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Serve Robotics (NYSE: SERV) surges 404% in Q2 revenue, trims 2026 guidance

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Serve Robotics Inc. reported second-quarter 2026 results, showing rapid revenue growth but continued heavy losses and a revised outlook. Revenue was $3.2 million, up 404% year over year and 9% sequential, with recurring revenue exceeding half of total revenue and advertising nearly half of food-delivery revenue.

Healthcare operations generated steady revenue, with seven multiyear hospital contract extensions and two new hospitals added in the first half of 2026, and DoorDash partnership revenue grew nearly 50% sequentially. However, the quarter produced a GAAP net loss of about $64.1 million, a gross loss of $8.8 million and negative adjusted EBITDA.

Serve ended June 30, 2026 with $240.4 million in cash and marketable securities and about 86 million shares outstanding. Full-year 2026 revenue guidance was cut to $9–$10 million due to lower Uber Eats volumes and removal of second-half demand, while non-GAAP operating expense guidance was reduced to $140–$150 million.

Positive

  • Q2 2026 revenue rose 404% year-over-year to $3.2 million, with 9% sequential growth and over 50% of total revenue coming from recurring sources and diversified lines such as delivery, branding and software.
  • Liquidity of $240.4 million in cash and marketable securities as of June 30, 2026 provides substantial financial flexibility to fund robot deployment, technology investment and operating needs.

Negative

  • GAAP net loss of $64.1 million in Q2 2026 far exceeded revenue, alongside a gross loss of $8.8 million and adjusted EBITDA of $(44.5) million, indicating the business remains deeply unprofitable.
  • 2026 revenue guidance was reduced to $9–$10 million after lower-than-expected delivery volume from the Uber Eats partnership and removal of projected second-half 2026 demand.

Filing Explained

Through June 30, 2026, outstanding shares rose from 74,734,949 to 86,496,060, reducing existing holders’ percentage ownership absent offsets.

The Form 8-K reports the company’s completed second-quarter results and furnishes a revised investor presentation. As of June 30, 2026, Serve Robotics reported 86,496,060 common shares outstanding, versus 74,734,949 at December 31, 2025; that larger share base reduces an existing holder’s percentage ownership absent offsetting changes.

An at-the-market arrangement allows an issuer to sell new shares gradually at prevailing market prices; the filing therefore documents completed issuance and proceeds, rather than only registered capacity.

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, and exhibit attachments filed with this report.
Q2 2026 revenue $3.2 million Revenue for the second quarter of 2026, 404% year-over-year growth
Revenue growth YoY 404% Increase in revenue in Q2 2026 versus Q2 2025
GAAP net loss Q2 2026 $64,127 thousand Net loss for the quarter ended June 30, 2026
Adjusted EBITDA Q2 2026 $(44,471) thousand Adjusted EBITDA for the quarter ended June 30, 2026
Cash and marketable securities $240.4 million Liquidity position as of June 30, 2026
FY 2026 revenue guidance $9 million to $10 million Full-year 2026 revenue outlook
FY 2026 non-GAAP operating expenses $140 million to $150 million Projected 2026 non-GAAP operating expense range
Common shares outstanding 86,496,060 shares Common stock outstanding as of June 30, 2026
Adjusted EBITDA financial
"Reconciliation of GAAP Net Losses to Adjusted EBITDA (In thousands)"
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 expense financial
"Improved FY2026 Non-GAAP operating expense of $140 to $150 million"
Non-GAAP operating expense is a company-reported measure of running costs that has been adjusted away from standard accounting rules to exclude items management considers unusual, nonrecurring, or not tied to core operations (for example, stock-based pay, one-time restructuring charges, or acquisition costs). Investors use it like a cleaned-up view of the business’s ongoing cost structure to judge profitability trends, but it can vary by company and hide real cash costs if not reviewed alongside standard GAAP figures.
Level 4 fleets technical
"operating scaled commercial Level 4 fleets across 44 U.S. cities"
at-the-market public offerings financial
"Proceeds from issuance of common stock pursuant to at-the-market public offerings"
Physical AI technical
"Serve Robotics is an industry leader in Physical AI."
Physical AI combines artificial intelligence with physical devices or environments, enabling machines to interact with and adapt to the real world in a human-like way. It matters to investors because it can lead to smarter robots, autonomous vehicles, or advanced sensors that improve efficiency and open new markets, potentially creating significant business opportunities and competitive advantages.
Revenue $3.2 million up 404% year-over-year and 9% sequential
GAAP net loss $64,127 thousand
Adjusted EBITDA $(44,471) thousand
FY 2026 revenue guidance $9 million to $10 million revised downward due to lower Uber Eats delivery volume and removal of second-half demand
FY 2026 non-GAAP operating expenses $140 million to $150 million reduced from a prior $160 million to $170 million range
Guidance

