Serve Robotics' fourth-quarter 2024 results are likely to reflect the improving utilization of its delivery robots.
Ride-hailing giant Uber Technologies and artificial intelligence (AI) chipmaker Nvidia don't have much in common, but until the end of last year, they were the two largest shareholders in Serve Robotics (SERV -4.78%). However, investors recently learned that Nvidia sold its entire position at the end of 2024, and Serve stock has plunged by more than 50% since.
SAN FRANCISCO, Feb. 20, 2025 (GLOBE NEWSWIRE) -- Serve Robotics Inc. (Nasdaq: SERV), a leading autonomous sidewalk delivery company, today announced that it will report its 2024 fourth quarter and full year financial results on Thursday, March 6, 2025 after market close. The company will host a conference call and webcast to review the results on the same day.
Serve Robotics said on Wednesday it was rolling out its sidewalk delivery robot services in Miami, marking its first expansion to the East Coast as part of its goal to deploy 2,000 robots across the United States by the end of 2025.
Wall Street recently discovered through Securities and Exchange Commission filings that artificial intelligence (AI) chipmaker Nvidia (NVDA 2.63%) reshuffled its tech portfolio, selling out of last-mile delivery pioneer Serve Robotics (SERV -39.57%) and AI voice leader SoundHound AI (SOUN -28.10%).
On top of removing its stake from Soundhound (SOUN), Nvidia (NVDA) also pulled out of Serve Robotics (SERV). The company launched as an IPO last April and had a massive run higher that was helped by Nvidia's investment.
SERV shares are risky for near-term investors but are attractive on a long-term basis due to an expanding robotics fleet.
Serve Robotics Inc. (SERV) could be a solid choice for shorter-term investors looking to capitalize on the recent price trend in fundamentally sound stocks. It is one of the many stocks that passed through our shorter-term trading strategy-based screen.
Serve Robotics CEO Ali Kashani envisions autonomous delivery robots transforming urban logistics by optimizing the pickup and delivery of food and other products to lower the cost of last-mile delivery for businesses.
Shares of Serve Robotics (SERV -13.00%) skyrocketed 55.2% in December, according to data provided by S&P Global Market Intelligence. As 2024 drew to a close, investors seemed to be increasingly hungry for investments on the more speculative side of the spectrum, and Serve certainly fits that description.
Shares of Serve Robotics Inc SERV fell by more than 4% in premarket hours on Wednesday after an 18.7% fall on Tuesday as the delivery robots maker's CEO sold 46,425 of common stock in 2025. However, technical analysis indicates a strong bullish uptrend for the stock.
Nvidia and Uber-backed Serve Robotics has raised $80 million in a direct offering of 4.2 million shares of common stock. This is on top of the $86 million in gross proceeds Serve raised collectively December 2024 through a combination of a previously filed at-the-market facility and exercise of warrants.