Serve Robotics Inc (SERV) 2025 Q2 法說會逐字稿

Thank you for standing by, and welcome to Serve Robotics' second quarter 2025 earnings conference call. Please be advised that today's conference is being recorded.

感謝您的支持，歡迎參加 Serve Robotics 2025 年第二季財報電話會議。請注意，今天的會議正在錄音。

I would now like to hand the conference over to your host, Vice President of Communications and Investor Relations, Aduke Thelwell. Please go ahead.

現在，我想將會議交給主持人、通訊和投資者關係副總裁 Aduke Thelwell。請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to Serve Robotics' Second Quarter 2025 Earnings Call. With me today are Serve's Co-Founder and CEO, Ali Kashani; and our CFO, Brian Read.

謝謝接線員，大家下午好。歡迎參加 Serve Robotics 2025 年第二季財報電話會議。今天與我一起的還有 Serve 的聯合創始人兼首席執行官 Ali Kashani；以及我們的財務長 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.

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。

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. 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 and in other filings made with the SEC.

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。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近的 10-K 表年度報告和向美國證券交易委員會提交的其他文件中所描述的風險和不確定性。

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

今天下午早些時候，我們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。

Thanks, Aduke, and good afternoon, everyone. Thank you all for joining us. We've been heads down executing towards our goal to deploy 2,000 robots across the country by the end of the year, and we took some really important steps towards that goal in this quarter. We have increased our fleet size and supply hours, expanded to new markets, significantly increased our reach to customers and merchants and scaled our delivery volume. And we have strengthened our autonomy platform with every delivery.

謝謝，阿杜克，大家下午好。感謝大家的參與。我們一直在全力以赴地實現今年年底在全國範圍內部署 2,000 台機器人的目標，並且我們在本季度朝著這一目標邁出了一些非常重要的步伐。我們增加了車隊規模和供應時間，擴展到了新的市場，大大增加了我們對客戶和商家的覆蓋範圍，並擴大了我們的交付量。每次交付都加強了我們的自主平台。

Our execution in Q2 was both impressive and predictable. We delivered revenue growth that's nearly 46% sequentially compared to Q1, right in the range of the guidance we provided last quarter. We had also said that we would grow our delivery volume by 60% to 70%. And in Q2, we exceeded our own expectations with nearly 80% growth in delivery volume versus Q1. That's 80% quarter-over-quarter growth.

我們在第二季的執行情況令人印象深刻且在意料之中。與第一季相比，我們的營收環比成長了近 46%，正好處於我們上個季度提供的預期範圍內。我們也表示，我們的配送量將增加 60% 至 70%。第二季度，我們的交付量比第一季成長了近 80%，超出了我們自己的預期。這意味著季度環比增長 80%。

Given our progress, I remain confident in our ability to deliver the 2,000 robots by the end of the year, which will fundamentally shift the landscape in our industry. We are quickly becoming the first truly national autonomous last-mile delivery provider in urban environments.

鑑於我們所取得的進展，我仍然對我們在今年年底前交付 2,000 台機器人的能力充滿信心，這將從根本上改變我們行業的格局。我們正迅速成為城市環境中第一家真正全國性的自主最後一哩配送提供者。

Just as important, this quarter, we also laid the foundation for fast growth in the second half of the year, both operationally and financially. So let's jump in. Let's start with fleet expansion and delivery volume growth. During Q2, we deployed over 120 third-generation robots, which brings our total fleet size to over 400. And here's the thing, the new robots were originally slated for Q3, but we've continued to execute with such urgency that we were able to manufacture, deliver and deploy those robots ahead of schedule.

同樣重要的是，本季我們也為下半年營運和財務上的快速成長奠定了基礎。那麼就讓我們開始吧。讓我們從車隊擴張和交付量成長開始。在第二季度，我們部署了超過 120 台第三代機器人，使我們的總機器人隊伍規模達到 400 多台。事情是這樣的，新機器人原定於第三季推出，但我們繼續緊急執行，以便能夠提前製造、交付和部署這些機器人。

We also saw tremendous growth in our daily active robots of nearly 120% quarterly versus Q1 and the daily supply hours by over 165% sequential growth from Q1 to Q2. To put things in perspective, compared to a year ago, our daily supply hours have increased by roughly 4.5 times, which is aligned perfectly with our fleet growth of roughly the same amount in the same period.

我們還看到，我們的每日活躍機器人數量與第一季相比增長了近 120%，每日供應小時數與第一季相比連續增長了 165% 以上。客觀來看，與一年前相比，我們的每日供應時間增加了約 4.5 倍，這與同期我們船隊的大致相同數量的增長完全一致。

And to give additional context to our growth momentum, consider that our production plans will see us more than double our current fleet by the end of Q3 and then double it again by the end of Q4. Now growing the fleet size is an important lever, but expanding our geographic coverage and market reach is just as important.

為了進一步說明我們的成長勢頭，請考慮一下我們的生產計劃，即到第三季末，我們的現有車隊規模將增加一倍以上，到第四季末，再增加一倍。現在，擴大船隊規模是一個重要槓桿，但擴大我們的地理覆蓋範圍和市場範圍也同樣重要。

We successfully launched operations in Atlanta in Q2 and also expanded existing coverage zones in Los Angeles and Miami. Having expanded from 1 metro to 4 so far this year, we now serve nearly 800,000 households in the US or roughly 1.8 million people. This is approximately 5 times increase in reach since the start of this year alone.