Full-year 2026 revenue expected between $9 million and $10 million, with projected non-GAAP operating expenses of $140 million to $150 million.

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FAQ

What were Serve Robotics (SERV) Q2 2026 revenues and growth rates?
Serve Robotics reported Q2 2026 revenue of $3.2 million, representing 404% year-over-year growth and 9% sequential growth. The company highlighted that recurring revenue exceeded half of total revenue, with advertising contributing nearly 50% of food-delivery revenue.

How profitable was Serve Robotics (SERV) in Q2 2026?
Serve Robotics recorded a GAAP net loss of $64.1 million in Q2 2026, with a gross loss of $8.8 million. Adjusted EBITDA was $(44,471) thousand, underscoring that despite strong top-line growth the business remains significantly loss-making.

What liquidity position did Serve Robotics (SERV) report as of June 30, 2026?
As of June 30, 2026 Serve Robotics reported $240.4 million in cash and marketable securities. Management described this as a strong liquidity position that provides operational flexibility to expand its autonomous network and invest in its technology platform.

What 2026 revenue guidance did Serve Robotics (SERV) provide and why was it revised?
Serve Robotics set full-year 2026 revenue guidance at $9–$10 million. The company stated this revision reflects lower-than-expected delivery volume through its Uber Eats partnership, including a decline in Q2 and the removal of projected demand in the second half of 2026.

What are Serve Robotics (SERV) 2026 non-GAAP operating expense expectations?
Serve Robotics now expects 2026 non-GAAP operating expenses of $140–$150 million, improved from a previous $160–$170 million range. The company plans to concentrate spending on higher-return opportunities while continuing to invest in autonomy development, software and proprietary data.

How is Serve Robotics (SERV) diversifying its revenue mix?
Serve Robotics reported that recurring revenue exceeded 50% of total Q2 2026 revenue and advertising made up nearly 50% of food-delivery revenue. It also cited steady healthcare revenue, seven multiyear hospital contract extensions, two new hospitals and growth from its DoorDash partnership.
FALSE000183248300018324832026-08-062026-08-06

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): August 6, 2026
Picture1.jpg
SERVE ROBOTICS INC.
(Exact Name of Registrant as Specified in Charter)
Delaware001-4202385-3844872
(State or Other Jurisdiction
of Incorporation)		(Commission File Number)(IRS Employer
Identification No.)
1360 Bayport Avenue
San Carlos, California
94070
(Address of Principal Executive Offices)(Zip Code)
(818) 860-1352
(Registrant’s telephone number, including area code)

730 Broadway
Redwood City, California 94063
(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:
☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.0001 per shareSERV
The Nasdaq Capital Market
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 August 6, 2026, Serve Robotics Inc. (the “Company”) announced its financial results for the second quarter ended June 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 August 6, 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 August 6, 2026
99.2
Investor Presentation, dated August 2026
104Cover 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: August 6, 2026
/s/ Ali Kashani
Ali Kashani
Chief Executive Officer and Director
Dated: August 6, 2026
/s/ Brian Read
Brian Read
Chief Financial Officer
2

Exhibit 99.1
picture2.jpg
Serve Robotics Announces Second Quarter 2026 Results

•Delivered over 400% revenue growth in Q2 year over year as diverse portfolio of revenue across delivery, branding, and software grew strong triple digits compared to a year ago.

