Serve Robotics Inc (SERV) 2025 Q1 法說會逐字稿

Thank you for standing by, and welcome to Serve Robotics' first-quarter 2025 earnings conference call. Please be advised that today's conference call is being recorded. I would now like to hand the conference to your host, Head of Communication and Investor Relations, Aduke Thelwell, please go ahead.

感謝您的支持，歡迎參加 Serve Robotics 2025 年第一季財報電話會議。請注意，今天的電話會議正在錄音。現在，我想將會議交給主持人、傳播和投資者關係主管 Aduke Thelwell，請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to Serve Robotics' first-quarter 2025 earnings call. With me today our Serve CEO and Co-Founder, Ali Kashani; and our CFO, 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.

謝謝接線員，大家下午好。歡迎參加 Serve Robotics 2025 年第一季財報電話會議。今天與我一起的還有我們的 Serve 執行長兼共同創辦人 Ali Kashani；以及我們的財務長 Brian Read。如果需要，在今天的電話會議中，我們可能會提供 GAAP 和非 GAAP 財務指標。在我們今天稍早提交的收益報告中可以找到 GAAP 與非 GAAP 指標的對帳表。

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 made today, except as required by law.

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 uncertainty described in our most recent annual report on Form 10-K in our filings made with the SEC. We published our quarterly financial press release and our updated corporate presentation to our Investor Relations website earlier this afternoon and 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向美國證券交易委員會提交的最新 10-K 表格年度報告中所描述的風險和不確定性。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，請您查看這些文件。

With that, let me hand it over to Ali.

說完這些，讓我把它交給阿里。

Thanks, Aduke, and thank you, all, for being here. We made great progress in Q1 and I'm excited to share what we've been up to. First of all, we made our key targets for the first quarter, which was to build 250 new third-generation robots. As a result, we are on track to reach our end of year target, which is to deploy 2,000 robots. Our team has been heads down, really relentlessly executing, and despite all the external uncertainties in the market, I feel confident that we'll be able to hit our targets by the end of the year.

謝謝，阿杜克，也謝謝大家來到這裡。我們在第一季取得了巨大進展，我很高興與大家分享我們的進展。首先，我們訂定了第一季的重點目標，就是新建250台第三代機器人。因此，我們有望實現年底部署 2,000 台機器人的目標。我們的團隊一直埋頭苦幹，堅持不懈地執行，儘管市場存在種種外部不確定性，但我相信我們能夠在今年年底前實現目標。

Let me highlight some of our accomplishments since our last update. First and foremost was the addition of the 250 new robots, which were added to the fleet in L.A., Miami and Dallas. We've spent the last few weeks now bringing the new delivery capacity online, which involves working with city officials and our delivery partners and local merchants and restaurants. We've been launching new geographies and markets and bringing new restaurants online. As a result of all this, in Q1, we increased our daily supply hours by over 40% compared to Q4.

讓我重點介紹一下我們自上次更新以來所取得的一些成就。首先，也是最重要的是增加了 250 台新機器人，這些機器人被添加到洛杉磯、邁阿密和達拉斯的機器人隊伍中。過去幾週，我們一直在努力將新的配送能力上線，這需要與市政官員、我們的配送合作夥伴以及當地商家和餐廳合作。我們一直在開拓新的地區和市場，並在網路上推出新的餐廳。由於這些因素，與第四季度相比，我們第一季的每日供應時間增加了 40% 以上。

The increase in capacity has also led to a sharp increase in our delivery volume. During the first quarter, as we got more robots deployed, our delivery volume increased over 75% between the first and the last week of the quarter. We expect this growth to continue in Q2 even before we add more robots to the fleet. We'll have more geos to cover and more merchants to bring online, which all results in more utilization of the robots. We're also anticipating approximately 60% to 75% quarter-over-quarter delivery volume growth in Q2 compared to Q1.

產能的提升也使得我們的出貨量大幅增加。在第一季度，隨著我們部署了更多的機器人，我們的交付量在本季度第一周到最後一周之間增長了 75% 以上。我們預計，即使在我們向機器人隊伍中添加更多機器人之前，這種增長仍將在第二季度持續下去。我們將涵蓋更多的地理位置，並將更多的商家引入線上，這將提高機器人的使用率。我們也預計第二季的交付量將比第一季環比成長約 60% 至 75%。

Speaking of geos, since the start of the year, we've launched 2 new markets, Miami in February and Dallas in April. We've been ahead of our time line by a few weeks and have been able to also enlist key partners like Shake Shack and Mister O1 at each new market launch. We have also increased our presence in L.A. significantly by bringing our robots to Glendale and Long Beach in January. In total, we now serve over 320,000 households around the country, which has more than doubled since December of 2024.

