Serve Robotics Inc (NASDAQ:SERV) reported financial results for the first quarter after the market close on Thursday. Here’s a look at the key highlights.

Q1 Earnings: Serve Robotics reported first-quarter revenue of $440,460, missing analyst estimates of $486,670, according to Benzinga Pro. The company reported a first-quarter adjusted loss of 16 cents per share, beating estimates for a loss of 20 cents per share.

Total revenue was up 150% on a quarter-over-quarter basis. The company said it built over 250 new third-generation robots by the end of the period. Delivery volume increased over 75% between the first and last week of the first quarter, driven by increased capacity and utilization.

Serve Robotics ended the quarter with $198 million in cash, which the company expects to provide runway through the end of 2026.

“With this momentum, we remain on track to deploy 2,000 robots by year-end. Our ability to maintain high delivery quality while rapidly expanding delivery volume, geographic reach and merchant partnerships reflects our team’s relentless focus and execution,” said Ali Kashani, co-founder and CEO of Serve Robotics.

Outlook: Serve Robotics guide for second-quarter revenue of $600,000 to $700,000 based on estimated delivery volume growth of approximately 60% to 75% quarter-over-quarter.

Serve Robotics continues to expect an annualized revenue run-rate of $60 million to $80 million once its fleet of 2,000 robots is fully deployed and reaches target utilization, which is expected in 2026. The company plans to build at least 700 reduced-cost third-generation robots in the third quarter and the remainder in the fourth quarter.

SERV Price Action: Serve Robotics shares were down 5.03% after hours, trading at $6.23 at the time of publication on Thursday, according to Benzinga Pro.