Serve Robotics raises 2026 revenue outlook to $12M
Recurring revenue represented 69% of Q3 sales, while Serve reported 12 multi-year hospital contract extensions and four new hospitals year to date.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Serve Robotics Inc. (SERV) reported third-quarter 2026 revenue of $2.835 million, up 313% year over year, with recurring revenue at 69% of total. Net loss was $59.230 million, versus $33.020 million in Q3 2025. Cash and marketable securities were $198.0 million as of September 30, 2026.
The company raised full-year 2026 revenue guidance to $12 million from a prior range of $9 million to $10 million and lowered non-GAAP operating expense guidance to $150 million from $160 million to $170 million. Nine-month operating cash use was $123.531 million, compared with $50.601 million a year earlier.
The average number of daily active robots was 917 in Q3, versus 312 in Q3 2025, and daily delivery volume among new platform partners tripled. Serve reported 12 multi-year contract extensions with hospital customers and four new hospitals year to date through Q3. It said it launched its first international city in Australia in October and introduced Serve Physical AI Services, making its fleet technology available to other robot makers.
3 points · 2 major2 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.2026 revenue guidance rose to $12 million from a $9 million to $10 million range.
- Major point. Forward-looking: it has not happened yet and may not happen.2026 non-GAAP operating expense guidance fell to $150 million from $160 million to $170 million.
- Moderate pointQ3 revenue increased 313% year over year to $2.835 million.
Negative
- Major pointQ3 net loss was $59.230 million, versus $33.020 million a year earlier.
- Major pointNine-month operating cash use was $123.531 million, versus $50.601 million.
Filing Explained
Common shares outstanding were 87,562,360 on
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Q3 revenue: $2.835 million
Year-over-year revenue growth: 313%
Recurring revenue: 69%
+5 more
8 metrics
Q3 revenue
$2.835 million
Third quarter ended September 30, 2026
Year-over-year revenue growth
313%
Third quarter 2026
Recurring revenue
69%
Share of total revenue in Q3 2026
Net loss
$59.230 million
Third quarter 2026
Cash and marketable securities
$198.0 million
As of September 30, 2026
2026 revenue guidance
$12 million
Full-year guidance, raised from a prior range of $9 million to $10 million
Non-GAAP operating expense guidance
$150 million
Full-year 2026 guidance, compared with prior guidance of $160 million to $170 million
Net cash used in operating activities
$123.531 million
Nine months ended September 30, 2026
Key Terms
Daily Active Robots, Daily Supply Hours, Adjusted EBITDA, Non-GAAP operating expenses, +1 more
5 terms
Daily Active Robots technical
"average number of robots performing deliveries during the period"
Number of automated machines or software agents that perform tasks on a product or service each day; it counts distinct robots that were active at least once during a 24‑hour period. Investors use this as a usage and engagement metric—similar to counting daily visitors to a store—because rising daily active robots can signal growing adoption, more reliable recurring revenue, and potential economies of scale, while declines may warn of operational or demand problems.
Daily Supply Hours technical
"average number of hours the Company's robots are available"
Adjusted EBITDA financial
"Reconciliation of GAAP Net Losses to Adjusted EBITDA"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Non-GAAP operating expenses financial
"forecasted non-GAAP operating expenses"
Non-GAAP operating expenses are the costs a company reports that exclude certain items typically considered unusual or non-recurring, such as restructuring charges or asset write-downs. They are used to give investors a clearer view of the company's regular, ongoing expenses by filtering out one-time or non-core costs, helping them better assess the company's true operational performance.
Fleet margin financial
"more than 100 percentage points of sequential improvement in fleet margin"
Earnings Snapshot
Revenue: $2.835 million · Guidance included
Third quarter ended September 30, 2026
Revenue
$2.835 million
313% increase year over year
Net loss
$59.230 million loss
Versus $33.020 million loss in the third quarter of 2025
Guidance
Full-year 2026 revenue guidance of $12 million; non-GAAP operating expense guidance of $150 million; capital expenditures of $15 million to $17 million; cost of revenue of $44 million to $48 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did SERV report in Q3 2026?
SERV reported Q3 2026 revenue of $2.835 million, up 313% year over year. Recurring revenue accounted for 69% of total Q3 revenue.
What is SERV's 2026 revenue guidance?
Serve raised full-year 2026 revenue guidance to $12 million, from the previously provided range of $9 million to $10 million. It also lowered non-GAAP operating expense guidance to $150 million from $160 million to $170 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 5, 2026
(Exact Name of Registrant as Specified in Charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||
(Registrant’s telephone number, including area code)
N/A | ||
| (Former Name or Former Address, if Changed Since Last Report) | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
The | ||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 5, 2026, Serve Robotics Inc. (the “Company”) announced its financial results for the third quarter ended September 30, 2026. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 7.01. Regulation FD Disclosure.
On November 5, 2026, the Company made available on its website a revised Company investor presentation. A copy of the presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K.
The information in this Form 8-K (including Exhibits 99.1 and 99.2) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d)List of Exhibits.