說到地理位置，自今年年初以來，我們已經推出了兩個新市場，二月的邁阿密和四月的達拉斯。我們比原計劃提前了幾週，並且在每次新市場發佈時都能夠招募到 Shake Shack 和 Mister O1 等關鍵合作夥伴。我們還在一月份將機器人帶到了格倫代爾和長灘，大大增強了我們在洛杉磯的影響力。總體而言，我們目前為全國超過 320,000 個家庭提供服務，自 2024 年 12 月以來增加了一倍多。

The flip side of this is our merchant volume, which is also growing quickly. As of today, we serve over 1,500 restaurants. That is a 50% increase since our last update call, and it's 5 times more restaurants than a year ago. Now expanding the fleet size and adding markets and increasing delivery volume, these are just half of the equation. The other half is the quality of deliveries.

另一方面，我們的商家數量也在快速成長。截至今天，我們已為超過 1,500 家餐廳提供服務。自從我們上次更新以來，餐廳數量增加了 50%，是一年前的 5 倍。現在擴大機隊規模、增加市場、增加交付量，這些只是等式的一半。另一半是交付的品質。

What's great is that we've been able to rapidly expand our volume and coverage and even launch new robots, while at the same time, successfully maintain our high delivery quality. For example, the percentage of deliveries that failed to meet our internal delivery deadline was reduced by roughly 65% in Q1 compared to a year ago. We have also kept our delivery completion rate similar to what it was in Q4 before we launched any of the new robots and markets. Also, our average delivery drop-off time has remained consistent throughout this period. All of this rapid growth and sustained quality is why I said earlier that I feel confident in our ability to continue to scale to our 2,000 robot target by the end of the year.

令人高興的是，我們能夠迅速擴大我們的業務量和覆蓋範圍，甚至推出新的機器人，同時成功保持我們的高交付品質。例如，與一年前相比，第一季未能滿足內部交貨期限的交貨比例減少了約 65%。我們的交付完成率也保持與第四季度推出任何新機器人和市場之前的水平相似。此外，在此期間，我們的平均送貨時間一直保持一致。正是由於這種快速的成長和持續的質量，我先前說過，我對我們有能力在年底前繼續擴大規模，實現 2,000 台機器人的目標充滿信心。

Let's also quickly touch on hardware costs. Despite the broader supply chain challenges, another key highlight has been the fact that we've managed our robot BOM cost in such a way that the current tariffs have had so little impact on us. In fact, if you recall, our Gen3 robots cost nearly 1/3 of Gen2 robots and the current 10% tariffs have actually been offset by the additional savings on the BOM cost. Last but not least, I also want to highlight our solid capitalization position. We raised an additional $91 million in Q1 and had $198 million on the balance sheet by the end of the quarter.

我們也來快速談談硬體成本。儘管面臨更廣泛的供應鏈挑戰，但另一個關鍵亮點是我們以適當的方式管理機器人 BOM 成本，使得當前關稅對我們的影響很小。事實上，如果你還記得的話，我們的 Gen3 機器人的成本幾乎是 Gen2 機器人的 1/3，而目前 10% 的關稅實際上已經被 BOM 成本的額外節省所抵消。最後但同樣重要的一點是，我還想強調我們穩固的資本地位。我們在第一季額外籌集了 9,100 萬美元，截至本季末，資產負債表上的金額為 1.98 億美元。

In the current market conditions, this has provided us with more flexibility. It's given us more leverage in negotiations and an opportunity to out-execute competition in growth and in technology investment. So to summarize, I hope that I've been able to do justice to highlight our team's relentless efforts and the great results. Having built the first major batch of our 2,000 robots, deployed them, increased delivery volume by over 75% and expanded to new markets while maintaining our high quality of deliveries, all I can say is that I'm really proud of our team for living up to the challenge every single day. Now let me hand this to Brian to provide a more detailed overview of our Q1 financial results, and I'll be back later to provide an update on our plans for the rest of the year.

