元。

Breaking this down further for 2024, R&D expenses were the largest driver of our cost structure, totaling $24.3 million on a GAAP basis, up from $9.9 million in the prior year, driven by $11.5 million of stock-based compensation. On a non-GAAP basis, R&D spend was $12.8 million compared to $9.5 million for the prior year.

進一步細分到 2024 年，研發費用是我們成本結構的最大驅動因素，以 GAAP 計算總計 2,430 萬美元，高於去年的 990 萬美元，其中股票薪酬為 1,150 萬美元。以非公認會計準則計算，研發支出為 1,280 萬美元，而去年同期為 950 萬美元。

This increase aligns with our ongoing investment in fleet scaling, next-gen hardware and autonomous capabilities. General and administrative expenses totaled $10.1 million, increasing from $4.6 million in the prior year. The primary driver here was stock-based compensation expense, infrastructure investments as we strengthen our internal systems and governance and head count expansion.

這一成長與我們對車隊擴展、下一代硬體和自主能力的持續投資一致。一般及行政開支總計 1,010 萬美元，較前一年的 460 萬美元增加。這裡的主要驅動力是股票薪酬費用、基礎設施投資（因為我們加強了內部系統和治理）以及員工人數擴張。

On a non-GAAP basis, G&A expense was $7.3 million. For our fourth quarter, total GAAP operating expenses were $12.9 million, increasing from $8.3 million in Q3 and $6.5 million in Q4 of the prior year. On a non-GAAP basis, Q4 operating expenses were $8.4 million compared to $6.1 million in Q3 and $6.2 million in Q4 last year, which compared with a doubling of delivery volume demonstrates our continued discipline in managing core expenses. Breaking down Q4 further. R&D expenses remain the largest driver, totaling $6.8 million on a GAAP basis, up from $5 million in Q3 and $2.8 million in Q4 last year.

依照非公認會計準則，一般及行政開支為 730 萬美元。第四季度，GAAP 總營運費用為 1,290 萬美元，高於去年同期的 830 萬美元和第四季的 650 萬美元。以非公認會計準則計算，第四季營運費用為 840 萬美元，而第三季為 610 萬美元，去年第四季為 620 萬美元，相比之下，交付量卻翻了一番，這表明我們在管理核心費用方面繼續保持紀律。進一步細分第四季。研發費用仍然是最大的驅動力，以 GAAP 計算總計 680 萬美元，高於去年第三季的 500 萬美元和第四季的 280 萬美元。

On a non-GAAP basis, R&D spend was $4.4 million compared to $3.3 million in Q3 and $2.6 million in Q4 last year, reflecting controlled resource growth while ensuring continued innovation.

以非公認會計準則計算，研發支出為 440 萬美元，而去年第三季為 330 萬美元，第四季為 260 萬美元，這反映了對資源成長的控制，同時確保了持續創新。

General and administrative expenses totaled $5.2 million, increasing from $2 million in Q3 and $1.2 million in Q4 last year. On a non-GAAP basis, G&A expense was $3 million compared to $1.6 million in Q3 and $1.2 million in Q4 last year, reflecting a more normalized run rate. Our GAAP net loss for 2024 was $39.2 million compared to $24.9 million in 2023. Q4 GAAP net loss was $13.1 million compared to $8 million in Q3 and $7.1 million in the same period last year. The sequential and year over year increase reflects higher operating expenses tied to investments in R&D and corporate infrastructure as we scale for broader commercialization.

一般及行政開支總計 520 萬美元，較去年第三季的 200 萬美元和第四季的 120 萬美元增加。以非公認會計準則計算，一般及行政費用為 300 萬美元，而去年第三季為 160 萬美元，第四季為 120 萬美元，反映出更正常的運作率。我們 2024 年的 GAAP 淨虧損為 3,920 萬美元，而 2023 年為 2,490 萬美元。第四季 GAAP 淨虧損為 1,310 萬美元，而第三季為 800 萬美元，去年同期為 710 萬美元。連續和同比增長反映出，隨著我們擴大商業化規模，與研發和公司基礎設施投資相關的營運費用增加。

On a non-GAAP basis, our net loss for 2024 was $24.6 million with the fourth quarter being $8.6 million. We ended the fourth quarter with a robust cash position of $123 million. Since January 2024, we've raised over $250 million, significantly improving our financial flexibility. During the fourth quarter of 2024, we received $80 million in proceeds under our previously filed ATM facility at a weighted average price of $14.04. Following the end of the year, we completed an $80 million registered direct offering at a $19 price per share with institutional investors. Due to our strong cash position, we no longer anticipate funding of our 2,000-robot fleet through equipment financing.