Exhibit Number | Description | |||||||
| 99.1 | Press release, dated November 5, 2026 | |||||||
| 99.2 | Investor Presentation, dated November 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Serve Robotics Inc. | |||||
Dated: November 5, 2026 | /s/ Ali Kashani | ||||
| Ali Kashani | |||||
| Chief Executive Officer and Director | |||||
Dated: November 5, 2026 | /s/ Brian Read | ||||
| Brian Read | |||||
| Chief Financial Officer | |||||
2
Exhibit 99.1
Serve Robotics Announces Third Quarter 2026 Results
•Delivered over 300% revenue growth in Q3 year over year and raised full year revenue guidance for 2026 to $12 million.
•Tripled daily average deliveries in Q3 with new delivery partners, and exclusively launched first international city in Australia in October.
•Improved gross margin sequentially, as the mix of higher-margin recurring revenue jumped to nearly 70% of all revenues.
•Ended Q3 with over $198 million in cash and marketable securities, reflecting strong balance sheet and operational flexibility.
SAN FRANCISCO, November 5, 2026 -- Serve Robotics Inc. (the “Company” or “Serve”) (Nasdaq: SERV), a leading autonomy and robotics company, today announced financial results for the third quarter ended September 30, 2026.
“Serve is getting stronger on every front: demand for our robots is growing, the fleet costs less to operate, and we are opening new ways to generate revenue from what we have built,” said Dr. Ali Kashani, Serve’s Co-founder and CEO. “We are raising our full-year revenue guidance to $12 million. And, as we announced today, with the launch of Serve Physical AI Services, the technology behind our fleets is now available to other robot makers, a significant new opportunity for us.”
“This quarter was about execution,” said Brian Read, Chief Financial Officer of Serve. “Q3 revenue exceeded our expectations, and we drove operating expenses down while delivering more than 100 percentage points of sequential improvement in fleet margin. We believe the gains we made this quarter are structural, and they form the foundation for a long-term trend of improving unit economics.”
Business and Financial Highlights
•Revenue Growth: Reported revenue of $2.8 million, an increase of 313% year-over-year.
•Revenue Mix: Recurring revenue accounted for 69% of total revenue in Q3 and continued to outpace non-recurring revenue, while branding revenue grew nearly 80% sequentially.
•Healthcare Progress: Generated strong Q3 revenue in consistent with our expectations, entered into 12 multi-year contract extensions with hospital customers, and added 4 new hospitals year-to-date through Q3, demonstrating continued demand for the Company's healthcare automation platform.
•Delivery Volume: Among new delivery platform partners, daily delivery volume tripled and the number of merchants grew 2.5x in Q3.
•Balance Sheet: Maintained a strong liquidity position of $198.0 million as of September 30, 2026.
•Outstanding Shares: Approximately 88 million shares of common stock outstanding as of September 30, 2026.
Outlook
•Full year 2026 revenue guidance increased to $12 million, from the previously provided range of $9 million to $10 million, reflecting strong robot demand and growth across a diversified portfolio of revenue streams.
•Full year 2026 non-GAAP operating expense guidance lowered to $150 million, compared with prior guidance of $160 to $170 million provided at the beginning of the year, reflecting strong cost discipline.
Supplemental Financial Information
The key metrics and financial tables outlined below are metrics that provide management with additional understanding of the drivers of business performance and the Company’s ability to deliver stockholder return. Investors should not place undue reliance on these metrics as indicators of future or expected results. The Company’s presentation of these metrics may differ from similarly titled metrics presented by other companies and therefore comparability may be limited.
Table 1
Key Metrics
(unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||||||||||||||
Daily Active Robots (1) (3) | 917 | 792 | 312 | 842 | 182 | ||||||||||||||||||||||||
Daily Supply Hours (2) (3) | 11,214 | 9,809 | 3,781 | 10,462 | 2,062 | ||||||||||||||||||||||||
(1)Daily Active Robots: The Company defines daily active robots as the average number of robots performing deliveries during the period.
(2)Daily Supply Hours: The Company defines daily supply hours as the average number of hours the Company’s robots are available to perform daily deliveries during the period.
(3)The key metrics reported for the periods ended September 30, 2026 and June 30, 2026 are inclusive of the outdoor and indoor robot fleet.
Table 2
Disaggregation of Revenue
(in thousands)
(unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||||||||||||||
| Fleet services | $ | 2,582 | $ | 2,305 | $ | 433 | $ | 6,845 | $ | 974 | |||||||||||||||||||
| Software services | 253 | 933 | 254 | 2,212 | 795 | ||||||||||||||||||||||||
| Total revenue | $ | 2,835 | $ | 3,238 | $ | 687 | $ | 9,057 | $ | 1,769 | |||||||||||||||||||
Quarterly Conference Call Information
Management will host a conference call and webcast today at 2:00 p.m. PT / 5:00 p.m. ET to discuss the financial results and provide a corporate update. A live webcast and replay can be accessed from the investor relations page of Serve’s website at investors.serverobotics.com.
Individuals interested in listening to the conference call may do so by dialing 800-715-9871 and referencing conference ID 6872100.
About Serve
Serve (Nasdaq: SERV) designs and operates autonomous robots that navigate complex, human-centric environments. Since spinning off from Uber in 2021, Serve has deployed more than 2,000 robots across the U.S., reaching a population of approximately 3 million and supporting delivery for more than 4,000 restaurants. In 2026, Serve acquired Diligent Robotics, Inc., expanding its operations beyond sidewalk delivery into indoor service robots used in hospitals. Serve designs both the hardware and software behind its robots, enabling them to work safely in public and private environments at scale.