•Further diversified revenue applications for Serve’s autonomous robot fleet with new delivery partnership with NoScrubs Laundry in addition to existing food, healthcare, and grocery delivery operations.

•Improved gross margin over prior quarter, as the mix of higher-margin recurring revenue jumped to over 50% of all revenues

•Ended Q2 with over $240 million in cash and marketable securities, reflecting strong balance sheet and operational flexibility.


SAN FRANCISCO, August 6, 2026 -- Serve Robotics Inc. (the “Company” or “Serve”) (Nasdaq: SERV), a leading autonomy and robotics company, today announced financial results for the second quarter ended June 30, 2026.

“Serve is driving innovation in last-mile delivery as our scaled robot fleet is powering deliveries across multiple verticals,” said Dr. Ali Kashani, Serve’s Co-founder and CEO. “Our leadership in autonomy and commercial deployment has created advantages that compound with scale, enabling unique partnerships, more diversified revenue streams, and new monetization opportunities, all while maintaining a disciplined approach to growth.”

“Our updated outlook reflects a deliberate decision to concentrate our fleet and capital behind the highest-return opportunities,” said Brian Read, Chief Financial Officer of Serve. “By lowering our expected operating expenses while maintaining one of the strongest balance sheets in our sector, we have the flexibility to continue expanding our autonomous network, investing in our technology platform, and driving sustainable long-term growth.”

Business and Financial Highlights
•Revenue Diversification: advertising made up nearly 50% of food delivery revenue in Q2, and recurring revenue made up over 50% of total revenues in Q2.
•Healthcare Progress: delivered steady revenue in Q2 in line with expectations and signed 7 multiyear contract extensions with our hospital customers and added 2 new hospitals in 1H 2026, demonstrating continued customer demand for our healthcare automation platform.
•Delivery Partner Acceleration: revenue derived from our DoorDash partnership grew nearly 50% sequentially and exceeded our expectations.
•Revenue Growth: Revenue of $3.2 million, increasing 9% sequentially and 404% year-over-year.
•Balance Sheet: Maintained a strong liquidity position of $240.4 million as of June 30, 2026.
•Outstanding Shares: Approximately 86 million shares of common stock outstanding as of June 30, 2026.

Outlook

•The Company revised its full year 2026 revenue guidance to a range of $9 million to $10 million. The revision reflects lower than expected delivery volume through the Company’s Uber Eats partnership, including a decline reflected in Q2 results and the removal of projected demand in the second half of 2026.

•Improved FY2026 Non-GAAP operating expense of $140 to $150 million, down from $160 to $170 million previously.

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 EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
Daily Active Robots (1) (3)
792812160811116
Daily Supply Hours (2) (3)
9,80910,2951,72310,0511,189
(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 June 30, 2026 and March 31, 2026 are inclusive of the outdoor and indoor robot fleet.


Table 2
Disaggregation of Revenue
(in thousands)
(unaudited)

Three Months EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
Fleet services$2,305 $1,958 $330 $4,263 $541 
Software services933 1,026 312 1,959 541 
Total revenue$3,238 $2,984 $642 $6,222 $1,082 



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 4965302.
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 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.

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 the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, and 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.

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.

To the extent that the Company presents any forward-looking non-GAAP financial measures, the Company does not present a quantitative reconciliation of such measures to the most directly comparable GAAP financial measure (or otherwise present such forward-looking GAAP measures) because it is impractical to do so.