在當前的市場條件下，這為我們提供了更大的靈活性。它使我們在談判中擁有了更大的籌碼，並有機會在成長和技術投資方面超越競爭對手。總而言之，我希望我能公正地展現我們團隊的不懈努力和所取得的偉大成果。我們已經製造出第一批 2,000 台機器人並進行了部署，將交付量提高了 75% 以上，並在保持高品質交付的同時擴展到了新市場，我只能說，我為我們的團隊每天都能迎接挑戰感到非常自豪。現在，讓我把這個交給布萊恩，讓他提供我們第一季財務業績的更詳細概述，稍後我會回來提供有關我們今年剩餘時間計劃的最新資訊。

Thanks, Ali, and good afternoon, everyone. We were encouraged by the momentum in Q1, primarily driven by the operational progress Ali highlighted. Fleet expansion and new market launches are translating into early top line traction, supported by disciplined cost management and targeted investments for the second half 2025 acceleration. Fleet revenues continued to grow in Q1 and with Gen3 robots now deployed, we expect their impact on revenue and efficiency to increase in the coming quarters. Revenue for the first quarter 2025 increased 150% on a sequential basis to $440,000.

謝謝，阿里，大家下午好。我們對第一季的發展動能感到鼓舞，這主要得益於阿里強調的營運進度。在嚴格的成本管理和針對 2025 年下半年加速的目標投資的支持下，機隊擴張和新市場推出正在轉化為早期的收入成長。第一季車隊收入持續成長，隨著 Gen3 機器人的部署，我們預計它們對未來幾季營收和效率的影響將會增加。2025 年第一季的營收季增 150%，達到 44 萬美元。

Growth was driven by $229,000 in software services and a 20% increase in fleet revenues, which totaled $212,000. Beginning this quarter, we've consolidated delivery and branding revenue under fleet revenues to better reflect monetization of our deployed fleet assets. While gross margins were 40% favorable quarter-over-quarter, the total cost of revenues increased approximately $1 million due to start-up costs related to the scale-up of our fleet and launching in new markets. While software services continue to deliver attractive margins, the increased share of early-stage operations and fleet revenues weighed on the overall mix. As utilization improves and operating density increases, we expect meaningful positive gross margin improvement.

成長主要得益於軟體服務收入 229,000 美元以及車隊收入成長 20%（總計 212,000 美元）。從本季開始，我們將交付和品牌收入合併到車隊收入中，以更好地反映我們部署的車隊資產的貨幣化。雖然毛利率季增了 40%，但由於擴大機隊規模和開拓新市場相關的啟動成本，總收入成本增加了約 100 萬美元。儘管軟體服務繼續提供可觀的利潤率，但早期營運和車隊收入份額的增加對整體組合產生了壓力。隨著利用率的提高和營運密度的增加，我們預計毛利率將顯著提高。

Delivery hours are ramping, and we remain confident in the operating leverage embedded in our model. Total GAAP operating expenses were $13.5 million in Q1 compared to $12.9 million in Q4 and $8.3 million in Q1 last year. On a non-GAAP basis, excluding stock-based compensation, operating expenses were $9.5 million compared to $8.3 million in Q4 and $4.1 million in Q1 prior year. R&D remains our largest investment area at $6.9 million on a GAAP basis and $5 million on a non-GAAP basis. G&A expenses were $4.7 million on a GAAP basis and $2.9 million on a non-GAAP basis.

配送時間正在增加，我們仍然對我們模型中嵌入的營運槓桿充滿信心。第一季 GAAP 總營運費用為 1,350 萬美元，而第四季為 1,290 萬美元，去年第一季為 830 萬美元。以非公認會計準則計算，不包括股票薪酬，營業費用為 950 萬美元，而去年第四季為 830 萬美元，第一季為 410 萬美元。研發仍然是我們最大的投資領域，以 GAAP 計算為 690 萬美元，以非 GAAP 計算為 500 萬美元。根據 GAAP 計算，一般及行政開支為 470 萬美元，根據非 GAAP 計算，一般及行政開支為 290 萬美元。

This quarter included continued investment in internal controls and operational infrastructure to support our growth at scale. Costs remained steady quarter-over-quarter, reflecting our disciplined cost management as we continue to build capabilities. Adjusted EBITDA for Q1 was negative $7.1 million, an improvement from negative $7.8 million in the prior quarter and consistent with our plan to absorb the upfront expansion costs related to scaling. GAAP net loss per share was $0.23 and non-GAAP net loss per share was $0.16. We ended the first quarter with a record cash position of $198 million, bolstered by $91 million raised in January.

