Serve Robotics Inc.

Hello, and thank you for standing by. I would like to welcome everyone to the Serve Robotics Third Quarter 2025 Financial Results and Conference Call. Now, I would like to turn the call over to Aduke Taubo, Head of Communications and Investor Relations. Please go ahead.

Thank you, Operator, and good afternoon, everyone. Welcome to Serve Robotics Third Quarter 2025 Earnings Call. With me today our CERB's co-founder and CEO, Ali Kashani, and our CFO, Brian Reed. 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. You should not place undue reliance on forward-looking statements. Actual results 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 uncertainties described in our most recent annual report on 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 relations website earlier this afternoon, and we ask you to review those documents if you haven't already. With that, let me hand it over to Ali.

Thanks, Aduke, and thank you, everyone, for joining us. We are at a pivotal moment for CERV. This past quarter, we crossed the threshold for 1,000 robots deployed. That's not just some round number. It's an inflection point. You can feel this in the sidewalks that we serve. The future of cities is autonomous, and we are at the forefront of this, turning it into daily reality in these neighborhoods across the country. This is not just swapping humans for robots. We are unlocking new possibilities for cities. We are rewriting the operating system of how cities function, how goods move, how spaces are shared, how businesses reach residents. When the whole system upgrades like this, everything gets better. Safer streets, friendly and greener cities, and more prosperous businesses and workers. So why now? What's possible today that wasn't possible before? There are four forces that have really converged. First is physical AI. It's really finally caught up with our ambitions. Advances in distributed training, also the better onboard compute that is now available, it lets us ingest orders of magnitude more sensor data. And that leads to incredibly more capable AI models that can help machines really understand the world in real time. Our perception and planning models are improving on the streets every single day. Each mile traveled enriches our data set. Each model update expands where, when, and how quickly and how safely we can move. And this all has a compounding effect. Second, every hardware component needed to create this advanced, inexpensive, and intelligent machines has matured. This includes powerful sensors that are now at mass scale and low cost. paired with electric motors and batteries that enable new vehicle form factors. Technologies like LIDAR sensors were unaffordably expensive just a few years ago, but now we have partners like Ouster who are shipping thousands of sensors each quarter in record numbers. That benefits everybody in the ecosystem because of the economies of scale. Third, consumers have adopted the convenience of online and on-demand ordering. Merchants need capex light and labor light capacity so that they can economically serve the demand. Restaurants have optimized their operations in the post-pandemic reopening, but they now need a way to unlock and realize that full potential. They want dependable, right-size logistics that matches their demand by the hour, and that's what our fleet can deliver. And last but not least, it's the cities themselves. Cities are asking for quieter and cleaner and less congested streets. Smaller vehicles made for specific use cases can now replace those two-ton vehicles that we've become so addicted to. And this is the future. Our robot's footprint is small, with an electric powertrain and a friendly presence. We earn the right to scale when we operate with safety and transparency and community respect, and when we are working closely with the cities that we serve. And we create these new jobs, full-time employee jobs, in neighborhoods that we're serving. Our third quarter results prove that we are on the right track with all this. Our delivery reliability was nearly 100%, while our delivery volume increased 66% in a single quarter. And we continue to maintain a strong safety record. We now deliver for over 3,600 restaurants which is an amazing 45% increase from the last quarter and more than a nine-fold increase since last year. This is all proof that autonomy can be safe, reliable, and predictable, even as we scale rapidly. We did all this while also expanding faster than anyone in our industry. In less than a year, we grew our fleet size 10x, our cities 5x, and our major platform partners 2x. Last month we announced partnering with DoorDash, the largest delivery platform in the US and one of the largest in the world. Combined, Uber and DoorDash serve over 80% of the food delivery market in the United States, which provides us an incredible reach to consumers and merchants. The scale that we've achieved in the last few months really changes things. Here's how to think about it. With a few dozen robots, you're running pilots. At a few hundred, you're starting to prove repeatability. Beyond a thousand, the system tips. We run more efficiently, the economics improves, the national partners really lean in, and our learning really speeds up. All of which makes every new city launch smoother and every new robot smarter than before. As we scale with precision, we've gone from one market to five fully operational hubs covering over 