我們於第二季在亞特蘭大成功開展業務，並擴大了洛杉磯和邁阿密現有的覆蓋範圍。今年到目前為止，我們的服務範圍已從 1 個大都市擴展到 4 個大都市，目前為美國近 80 萬戶家庭（約 180 萬人）提供服務。光是今年年初以來，覆蓋範圍就增加了約 5 倍。

In Los Angeles, which is our highest penetration market, we've made great progress in increasing our footprint. We now cover nearly 18% of the L.A. County households. This is truly remarkable for an autonomous mobility service. It also highlights how much room we have to grow.

洛杉磯是我們滲透率最高的市場，我們在擴大業務範圍方面取得了巨大進展。現在我們涵蓋了洛杉磯縣近 18% 的家庭。對於自動駕駛行動服務來說，這確實非常了不起。這也凸顯了我們還有多少成長空間。

Looking ahead, we are excited to continue our expansion across the US and internationally. We refer to our expansion plans as scaling with precision because we've been extremely analytical and thoughtful about how to most smoothly and positively integrate into each new community. This approach has allowed us to be successful in each new city we launch.

展望未來，我們很高興繼續在美國和國際上擴張。我們將我們的擴張計劃稱為精準擴展，因為我們對如何最順利、最積極地融入每個新社區進行了極其分析和深思熟慮。這種方法使我們在每一個新城市都取得了成功。

Now, let me share some news. I'm excited to announce that we'll be launching in Chicago, our fifth major metro area, in the coming weeks. We know there is great potential to scale in the nation's third most populated market. We'll have much more to share about this on our Q3 call.

現在，讓我分享一些新聞。我很高興地宣布，我們將在未來幾週內在我們的第五個主要大都市區芝加哥推出這項服務。我們知道，這個全國人口第三多的市場有著巨大的擴展潛力。我們將在第三季電話會議上分享更多相關資訊。

Now, beyond markets and customer reach, another important building block for our growth is our merchant reach. I'm proud to share that we now have over 2,500 merchant partners in our delivery ecosystem. This is up from over 1,500 merchants in Q1 and represents a more than eightfold increase compared to this time last year. It feels incredible to say that there are now thousands of restaurants using robotic last-mile delivery day in and day out.

現在，除了市場和客戶覆蓋範圍之外，我們成長的另一個重要基石是我們的商家覆蓋範圍。我很自豪地告訴大家，我們的配送生態系統目前擁有超過 2,500 個商家合作夥伴。這一數字較第一季的 1,500 多家商家增加，與去年同期相比增加了八倍多。說起來令人難以置信，現在有數千家餐廳日復一日地使用機器人進行最後一英里的配送。

We have also seen meaningful developments in our partnership pipeline with several enterprise relationships continuing to advance in confidential negotiations. In Q2, we also began executing on the first stages of a strategic push to explore international geographies. In May, we partnered with Msheireb Properties to complete a proof of concept of our robotic deliveries in Middle East.

我們的合作關係也取得了有意義的進展，多家企業的關係在保密談判中持續取得進展。在第二季度，我們也開始實施探索國際地域策略的第一階段。5 月，我們與 Msheireb Properties 合作，完成了在中東地區機器人送貨的概念驗證。

Successfully, we offered our Robot-as-a-Service in Downtown Doha, Qatar, and we managed to bring convenience robotic delivery to thousands of residents of Msheireb Downtown Doha. We were actively welcomed by forward-thinking city officials looking to drive innovation in this modern smart city. We were able to hit our goals for the pilot program and are now in talks to plan what's next. This is just part of our efforts to expand into additional high-growth international cities. I can't wait to share more in the coming quarters.

我們成功地在卡達多哈市中心提供了“機器人即服務”，並成功地為多哈市中心 Msheireb 的數千名居民帶來了便捷的機器人送貨服務。我們受到了前瞻性的城市官員的積極歡迎，他們希望推動這座現代化智慧城市的創新。我們已經實現了試點計畫的目標，現在正在討論下一步的計畫。這只是我們向更多高成長國際城市擴張的努力的一部分。我迫不及待地想在接下來的幾季分享更多內容。

You may have also seen our recent announcement that we've begun delivering for a new national partner, Little Caesars, the third largest pizza chain in the United States. This relationship was developed in coordination with the team at Uber Eats and is in many ways similar to our national delivery partnerships with Shake Shack, which was initially piloted in select merchants in L.A., but rapidly gained traction and has scaled into Miami and Atlanta. This was also in part a result of the strategic focus we've had on being a preferred partner for pizza merchants.