本季繼續投資於內部控制和營運基礎設施，以支持我們的規模成長。成本環比保持穩定，反映出我們在不斷建構能力的同時，嚴格控製成本管理。第一季調整後的 EBITDA 為負 710 萬美元，較上一季的負 780 萬美元有所改善，這與我們吸收與擴大規模相關的前期擴張成本的計劃一致。GAAP 每股淨虧損為 0.23 美元，非 GAAP 每股淨虧損為 0.16 美元。我們在第一季結束時的現金狀況達到創紀錄的 1.98 億美元，這得益於 1 月籌集的 9,100 萬美元。

As shared previously, we've made the strategic decision to self-fund our 2,000-unit fleet rather than pursue equipment financing. This eliminates approximately $20 million in interest and purchase option costs through 2026. We incurred $3.5 million in CapEx during this quarter related to building our fleet. Our cash on hand is expected to fund operations through the end of 2026, though we will continue to evaluate financing opportunistically. Our outlook remains unchanged.

正如之前所分享的，我們做出了戰略決策，自行資助我們的 2,000 輛車隊，而不是尋求設備融資。到 2026 年，這將消除約 2000 萬美元的利息和購買選擇權成本。本季度，我們花了 350 萬美元的資本支出來建造我們的車隊。我們手頭上的現金預計足以支持到 2026 年底的運營，但我們仍會繼續擇機評估融資。我們的展望保持不變。

Despite macroeconomic volatility, we continue to project an annualized revenue run rate of $60 million to $80 million once our 2,000 robot fleet is fully deployed and reaches target utilization, which we anticipate will occur during 2026. Fleet deployment will accelerate in the second half of 2025 with at least 700 reduced cost Gen3 robots built by the end of Q3 and the remainder built in Q4. We are guiding to Q2 2025 total revenue in the range of $600,000 to $700,000, representing anticipated top line growth of approximately 35% to 60% quarter-over-quarter. As of today, we estimate 57 million shares outstanding. With that, I'll turn the call back to Ali for an update on our 2025 plans and technology advancements.

儘管宏觀經濟波動，我們仍然預計，一旦我們的 2,000 台機器人隊伍全面部署並達到目標利用率，年化收入運行率將達到 6,000 萬至 8,000 萬美元，我們預計將在 2026 年實現這一目標。2025 年下半年，車隊部署將加速，到第三季末將建造至少 700 台低成本 Gen3 機器人，其餘的將在第四季建造。我們預計 2025 年第二季的總營收將在 60 萬至 70 萬美元之間，預計將季成長約 35% 至 60%。截至今天，我們估計流通股數為 5,700 萬股。說完這些，我將把電話轉回給阿里，讓他介紹我們的 2025 年計畫和技術進步的最新情況。

Thanks, Brian. Let's quickly look at what comes next. We had a strong first quarter in support of our rapid expansion, and the team is completely heads down right now, executing the rest of the road map to get to the 2,000 robots by the end of the year. Let's start with the metros. Beyond Miami and Dallas, our next city will be Atlanta.

謝謝，布萊恩。讓我們快速看看接下來會發生什麼。我們第一季的業績表現強勁，為我們的快速擴張提供了支持，現在整個團隊正全力以赴執行剩下的路線圖，力爭在今年年底前實現 2,000 台機器人的目標。讓我們從地鐵開始。除了邁阿密和達拉斯，我們的下一個城市將是亞特蘭大。

We are on track to launch Atlanta by the end of Q2, which is what we have promised earlier. This will be the fourth metro our robots will be operating in. We also expect to announce additional new markets for the rest of the year later on. So please stay tuned. Next up is the robot field.

我們預計在第二季末推出亞特蘭大項目，這正是我們先前的承諾。這將是我們的機器人運行的第四條地鐵。我們也預計今年剩餘時間宣布更多新市場。因此請繼續關注。接下來是機器人領域。

We are diligently working with our manufacturing partner, Magna International, and expect to have the next batch of 700 new Gen3 robots to be ready to deploy by the end of the third quarter. Also, we are working actively with Wing Aviation to kick off our multimodal delivery pilot where drones and robots deliver goods together. Early validation results have been promising, so there's more to come there as well. I'm also excited to share an update about our software and data platform. As you know, our tech continues to be a key differentiator.