For further information about Serve (Nasdaq: SERV), please visit www.serverobotics.com or follow us on social media via X (Twitter), Instagram, or LinkedIn @serverobotics.
Forward Looking Statements
This press release contains “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when we or our management are discussing our beliefs, estimates or expectations. Such statements generally include the words “believes,” “plans,” “intends,” “targets,” “may,” “could,” “should,” “will,” “expects,” “estimates,” “suggests,” “anticipates,” “outlook,” “continues,” or similar expressions. These statements are not historical facts or guarantees of future performance, but represent management’s belief at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside of our control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. Forward-looking statements include statements regarding the Company’s financial outlook, future revenue generation, expected operating expense and capital expenditures, liquidity and capital resources, growth and diversification, business and investment strategy, timing of robot manufacturing and deployment, ability to expand to additional markets, capabilities of the Company’s robots, outcomes of planned and completed acquisitions, partnerships with multiple delivery platforms, including the transition of the Company’s Uber Eats partnership and expected delivery volumes through its delivery platform partnerships, and timing and ability to scale to commercial production and achieve sustainable long-term growth.
The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission (“SEC”), including in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025, as supplemented by those described in the Company’s subsequent SEC filings. The Company can give no assurance that the plans, intentions, expectations or strategies as reflected in or suggested by those forward-looking statements will be attained or achieved. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements, except as required by law. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.
Non-GAAP Measures of Financial Performance
To supplement the Company’s financial statements, which are presented on the basis of U.S. generally accepted accounting principles (“GAAP”), the following non-GAAP measures of financial performance are included in this release: adjusted EBITDA, non-GAAP cost of sales, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP operations expense, non-GAAP sales and marketing expense, non-GAAP operating expense, non-GAAP net loss before income taxes, non-GAAP net loss and non-GAAP earnings per share.
The Company believes that providing this non-GAAP information in addition to the GAAP financial information allows investors to view the financial results in the way the Company views its operating results. The Company also believes that providing this information allows investors to not only better understand the Company’s financial performance, but also, better evaluate the information used by management to evaluate and measure such performance.
As such, the Company believes that disclosing non-GAAP financial measures to the readers of its financial statements provides the reader with useful supplemental information that allows for greater transparency in the review of the Company’s financial and operational performance. The Company defines its non-GAAP measures by excluding stock-based compensation, amortization of intangible assets, acquisition related costs, and activity from finance lease purchase options.
In addition, the Company provides a reconciliation of forecasted non-GAAP operating expenses to the most directly comparable GAAP financial measure. The Company defines its forecasted non-GAAP operating expenses by making adjustments for stock-based compensation expense and amortization of intangible assets, as the Company is able to reasonably estimate the impact of these adjustments. No other adjustments are reflected in this measure because the Company cannot, without unreasonable efforts, reasonably estimate their amount or probable significance. The Company does not currently present any other forward-looking non-GAAP financial measures.
Reconciliations of GAAP to these adjusted non-GAAP financial measures are included in the tables presented. When analyzing the Company’s operating results, investors should not consider non-GAAP measures as substitutes for the comparable financial measures prepared in accordance with GAAP.
Contacts
Investor Relations
investor.relations@serverobotics.com
2
Table 3
Serve Robotics Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
| September 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 50,765 | $ | 106,239 | |||||||
| Short-term marketable securities | 147,234 | 127,170 | |||||||||
| Accounts receivable, net | 2,170 | 851 | |||||||||
| Prepaid expenses | 6,026 | 6,042 | |||||||||
| Other receivables | 1,451 | 696 | |||||||||
| Other current assets | 307 | 77 | |||||||||
| Total current assets | 207,953 | 241,075 | |||||||||
| Long-term marketable securities | - | 26,344 | |||||||||
| Property and equipment, net | 48,711 | 47,013 | |||||||||