您可能也看到了我們最近發布的公告，我們已經開始為新的全國合作夥伴——美國第三大披薩連鎖店 Little Caesars 提供外帶服務。這種關係是與 Uber Eats 團隊協調發展起來的，在許多方面與我們與 Shake Shack 的全國配送合作夥伴關係類似，該合作夥伴關係最初在洛杉磯的部分商家進行試點，但迅速獲得關注並擴展到邁阿密和亞特蘭大。這在某種程度上也是我們致力於成為披薩商家首選合作夥伴的策略重點的結果。

We designed our third-generation robot so that it is uniquely suited for pizza delivery with an expanded cargo bin that can hold four large 16-inch pizzas plus Caesar Wings plus Italian cheese bread plus beverages in a single order. We also knew from prior testing that pizza merchants really care about maintaining food temperature and quality enroute. So we worked hard to meet those expectations.

我們設計的第三代機器人特別適合披薩外送，它有一個可擴展的貨箱，可以在一個訂單中容納四個 16 吋的大披薩、凱撒雞翅、義大利起司麵包和飲料。我們也從先前的測試中了解到，披薩商家非常關心運輸途中食物的溫度和品質。因此我們努力滿足這些期望。

These developments represent the gradual maturing of our partnership's pipeline and showcase the marketplace's growing confidence in our ability to deliver reliably at scale and with strong customer experience.

這些發展代表著我們合作夥伴關係的逐步成熟，並展示了市場對我們可靠地大規模交付和提供強大客戶體驗的能力的信心日益增強。

So all in all, as I mentioned, our delivery volume has grown significantly as a result of all the investments mentioned earlier. Nearly 80% growth compared to Q1 surpassed our optimistic expectations of 60% to 75%. And despite all this rapid growth, we have maintained our 99.8% delivery reliability and our proud safety track record. This suggests to me that we are able to continue our rapid growth trajectory without compromising quality or safety.

總而言之，正如我所提到的，由於前面提到的所有投資，我們的交付量大幅增加。與第一季相比成長近 80%，超過了我們 60% 至 75% 的樂觀預期。儘管成長迅速，我們仍然保持了 99.8% 的交付可靠性和引以為傲的安全記錄。這表明我們能夠在不損害品質或安全的情況下繼續保持快速成長的軌跡。

Now, let's look ahead. We are expecting to continue delivery volume growth and expansion momentum in the second half of the year, as we set out to achieve our 2,000-fleet deployment milestone. We expect to more than double our current robot fleets by the end of Q3 and also launch in Chicago as well as in another East Coast metro market by the end of 2025.

現在，讓我們展望未來。我們預計下半年交付量將持續成長，擴張動能也將持續，我們的目標是實現 2,000 架飛機部署的里程碑。我們預計到第三季末，我們目前的機器人數量將增加一倍以上，並在 2025 年底在芝加哥以及另一個東海岸大都會市場推出該服務。

This means that by the end of the year, we will have six fully operational hubs across major geographies in the US, becoming the first truly national autonomous last-mile delivery provider in urban environments. This is an important milestone because this kind of scale unlocks significant benefits to our business.

這意味著到今年年底，我們將在美國主要地區擁有六個全面運作的樞紐，成為第一個真正全國性的城市環境中自主的最後一哩配送提供者。這是一個重要的里程碑，因為這種規模為我們的業務帶來了巨大的利益。

First and perhaps most obvious is the economies of scale, fixed platform costs that spread across more deliveries. But what may be less obvious at first is how scale supercharges our AI and autonomy. If you recall, on our earnings call in March, I mentioned that robotics is one of the most important natural endpoint of the AI progress and how robots are an example of value accruing to the application layer, thanks to, among other things, the data and AI flywheel.

首先，也許最明顯的是規模經濟，也就是分攤到更多交付上的固定平台成本。但一開始可能不太明顯的是規模如何增強我們的人工智慧和自主性。如果你還記得的話，在三月的收益電話會議上，我提到機器人技術是人工智慧進步最重要的自然終點之一，並且機器人是如何透過數據和人工智慧飛輪等向應用層積累價值的一個例子。

Robot fleets collect unique proprietary data that otherwise won't exist. That is then used to train better models, which improves unit economics and increases addressable market for robots, which then leads to even more robots out there collecting even more data.

機器人隊伍收集獨特的專有數據，否則這些數據將不存在。然後用它來訓練更好的模型，從而提高單位經濟效益並增加機器人的潛在市場，進而導致更多的機器人收集更多的數據。

So let's talk more about Serve's data and AI flywheel. Our fleet is collecting incredibly vast and rich data sets from our diverse AV sensor set on what's quickly becoming one of the largest autonomy fleets in cities. Every day, our fleet is generating larger and larger high-quality data that are valuable for training our AI and autonomy models to navigate cities even more efficiently.

那麼讓我們進一步討論一下 Serve 的數據和 AI 飛輪。我們的車隊正在從多樣化的 AV 感測器組中收集極其龐大和豐富的數據集，並迅速成為城市中最大的自動駕駛車隊之一。我們的車隊每天都會產生越來越多的高品質數據，這些數據對於訓練我們的人工智慧和自主模型以更有效率地導航城市非常有價值。

We've been investing in building out our data infrastructure as we scale our fleets. And having larger, high-quality proprietary data sets also allows us to continue attracting some of the best talent in AI and autonomy. We have significantly expanded our autonomy team to build our AI flywheel, and we will continue to do so, which enables us to take full advantage of our growing data sets with more complex real-world operational edge cases to train bigger and better models and deploy them across our scaling fleet.