我們正在與製造合作夥伴 Magna International 密切合作，預計下一批 700 台新型 Gen3 機器人將在第三季末準備好部署。此外，我們正在積極與 Wing Aviation 合作，啟動無人機和機器人一起運送貨物的多式聯運試點。早期驗證結果令人鼓舞，因此未來還會有更多結果。我也很高興與大家分享有關我們的軟體和數據平台的最新動態。如您所知，我們的技術仍然是關鍵的差異化因素。

Our robotic platform, which includes a wide range of technologies for creating and operating fleets of autonomous robots as well as the data that we collect from our vehicles to train our AI models, they all represent exciting new business opportunities. To explore that, we recently brought on board a seasoned business development leader, Scott Wagoner, as a VP in charge of creating a new business inside Serve. He'll be focusing on monetizing our platform and data. What's exciting is that we already have agreements in place with key new customers that include a major European automaker, a middle mile autonomous trucking company and a couple of specialized industrial robot companies. We'll have more to share about this in the coming months.

我們的機器人平台涵蓋了用於創建和操作自動機器人車隊的廣泛技術，以及我們從車輛收集的用於訓練人工智慧模型的數據，它們都代表著令人興奮的新商機。為了探索這一點，我們最近聘請了經驗豐富的業務發展領導者 Scott Wagoner，擔任負責在 Serve 內部創建新業務的副總裁。他將專注於我們的平台和數據的貨幣化。令人興奮的是，我們已經與主要新客戶達成協議，其中包括一家歐洲主要汽車製造商、一家中程自動駕駛卡車公司和幾家專業工業機器人公司。我們將在接下來的幾個月分享更多相關資訊。

But one thing I wanted to share now is that starting in Q2, we'll have recurring software platform revenues. It will start small at first, but we expect it to grow over the coming quarters. And besides the fact that this adds revenue, it also helps diversify our opportunity set further, and it lowers our reliance on any single revenue source or partner. In closing, we had a strong start to 2025. We are confident in our ability to continue and execute on our plans, and we have many new opportunities to look forward to as well.

但我現在想分享的一件事是，從第二季開始，我們將獲得經常性的軟體平台收入。一開始規模很小，但我們預計未來幾季它會成長。除了增加收入之外，這還有助於進一步豐富我們的機會，並降低我們對任何單一收入來源或合作夥伴的依賴。最後，我們為 2025 年開了個好頭。我們有信心繼續執行我們的計劃，我們也有很多新的機會值得期待。

Thank you all for the time you've taken to be with us today. We will now move into the Q&A session. Back to you, Aduke.

感謝大家今天抽出時間來參加我們的節目。我們現在進入問答環節。回到你身邊，阿杜克。

Thank you, Ali and Brian. We will now move into the Q&A session. First, I'd like to express our gratitude to all the investors and analysts who submitted questions via e-mail. We appreciate your engagement. First question, can you tell us what you've learned from the new launches in Miami, Dallas and soon Atlanta?

謝謝你，阿里和布萊恩。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。我們感謝您的參與。第一個問題，您能告訴我們您從邁阿密、達拉斯以及即將在亞特蘭大推出的新產品中學到什麼嗎？

Is there anything you can share about things like operations and initial progress? I think, Ali, could you take this one?

您能分享一些有關營運和初步進展的事情嗎？我想，阿里，你能接受這個嗎？

Certainly, I'm happy to share more how these market launches work. To be clear, this is still early days, but I'm very pleased with our progress so far. Every city really has its own quirks and its own unique operational challenges, but we have a high-level playbook that we try to execute with discipline, while also being adaptable and flexible. A really good example actually is in January when we launched Miami, which was ahead of schedule, we were able to decide to launch Miami and have our first operating area launch within 3.5 weeks, so less than 1 month. And this is because when we realized there's nothing on our way, we were able to really quickly execute the playbook that I mentioned.

當然，我很樂意分享更多這些市場發布的運作方式。需要明確的是，這仍處於早期階段，但我對我們迄今為止的進展感到非常滿意。每個城市都有自己的特色和獨特的營運挑戰，但我們有一個高水準的劇本，我們會努力有紀律地執行，同時也具有適應性和靈活性。一個很好的例子是，我們在一月份啟動了邁阿密項目，這比計劃提前了，我們能夠決定啟動邁阿密項目，並在 3.5 週內（即不到 1 個月）啟動我們的第一個作業區域。這是因為當我們意識到沒有任何阻礙時，我們能夠非常快速地執行我提到的劇本。

This is usually in 3 phases. The first is when we put an initial deployment in a small number of robots in a high-density area with a skilled local team. And then we use that to train a strong team in place, engaging with local stakeholders, finding the optimal locations for depots. And once we do all that, we really get our (inaudible) under us. We get to the second phase, which is deepening our reach in the market.