| Intangible assets, net | 32,553 | 31,313 | |||||||||
| Goodwill | 29,732 | 15,530 | |||||||||
| Operating lease right-of-use assets | 9,591 | 5,369 | |||||||||
| Other non-current assets | 2,961 | 1,107 | |||||||||
| Total assets | $ | 331,501 | $ | 367,751 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 3,023 | $ | 5,014 | |||||||
| Accrued liabilities | 11,497 | 6,482 | |||||||||
| Deferred revenue | 1,916 | 2 | |||||||||
| Operating lease liabilities, current | 2,727 | 1,800 | |||||||||
| Total current liabilities | 19,163 | 13,298 | |||||||||
| Operating lease liabilities, non-current | 6,744 | 3,454 | |||||||||
| Deferred tax liabilities | 353 | 255 | |||||||||
| Total liabilities | 26,260 | 17,007 | |||||||||
| Stockholders’ equity: | |||||||||||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, 0 shares issued or outstanding as of both September 30, 2026 and December 31, 2025 | — | — | |||||||||
Common stock, $0.0001 par value; 300,000,000 shares authorized, 87,599,157 and 74,781,782 shares issued and 87,562,360 and 74,734,949 shares outstanding as of September 30, 2026 and December 31, 2025, respectively | 9 | 7 | |||||||||
| Additional paid-in capital | 686,509 | 559,485 | |||||||||
| Accumulated other comprehensive income (loss) | (30) | 138 | |||||||||
| Accumulated deficit | (381,247) | (208,886) | |||||||||
| Total stockholders’ equity | 305,241 | 350,744 | |||||||||
| Total liabilities and stockholders’ equity | $ | 331,501 | $ | 367,751 | |||||||
3
Table 4
Serve Robotics Inc.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
(unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||||||||||||||
| Revenues | $ | 2,835 | $ | 3,238 | $ | 687 | $ | 9,057 | $ | 1,769 | |||||||||||||||||||
| Cost of revenues | 10,390 | 12,017 | 5,066 | 34,392 | 10,476 | ||||||||||||||||||||||||
| Gross loss | (7,555) | (8,779) | (4,379) | (25,335) | (8,707) | ||||||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||||
| Research and development | 22,636 | 20,279 | 13,414 | 61,952 | 29,414 | ||||||||||||||||||||||||
| General and administrative | 20,227 | 24,844 | 13,153 | 59,987 | 25,981 | ||||||||||||||||||||||||
| Operations | 7,260 | 7,856 | 2,987 | 22,071 | 6,780 | ||||||||||||||||||||||||
| Sales and marketing | 3,510 | 4,307 | 883 | 9,690 | 1,585 | ||||||||||||||||||||||||
| Total operating expenses | 53,633 | 57,286 | 30,437 | 153,700 | 63,760 | ||||||||||||||||||||||||
| Loss from operations | (61,188) | (66,065) | (34,816) | (179,035) | (72,467) | ||||||||||||||||||||||||
| Other income (expense), net | 1,879 | 1,902 | 1,796 | 5,911 | 5,379 | ||||||||||||||||||||||||
| Net loss before income taxes | (59,309) | (64,163) | (33,020) | (173,124) | (67,088) | ||||||||||||||||||||||||
| Benefit from income taxes | (79) | (36) | — | (763) | — | ||||||||||||||||||||||||
| Net loss | $ | (59,230) | $ | (64,127) | $ | (33,020) | $ | (172,361) | $ | (67,088) | |||||||||||||||||||
| Weighted average common shares outstanding - basic and diluted | 86,934,371 | 80,310,583 | 61,343,218 | 80,891,917 | 58,472,679 | ||||||||||||||||||||||||
| Net loss per common share - basic and diluted | $ | (0.68) | $ | (0.80) | $ | (0.54) | $ | (2.13) | $ | (1.15) | |||||||||||||||||||
4
Table 5
Serve Robotics Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net loss | $ | (172,361) | $ | (67,088) | |||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
| Stock-based compensation | 34,574 | 14,919 | |||||||||
| Depreciation | 10,511 | 2,413 | |||||||||
| Amortization | 8,765 | 974 | |||||||||
| Deferred income taxes | (1,462) | — | |||||||||
| Accretion of discount on available-for-sale securities | (1,381) | (548) | |||||||||
| Changes in operating assets and liabilities, net of effects of businesses acquired: | |||||||||||
| Accounts receivable, net | (445) | (718) | |||||||||
| Prepaid expenses | 1,356 | (6,229) | |||||||||
| Other receivables | (755) | (496) | |||||||||
| Other current assets | 39 | (133) | |||||||||
| Accounts payable | (3,490) | 3,479 | |||||||||
| Accrued liabilities | 3,080 | 2,688 | |||||||||
| Deferred revenue | (10) | (17) | |||||||||
| Operating lease liabilities | (1,952) | 155 | |||||||||
| Net cash used in operating activities | (123,531) | (50,601) | |||||||||
| Cash flows from investing activities: | |||||||||||
| Proceeds from maturities and sales of marketable securities | 157,000 | 14,200 | |||||||||
| Purchases of marketable securities | (149,679) | (107,485) | |||||||||
| Acquisitions, net of cash acquired | (21,447) | (7,504) | |||||||||
| Purchases of property and equipment | (7,723) | (20,831) | |||||||||
| Proceeds from tariff refunds | 4,547 | — | |||||||||
| Security deposits | (107) | (119) | |||||||||
| Capitalized software implementation costs | — | (405) | |||||||||
| Net cash used in investing activities | (17,409) | (122,144) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from issuance of common stock pursuant to at-the-market public offerings, net of offering costs | 84,922 | 78,767 | |||||||||
| Proceeds from exercise of options | 545 | 405 | |||||||||