在擴大車隊規模的同時，我們也一直在投資建置資料基礎設施。擁有更大、更高品質的專有資料集也使我們能夠繼續吸引人工智慧和自主領域的一些最優秀的人才。我們已經大大擴展了我們的自主團隊來建立我們的人工智慧飛輪，並且我們將繼續這樣做，這使我們能夠充分利用不斷增長的數據集和更複雜的現實世界操作邊緣案例來訓練更大更好的模型並將它們部署到我們的擴展車隊中。

The final point I would make about this is that our balance sheet and strength in the robotic last-mile delivery sector gives us an important advantage when it comes to building this flywheel because this requires data infrastructure, talent and compute.

關於這一點，我要說的最後一點是，我們的資產負債表和在機器人最後一英里交付領域的實力為我們構建這個飛輪提供了重要的優勢，因為這需要數據基礎設施、人才和計算。

Now, taking a step back, as I reflect on our progress this year, I'm incredibly energized by the momentum we've built. We executed with precision, launching new markets, dramatically increasing our delivery volume, expanding our merchant relationship and advancing the intelligence of our autonomy with every mile traveled.

現在，退一步來看，當我回顧我們今年的進展時，我們所建立的勢頭令我感到無比振奮。我們精準執行，開拓新市場，大幅增加交付量，擴大商家關係，並在每一次行駛中提升自主智慧化。

Most importantly, we have proven that our platform is not just growing in size, it's getting smarter and more capable with every delivery, which positions us as leaders in this space in truly mastering real-world urban delivery at scale.

最重要的是，我們已經證明，我們的平台不僅規模在不斷擴大，而且在每次交付過程中都變得更加智能和強大，這使我們成為該領域的領導者，真正掌握大規模現實世界城市交付。

Looking ahead to the second half of the year, I'm more confident in our team and business than ever before. The groundwork is laid, momentum is building, the timing is right, and we are just getting started.

展望下半年，我對我們的團隊和業務比以往任何時候都更有信心。基礎已經奠定，動力正在增強，時機已經成熟，我們才剛開始。

With that, I'll hand it over to Brian to walk you through the financials.

說完這些，我就把話題交給 Brian，請他跟大家介紹一下財務狀況。

Thank you, Ali, and good afternoon, everyone. Q2 was a standout quarter for Serve, one that saw us surpass even some of our most bullish goals. We deployed over 120 additional robots ahead of schedule, launched into a new market, deepened our reach in existing markets and delivered exactly what we said we would, both operationally and financially.

謝謝你，阿里，大家下午好。對於 Serve 來說，第二季度是一個出色的季度，我們甚至超越了一些最樂觀的目標。我們提前部署了 120 多個額外的機器人，進入了新市場，加深了我們在現有市場的影響力，並在營運和財務方面準確地兌現了我們的承諾。

We are scaling with precision. That principle applies not just to how we grow our fleet and geographic presence, but also how we invest and manage costs. While top line continues to grow as a result of fleet and merchant expansion, what's just as important is how we're growing with increasing efficiency through smarter deployment approaches focused on improving utilization across our markets.

我們正在精確地擴展。這項原則不僅適用於我們如何擴大船隊和地理覆蓋範圍，也適用於我們如何投資和管理成本。雖然由於機隊和商家的擴張，營業額持續成長，但同樣重要的是，我們如何透過更智慧的部署方法提高效率並實現成長，重點是提高我們整個市場的利用率。

We're seeing meaningful progress across fundamental metrics that underpin the long-term economics of our business, utilization, supply hours and autonomy performance. These are not just operational wins, they represent the shift towards durable compounding value, as we pivot from focused investment to scale delivery.

我們在支撐我們業務的長期經濟效益、利用率、供應時間和自主性能的基本指標方面看到了有意義的進展。這些不僅僅是營運上的勝利，它們也代表著向持久複合價值的轉變，因為我們從集中投資轉向規模交付。

Let's walk through the Q2 results in a little more detail. Total revenue for Q2 2025 was $641,000, up 46% sequentially from Q1 and in line with our guidance provided for the quarter. Fleet revenue, which includes delivery and branding revenues, grew $117,000, a 56% increase quarter-over-quarter. Software revenues grew 36% to $312,000.

讓我們更詳細地了解第二季的結果。2025 年第二季總營收為 641,000 美元，季增 46%，符合我們對本季的預期。車隊收入（包括送貨和品牌收入）增長了 117,000 美元，環比增長 56%。軟體收入成長 36% 至 312,000 美元。

These results affirm our long-held thesis at Serve that as we scale and improve utilization, each robot becomes more economically productive, generating revenue from multiple streams. As planned, we continue to invest in infrastructure and talent to support second half growth. While these expansion-related costs weighed on our margins, they are setting the foundation for future expansion, as these costs cover a larger fleet footprint.