依照非公認會計準則，我們 2024 年的淨虧損為 2,460 萬美元，其中第四季淨虧損為 860 萬美元。在第四季結束時，我們的現金狀況強勁，達到 1.23 億美元。自 2024 年 1 月以來，我們已籌集超過 2.5 億美元，大大提高了我們的財務靈活性。2024年第四季度，我們根據先前提交的ATM融資安排獲得了8000萬美元的收益，加權平均價格為14.04美元。年底後，我們完成了面向機構投資者的8,000萬美元註冊直接發行，發行價格為每股19美元。由於我們現金狀況良好，我們不再期望透過設備融資來為我們的 2,000 台機器人車隊提供資金。

This results in cash savings over the next two years of approximately $20 million due to the removal of interest and buyout purchase options.

由於取消了利息和買斷購買選擇權，未來兩年將節省約 2,000 萬美元的現金。

Earlier today, as part of our disciplined approach to capital management, we established a new shelf registration and an at-the-market equity program, which remains subject to SEC review. As we just reviewed, Serve is fortunate to have a strong cash balance to support our growth, so we do not have plans to raise additional capital in the near-term.

今天早些時候，作為我們嚴謹的資本管理方法的一部分，我們建立了新的擱置註冊和市場股權計劃，該計劃仍需接受美國證券交易委員會的審查。正如我們剛才回顧的那樣，Serve 很幸運擁有強大的現金餘額來支持我們的成長，因此我們近期沒有籌集額外資金的計劃。

This new structure is meant to provide us with continued flexibility to act opportunistically, whether it is to fund additional fleet expansion or capitalize if and when opportunities are presented. We believe we successfully utilized this approach in December to strengthen our balance sheet while carefully managing dilution. As a result, our enhanced liquidity position provides us the ability to operate the business from a position of strength.

這種新結構旨在為我們提供持續的靈活性，以便我們能夠抓住機會採取行動，無論是資助額外的機隊擴張，還是在機會出現時利用機會。我們相信，我們在 12 月成功地運用了這種方法來加強我們的資產負債表，同時謹慎地管理稀釋。因此，我們增強的流動性狀況使我們能夠以優勢地位經營業務。

Looking forward to 2025, we are focused on scaling our fleet to expand top line revenue and strengthen our margins. We remain on track to deploy 2,000 robots by year-end 2025. After working hard to lower the cost of our robot by another 30% over and above our previous 50% cost reduction, the fleet rollout will accelerate in the second half of the year with at least 700 reduced cost Gen3 robots built in Q3, and the remainder built in Q4.

展望 2025 年，我們將專注於擴大機隊規模，以增加營業收入並提高利潤率。我們仍有望在 2025 年底前部署 2,000 台機器人。在努力將機器人成本在先前 50% 的成本降低基礎上再降低 30% 之後，機器人隊伍的部署將在下半年加速，第三季將生產至少 700 台低成本 Gen3 機器人，其餘的將在第四季度生產。

First quarter 2025 deliveries are on pace to exceed Q4 even as we focus on operational readiness for the second half scale-up. Software revenue remains nonrecurring, and our long-term revenue model remains focused on building and deploying 2,000 robots targeting $60 million to $80 million in annualized revenue once the fleet reaches full utilization estimated in 2026.

即使我們專注於下半年擴大規模的營運準備，2025 年第一季的交付量仍有望超過第四季。軟體收入仍然是非經常性的，我們的長期收入模式仍然專注於建造和部署 2,000 台機器人，目標是在 2026 年機器人隊達到充分利用後實現 6,000 萬至 8,000 萬美元的年收入。

As you would expect, we are planning for increased capital expenditures during 2025 with investments in tooling, expansion costs and fleet build-out being thoughtfully sequenced.

正如您所期望的，我們計劃在 2025 年增加資本支出，並對工具、擴建成本和車隊建設進行精心排序。

Our current cash position following the January offering and debt-free balance sheet give us the ability to execute our business plan from a position of strength. Estimated shares outstanding as of today are approximately 57 million shares. Last, I am pleased to announce that our Audit Committee has approved the transition to PricewaterhouseCoopers as our independent auditor, replacing DBBMcKennon following the completion of our 2024 audit.