Contacts

Investor Relations
investor.relations@serverobotics.com
2

Table 3
Serve Robotics Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
June 30,
2026		December 31,
2025
ASSETS
Current assets:
Cash and cash equivalents$79,112 $106,239 
Short-term marketable securities156,295 127,170 
Accounts receivable, net2,883 851 
Prepaid expenses6,177 6,042 
Other receivables2,605 696 
Other current assets219 77 
Total current assets247,291 241,075 
Long-term marketable securities5,001 26,344 
Property and equipment, net50,507 47,013 
Intangible assets, net34,505 31,313 
Goodwill27,998 15,530 
Operating lease right-of-use assets10,050 5,369 
Other non-current assets3,272 1,107 
Total assets$378,624 $367,751 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$5,505 $5,014 
Accrued liabilities9,430 6,482 
Deferred revenue1,975 2 
Operating lease liabilities, current2,362 1,800 
Total current liabilities19,272 13,298 
Operating lease liabilities, non-current7,335 3,454 
Deferred tax liabilities225 255 
Total liabilities26,832 17,007 
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, 0 shares issued or outstanding as of both June 30, 2026 and December 31, 2025
— — 
Common stock, $0.0001 par value; 300,000,000 shares authorized, 86,536,203 and 74,781,782 shares issued and 86,496,060 and 74,734,949 shares outstanding as of June 30, 2026 and December 31, 2025, respectively
9 7 
Additional paid-in capital673,832 559,485 
Accumulated other comprehensive income (loss)(32)138 
Accumulated deficit(322,017)(208,886)
Total stockholders’ equity351,792 350,744 
Total liabilities and stockholders’ equity$378,624 $367,751 
3


Table 4
Serve Robotics Inc.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
(unaudited)

Three Months EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
Revenues$3,238 $2,984 $642 $6,222 $1,082 
Cost of revenues12,017 11,985 3,501 24,002 5,410 
Gross loss(8,779)(9,001)(2,859)(17,780)(4,328)
Operating expenses:
Research and development20,279 19,037 9,120 39,316 16,000 
General and administrative24,844 14,916 8,078 39,760 12,828 
Operations7,862 6,955 2,124 14,817 3,793 
Sales and marketing4,301 1,873 463 6,174 702 
Total operating expenses57,286 42,781 19,785 100,067 33,323 
Loss from operations(66,065)(51,782)(22,644)(117,847)(37,651)
Other income (expense), net1,902 2,130 1,794 4,032 3,583 
Net loss before income taxes(64,163)(49,652)(20,850)(113,815)(34,068)
Benefit from income taxes(36)(648)— (684)— 
Net loss$(64,127)$(49,004)$(20,850)$(113,131)$(34,068)
Weighted average common shares outstanding - basic and diluted80,310,58375,302,98057,514,80877,820,61556,953,711
Net loss per common share - basic and diluted$(0.80)$(0.65)$(0.36)$(1.45)$(0.60)
4

Table 5
Serve Robotics Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Six Months Ended
June 30,
20262025
Cash flows from operating activities:
Net loss$(113,131)$(34,068)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation22,038 8,277 
Depreciation7,107 1,269 
Amortization5,725 23 
Deferred income taxes(770)— 
Accretion of discount on available-for-sale securities(781)(398)
Changes in operating assets and liabilities, net of effects of businesses acquired:
Accounts receivable, net(1,168)(499)
Prepaid expenses(152)(650)
Other receivables(1,058)(283)
Other current assets(32)— 
Accounts payable(1,765)(485)
Accrued liabilities472 1,208 
Deferred revenue48 (8)
Operating lease liabilities(1,271)188 
Net cash used in operating activities(84,738)(25,426)
Cash flows from investing activities:
Proceeds from maturities and sales of marketable securities99,722 — 
Purchases of marketable securities(107,068)(66,308)
Acquisitions, net of cash acquired(21,447)(5,634)
Purchases of property and equipment(2,417)(9,498)
Proceeds from tariff refunds3,567 — 
Security deposits(71)(69)
Capitalized software implementation costs— (425)
Net cash used in investing activities(27,714)(81,934)
Cash flows from financing activities:
Proceeds from issuance of common stock pursuant to at-the-market public offerings, net of offering costs84,922 13,521 
Proceeds from exercise of options404 224 
Proceeds from issuance of common stock in registered direct offering, net of offering costs— 75,847 
Proceeds from exercise of warrants— 11,376 
Repayments of financing lease liability— (186)
Proceeds from short-swing profit disgorgement— 48 
Payments of deferred offering costs— (35)
Net cash provided by financing activities85,326 100,795 
Effect of exchange rate changes on cash and cash equivalents(1)(1)
Net change in cash and cash equivalents(27,126)(6,565)
Cash and cash equivalents at beginning of period106,239 123,266 
Cash and cash equivalents at end of period$79,112 $116,700 
5

