All right, good afternoon. Ooh, it's a bit loud, I guess, but all right, good afternoon, everyone. This is Track One. I am Andres Sheppard, the lead analyst at Cantor Fitzgerald covering mobility. I'm joined by Brian Reed, he's the Chief Financial Officer of Serve Robotics. Before we get started, we thought we'd do maybe a bit of a show and tell, so we're gonna have Robin, that's the robot's name, do a little demonstration for us.
Yeah, so we can dive in. Thanks, everybody, for joining. All the way from San Francisco, we have Robin here with us today. This is one of our new third-generation robots that got deployed into the fleet in December of last year. We will talk more about it here in depth, but we're making 2,000 more of these. We're growing our commercial fleet in partnership with Uber Eats over the remainder of this year. Four-wheel steer, independent suspension, completely redesigned chassis, can go over a 6-inch curb cut, very rugged for real-life urban city environments. We got a full sensor suite. We have the LiDAR, 360 LiDAR on the top, six cameras surrounding it, and we operate this at level four autonomy on the streets of Los Angeles and Miami right now, and soon to be some more cities that we'll get into shortly. This is Robin.
Feel free to come up, and we have, I don't know if there's any drinks in there now, but there'll be some stuff in there to take, so thank you.
I think there might be some booze inside, but depending on what's in the test tub.
Not yet, no. It's not legal yet, so yeah.
That's super helpful, Brian, and thank you so much for joining us today. We're excited to have you.
Thank you.
By the way, you know, let's make this panel as interactive as we can, so if anyone does have questions, please feel free to jump in. Brian, maybe to start, I'm wondering if you could maybe help paint a picture for us, you know, in your view, what does the autonomous driving and the autonomous delivery industry look like currently? You know, how would you characterize it?
Sure. I think we've seen over the last decade a real focus on level five autonomy within the driving space, that, you know, nobody's shying away from that. They've been trying to solve level five, and what we strive ourselves on is level four autonomy. We always think there's going to be the need for a human in the loop, and that's kind of part of our competition, competitive advantage that we see for ourselves. There's still regulations in the, you know, on street versus on the sidewalk, and to be clear, we operate this on the sidewalks, not on the street, not on the roadways, or on the side of the roadways. This is on the sidewalk. Regulations between the last-mile delivery versus, you know, on-street autonomy, vary a little bit. I think in the short term, we'll continue to see some pilots.
You have some really strong trucking companies, I think some of which are here today, but some strong trucking companies that are moving the needle on last-mile logistics, and it's because of the, you know, predictability of the highways and the distance that they're driving. The predictability of it will certainly come down. Short term, I think we're gonna see some more pilots, a couple, you know, compelling use cases come to market, but over the next couple years, I mean, we're already operating a commercial fleet, we're generating revenue, and as we bring the unit economics down, right, this is gonna be available to others to continue to utilize.
Got it. I think that's super helpful. Definitely a lot of areas we can go, but maybe to bring it back to Serve for a minute, what do you see as your key differentiators, you know, relative to the competitive industry today?
Sure. We were born in the industry, we like to say. We were founded inside Postmates as a division of Postmates back in 2017, and we spun out of Uber in 2021. We just have access to a tremendous amount of knowledge, but also data for how the food delivery space is operating, how the delivery space has evolved. That is definitely one advantage, and I think having it for so long, the past seven years, the last three of which we have been operating the fleet, we are able to get the flywheel going, and we are in the real world, which I think is a competitive differentiator compared to some of our peers that operate more in closed environments, college campuses, inside warehouses, manufacturing. My non-software engineer example is we can identify big stick, little stick, chair, a bench, right?
The autonomy perspective is what we've been focused on from day one, and that's how we're going to scale this thing, bring the unit economic cost down to a number we'll get into here, I'm sure. That's one key differentiation. I think we have the partnerships. We're working with Uber Eats right now, strong partnerships with Delivery Hero, 7-Eleven, NVIDIA technology partnership, and Magna International for our manufacturing. We're able to bring this to market as we sit here today, and, you know, I think we have an exciting 2025 ahead of us for sure.