在一月發行後，我們目前的現金狀況和無債務資產負債表使我們能夠以強勢地位執行我們的業務計劃。截至今日，預計流通股數約為 5,700 萬股。最後，我很高興地宣布，我們的審計委員會已批准將普華永道轉為我們的獨立審計師，並在 2024 年審計完成後取代 DBBMcKennon。

The Audit Committee's appointment of PwC, a firm with a global reputation for auditing, tax and financial services reflects the company's commitment to maintaining robust financial oversight and corporate governance. We sincerely thank DBBMcKennon for their partnership and contributions to Serve over the past several years.

審計委員會任命普華永道作為審計、稅務和金融服務領域全球知名的事務所，體現了公司對維持強有力的財務監督和公司治理的承諾。我們真誠感謝 DBBMcKennon 過去幾年來與 Serve 的合作和貢獻。

During 2025, we will be investing in ERP upgrades and data transformation initiatives to further strengthen internal controls and enhance operational efficiency, further reinforcing our commitment to financial discipline and scalability. In closing, we ended 2024 with our strongest cash position ever, and we will continue to remain disciplined in managing core expenses. 2025 will be focused on executing our expansion into new neighborhoods and cities, onboarding more restaurants and scaling our fleet.

2025年，我們將投資ERP升級和數據轉型計劃，以進一步加強內部控制和提高營運效率，進一步加強我們對財務紀律和可擴展性的承諾。最後，我們在 2024 年結束時擁有有史以來最強勁的現金狀況，並且我們將繼續嚴格管理核心支出。 2025 年我們將專注於向新的社區和城市擴張，引入更多餐廳並擴大我們的車隊規模。

With that, let me turn it back to Aduke for Q&A.

說完這些，讓我把話題轉回 Aduke 進行問答。

Thank you, Ali and Brian, for those detailed updates. We'll now transition to the Q&A session. First, I'd like to express our gratitude to all the investors and analysts who submitted questions over e-mail. We really appreciate your engagement. Our first question, I think this might be appropriate for Ali.

感謝 Ali 和 Brian 提供的詳細更新。我們現在進入問答環節。首先，我要向所有透過電子郵件提交問題的投資者和分析師表示感謝。我們非常感謝您的參與。我們的第一個問題，我認為這對阿里來說可能是合適的。

You mentioned that robot costs have been lowered. Does this mean you removed technology or made major component changes? How was this cost reduction achieved?

您提到機器人成本已經降低。這是否意味著您刪除了技術或對主要組件進行了更改？成本降低是如何實現的？

That's a great question. No, we did not remove any technologies or capabilities or components. This was primarily done because of improvements to our supply chain, an area that we've been investing in a lot, internally. There are benefits from scale that we are now enjoying. There are, for example, suppliers -- Tier 2 suppliers we've now upgraded to Tier 1.

這是一個很好的問題。不，我們沒有刪除任何技術、功能或組件。這主要是為了改善我們的供應鏈，我們在內部對這個領域進行了大量的投資。我們目前正在享受規模帶來的好處。例如，我們現在已將二級供應商升級為一級供應商。

We're getting better cost on components. I can think of components that are 70% cheaper now than they used to be. So, I generally expect we will continue this process of making design improvements, improving our supply chain and by increasing scale, getting additional benefits from that to see the cost of the robots come down over time.

我們的零件成本正在降低。我能想到的零件現在比以前便宜了 70%。因此，我總體上預計我們將繼續這項設計改進過程，改善我們的供應鏈，並透過擴大規模，從中獲得額外的好處，從而看到機器人的成本隨著時間的推移而下降。

Okay. This next question was submitted via e-mail. Can you say why you focused on the second half for the robot rollout?

好的。下一個問題是透過電子郵件提交的。你能說說為什麼你們要把重點放在機器人推出的下半部嗎？

Yes, absolutely. We want to do the scale-up thoughtfully and in a measured way where we are cost-efficient. So, this quarter, building 250 robots effectively means that we are tripling our fleet size. Again, in Q3, when we build another 700, another tripling of the fleet size. The point of this process is to do it gradually.

是的，絕對是。我們希望以審慎、有節制的方式擴大規模，以實現成本效益。因此，本季建造 250 台機器人實際上意味著我們的機器人隊伍規模將擴大三倍。同樣，在第三季度，我們又建造了 700 艘，船隊規模又增加了兩倍。這個過程的要點是逐步進行。

So, we learn, we fix things along the way. We reduce costs, just as I mentioned with the hardware, for example, so that we can, again, as I said at the beginning, do this in a cost-efficient and thoughtful way as we scale.