Table 6
Reconciliation of GAAP Net Losses to Adjusted EBITDA
(In thousands)
(Unaudited)
Three Months EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
Net loss on GAAP basis$(64,127)$(49,004)$(20,850)$(113,131)$(34,068)
Interest income(1,927)(2,106)(1,794)(4,033)(3,586)
Interest expense— — — — 3 
Acquisition related expenses
360 1,822 239 2,182 239 
Finance lease purchase option— — 2,246 — 2,246 
Depreciation3,699 3,408 794 7,107 1,269 
Amortization2,875 2,850 23 5,725 23 
Stock-based compensation14,685 7,353 4,398 22,038 8,277 
Benefit from income taxes(36)(648)— (684)— 
  Adjusted EBITDA$(44,471)$(36,325)$(14,944)$(80,796)$(25,597)
6

Table 7
Reconciliation of GAAP Measures to Non-GAAP Measures
(in thousands, except share and per share data)
(unaudited)
Three Months EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
GAAP cost of revenues$12,017 $11,985 $3,501 $24,002 $5,410 
Amortization of intangible assets147 84 — 231 — 
Non-GAAP cost of revenues$11,870 $11,901 $3,501 $23,771 $5,410 
GAAP research and development expense
$20,279 $19,037 $9,120 $39,316 $16,000 
Stock-based compensation
5,421 3,522 2,159 8,943 4,087 
Non-GAAP research and development expense
$14,858 $15,515 $6,961 $30,373 $11,913 
GAAP general and administrative expense$24,844 $14,916 $8,078 $39,760 $12,828 
Stock-based compensation
8,543 3,447 2,061 11,990 3,885 
Amortization of intangible assets1,743 1,685 — 3,428 — 
Acquisition related expenses360 1,822 239 2,182 239 
Finance lease purchase option— — 2,246 — 2,246 
Non-GAAP general and administrative expense
$14,198 $7,962 $3,532 $22,160 $6,458 
GAAP operations expense
$7,862 $6,955 $2,124 $14,817 $3,793 
Stock-based compensation
309 250 96 559 176 
Amortization of intangible assets111 63 — 174 — 
Non-GAAP operations expense
$7,442 $6,642 $2,028 $14,084 $3,617 
GAAP sales and marketing expense
$4,301 $1,873 $463 $6,174 $702 
Stock-based compensation
412 134 83 546 129 
Amortization of intangible assets2 3 — 5 — 
Non-GAAP sales and marketing expense
$3,887 $1,736 $380 $5,623 $573 
GAAP operating expense$57,286 $42,781 $19,785 $100,067 $33,323 
Stock-based compensation
14,685 7,353 4,398 22,038 8,277 
Amortization of intangible assets1,856 1,751 — 3,607 — 
Acquisition related expenses360 1,822 239 2,182 239 
Finance lease purchase option— — 2,246 — 2,246 
Non-GAAP operating expenses$40,385 $31,855 $12,902 $72,240 $22,561 
GAAP net loss before income taxes$(64,163)$(49,652)$(20,850)$(113,815)$(34,068)
Stock-based compensation
14,685 7,353 4,398 22,038 8,277 
Amortization of intangible assets2,003 1,835 — 3,838 — 
Acquisition related expenses360 1,822 239 2,182 239 
Finance lease purchase option— — 2,246 — 2,246 
Non-GAAP net loss before income taxes$(47,115)$(38,642)$(13,967)$(85,757)$(23,306)
GAAP net loss$(64,127)$(49,004)$(20,850)$(113,131)$(34,068)
Stock-based compensation
14,685 7,353 4,398 22,038 8,277 
Amortization of intangible assets2,003 1,835 — 3,838 — 
Acquisition related expenses360 1,822 239 2,182 239 
Finance lease purchase option— — 2,246 — 2,246 
Non-GAAP net loss$(47,079)$(37,994)$(13,967)$(85,073)$(23,306)
Weighted average common shares outstanding - basic and diluted80,310,583 75,302,980 57,514,808 77,820,615 56,953,711 
GAAP basic and diluted net loss per Common share$(0.80)$(0.65)$(0.36)$(1.45)$(0.60)
Non-GAAP basic and diluted net loss per Common share$(0.59)$(0.50)$(0.24)$(1.09)$(0.41)
7
Proprietary and Confidential Investor Presentation 2026 Autonomous robotics at scale.→