| Proceeds from issuance of common stock in registered direct offering, net of offering costs | — | 75,847 | |||||||||
| Proceeds from exercise of warrants | — | 11,381 | |||||||||
| Repayments of financing lease liability | — | (186) | |||||||||
| Proceeds from short-swing profit disgorgement | — | 48 | |||||||||
| Net cash provided by financing activities | 85,467 | 166,262 | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | (1) | 56 | |||||||||
| Net change in cash and cash equivalents | (55,474) | (6,427) | |||||||||
| Cash and cash equivalents at beginning of period | 106,239 | 123,266 | |||||||||
| Cash and cash equivalents at end of period | $ | 50,765 | $ | 116,839 | |||||||
5
Table 6
Reconciliation of GAAP Net Losses to Adjusted EBITDA
(In thousands)
(Unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||||||||||||||
| Net loss on GAAP basis | $ | (59,230) | $ | (64,127) | $ | (33,020) | $ | (172,361) | $ | (67,088) | |||||||||||||||||||
| Interest income | (1,974) | (1,927) | (1,707) | (6,007) | (5,293) | ||||||||||||||||||||||||
| Interest expense | 1 | — | — | 1 | 3 | ||||||||||||||||||||||||
Acquisition related expenses | 120 | 360 | 1,040 | 2,302 | 1,279 | ||||||||||||||||||||||||
| Finance lease purchase option | — | — | — | — | 2,246 | ||||||||||||||||||||||||
| Depreciation | 3,404 | 3,699 | 1,144 | 10,511 | 2,413 | ||||||||||||||||||||||||
| Amortization | 3,040 | 2,875 | 951 | 8,765 | 974 | ||||||||||||||||||||||||
| Stock-based compensation | 12,536 | 14,685 | 6,642 | 34,574 | 14,919 | ||||||||||||||||||||||||
| Benefit from income taxes | (79) | (36) | — | (763) | — | ||||||||||||||||||||||||
| Adjusted EBITDA | $ | (42,182) | $ | (44,471) | $ | (24,950) | $ | (122,978) | $ | (50,547) | |||||||||||||||||||
6
Table 7
Reconciliation of GAAP Measures to Non-GAAP Measures
(in thousands, except share and per share data)
(unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||||||||||||||
| GAAP cost of revenues | $ | 10,390 | $ | 12,017 | $ | 5,066 | $ | 34,392 | $ | 10,476 | |||||||||||||||||||
| Amortization of intangible assets | 137 | 147 | — | 368 | — | ||||||||||||||||||||||||
| Non-GAAP cost of revenues | $ | 10,253 | $ | 11,870 | $ | 5,066 | $ | 34,024 | $ | 10,476 | |||||||||||||||||||
GAAP research and development expense | $ | 22,636 | $ | 20,279 | $ | 13,414 | $ | 61,952 | $ | 29,414 | |||||||||||||||||||
Stock-based compensation | 5,959 | 5,421 | 2,680 | 14,902 | 6,767 | ||||||||||||||||||||||||
Non-GAAP research and development expense | $ | 16,677 | $ | 14,858 | $ | 10,734 | $ | 47,050 | $ | 22,647 | |||||||||||||||||||
| GAAP general and administrative expense | $ | 20,227 | $ | 24,844 | $ | 13,153 | $ | 59,987 | $ | 25,981 | |||||||||||||||||||
Stock-based compensation | 5,973 | 8,543 | 3,712 | 17,963 | 7,597 | ||||||||||||||||||||||||
| Amortization of intangible assets | 1,728 | 1,743 | 913 | 5,156 | 913 | ||||||||||||||||||||||||
| Acquisition related expenses | 120 | 360 | 1,040 | 2,302 | 1,279 | ||||||||||||||||||||||||
| Finance lease purchase option | — | — | — | — | 2,246 | ||||||||||||||||||||||||
Non-GAAP general and administrative expense | $ | 12,406 | $ | 14,198 | $ | 7,488 | $ | 34,566 | $ | 13,946 | |||||||||||||||||||
GAAP operations expense | $ | 7,260 | $ | 7,856 | $ | 2,987 | $ | 22,071 | $ | 6,780 | |||||||||||||||||||
Stock-based compensation | 348 | 309 | 147 | 907 | 323 | ||||||||||||||||||||||||
| Amortization of intangible assets | 84 | 111 | — | 258 | — | ||||||||||||||||||||||||
Non-GAAP operations expense | $ | 6,828 | $ | 7,436 | $ | 2,840 | $ | 20,906 | $ | 6,457 | |||||||||||||||||||
GAAP sales and marketing expense | $ | 3,510 | $ | 4,307 | $ | 883 | $ | 9,690 | $ | 1,585 | |||||||||||||||||||
Stock-based compensation | 256 | 412 | 103 | 802 | 232 | ||||||||||||||||||||||||
| Amortization of intangible assets | 3 | 2 | 2 | 8 | 2 | ||||||||||||||||||||||||
Non-GAAP sales and marketing expense | $ | 3,251 | $ | 3,893 | $ | 778 | $ | 8,880 | $ | 1,351 | |||||||||||||||||||
| GAAP operating expense | $ | 53,633 | $ | 57,286 | $ | 30,437 | $ | 153,700 | $ | 63,760 | |||||||||||||||||||
Stock-based compensation | 12,536 | 14,685 | 6,642 | 34,574 | 14,919 | ||||||||||||||||||||||||
| Amortization of intangible assets | 1,815 | 1,856 | 915 | 5,422 | 915 | ||||||||||||||||||||||||
| Acquisition related expenses | 120 | 360 | 1,040 | 2,302 | 1,279 | ||||||||||||||||||||||||
| Finance lease purchase option | — | — | — | — | 2,246 | ||||||||||||||||||||||||
| Non-GAAP operating expenses | $ | 39,162 | $ | 40,385 | $ | 21,840 | $ | 111,402 | $ | 44,401 | |||||||||||||||||||
| GAAP net loss before income taxes | $ | (59,309) | $ | (64,163) | $ | (33,020) | $ | (173,124) | $ | (67,088) | |||||||||||||||||||
Stock-based compensation | 12,536 | 14,685 | 6,642 | 34,574 | 14,919 | ||||||||||||||||||||||||
| Amortization of intangible assets | 1,952 | 2,003 | 915 | 5,790 | 915 | ||||||||||||||||||||||||
| Acquisition related expenses | 120 | 360 | 1,040 | 2,302 | 1,279 | ||||||||||||||||||||||||
| Finance lease purchase option | — | — | — | — | 2,246 | ||||||||||||||||||||||||