這通常分為三個階段。首先，我們與當地一支技術熟練的團隊一起，在人口密集的地區初步部署少量機器人。然後我們利用這一點來培訓一支強大的團隊，與當地利益相關者合作，找到倉庫的最佳地點。一旦我們做到了這一切，我們就真正地（聽不清楚）得到了實現。我們進入了第二階段，即深化我們的市場影響力。

This includes increasing the fleet size, onboarding high-volume merchants, expanding to new neighborhoods. And again, Miami was a good example where within a few weeks, we increased our delivery volume 2.5 times. And then the final phase is where we grow to maturity. This is where we really focus on operational efficiencies, integrating into the city ecosystem, working on the demand and onboarding more merchants, improving unit economics. This is where ultimately, we spend a fair bit of time, like in Los Angeles where we are more well established, we have effective SOPs.

這包括增加車隊規模、吸收大宗商家、擴展到新的社區。邁阿密就是一個很好的例子，在幾週內，我們的送貨量增加了 2.5 倍。最後階段是我們成長成熟。在這裡，我們真正關注的是營運效率、融入城市生態系統、滿足需求、吸引更多商家、提高單位經濟效益。最終，我們在這裡花了相當多的時間，例如在洛杉磯，我們的業務更加成熟，我們有有效的標準作業程序。

We are optimizing the platform at the same time as expanding to new neighborhoods and new areas in the city. And then one last thing I should mention, too, is a big part of all this is really public access. This is really critical when you bring a new technology to a new area. You want to make sure that folks understand why you're there, what you're doing and want you to be there. So when we go to new markets, we actually spend real efforts connecting with folks locally.

我們在優化平台的同時，也向城市的新街區、新區域拓展。最後我還應該提到的一點是，這一切的很大一部分實際上是公開的。當你將一項新技術引入一個新領域時，這一點非常關鍵。你要確保人們明白你為什麼在那裡、你在做什麼以及他們希望你在那裡。因此，當我們進入新市場時，我們實際上會花費大量精力與當地人建立聯繫。

In Dallas, for example, we've been -- we participated in local school science fair. In L.A., we engaged with communities like seniors or people with accessibility needs so that we can help inform them about what they're trying to do and make sure that they're comfortable with the robot.

例如，在達拉斯，我們參加了當地學校的科學展覽會。在洛杉磯，我們與老年人或有無障礙需求的人群等社區接觸，以便我們可以幫助他們了解他們正在嘗試做的事情，並確保他們對機器人感到舒適。

Thanks, Ali. The next question is a composite question from e-mail. Can you provide more detail on the performance of the Gen3 robots in terms of daily deliveries or range compared to Gen2? Do you continue to see performance improvements in the Gen2 robots?

謝謝，阿里。下一個問題是來自電子郵件的綜合問題。您能否提供更多關於 Gen3 機器人與 Gen2 相比在每日配送量或配送範圍方面的效能細節？您是否繼續看到 Gen2 機器人的性能改進？

Yes. I've said this in the past, it still remains true that compared to when we launched the Gen2 robots, Gen3 robots are performing better. We are certainly seeing improvements in certain areas because of the new robot design, for example, obvious one is the cargo capacity. But there are other areas like we are actually seeing more hours of operation per robot each day in the Gen3 robots compared to the Gen2 because of that added battery capacity. We are still really pushing Gen3 robots to try to figure out all the kinks in hardware and software so that we can fix them early before we scale further.

是的。我以前就說過，與我們推出 Gen2 機器人時相比，Gen3 機器人的表現確實更好。由於新的機器人設計，我們確實看到某些領域的改進，例如，最明顯的就是貨物容量。但還有其他方面，例如，由於增加了電池容量，我們實際上看到 Gen3 機器人每天每個機器人的運行時間比 Gen2 機器人更長。我們仍在大力推動 Gen3 機器人的發展，試圖找出硬體和軟體方面的所有問題，以便我們能夠在進一步擴展之前儘早修復這些問題。

But the results so far have been promising. Based on what we've seen, this is why we felt comfortable guiding to Q2 delivery volume growth of about 60% to 75%.