這些結果證實了我們在 Serve 的長期觀點：隨著我們擴大規模並提高利用率，每個機器人的經濟生產力都會提高，從而從多個管道獲得收入。按照計劃，我們將繼續投資基礎設施和人才，以支持下半年的成長。雖然這些與擴張相關的成本對我們的利潤率造成了壓力，但它們為未來的擴張奠定了基礎，因為這些成本涵蓋了更大的機隊足跡。

Operational efficiency is a major focus for us, and the data reflects this progress. Average daily operating hours per robot rose more than 20% quarter-over-quarter to 10.8, driven in large part by Gen 3 hardware enhancements that are increasingly representative of our fleet. This is a strong leading indicator that each unit is capable of contributing more value.

營運效率是我們關注的重點，數據反映了這項進展。每個機器人的每日平均運行時間環比增長超過 20%，達到 10.8 小時，這在很大程度上得益於我們機器人團隊中越來越具有代表性的第三代硬體增強功能。這是一個強有力的領先指標，顯示每個單位都能夠貢獻更多價值。

Robot intervention rates, meaning the number of times a flat tire is changed, for example, decreased 25% quarter-over-quarter, which lower our variable cost per delivery and signals greater autonomy run-time. Taken together, these metrics provide an early view into the cost advantages unlocked as our systems mature. We're not just adding robots, we're making every robot smarter, more reliable and more efficient.

機器人介入率（例如更換輪胎的次數）比上一季下降了 25%，這降低了我們每次交付的變動成本，並表明自主運行時間更長。綜合起來，這些指標可以讓我們事先了解隨著系統成熟而釋放的成本優勢。我們不僅僅是增加機器人，我們還讓每個機器人變得更聰明、更可靠、更有效率。

On the expense side, we remain disciplined, investing in the areas that matter most. GAAP operating expenses for Q2 were $19.8 million, increasing from Q1, reflective of our targeted investments in new market launches and internal capabilities. On a non-GAAP basis, excluding stock-based compensation, operating expenses were $12.9 million.

在支出方面，我們保持紀律，投資最重要的領域。第二季的 GAAP 營運費用為 1,980 萬美元，較第一季有所增加，這反映了我們對新市場發布和內部能力的目標投資。以非公認會計準則計算，不包括股票薪酬，營運費用為 1,290 萬美元。

R&D remained our largest area of investment, totaling $9.1 million on a GAAP basis or $7 million on a non-GAAP basis, primarily tied to enhancing our autonomy software and our ongoing work around our next-generation fleet platform. We anticipate continued investment through 2025 and beyond, particularly around AI and foundation models to strengthen our market leadership. G&A and go-to-market spending were well executed and aligned with our deliberate entry and scale into new metros. We're building a model that grows with leverage, not just headcount.

研發仍然是我們最大的投資領域，按 GAAP 計算總計 910 萬美元，按非 GAAP 計算總計 700 萬美元，主要用於增強我們的自主軟體和我們圍繞下一代車隊平台的持續工作。我們預計到 2025 年及以後將繼續進行投資，特別是在人工智慧和基礎模型方面，以加強我們的市場領導地位。一般及行政費用和市場進入支出執行良好，與我們有意進入和擴大新都市的計劃一致。我們正在建立一個隨著槓桿作用而非僅僅隨著員工人數而成長的模式。

On the balance sheet, we ended the quarter with $183 million in cash and marketable securities. We remain on track with our decision to self-fund the 2,000-unit fleet rollout. While our cash and investments on hand are expected to fund operations through the end of 2026, though we will continue to evaluate financing opportunistically.

從資產負債表來看，本季末我們擁有 1.83 億美元的現金和有價證券。我們將繼續按照原定計劃，自行籌資部署 2,000 輛卡車。雖然我們手頭上的現金和投資預計足以支持到 2026 年底的運營，但我們仍將繼續擇機評估融資。

Capital expenditures for the quarter were $6 million, tied to robot production, market launch and expansion infrastructure. Our balance sheet remains a competitive advantage, providing us flexibility to scale responsibly and invest opportunistically. Adjusted EBITDA was negative $14.9 million, driven by operational expansion in the quarter. We expect these tailwinds to accelerate efficiency, as we approach 2026.

本季的資本支出為 600 萬美元，用於機器人生產、市場發布和擴展基礎設施。我們的資產負債表仍然具有競爭優勢，使我們能夠靈活地擴大規模並把握機會進行投資。調整後的 EBITDA 為負 1,490 萬美元，受本季營運擴張的影響。我們預計，隨著 2026 年的臨近，這些順風因素將加速提高效率。

And now to our outlook. Our second quarter performance met expectations with revenue delivered in the range previously guided. Looking ahead, we are projecting Q3 revenues in line with last quarter and thus guiding to $600,000 to $700,000 of total revenue. This represents between 170% and 215% growth year-over-year.

現在談談我們的展望。我們第二季的業績符合預期，收入達到了先前預期的範圍。展望未來，我們預計第三季的營收與上一季持平，因此總收入預計達到 60 萬至 70 萬美元。這意味著同比增長 170% 至 215%。

That said, it is important to provide context for this near-term revenue and the dynamics at play. Delivery revenue is expected to grow in Q3, but will be offset by anticipated declines in software and branding revenues. In software, we are expecting a dip from the conclusion of our nonrecurring software services contract with Magna.