因此，我們一邊學習，一邊解決問題。我們降低成本，就像我提到的硬體一樣，這樣，我們就可以像我在開始時所說的那樣，在擴大規模的同時，以經濟高效且周到的方式做到這一點。

Perfect. This next question we received from a number of people, but most notably Glenn Mattson at Ladenburg. Can you comment on recent developments with NVIDIA? Ali, do you want to take that one?

完美的。很多人向我們提出了這個問題，其中最引人注目的是拉登堡的 Glenn Mattson。您能評論一下 NVIDIA 的最新發展嗎？阿里，你想拿那個嗎？

Yes, absolutely. What development? We have really no ability to comment on NVIDIA's behalf. I want to be clear on that. But I do want to emphasize a couple of things.

是的，絕對是。有什麼發展？我們確實沒有能力代表 NVIDIA 發表評論。我想明確這一點。但我確實想強調幾點。

NVIDIA isn't really privy to any material confidential information about Serve or vice versa. They invested in Serve in 2021, '22, '23 and '24, right before our IPO. And that's when we were a private company, and they exited that position when we became a public company. What's most important, what I can comment on, is that they remain a key partner for us on the technology side. That partnership has not changed.

NVIDIA 實際上並不了解有關 Serve 的任何重要機密信息，反之亦然。在我們首次公開發行 (IPO) 之前，他們在 2021 年、2022 年、2023 年和 2024 年對 Serve 進行了投資。那時我們還是一家私人公司，而當我們成為一家上市公司時，他們就退出了這個地位。最重要的是，我可以評論的是，他們仍然是我們在技術方面的重要合作夥伴。這種合作關係沒有改變。

Our robots continue to use their technology. Even the robots we are building later this year are using those NVIDIA chips. So, we are continuing to work together, and that hasn't changed.

我們的機器人繼續使用他們的技術。甚至我們今年稍後要製造的機器人也使用了 NVIDIA 晶片。因此，我們將繼續合作，這一點沒有改變。

Okay. Next question. In recent weeks, you've learned -- we've learned more about planned policy changes and tariff introductions. Do you anticipate any impact on your operations? Brian, do you want to take this one?

好的。下一個問題。最近幾週，您了解到—我們了解了更多有關計劃中的政策變更和關稅引入的資訊。您預計這會對您的營運產生任何影響嗎？布萊恩，你想拿這個嗎？

Sure. Thanks for the question. So obviously, we're monitoring developments on a daily basis to understand what the impact is going to be. The bottom line is, right now, we don't anticipate any material impact to our operations. We have a global supply chain and hardware team, who are working to diversify the supply chain.

當然。謝謝你的提問。因此，顯然，我們每天都在監測事態發展，以了解其影響。底線是，目前，我們預計我們的營運不會受到任何重大影響。我們擁有全球供應鏈和硬體團隊，他們正在致力於實現供應鏈多樣化。

We have some exposure in China, but that's going to be an immaterial impact when we think about our country of origin for the parts that we're getting. And I think really importantly, like we talked about on the call, is we're seeing further cost reductions throughout this year for the remainder of the fleet. So hopefully, should policy changes come in that will impact us, we would be able to offset those with some of the additional reductions in this year.

我們在中國有一些業務，但當我們考慮到我們所購買零件的原產國時，這將不會產生實質的影響。我認為真正重要的是，正如我們在電話中談到的，我們將在今年看到剩餘船隊的成本進一步降低。因此，希望如果推出的政策變化對我們產生影響，我們能夠透過今年的一些額外減免來抵消這些影響。

Perfect. Next question comes from Mike Latimore at Northland. We've seen that there were recent wildfires in L.A. Any impact on Serve? Will this slow usage or rollout plan in the new neighborhood? Ali, can you take this one.

完美的。下一個問題來自 Northland 的 Mike Latimore。我們看到洛杉磯最近發生了野火。這對 Serve 有影響嗎？這會減慢新社區的使用率或推廣計畫嗎？阿里，你能拿這個嗎？

Yes. No, there wasn't any impact to our rollout plan. We had a few team members who had to unfortunately deal with evacuations. We experienced a few days of lower volume than usual. But compared to the impact to the broader L.A. community, the impact to us was very minimal and brief.