| Non-GAAP net loss before income taxes | $ | (44,701) | $ | (47,115) | $ | (24,423) | $ | (130,458) | $ | (47,729) | |||||||||||||||||||
| GAAP net loss | $ | (59,230) | $ | (64,127) | $ | (33,020) | $ | (172,361) | $ | (67,088) | |||||||||||||||||||
Stock-based compensation | 12,536 | 14,685 | 6,642 | 34,574 | 14,919 | ||||||||||||||||||||||||
| Amortization of intangible assets | 1,952 | 2,003 | 915 | 5,790 | 915 | ||||||||||||||||||||||||
| Acquisition related expenses | 120 | 360 | 1,040 | 2,302 | 1,279 | ||||||||||||||||||||||||
| Finance lease purchase option | — | — | — | — | 2,246 | ||||||||||||||||||||||||
| Non-GAAP net loss | $ | (44,622) | $ | (47,079) | $ | (24,423) | $ | (129,695) | $ | (47,729) | |||||||||||||||||||
| Weighted average common shares outstanding - basic and diluted | 86,934,371 | 80,310,583 | 61,343,218 | 80,891,917 | 58,472,679 | ||||||||||||||||||||||||
| GAAP basic and diluted net loss per Common share | $ | (0.68) | $ | (0.80) | $ | (0.54) | $ | (2.13) | $ | (1.15) | |||||||||||||||||||
| Non-GAAP basic and diluted net loss per Common share | $ | (0.51) | $ | (0.59) | $ | (0.40) | $ | (1.60) | $ | (0.82) | |||||||||||||||||||
7
Table 8
Reconciliation of Forecasted GAAP Operating Expenses to Non-GAAP Operating Expenses
(in millions)
(unaudited)
| Projected 2026 Operating Expenses | |||||
| GAAP operating expenses | $ | 208 | |||
Stock-based compensation | 50 | ||||
| Amortization of intangible assets | 8 | ||||
| Non-GAAP operating expenses | $ | 150 | |||
8
Investor Presentation 2026 Autonomous robotics at scale.→
2Proprietary and ConfidentialPropri tary Forward-looking statements and disclaimers This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are not historical facts or guarantees of future performance. Forward-looking statements include statements regarding the Company's future revenue generation, business and investment strategy, timing of robot manufacturing and deployment, ability to expand to additional markets, capabilities of the Company's robots, outcomes of planned and completed acquisitions, partnerships with multiple delivery platforms, and timing and ability to scale to commercial production. Actual results may differ materially from what is expressed or forecast. These statements are subject to risks and uncertainties described in our SEC filings, including our Annual Report on Form 10K for the year ended December 31, 2025, as supplemented by those risks and uncertainties described in our subsequent SEC filings. The Company disclaims any obligation to update forward-looking statements except as required by law. Market data in this presentation is obtained from third-party sources. Although we believe these sources are reliable, we have not independently verified the information. Third-party trademarks are the property of their respective owners. To supplement the Companyʼs financial statements, which are presented on the basis of U.S. generally accepted accounting principles (“GAAPˮ), non-GAAP measures of financial performance may be included in in this presentation. The Company believes that providing non-GAAP information in addition to the GAAP financial information allows investors to view the financial results in the way the Company views its operating results. The Company also believes that providing this information allows investors to not only better understand the Companyʼs financial performance but also better evaluate the information used by management to evaluate and measure such performance. As such, the Company believes that disclosing non-GAAP financial measures to the readers of its financial statements provides the reader with useful supplemental information that allows for greater transparency in the review of the companyʼs financial and operational performance. The Company defines its non-GAAP measures by excluding stock-based compensation, amortization of intangible assets, acquisition related costs, and activity from finance lease purchase options. Reconciliations of GAAP to these adjusted non-GAAP financial measures are included throughout the following presentation as required. When analyzing the Companyʼs operating results, investors should not consider non-GAAP measures as substitutes for the comparable financial measures prepared in accordance with GAAP.
3Proprietary Every day, millions of small packages travel short distances in oversized vehicles. We built robots that make that obsolete. Serve is a leading autonomous robotics company operating scaled commercial Level 4 fleets across 44 U.S. cities.
4Proprietary Category creator The largest autonomous sidewalk robot fleet operating commercially in the U.S. Multi platform Integration with multiple platforms for food delivery; Partnerships with 27 hospitals in the U.S. Triple Digit% Rev Growth Q3 FY2026 revenue: $2.8M (vs $0.7M in Q3 FY2025 Diversified Revenue ᐧ Last-mile Delivery ᐧ Healthcare ᐧ Branding & Advertising ᐧ Software Platform ᐧ Data Funded to scale Strong balance sheet with flexibility to invest opportunistically Serve Flywheel More Data → Better Models → Better Robots → Stronger Revenue → More Robots → More Data Serve Robotics is an industry leader in Physical AI.