但迄今為止的結果還是令人鼓舞的。根據我們所看到的情況，這就是為什麼我們有信心預測第二季的交付量將增加約 60% 至 75%。

Okay. Thank you. The next question is about the fleet. With 250 robots added in Q1, what is the total fleet size? Can you elaborate on how you got to guidance for delivery volume and for top line revenues?

好的。謝謝。下一個問題是關於艦隊的。第一季增加了 250 台機器人，總機器人規模是多少？能詳細說明如何獲得交付量和營業收入的指導嗎？

Absolutely. So at the end of Q1, our fleet size is over 300 robots, which includes robots we use for R&D, for testing and, of course, for deliveries. Now, not all the robots are active at the same time as we are bringing more merchants online and expanding to more geos. But the guidance for Q2 assumes that we will continue to increase the daily active robots in the existing markets as well as the new markets like Atlanta. We saw over 75% increase in delivery volume from first to the last week of Q1 as a result of bringing more robots online and expanding.

絕對地。因此，在第一季末，我們的機器人隊伍規模已超過 300 台，其中包括用於研發、測試以及交付的機器人。現在，由於我們正在將更多商家引入線上並擴展到更多地區，因此並非所有機器人都同時活躍。但第二季的指導假設我們將繼續增加現有市場以及亞特蘭大等新市場的每日活躍機器人數量。由於上線更多機器人並進行擴張，我們看到從第一季第一周到最後一周的交付量增加了 75% 以上。

And now we are expecting another 60% to 75% increase in delivery volume in Q2 compared to Q1 as a result of, again, more robots and more utilization in existing and new geos.

現在，我們預計第二季的交付量將比第一季再增加 60% 至 75%，這又是由於機器人數量增加以及現有和新地區的利用率提高。

Okay. Perfect, thank you. Next question was a common question on e-mail. Can you share more about tariff impact? Have tariffs affected the cost of components or the timing on receiving them?

好的。非常好，謝謝。下一個問題是關於電子郵件的常見問題。您能否分享更多有關關稅影響的資訊？關稅是否影響了零件的成本或接收時間？

Sure. I can take this one, Aduke. So obviously, since news started coming out a couple of months ago, we've been implementing strategies and executing for country of origin strategies the last few months. So we're looking at supplier diversification. And I think most importantly, we're seeing that our exposure in China remains a small percentage of the overall BOM.

當然。我可以接受這個，阿杜克。顯然，自從幾個月前新聞開始傳出以來，我們一直在實施策略，並在過去的幾個月裡執行原產國戰略。因此，我們正在考慮供應商多樣化。我認為最重要的是，我們發現我們在中國的曝光度仍然只佔整體 BOM 的一小部分。

But I think most importantly here is to highlight something Ali said before, that we've been very successful in realizing the cost reductions from what our supply chain and procurement team and engineering teams have been able to do with our BOM costs. So that savings will definitely cover the -- any tariff impact that we have. But right now, we're not seeing any material impact from what we have done.

但我認為這裡最重要的是強調阿里之前說過的一件事，我們的供應鏈和採購團隊以及工程團隊透過降低 BOM 成本，非常成功地實現了成本降低。因此，節省下來的資金肯定能夠彌補關稅對我們造成的任何影響。但目前，我們尚未看到我們所做的事情產生任何實質的影響。

All right, thank you. Next question. Can you comment on why you're changing the way you disclose fleet revenues?

好的，謝謝。下一個問題。您能否解釋為什麼要改變車隊收入揭露方式？

Sure. I can take that one, too. So I mean, I think what we're trying to show here is the journey that we've been on, right, where we started was with a single delivery partner, pay-per delivery services. And over the past year, you've seen how we've expanded the delivery offerings, the branding opportunities, and we're evolving the mix and just the number of those contracts and methods that we're providing. So ultimately, this doesn't change anything about our focus for expanding delivery and branding services.

當然。我也可以接受這個。所以我的意思是，我認為我們在這裡試圖展示的是我們走過的歷程，對吧，我們一開始是與單一配送合作夥伴合作，提供按配送付費服務。在過去的一年裡，您已經看到我們如何擴大配送服務、品牌推廣機會，以及我們如何改善所提供的合約和方法的組合和數量。所以最終，這不會改變我們擴大配送和品牌服務的重點。

But I think it definitely represents to the market and how we view the fleet that we are always looking to monetize.