3 million population and well over 1 million households. That's nearly 70% increase in a single quarter and more than a tenfold increase in our coverage compared to the same time last year. Not only have we 10x our fleet, we have 10x our reach. And as importantly, each neighborhood adds to our reach data set. with new and novel edge cases, which really accelerates our ability to learn across the network, and it compresses our timeline for future city launches. On that note, I'm excited to share with you our next three expansions. We've just been greenlit to expand into Bucket, Georgia, Fort Lauderdale, Florida, and Alexandria, Virginia before the end of this year. Alexandria also gives us a toehold in the Washington, D.C. area. We're building the first truly national interconnected autonomous delivery network on a common AI software platform and operations stack so that a single partner integration would light up multiple metros and thousands of restaurants at once. For example, in Q3, we announced our partnership with DoorDash, coming in addition with our existing contract with Uber. This allows our existing robots to unlock an incredible amount of additional volume. A robot that's completing a delivery for DoorDash could do a delivery for Uber on its way back. So this would actually improve utilization levels for robots. And we're not done yet. In addition to our existing partnerships with Shake Shack and Little Caesars, We've also started delivering for Jersey Mike's Subs, the famed sub sandwich chain with over 3,000 locations nationwide. And while it's too soon to give details, we also expect to add another well-known national QSR brand to the lineup. So the partnership platform is growing nicely. And concurrently with that, we are also developing an unparalleled map of cities, the curb cuts and slopes and potholes and obstacles and patterns living Atlas that becomes a valuable asset and an operational advantage and while we do that we are also deepening our community bonds at a very hyper local level with merchants and landlords and HOAs and precincts we need to integrate respectfully into these neighborhoods as we grow now let's take a step back serve is pioneering a robotics and autonomy as a service platform that packages the full power of our autonomy stack, our hardware, and our urban robotics operation playbook. With the last quarter's acquisition of YU Robotics, our platform is now increasingly reinforced by AI foundation models and a scalable simulation-powered data engine. Under the hood of all this is the physical AI flywheel that powers everything. Our third-generation fleet leverages the best-in-class sensors which creates these proprietary urban data sets, and that in turn leads to better AI models, which then creates more efficient and more autonomous fleets. A better fleet expands our time and increases our operating domain and verticals that we can do, and that in turn creates more pool in the market for more robots. So more miles, it's more robots, it's more data, it's better AI, and the cycle repeats itself. The integration of YU will actually accelerate this loop because it turns data into better models faster. And that leads to tangible gains in our delivery speed and autonomy and the market reach. Our library of long-tail edge cases is expanding faster than ever. And the latest data that we gather on weather and obstacles and praise and detours, it all provides the learnings that are applied network-wide. So every robot is learning from every robot. And this AI flywheel that we are building, the flywheel that's now accelerating, in turn attracts exceptional talent. Our rare data scale and this real world fleet presence that we have is pulling in elite builders. And they, in turn, ship better systems. And better systems attract even more elite builders. So the talent flywheel is also compounding. All the forces that I mentioned are helping us execute our vision. I'm really proud of our team for reaching the 1,000 robot milestone last quarter. In September alone, we shipped over 380 robots. That is in a single month. That means we launched more robots in a single month than the prior quarters. This was a pivotal milestone. We promised to ship 2,000 robots by the end of the year during our IPO, and we are on track to do it. With robot number 2,000 planned to deploy in Miami in mid-December. But we are not going to stop there. We envision a future where CERB's fleet reaches one million robots deployed across cities globally. They will travel billions of miles annually. They become embedded into the core fabric of a modern city, and they unlock new possibilities. Our conviction is simple. We are entering the age where things will move at our will, but on their own. Autonomy will become this essential infrastructure in our lives. It's rarely noticed because it just works, but it's sorely missed when it's not available. and we want to be the company that you will trust to run this. On the path to one million robots, we are still early, but with a thousand robots operating from coast to coast, we've really just crossed that chasm where the technology and the market all say go. From here, every additional robot, every additional hour, every additional block makes the whole CERV ecosystem more essential and more valuable to the entire network. We are building something durable, and we are just getting started. With that, I'll turn it over to Brian to cover our Q3 results in more detail.