I definitely agree with that, and I do wanna touch on your partnership with Uber and your partnership with Magna, but maybe before we do, you've recently reaffirmed your outlook to deploy 2,000 of these robots this year.
Yes.
Just help us understand your vision, how you see that plan being rolled out, maybe what's the cadence, you know, what gives you confidence in, in your outlook?
Sure. We have started the manufacturing in the middle of last year, and we actually got the first 75 of the 2,000 delivered early, in December of last year, and we're gonna put into the fleet, and we have Magna as our contract manufacturing partner. They've been working with us on mass manufacturability, commercialization, you know, little things that when you make the first hundred by hand, you know, five years ago, you're not really thinking about. Magna's been on board to help us with that journey. The other side of that, though, to go to the complete opposite end, is the demand.
We accelerated our launch into Miami a couple weeks ago, because we were hearing from customers, we were hearing from the merchants, we were talking to Uber and saying, "We can go and we can do this." Not only can we make these reliably, manufacturing's still rolling, we also have a place to start to put them. We have announced Miami. We are in Miami now in Brickell. Dallas and Atlanta will be in Q2, and there will be some additional cities in the back half of this year. To give you a little bit of color on the timing for the 2,000, 250 are coming in Q1. We have another 700 that are going to be produced in Q3, and then Q4 will be the remaining to hit that 2,000 unit target.
Got it. I guess, you know, since we are in New York, how realistic is it to have these in, in going down Fifth Avenue or Park Avenue? It's a question I'm sure you've gotten here a few times.
Yeah. It is realistic. I think this is the way that deliveries are going to move forward, from an economic standpoint, from a regulatory standpoint. This New York City and Manhattan isn't something you can just move into overnight. We have a really strong policy team that's kinda knocking on doors to understand what has to happen for a Manhattan deployment, but, you know, right now we're working with some, you know, large metropolitan cities. From a regulatory standpoint, we want to be a partner with them, help them understand, you know, what don't they know about how this technology could change their communities, could change their cities. Some cities are more welcoming, some than others, and some just need more education, and that's what we're here to do.
I think there's some examples over the past decade of new technology and mobility solutions going into cities, and they haven't been well received by the community and also the regulators, and we're trying to mitigate that and be a little bit more proactive in our approach.
I wanna touch on regulation next, but maybe before we do, maybe just expand on how exactly you're working with Uber, kinda how you see that partnership developing, what does it entail, and where do you see it going now?
Sure. Uber is currently an investor, and obviously our largest partner, so we are directly integrated into the Uber Eats app. If you place an order on your phone, it will go through the Uber Eats app, the API, and the matching algorithms will say who should get that order, right? If it's a long-distance order, you're going 20 mi away, it's going to route to a human in a car. If we're in the last-mile space, our average distance is about 1 to 1.25 mi, we will pick up the order. The customer will then get the order delivered. They have a swipe or a keypad on the screen that they can enter to get their food. The bin is locked, so minimal, minimal opportunities for the food to be tampered with, which both the merchants and the end customer, we are hearing, enjoy.
Uber's there to help support that end-to-end process from acquiring the customer, but also the merchants. Their platform is massive. They have merchants coming onto their platform very often, and right now we're over 1,000 merchants that we can deliver to. I think we 3x'd the number of merchants last year. We 2x'd the number of households that we have a reach into in the last couple months. Having the platform availability rather than the direct sales of going to all these individual merchants can help expedite the adoption of this, and I was already talking with a couple people here that have used these in Brickell already, and we've only been there for a couple weeks, so it's nice to hear positive feedback.