5Proprietary and ConfidentialPropri tary $450B Robotic & drone delivery opportunity by 2030 2.5 mi Median food delivery distance in the U.S. $810 Current per-delivery cost with human couriers Sources: ARK Big Ideas 2025, NHTSA, Company estimates | © 2026 Serve Robotics Inc. Short trips. Small packages. Massive inefficiency. The median U.S. food delivery is 2.5 miles – yet it travels in a 2-ton car Last mile delivery is broken. Robots fix it. The Opportunity
6Proprietary and ConfidentialPropri tary 1.8M Sidewalk + Hospital deliveries To date Zero Major incidents Serious injury, fatality, or near miss 99.9% Completion rate Industry-leading reliability 2,000 100 Moxi Hospital robots deployed 44 U.S. cities 150+ neighborhoods 14 states We donʼt just build robots. We build delivery networks. Largest autonomous sidewalk fleet in the United States. Fleet grew 20x in one year. All figures based on internal operational data | © 2026 Serve Robotics Inc. Traction Serve Sidewalk robots deployed
7Proprietary and ConfidentialPropri tary A commercially scalable ecosystem backed by tier 1 partners across hardware, compute, and sensing. World-class hardware partners The Ecosystem Leading provider of high-resolution digital lidar sensors. Tier 1 automotive contract manufacturer. Gen3 production at scale. Powers Serve and Moxi fleets.
Compelling value proposition for merchants, consumers, and delivery platforms Economics With Serve Rising labor costs and regulations. Insurance overhead. High turnover. Limited operating hours. No driver wages. 14-hour operation. 65% lower hardware cost with Gen3. High utilization through platform integration. $810 per delivery status quo $1 expected delivery cost at scale Traditional Delivery →
9Proprietary and ConfidentialPropri tary Every dollar of revenue funds more robots → more data → better models → more deployments → more revenue. 2,000 Serve robots on sidewalks. 100 Moxi robots in hospitals. Multi-domain, real- world data no one else can match. 1 Data End-to-end models train across our domains. What a robot learns in LA helps a robot in Dallas or with navigating a hospital corridor. 2 Models Scale autonomy onto live fleets. Delivery platforms and hospitals deliver demand. Every deployment generates new data. 3 Deploy Delivery, advertising, healthcare contracts, software, and platform revenue funding the next turn of the flywheel. 4 Monetize Real world data at scale fuels faster learning The Serve Flywheel Serve Physical AI Platform
10Proprietary and ConfidentialPropri tary We donʼt just operate robots. We operate a platform that powers Physical AI. Our stack is end-to-end: perception, localization, planning, connectivity, and remote supervision. Itʼs been built and optimized across millions of miles of real-world operation. Indoor / Outdoor robot environments Applications Perception · Localization · Planning · Mobile manipulation Autonomy Low-latency assist operations Connectivity End-to-end models · Cross-domain training data Models and data Mission control · Safety · Software Deploy · Telemetry Fleet infrastructure The Serve autonomy stack One autonomy stack. Many environments. The Platform
11Proprietary and ConfidentialPropri tary Gen2 Gen3 Top Speed 7 mph 11 mph Weather 32104°F / Light rain 4113°F / Heavy rain Range 23 mi 10 hrs 48 mi 14 hrs Cargo 13 gal / 4 14" pizzas 15 gal / 4 16" pizzas Unit Cost Baseline 65% reduction Third generation. Purpose-built for the sidewalk. The Serve robot Full-stack AV sensors Level 4 autonomy All-day battery Redundant connectivity NVIDIA Jetson Orin
12Proprietary and ConfidentialPropri tary Purpose-built for the hospital. The Moxi robot Hardware & operating profile Compute NVIDIA RTX A2000 10× prior gen) Battery 70% capacity, 18h runtime Sensors 3D lidar, cameras Manipulation Mobile arm, drawer cameras Operating environment Multi-level hospitals, clinics, labs Diligent Robotics was acquired by Serve Robotics in early 2026. Moxi 2.0 Capabilities Retrieving and delivering lab specimens Inpatient pharmacy optimization Telemetry box distribution Meds-to-Beds programs Multi-floor navigation: open doors and manually operate elevators Cabinet & drawer ops with mobile arm
13Proprietary and ConfidentialPropri tary Engineered for the back of the house. Beacon Beacon alerts staff the moment a robot arrives. Built-in cellular and battery backup to operate independently of restaurant systems. Designed for instant deployment—no Wi-Fi, integrations, or employee training required. Unlocks thousands of merchants that were previously out of reach. Beacon Two-thirds of delivery orders in our operating areas can't be served by robots today due to lack of back of house integration.
14Proprietary and ConfidentialPropri tary First Gen3 robots roll off Magna assembly line Oct 2024 Fleet quadrupled. Miami, Dallas, Atlanta launched. H1 2025 Dec 2025 Fleet quadrupled again. 2,000th robot deployed. Largest sidewalk fleet in the U.S. 2026 Optimize utilization. Allocate fleet capacity to high-demand channels. Improve revenue per robot and strengthen unit economics. 100 2,000 Serve robots in twelve months Manufacturing Automotive-grade production with Magna International. Industrialized supply chain. Proven ability to execute against aggressive deployment targets.
⏺ Los Angeles ⏺ Miami ⏺ Dallas ⏺ Atlanta Live City-by-city. Neighborhood-by-neighborhood. National sidewalk delivery network Our playbook Launch in high-density neighborhoods, prove unit economics, then expand outward. Platform demand pulls us into each new market. ⏺ Chicago ⏺ Ft. Lauderdale ⏺ Washington, D.C. new ⏺ San Jose new Micro-depots First micro-depot opening in Miami: small footprint sites that enable entering new neighborhoods and cities faster and at lower cost.