話雖如此，提供近期收入和相關動態的背景資訊非常重要。預計第三季交付收入將成長，但將被軟體和品牌收入的預期下降所抵消。在軟體方面，我們預計與麥格納簽訂的非經常性軟體服務合約將導致收入下降。

While this affects short-term revenue, this is consistent with our strategic shift toward a recurring software revenue stream, which continues to gain traction, approaching nearly 100,000 this past quarter. Likewise, in branding, we are building a strong team and seeing initial momentum. This remains an early-stage contributor to our top line, and not surprisingly, is showing variability quarter-over-quarter.

雖然這會影響短期收入，但這與我們向經常性軟體收入流的策略轉變一致，該收入流繼續獲得成長，上個季度已接近 100,000。同樣，在品牌建立方面，我們正在建立一支強大的團隊，並看到了初步的發展勢頭。這仍然是我們收入的早期貢獻者，而且毫不奇怪，其收入呈現季度環比變化趨勢。

While we have line of sight to a robust opportunity pipeline, in Q3, we expect these revenues to be backweighted and lower compared to Q2. Due to the early nature of these efforts, especially as we launch and establish new geographic markets, we view this as a potential upside for our near-term guidance.

儘管我們看到了強勁的機會管道，但在第三季度，我們預計這些收入與第二季度相比將會下降。由於這些努力還處於早期階段，特別是當我們推出和建立新的地理市場時，我們認為這對我們的近期指導來說是一個潛在的好處。

As Ali mentioned, in 2025, we're laying the foundation for our national operations footprint through our growing fleet, expanding geographically and building a partnership portfolio. As such, we are confident reiterating our projected 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.

正如阿里所提到的，到 2025 年，我們將透過不斷擴大的機隊、擴大的地域範圍和建立合作夥伴關係，為我們的全國運營奠定基礎。因此，我們有信心重申，一旦我們的 2,000 台機器人車隊全面部署並達到目標利用率，我們預計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。

In closing, Q2 delivered what we hoped for, a growing fleet, diversified revenue and a clear path to operating leverage. We're not just executing, we're getting sharper and more efficient with every quarter. As the fleet continues to grow in both scale and intelligence, our economics will only strengthen. I'm excited about what's ahead and confident that Serve is well positioned to lead this category for years to come.

最後，第二季度實現了我們所希望的，即船隊規模不斷擴大、收入多元化以及明確的營運槓桿路徑。我們不僅僅是在執行，而且每個季度我們都變得更加敏銳和高效。隨著船隊規模和智慧化程度不斷提高，我們的經濟實力只會增強。我對未來充滿期待，並堅信 Serve 有能力在未來幾年引領這一領域。

With that, I'll hand it to Aduke for Q&A.

說完這些，我將把它交給 Aduke 進行問答。

Thank you, Ali and Brian. We will now move into the Q&A session. First, I'd like to start with a big thank you to all the investors and analysts who submitted questions via e-mail. We really appreciate your engagement.

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人和分析師表示衷心的感謝。我們非常感謝您的參與。

Okay. First question, what were key learnings as you optimize the 250 robots deployed in Q1? Any notable changes given that experience?

好的。第一個問題，在優化第一季部署的 250 台機器人時，您獲得了哪些關鍵的經驗？有了那次經歷，有什麼顯著的改變嗎？

I'll take this one. Thank you, Aduke. There are 250 robots that we deployed in Q1, were really meant for us to validate and fine-tune our design and manufacturing ahead of the larger scale up in the second half of the year. And they did just that. We were able to really quickly see the impact of the new hardware that we had improved like longer battery life, improved drivetrain characteristics that made the robots move more smoothly around the city. They have better suspension, better steering capabilities and all that.

我要這個。謝謝你，阿杜克。我們在第一季部署了 250 台機器人，實際上是為了讓我們在下半年大規模生產之前驗證和微調我們的設計和製造。他們確實這麼做了。我們能夠很快地看到我們改進的新硬體的影響，例如更長的電池壽命、改進的傳動系統特性，使機器人在城市中移動得更順暢。它們具有更好的懸吊、更好的轉向能力等等。

And of course, we found opportunities for improvement in both design and manufacturing. And those were all implemented as the new robots started coming off the line starting actually this quarter.

當然，我們也發現了設計和製造方面的改進機會。實際上，這些都是從本季新機器人下線時實施的。

Okay. Perfect. Next question. Do you expect to further refine the robot? Will we see a Gen 4 robot in the near term? And if so, what are you looking to improve upon?

好的。完美的。下一個問題。您希望進一步完善機器人嗎？我們會在近期看到第四代機器人嗎？如果是的話，您希望改進什麼？

Yeah. Thanks for that. Look, we designed Gen 3 robots for the rapid scale-up that we see ahead of us. And the design and the specifications are really a culmination of more than 8 years of learning in the field. While our software and our AI is going to keep improving, in fact, at times every month or even every week, there will be updates, I don't expect that we are going to launch a new hardware platform every year. Instead, our focus is really on scaling with efficiency. So we are going to continue to cost down the design and optimize our supply chain. We are going to provide incremental upgrades to, say, compute or sensors as new, better or cheaper hardware becomes available. And then lastly, we will keep making the fleet even more reliable and durable, but we can do all that without having to launch a major new platform.