Indeed. All right, let's talk about now maybe the regulatory framework, right? Since you're operating on the sidewalks, I presume the regulatory environment is not as maybe stringent as, say, an autonomous vehicle operating on the road. I guess, how would you define the current regulatory environment, and how is it different, say, from an autonomous vehicle operating on a road?
Yeah, I mean, there's clearly, as you would imagine, less, less regulatory scrutiny because we're not on the road. The sidewalks make it a little bit easier to operate from that standpoint. There's no, you know, major legislation, federal, state level, that prohibits robots from operating on the sidewalk. When you get down to the local jurisdiction, the township, the municipalities, the city councils, that's where we wanna do that education. That's where we wanna work with them to understand how this can be beneficial into the community. I believe there's 24 states right now at the state level that have effectively said robots can operate, and they've kind of jumped the gun down to the local level for enabling this technology to come into their communities. Yeah, I mean, I think city by city, it's just very hands-on, right?
We have to help them understand how this can help them in the long term.
So far, though, it seems like obviously it's quite favorable, I would say, right? Most of the states, like you said, are able to implement this on their sidewalks. I guess, how are you leveraging AI and, you know, with the technology, you know, and how pivotal is that to your business model?
Yeah, I mean, AI is everywhere. We truly are an embodied AI solution, the application layer, right? I'm not trying to plug it, like that's actually what the company has been doing for the last seven years, with this application layer. Obviously, technology, the chip developments, the processing speed, all enable us to do the autonomy better, right? That's kind of our secret sauce. When I talk about the little, little stick, big stick, and developing the roadmap for our autonomy teams to make the end-to-end delivery as autonomous as possible and remove the human, that is where we're gonna get the cost reduction. That is where we're gonna get the unit economics that make sense that, you know, want more providers and more delivery partners to come onto the platform, right? We can start to make an impact.
With a hundred robots on somebody's platform, you don't see, you see a decimal point in the EBITDA improvement. With thousands of robots, you see meaningful cost impact for the number of deliveries these can start to do.
Contribution. I would just maybe add in terms of the technology, right? We clearly see the LiDAR sensor there at the very top. That gives you an extra layer of safety and autonomy. For those of you that maybe are familiar with the industry, Tesla's Robotaxi, Elon has very publicly said he doesn't wanna use LiDAR, but, you know, I think industry consensus is that the LiDAR does provide an extra layer of redundancy, which is maybe how you're able to achieve that level four autonomy. Is that a fair assessment?
Absolutely. Safety's been, you know, a top priority since the company was started. We have improved the braking power. We have improved the pedestrian detection. You know, just inherently, when you compare this to a car, right, there's a lot less kinetic energy with this thing moving down the sidewalk, and a lot less risk for, you know, pedestrians that are out and about instead of crossing a street. If this bumps into you, you can see you're most likely gonna walk away, right? The LiDAR is on there for safety reasons. We also have a bunch of lights on it. I mean, at night you can see it, right? You don't wanna overlook that. If you wanna do deliveries at night, you have to have the lights on it.
There's a lot of things that the team has designed in from a product standpoint to improve safety.
Just to clarify, we're looking at one sensor there at the top, and then there's about six cameras surrounding the vehicle, right?
That's correct. And then there's also one in the bin, that helps with some autonomy VLM imaging, as we continue to increase the autonomy.
Got it. I wanna maybe get in a time machine and go into the future, maybe five or ten years. You know, you're gonna start out delivering food, groceries, pizzas, tacos, sodas, alcohol, et cetera. What are some other use cases you see yourself potentially entering, you know, as we look further down the road?
Yeah, so where we're focused for 2025, I think, is important to understand because then we're gonna build off of that. In the food space, it hopefully goes without saying, it's very peaky. You have breakfast, lunch, and dinner. Everybody wants their food between 12:00 P.M. and 2:00 P.M., and then 5:00 P.M. and 7:00 P.M. for dinner. When we think about utilization for 2025, we're focused on food. We're focused on that delivery with Uber Eats, right now. The opportunity then is, what do we do whenever we don't have those peaks? That's where you can start conversations about retail, grocery, pharmacy delivery, and other verticals that are in the same environment on the sidewalk, and can integrate directly with those providers that are already doing similar delivery services with a human courier. That's something we'll start to explore. Obviously, the focus for 2025 is food delivery.