 

2Proprietary and Confidential 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 10K for the year ended December 31, 2025 as supplemented by those listed in our Quarterly Report on Form 10Q for the quarter ended June 30, 2026. 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.

 

3Proprietary and Confidential Every day, millions of small packages travel short distances in oversized vehicles. We built the robots that make that obsolete. Serve is a leading autonomous robotics company operating scaled commercial Level 4 fleets across 44 U.S. cities.

 

4Proprietary and Confidential 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 26 hospitals in the U.S. Triple Digit% Rev Growth Q2 FY2026 revenue: $3.2M (vs $0.6M in Q2 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 Confidential $450B Robotic & drone delivery opportunity by 2030 2.5 mi Median food delivery distance in the U.S. $810 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 Confidential 1.8M Sidewalk + Hospital deliveries To date Zero Major incidents Serious injury, fatality, or near miss 99.8% 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 Confidential 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. Jetson Orin compute platform. Powers Gen3 autonomy stack.

 

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. $810 per delivery status quo $1 expected delivery cost at scale Traditional Delivery →

 

9Proprietary and Confidential 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 Confidential 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 Confidential Gen2 Gen3 Top Speed 7 mph 11 mph Weather 32104°F / Light rain 4113°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 Confidential 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 Confidential 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 Confidential 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 neighborhood, prove unit economics, then expand outward. Platform demand pulls us into each new market. ⏺ Chicago ⏺ Ft. Lauderdale ⏺ Alexandria ⏺ San Jose

 

16Proprietary and Confidential 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 $910M 3.5x growth YoY. Diversification of revenue At scale Physical AI Platform Multi domain robots Shared autonomy stack Continuous model improvement with real world data

 

17Proprietary and Confidential 17 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: Triple-digit growth percentage YoY in Q2 FY2026 Kitchen: Vebu acquisition closed in Q1 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.

 

18Proprietary and Confidential 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)

 

19Proprietary and Confidential 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 99.8% delivery completion rate and exemplary safety record → Business expansion into healthcare, software, and data monetization

 

20Proprietary and Confidential Q2 FY2026 Financial Highlights $3.2M Q2 revenue 404% $240M cash & marketable securities as of 30 June 2026 Results Outlook YOY revenue growth $910M 2026 revenue guidance $15$17M 2026 capex $140$150MNon-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

 

22Proprietary and Confidential Appendix Projected 2026 Operating Expenses (USD$ millions) GAAP Operating Expenses $ 193  208 Stock Based Compensation 45  50 Amortization of Intangible Assets 8 Non-GAAP Operating Expenses $ 140  150 Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses

 

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