但我認為這絕對代表了市場以及我們如何看待我們一直希望貨幣化的船隊。

Okay, next question. How do you think about the monetization opportunities you mentioned related to data and software? How should we think about modeling the potential revenue impact? Ali, could you take this one?

好的，下一個問題。您如何看待您提到的與數據和軟體相關的貨幣化機會？我們應該如何考慮對潛在收入影響進行建模？阿里，你能拿走這個嗎？

Certainly. I'll give you a quick answer and then a little bit more detail on your thinking. So the quick answer is that this is a long-term play. And what we have here is we build our own products on top of this technology stack that we created, and we are now deploying that product. So in the short-term, we see the biggest revenue opportunity and growth in our delivery business.

當然。我會給你一個簡短的答案，然後再詳細說明你的想法。所以簡單的回答就是，這是一場長期的遊戲。我們現在所做的就是在我們創建的技術堆疊之上建立我們自己的產品，現在我們正在部署該產品。因此，從短期來看，我們認為最大的收入機會和成長點在於我們的送貨業務。

But over the longer term, as our customers and partners using our stack start building their products and services and bring them to market, that's when we would have a share of the value that will be created. Now just stepping back for a moment to explain the broader strategy here. From the very start, we saw food delivery as a killer application for building a full stack autonomy platform for fleets of robots that are out there by themselves and performing tasks.

但從長遠來看，隨著我們的客戶和合作夥伴使用我們的堆疊開始建立他們的產品和服務並將其推向市場，那時我們將分享所創造的價值。現在我們稍微回顧一下，來解釋一下這裡更廣泛的策略。從一開始，我們就將食品配送視為一個殺手級應用，用於為自主執行任務的機器人隊伍建立一個全端自主平台。

This means that the AI we built for robots to navigate human spaces autonomously or the APIs to interface with the robots or the fleet management software, the SOPs and software for safety and reliability, the tools for remote intervention, all the stuff are really valuable. And our mission is ultimately beyond just doing food delivery.

這意味著我們為機器人構建的用於自主導航人類空間的人工智慧或用於與機器人或車隊管理軟體互動的 API、用於安全和可靠性的 SOP 和軟體、用於遠端幹預的工具，所有這些東西都非常有價值。我們的使命最終不只是提供食物配送服務。

We want to bring robots to our lives, and we are not going to be building all of the robots in the future. So we have now started to really scale the application that we are focused on. But we now have partners who are in other spaces facing similar problems that we've already solved and they're eager to use our technology. So that's where this platform and data play comes from. And that's why we hired Scott to identify the right partners that would benefit from this and create a new business around that. As I mentioned, we do have agreements in place with a few customers already in place, and we'll have more to share about that.

我們希望將機器人帶入我們的生活，但我們不會在未來製造所有的機器人。因此，我們現在已經開始真正擴展我們所關注的應用程式。但現在我們在其他領域的合作夥伴也面臨著我們已經解決的類似問題，他們渴望使用我們的技術。這就是這個平台和資料運作的來源。這就是我們聘請斯科特來尋找能夠從中受益的合適合作夥伴並圍繞此創建新業務的原因。正如我所提到的，我們確實與一些客戶達成了協議，我們將分享更多相關資訊。

Okay. Thank you. I think that concludes our Q&A for today, and we appreciate all the thoughtful questions that we received. Please don't forget to check out our little guy Saymo, who's on Netflix on Wednesdays. He will be on John Mulaney's, everyone -- Everybody's Live comedy show. And I'm told that Saymo is off to (inaudible) next week. So hope to see you soon and look forward to the next call.

好的。謝謝。我想我們今天的問答環節就到此結束了，我們感謝收到的所有深思熟慮的問題。請不要忘記關注我們的小傢伙 Saymo，他每週三都會在 Netflix 上播出。他將參加約翰·穆拉尼 (John Mulaney) 的《人人現場》喜劇秀。我聽說 Saymo 下週要去（聽不清楚）。希望很快見到您並期待下次通話。

Thank you, and thank you for your participation. This concludes today's conference call. You may now disconnect.

謝謝大家，也謝謝你們的參與。今天的電話會議到此結束。您現在可以斷開連線。