Beyond that, which I get excited about, is the software opportunity that is here. It's very compelling that we have the LiDAR you've pointed out. We have the cameras. We have the spatial data, and we own it. It's on our servers. We're gonna have a fleet of thousands of these in major cities. How can we enable other robotic form factors to also come into the human-centered world? That's something we're starting to explore with a couple partners, Magna being one of them. We have done some software work for them to understand our software platform and how that may be able to be integrated. I don't say that lightly because none of that matters if we can't solve food delivery in 2025. Get these robots deployed, make the unit economics sensible, and then from there, we're able to continue to explore.
Got it. Maybe, you know, I think I'd be doing us a disservice if I didn't ask you some financial questions. Maybe just remind us, you know, what is currently your liquidity status and what are your capital needs?
Yeah, very fortunate position over 2024, to shore up our balance sheet. Right now we have approximately $200 million cash on hand. We ended the year with $123 million. 2024, we had a 700% increase in our revenues, to $1.8 million. We're working on it. We kept the same fleet that we've had over the last two years, and we're squeezing the operation and the capacity of those robots, and now we're able to start adding new ones into the fleet. We're anticipating 2025 to continue to grow. Our, you know, liquidity position is well, you know, very sufficient to see these 2,000 robots through to deployment. Another really positive aspect is because of the capital raises we did in 2024, I don't have to finance the fleet of these 2,000 robots.
Before we were looking at equipment financing options, and those are very expensive. There is about $20 million just cash savings from being able to leverage our balance sheet versus some of the other options we have out there.
Got it. Very helpful. I wanna maybe open it up to the audience, see if we have any brave volunteers to ask the first question. We have one here.
More or less, how much are the costs of a new build one of these for a unit?
Yep. We haven't publicly said the number. The answer is it's cheaper than the cost of the cheapest new car in the United States.
Do you have full control of the manufacturing of it, or did you outsource it?
We have full control. We're owning the manufacturing process. We have sub-assembly partners and Magna as our contract manufacturing partner to help ensure the quality standards are there. The production process is run. You know, we're not standing up the manufacturing lines ourself. That's going with our contract manufacturer.
With the fleet that you've had that you've been using, what kind of replacement parts are you usually replacing most often? Vandalism, abuse, accidents?
Yeah.
Anything like that that you can share?
Sure. Apologies for not repeating the question. The last one was, what parts need replaced often with the current fleet and then vandalism. The tires get replaced. You can kind of see some of the wear mark just like you would on a bike. So we do replace the tires from a repair and maintenance perspective. We did a design iteration from our second gen to our third gen, which is what's here. The durability of this is substantially improved. The ruggedness is just light years beyond what we had before. And what we had before is still on the road since May 2022. We are coming up on three solid years of operating these in Los Angeles. I look at our repair costs on a weekly basis, and it, you know, compared to the cost of the BOM that those were at the time, it's a very small number.
The repair side of this is that there's a long shelf life. We got four years. We can make the robots, the components here for Ouster and the NVIDIA chips in here could last a lot longer than that. Second part of your question on vandalism, it happens just like Walmart and Target have theft and, you know, different incidents throughout the day. I answer the question more than incidents. Major incidents happen. The analogy I like is our mechanical engineering team designed this robot, then they took crowbars to it and tried to get into it, and they couldn't. So like, it's designed pretty securely. You have to really force yourself to get in there if you wanna get the food out of it. Unfortunately, those are the incidents that end up on TikTok and Instagram.
If you touch it, you get electrocuted.
Not yet.
Question over here. Yes.