是的。謝謝。瞧，我們設計了第三代機器人，以實現我們未來看到的快速擴大規模。其設計和規格確實是該領域 8 年多學習的巔峰。雖然我們的軟體和人工智慧會不斷改進，事實上，有時每個月甚至每週都會有更新，但我並不認為我們每年都會推出一個新的硬體平台。相反，我們的重點實際上是高效擴展。因此，我們將繼續降低設計成本並優化我們的供應鏈。隨著新的、更好的或更便宜的硬體的出現，我們將對計算或感測器等進行增量升級。最後，我們將繼續使艦隊更加可靠和耐用，但我們無需推出新的大型平台即可做到這一切。

Okay, thank you. The next question is about 2026. How do you think about revenue and EIA for 2026?

好的，謝謝。下一個問題是關於2026年。您如何看待 2026 年的收入和 EIA？

Yeah, I will take this one as well. We are not yet providing guidance for 2026. I think it's worth explaining our thinking about when we provide guidance. As I always like to remind the team, we are a public start-up, and the keyword being start-up. Our primary goal is really to execute as fast as possible, really maximize the speed of execution to ultimately win the race. And what we need to do is let the team cook and design and build the best robotic platform for cities. That should be the sole focus.

是的，我也要這個。我們尚未提供 2026 年的指導。我認為有必要解釋一下我們在提供指導時的想法。我總是喜歡提醒團隊，我們是一家上市新創公司，關鍵字就是新創公司。我們的首要目標是盡可能快地執行，最大限度地提高執行速度，最終贏得比賽。而我們要做的就是讓團隊構思、設計、建造最適合城市的機器人平台。這應該是唯一的焦點。

Being a public company has been a great advantage for us. And whether you're public or private, you should always look at things from first principles and decide what helps build the business and make it enduring and profitable versus not. So we don't want to just follow patterns of larger, more mature companies. So right now, we want to communicate how we're thinking about it, and that includes providing near-term guidance where we have sufficient confidence and believe in the information that we are providing. So Q2 was the first time we gave guidance on revenue. We met that guidance. We also provided guidance on delivery volume, which we were able to exceed.

作為一家上市公司對我們來說是一個巨大的優勢。無論你是上市公司還是私人企業，你都應該始終從第一原則來看待事物，並決定什麼有助於建立業務並使其持久盈利，什麼則無益。所以我們不想只遵循更大、更成熟的公司的模式。因此現在，我們想傳達我們對此的看法，包括提供近期指導，我們有足夠的信心並相信我們提供的資訊。因此，第二季度是我們首次提供收入預測。我們滿足了該指導。我們還提供了交付量指導，並且我們能夠超越這項指導。

And our focus, as we said last year, we were going to deploy 2,000 robots this year. It's really been about those 2,000 robots. We are halfway through the year. We have quadrupled our fleet already this year, and we are going to quadruple them again by the end of the year to meet that target. That's the #1 focus. It's the most important milestone we have. And that national scale is going to have a lot of compounding value for us. It's going to help us jump start our flywheel with data and AI. It's going to create efficiencies. It's going to even bring more partners who are going to help us increase our utilization even faster.

正如我們去年所說，我們的重點是今年部署 2,000 台機器人。這實際上是關於那 2,000 個機器人的。今年已經過去一半了。今年我們的機隊規模已經擴大了四倍，為了實現這一目標，我們將在今年年底前再次擴大四倍。這是首要關注點。這是我們最重要的里程碑。這種全國規模將為我們帶來巨大的複合價值。它將幫助我們利用數據和人工智慧啟動飛輪。它將提高效率。它甚至會帶來更多的合作夥伴，幫助我們更快地提高利用率。

So while we are prioritizing right now the 2,000-robot deployment, our operational efficiency and utilization will become our main focus and highest priority when we reach the deployment. And that would help us get to $60 million to $80 million annual revenue target with full utilization.

因此，雖然我們現在優先部署 2,000 台機器人，但當我們完成部署時，我們的營運效率和利用率將成為我們的主要關注點和最高優先級。這將有助於我們充分利用這項優勢，實現 6,000 萬至 8,000 萬美元的年收入目標。

Be here just to tie it back to what we announced, our OpEx growth this past quarter really scaled in line with the revenue growth that we saw and that was as planned, and we're clearly in that investment phase for that growth cycle that was just articulated. So we're going to continue to do that very strategically to aid that growth. We're going to see a lot of investment on the revenue on an absolute basis as we scale out to the full capacity and that's. Going to drive the operating leverage and the thesis that we're we're looking to achieve in the second half of 2025. So I think we're going to see that dynamic continuing through 2026 as well as we drive more meaningful efficiencies across a much larger.

這裡只是為了將其與我們宣布的內容聯繫起來，我們上個季度的營運支出成長確實與我們看到的收入成長保持一致，並且符合計劃，而且我們顯然正處於剛剛闡明的成長週期的投資階段。因此，我們將繼續採取策略性措施來促進這一成長。隨著我們擴大到最大產能，我們將看到在絕對收入上進行大量投資。這將推動營運槓桿和我們希望在 2025 年下半年實現的目標。因此，我認為我們將看到這種動態持續到 2026 年，同時我們將在更大的範圍內實現更有意義的效率。

Fleet.