是的。不，這對我們的推廣計劃沒有任何影響。我們有幾個團隊成員不幸地不得不處理疏散事宜。我們經歷了幾天比平常交易量較低的情況。但與對洛杉磯社區更廣泛的影響相比，對我們的影響非常小且短暫。

Next question is from Aaron Kessler at Seaport. Can you give an update on the Vibu acquisition?

下一個問題來自 Seaport 的 Aaron Kessler。能介紹一下 Vibu 收購的最新情況嗎？

I can do that. Yes. We have some issues on the closing conditions right now. So, the deal has been on somewhat of a pause until we work that out. The discussions continue.

我可以做到。是的。我們現在對成交條件有一些問題。因此，在我們解決這個問題之前，這筆交易一直處於暫停狀態。討論仍在繼續。

Hard to say where it would end up, but it's not a material transaction. But if any updates come up, we would share that with everyone.

很難說它最終會走向何方，但這不是一項實質交易。但如果有任何更新，我們會與大家分享。

Follow-up question, Ali. How are things going in Miami?

後續問題，阿里。邁阿密的情況怎麼樣？

Things are going great. Actually, we are seeing good utilization of the robots. We have 50 restaurants already onboarded. The growth is looking to be on the right track. We are excited to expand further there.

一切進展順利。事實上，我們看到了機器人的良好利用。我們已有 50 家餐廳加入。成長看起來正走在正確的軌道上。我們很高興能夠在那裡進一步擴張。

In fact, in some of our key delivery metrics, we are ahead of schedule. So overall, I would say we are very happy with what we are seeing, and we are going to continue to collect data there to improve our models and our operation overall. And as we do, we are going to scale the size of the robots further.

事實上，在我們的一些關鍵交付指標中，我們已經提前完成了計劃。所以總的來說，我想說我們對所看到的情況非常滿意，我們將繼續收集數據以改善我們的模型和整體運作。同時，我們將進一步擴大機器人的尺寸。

Our next question is from Mike Latimore at Northland. Can you provide any update on the Gen3 robots performance? Are there any early insights available on how well the new hardware is working in the new market?

我們的下一個問題來自 Northland 的 Mike Latimore。您能提供有關 Gen3 機器人性能的任何更新嗎？有沒有關於新硬體在新市場中運作的早期見解？

Yes, I'm happy to do that. The robots are looking great compared to a similar time frame of the previous generation robots. They're performing much better. We are obviously rolling them out in stages so that we can learn and detect any problems and put them really through their paces before we scale even further. The most important achievement we needed in Gen3 robots was the ability to scale them efficiently and quickly.

是的，我很樂意這麼做。與上一代類似時間框架的機器人相比，這些機器人看起來很棒。他們的表現好多了。顯然，我們正在分階段推出這些產品，以便我們能夠學習和發現任何問題，並在進一步擴大規模之前真正地對它們進行測試。我們在 Gen3 機器人中需要取得的最重要的成就是能夠有效率、快速地擴展它們。

The manufacturing had to be scaled efficiently and quickly, and we are very happy with that manufacturing process. So, the early results are positive, and we are going to keep learning and improving.

生產必須有效率、快速地擴大規模，我們對生產過程非常滿意。因此，早期的結果是正面的，我們將繼續學習和改進。

Okay. And this is our final question. It comes from Mike Latimore at Northland. What are your expectations now for 2026 and beyond? Do you still think the market can absorb as many of your robots as you can produce and optimize? Ali, do you want to take that?

好的。這是我們的最後一個問題。它來自 Northland 的 Mike Latimore。您對 2026 年及以後有何期望？您是否仍然認為市場能夠吸收您生產和優化的盡可能多的機器人？阿里，你想接受這個嗎？

Absolutely. Yes. We do believe we see a strong demand for the robots, both in the existing markets as well as in new cities and even new countries. Ultimately, we really believe that the significant cost reduction in last mile delivery will keep even accelerating the rate of growth that already exists in demand for last mile. And that means there's going to always be demand for these robots.

絕對地。是的。我們確實相信，無論是在現有市場，還是在新城市甚至新國家，對機器人的需求都很強勁。最終，我們確實相信，最後一哩配送成本的大幅降低將繼續加速最後一哩需求的成長率。這意味著對這些機器人的需求將永遠存在。

Okay. That's all our questions for today. So, thank you for participating, and I'll turn it back to the operator.

好的。這就是我們今天的所有問題。所以，感謝您的參與，我會將其轉回給操作員。

This concludes today's conference. You may now disconnect.

今天的會議到此結束。您現在可以斷開連線。