Really interesting stuff. Two questions for you. Can you talk a little bit about the customer value problem of having something delivered in this versus, let's say, a human driver or a robotic courier? Then second, given that delivery is a little bit dependent on consumer taking an action from one of your partners, what are some of the other robotic mobility opportunities with this form factor? How do you guys are thinking about delivering this?
Sure. Customer impact was the first question here. As much as you might want to, you do not have to tip Robin. Whenever that comes to your door, there are some fees. There are some tangible dollar savings that the end customer would see as a result of a robot delivery, autonomous delivery. People have mixed reviews on whether they like the idea of a human courier carrying their food. Obviously, people on bikes in Manhattan, your food ends up upside down sometimes. You know, same thing could happen, right? This is locked and secured. There is, you know, some people like that, some people do not. Most of what we are hearing from a customer standpoint, they appreciate that it is secure. They know what they are getting.
To add on to not just the customer, the merchants like that too, because they kind of have the ownership and the responsibility to put the right food in the bin instead of getting the phone call that says, "I got the wrong cheeseburger because somebody picked up the wrong cheeseburger." There is a little bit more of the accountability that helps ensure reliability of the ultimate end customer order. Your second question on, you know, expanding into other mobility, there is, I think, a totally separate discussion we could probably go into on that, for another half hour. You know, we are going to be focused for 2025 on the food delivery aspect. The demand is there, within all of the cities in North America that we have been talking about.
I think food delivery within this space has the biggest opportunity of success for us to prove the unit economics of an autonomous delivery platform like this. If we can do that in 2025, let's come back next year and ask me the same question.
Real quick, Ashley, just on that note, because that made me think of something. You also have ancillary services that you'll provide, such as branding and marketing. Maybe just quickly touch on those.
Yeah. If you guys, for those of you in the room, you can see the green and white is a vinyl wrap. That peels off. We have done a lot of branding campaigns for Hollywood movies and movie launches and premieres, and this has been on the red carpet more than anybody here. There is an opportunity there. It is a monthly campaign. It does not have to be movies. It could be banks. It could be anything. It could be out of home. It could be experiential. We are starting to get a little bit more targeted approach. When people call, they do not really only want 10 robots or 50 robots. They want a fleet of robots that can be advertising for them in a city in a specific demographic area.
We're going to start to be able to offer that moving forward.
Perfect.
What's the, sort of ideal delivery time and distance between the vision and the user on a scale?
Sure. Ideal distance and ideal delivery was the question. Ideal time. Right now, we hold ourselves accountable for the time that, like, Uber Eats and the delivery platforms would hold accountable for a human courier. The same, what they call, LAB, latest arrival by time, we have all of that in our system. We wanna beat it, obviously. We actually did some, you know, hypothetical examples where if we delivered faster, the customer was not ready for it. When you place an order, like, usually you know your food's gonna show up in 30, 35 minutes. If we show up in 15, they're still in the shower. We have to, like, kind of work with the customer adoption there. We are right in line with a human courier at this point. Distance is right now about a mile, mile and a half.
We get paid per completed delivery. Obviously, we wanna optimize for the volume of deliveries that we can complete. That just goes to population density, merchant density, and how we can continuously optimize each robot.
I think the operational range, say in a day, is approximately what, like 14, 15 hours, somewhere in that range?
Yeah, the battery can last 16 hours. Obviously, just like your iPhone, you kind of want to monitor that so it lasts four years and we get the maximum life out. The battery life is sufficient in the food space right now to capture breakfast, lunch, and dinner and have it out for a full day without having to come home to the depot to charge. It does charge overnight.
Other questions yet?
Your relationship with Uber, does it limit you from adopting other platforms, or is there no other platforms that you want to adopt at the moment, or is there what might be?
Yeah. The question is our relationship with Uber. It is not exclusive. You know, we're working with these 2,000 units. We're gonna put them on the Uber Eats platform. It doesn't preclude us from, you know, if there's a Dunkin' Donuts order and they wanna come onto our platform, we can do an Uber Eats order, and then we can do a Dunkin' Donuts order and go back on the Uber platform. I think as the economics of this start to make more sense for other delivery platforms, there's nothing that precludes us from engaging in those conversations.