艦隊。

Okay, perfect.

好的，完美。

Next question is our own talent. You mentioned investing in talent. Can you speak a little bit more about headphones and where it might get to by end of year?

下一個問題是我們自己的人才。您提到了對人才的投資。您能否再多談談耳機以及它在今年年底的預期發展？

Yeah, I can provide some color here. So, I mean our people are, very.

是的，我可以在這裡提供一些顏色。所以，我的意思是我們的人民非常。

In demand right now in the market, and we have a very specific strategy on how we're going to grow our team and what we're focusing on.

目前市場需求旺盛，我們對如何擴大我們的團隊以及我們關注的重點有一個非常具體的策略。

We've seen a lot of growth as we continue to launch a new metros that help build the capacity for the operational footprint that we're establishing, and I think this year that was, tied to revenue operations, about 50% growth in headcount, just in this past quarter. Going forward, we're going to continue to invest. And operations, but in the second half of the year, the greatest headcount investment area will be in R&D and the software teams.

隨著我們繼續推出新的都市圈，幫助提升我們正在建立的營運覆蓋範圍的容量，我們看到了很大的增長，我認為今年，與收入運營相關的員工人數增長了約 50%，僅在上個季度。展望未來，我們將繼續投資。和運營，但在下半年，最大的人員投資領域將是研發和軟體團隊。

That headcount will nearly double this year as we continue to advance and mature the entire robotics and AI platform that we are working on. And I think Ali mentioned it earlier, but ultimately this is a race to build the smartest, most capable robots and keep that flywheel, spinning fast but also continuing to grow.

隨著我們繼續推進和完善我們正在開發的整個機器人和人工智慧平台，今年的員工人數將幾乎翻倍。我認為阿里之前提到過，但最終這是一場打造最聰明、最強大的機器人的競賽，並保持飛輪快速旋轉並持續成長。

Okay, perfect. Can we also share a bit about tariff impact? Have tariffs affected the cost of components or the timing of receiving them?

好的，完美。我們還可以分享一些有關關稅影響的資訊嗎？關稅是否影響了零件的成本或接收時間？

Yeah, this, we can keep this one quick. I mean, it's, been a fluid situation. I think we've reiterated on the last couple of calls, right, there hasn't been a material impact. I think what's important to know is, the cost reductions that we've been talking about the last two calls, I believe, and the bomb reduction have really been able to help offset any of the exposure on tariffs that we're going to continue to see.

是的，這個，我們可以快速保持這個。我的意思是，情況一直不穩定。我想我們在最近的幾次通話中已經重申過了，沒有產生實質的影響。我認為重要的是要知道，我們在前兩次通話中討論的成本削減和炸彈削減確實能夠幫助抵消我們將繼續看到的任何關稅風險。

So at this point there isn't any material impact based on today's facts.

因此，根據目前的事實，目前還沒有任何實質的影響。

Okay, next question. Can you speak to the competitive landscape? Some competitors have recently talked about their autonomy capabilities, and can you comment on how you compare?

好的，下一個問題。能談談競爭格局嗎？一些競爭對手最近談到了他們的自主能力，您能否評論一下您們的比較？

Yeah, I can take this one. I guess I would say I wouldn't trade positions with anyone else. People have claimed things like Level 4, Level 5 capability for almost a decade, and I think investors have generally smartened up about that. I think ultimately the proof is in the pudding, and I think our numbers, our growth rates, the pace at which we are expanding our GOs, and also the quality of the partners that we have just speak for themselves. We have always focused on AI and autonomy.

是的，我可以接受這個。我想我會說我不會與任何人交換位置。近十年來，人們一直在宣稱 4 級、5 級能力，我認為投資人普遍對此更加了解。我認為最終的事實是事實，我們的數字、我們的成長率、我們擴大 GO 的速度以及我們合作夥伴的品質不言而喻。我們一直專注於人工智慧和自主性。

From from the very beginning and it's been, and this has positioned as well today and we are reaping the benefits of that of all the investments we've made so far and we are also remaining really aggressive in in assembling the best team and developing the best capabilities in the industry and we're also opportunistic. We have the advantage of our balance sheet strength and our public stock, so we'll continue to really put our head down and execute and just build the best autonomous fleet in the world.

從一開始，它就一直如此，而且今天它也處於這樣的定位，我們正在收穫迄今為止所做的所有投資所帶來的收益，我們也在積極組建最好的團隊，開發行業中最好的能力，我們也抓住機會。我們擁有資產負債表實力和公開股票的優勢，因此我們將繼續全力以赴，打造世界上最好的自動駕駛車隊。

Perfect. Thank you. That's all the questions we had for today. So thank you for joining us and I'll hand it over to the operator to conclude the call.

完美的。謝謝。這就是我們今天的所有問題。感謝您的參與，我將把電話交給接線員來結束通話。

This concludes today's meeting, you may now disconnect.

今天的會議到此結束，您可以斷開連線了。