CITIES LIST City by city. Neighborhood by neighborhood. ● Australia new 2026: ● Canada ● United Kingdom ● Spain ● Japan ● Germany ● Netherlands 2027+: Cities listed represent potential expansion markets and constitute forward looking statements subject to change based on business, regulatory, and operational considerations. Across the globe. International Expansion
17Proprietary and ConfidentialPropri tary From proof of concept to revenue inflection. Financial path 2,000-robot fleet creates the foundation for utilization, monetization, and platform expansion. FY 2024 FY 2025 $1.8M Early fleet. R&D phase. $2.7M Guided $2.5M. Fleet → 2,000. FY 2026 Guidance $12M 4.5x growth YoY. Diversification of revenue At scale Physical AI Platform Multi domain robots Shared autonomy stack Continuous model improvement with real world data
18Proprietary and ConfidentialPropri tary Connect your fleet, find the data that matters, and expand with field-proven tools, regardless of your physical AI form factor. Accelerate your fleetʼs path to commercial scale. Serve Physical AI Services MODELS Serve Data Curator Quickly and easily identify the richest scenarios for your next model training run. DEPLOYMENT Serve Link Keeps fleets connected over cell, Wi-Fi and satellite, wherever they expand. Serve Data Catalog Augment your data set and operational awareness with Serveʼs training and infrastructure data. DATA DEPLOYMENT Grow fleet Scale deployment of advanced models in more and more complex domains Monetize Leverage scale, grow revenue, reinvest in flywheel Generate data Real-world & edge case rich data at volume Train models Continuously improve capabilities of physical ai models
19Proprietary 19 Diversification across geography, environment and customer Fleet Revenue Growth Engine Diversified revenue streams across Serve Revenue Diversification Last-mile delivery: food, laundry, grocery Healthcare: Long-term fixed monthly + usage contracts at hospitals Branding: 80% QoQ growth in Q3 FY2026 High margin and increasingly recurring and durable Software Revenue High Margin SaaS Long term growth target of 50% recurring revenue driven by migration to subscription based contracts Autonomy platform: Licensing model that will continue to scale As the fleet scales, the mix is shifting toward durable, recurring, and high-margin revenue.
20Proprietary and ConfidentialPropri tary Built by people who've shipped robots, platforms, and products. Team Ali Kashani Co-founder, CEO VP at Postmates. Ph.D. Robotics UBC. 15 patents. Touraj Parang President & COO VP Corp Dev at GoDaddy. Yale Law & Stanford. MJ Burk Chun Co-founder & VP Product + Design Director, Postmates. 17+ yrs in robotics & marketplaces. Brian Read Chief Financial Officer Controller, Apptronik. Public finance at REE & Coherent. CPA. Dmitry Demeshchuk Co-founder & VP of Software Staff engineer & founding engineer at Postmates X. Anthony Armenta Chief Software & Data Officer CTO at BrightDrop GM, VP at Postmates (acq. Uber), Anki, Dell, Wyse (acq. Dell), BS in CS & Math UC Davis) Rajesh Radhakrishnan VP of Autonomy Director at Ghost Autonomy; Head of ML at John Deere. Founding engineer at Blue River (acq. John Deere) MS in Computer Science UT Arlington) Euan Abraham Chief Hardware & Manufacturing Officer SVP Hardware at Latch. VP Hardware at GoPro. Lead engineer at Apple. BS in Engineering U of Sheffield)
21Proprietary and ConfidentialPropri tary Defining a category → Largest scaled commercial fleet on sidewalks and hospitals in the U.S. → 2,100+ deployed sidewalk + hospital robots → Scaled to over 40 cities and 14 metro areas from LA to D.C. corridor → Maintained 99.9% delivery completion rate and exemplary safety record → Business expansion into healthcare, software, and data monetization
22Proprietary and ConfidentialPropri tary Q3 FY2026 Financial Highlights $2.8M Q3 revenue 313% $198M cash & marketable securities as of 30 September 2026 Results Outlook YOY revenue growth $12M 2026 revenue guidance $15$17M 2026 capex $150M Non-GAAP operating expense reflecting continued investment in autonomy development, software, and proprietary data.
Slide 16 Header: The Long-Term Vision Unbundling the car for dense cities Specialized autonomous robots for everyday urban tasks. ● Safer streets ● Lower emissions ● More efficient local commerce Design direction: Strong closing image. Minimal text. One idea only. The Operating Layer of Physical AI Nasdaq: SERV | serverobotics.com | investor.relations@serverobotics.com The Long-Term Vision
24Proprietary and ConfidentialPropri tary Appendix Projected 2026 Operating Expenses (USD$ millions) GAAP Operating Expenses $ 208 Stock Based Compensation 50 Amortization of Intangible Assets 8 Non-GAAP Operating Expenses $ 150 Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses
25Proprietary and ConfidentialPropri tary Appendix FY 2026 Plan (USD$ millions) Total Revenue $ 12 Non-GAAP Operating Expenses $ 150 Capital Expenditures $ 15 17 Cost of Revenue $ 44 48