Other questions? Let's have this side of the room. Otherwise, I'll start calling out. Yep.
With respect to how much, I guess, money you're gonna be saving Uber Eats, how much maybe would it cost for them to use a driver instead, and how much of the chunk do you guys save them, and maybe what percent or proportion of deliveries can you handle versus a driver has to take this one, I guess, with respect to range or whatever else you can save?
Sure. There are a couple studies out there, and just some data in talking to some of the experts on the delivery side. About $8-$10 is the human cost for a human delivery to be performed right now. We're putting ourselves on a trajectory to bring that to $1 cost. Right now, we're somewhere in the middle. So there's.
You said 9 to 10?
Eight to ten. Eight to ten currently.
Is that in New York or I think New York's like 18 to 10?
U.S., yeah, U.S. average. Manhattan might be a little higher and yeah, yeah. We wanna be on a path to a dollar, right? The autonomy and the way that we're getting this flywheel going to solve the real-world environments of navigating end-to-end delivery is putting us on that right path.
Gotcha. Questions? Let's go in the back.
As you scale the robots, and you're working with a team that you have a full-time guy that creates your robots, your robots, what are they, they have choices there? That's what I was going to say. Like, I don't want to use your robots, but do you have a centralized room where you will, how do you say, are there leverages there, like, force or to use it?
It's kind of hard to hear, so I apologize. I think your question was, do restaurants have to use it? Do we incentivize them to use it, or do they opt out? With the merchants, they could opt out. What we're seeing whenever Uber Eats adds the merchants to the platform for enabling robotic delivery is like single-digit opt-out percentages, right? It's a pretty low volume, relative to the merchants that are being onboarded. From an incentive standpoint, it goes back to the reliability, the completion rate, the level of service, right? If we're not providing at a minimum the human courier level of service for timing and reliability, then the merchants are going to get frustrated. They'll continue to opt out. We're not seeing that happen right now.
I think the, the path, at least for the 2,000, is what we've been doing to date in Los Angeles to continue to expand.
What are some key catalysts I think investors should be aware as we think into this year and next year? Obviously, the deployment of those 2,000 robots, particularly Q4, will be meaningful. Other than that, is there anything else that comes to mind, like anything investors should be focusing on?
Let's take the last couple weeks of the market out of play for now. I mean, we are heads down building 2,000 robots, right? We get tremendous unit economic scale. We get the fixed cost base to be spread across these 2,000 units, the number of deliveries. That's great. What we also need to do is continue to utilize each of these robots to the maximum we can, number of deliveries per day at the right time of day on the right city block, positioned in front of the right merchants. We're using all of that data. You know, our revenue numbers at the top line aren't gonna reflect the 2,000 robot fleet until they've been in there for a couple months. We're learning and we're getting the data from the new cities and the new areas that we're in.
You know, I'd say for 2025, just we need to show the progress for expanding, get the infrastructure established, and then we'll let our operations team loose to start squeezing out the number of deliveries per day.
Makes sense. Any other questions? Yeah.
Remind me, I think you touched on this earlier. How large do you see the potential market for parcel delivery compared to food delivery? I know Alibaba took this business model, but the manager of this business model around COVID delivered a lot of packages. I do not know if you see that as a bigger long-term, like, positive optionality in the future compared to, like, food delivery.
I think the last-mile delivery space is still gonna evolve from ideas that haven't really been brought to market yet. When autonomy and AI and robotics and automation enter in and actually make an impact on the last-mile space, we'll probably see an evolution on how we even think about your question, like how you even, how we're even thinking about what the solution's gonna look like. You know, the TAM we reference for drone and last-mile delivery for drone and robotics is $450 billion. And that's within the last-mile space. Really haven't gone into splitting it out from a robotics package delivery versus the food delivery. And, you know, again, supply and demand, the 2,000 robots, we could still put more into these markets, these individual cities, to continue to be utilized. So it's just how efficient can we do it to grow our market share.
Since we touched on, you know, market share and the TAM, maybe just remind us, you know, what does the competitive landscape look currently and how important is it to be, you know, first to market? I mean, obviously, the market is big enough for many of these participants, but yeah, just your overall view on the competitive landscape.
Sure. Yeah, there's a few key players, in the U.S. and globally. You know, some have, it's all varying degrees of their understanding five years ago when the companies were started, six, seven years ago about how the technology would adopt. And we were very intentional that, LiDAR prices were gonna come down. It would be important to have the LiDAR and camera integrated stack as we move forward. And that's something we haven't compromised on, albeit if it's a little bit more expensive. With some of our competitors, we, we seem to be the only ones that are out in the real world full-time on a commercial basis. We're doing deliveries on the streets of Los Angeles and Miami. Others, you know, there's really creative use cases to go into the university setting.
Why we're not doing that yet is because we don't get the edge cases that you do in the middle of Los Angeles, right? You're doing the same route from cafeteria to dorm and back over and over. Being out in the real world, we have to deal with the construction cones, the detours, people, bikes, and everything else that we're starting to process and retain. Happy to spend more time on competition, but I mean, I think there's a lot of,
My mind is spinning. I'm just looking at all the different use cases, you know, whenever I need my laundry maybe sent to the laundromat, I could do that, among other things. Any other questions? We got about two minutes left.
Just a word on the weather.
Mm-hmm. Oh yeah.
Obviously, you are dealing with cities that usually do not have snow.
Yeah.
Can you just talk about how you envision that?
Yeah. This is rainproof, right? There are specific IP citations we can make right now, but we deploy them in major thunderstorms. They can go out, right? If it's a tornado, we're gonna pull them in off the street, right? If it's a rainstorm, they're good to go. The cameras have been designed and the LiDAR has been designed in a way that can work in those tough environments. Whether it's rain, whether it's wind, we're able to keep the fleet out. That is the intention, to keep it deployed. If we think about snow, we're doing testing within the snow environments. We don't think that's really gonna be a deterrent. There's still tremendous demand, even when it's not snowing in some of these, you know, New York and Boston and everything else.
The analogy I like though is the first things that get cleared after a major snowstorm are the sidewalks, right? People have to be out walking about like you would in Manhattan and in New York here. It's a deterrent and we gotta figure out how to operate in it, which we can. We have some really cool videos already in the snow, but it's not something that's gonna deter us from going into one of these colder cities.
Remind us maybe the, the weight and in terms of the, the payload capacity.
Yeah. The weight is about 150 pounds, a little over 150 pounds. It is intentionally heavy. You know, back to the deterrence of theft and vandalism, you know, somebody can't just walk off with it. The capacity is, you know, more from a volume standpoint than a weight standpoint. It can hold four large pizzas and two medium pizzas in the same, in the bin at the same time. Obviously with other food, a full order can fit in there. Yeah, we had, who was it? Jon Stewart climbed into it and it didn't break. So it holds a couple hundred pounds. Yeah.
Awesome. I think we're almost out of time. I wanna turn it over to you maybe for any closing remarks you'd wanna share or anything maybe we might have missed or anything you wanna reemphasize.
No, I appreciate it. Thanks for the time. You know, I mean, we were just really excited about 2024, getting earnings out there, ending with a strong balance sheet. Really happy with the operations team over the last 12 months with the fleet growing at the rate we're anticipating growing. We have a lot of lessons learned and we're gonna have some more lessons learned as we go into new markets over the next couple months. We are excited for 2025 and definitely on track for these 250 coming around the corner in Q1.
Wonderful. Brian Reed, CFO of Serve Robotics. Thank you so much.