Serve Robotics (NASDAQ: SERV) boosts 2026 revenue outlook despite steep 2025 loss
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Serve Robotics Inc. reported rapid growth in 2025 alongside heavy losses and raised its outlook for 2026. Full-year 2025 revenue reached
The company completed four strategic acquisitions, including Diligent Robotics, adding hospital delivery robots and recurring healthcare revenue, and reported underlying recurring revenue increasing from about
Serve ended 2025 with
Positive
- None.
Negative
- None.
Insights
Serve shows strong revenue momentum and liquidity, but losses and spending remain very high.
Serve Robotics is transitioning from pilot scale to commercial deployment. 2025 revenue grew to
The company is also broadening its model. It completed four acquisitions, including Diligent Robotics, adding hospital delivery and recurring healthcare revenue. Underlying recurring revenue rose from about
However, profitability is distant. 2025 GAAP operating expenses were
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): March 11, 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) | |||||||
(818 ) 860-1352
(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 March 11, 2026, Serve Robotics Inc. (the “Company”) announced its financial results for the twelve months ended December 31, 2025. 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 March 11, 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 March 11, 2026 | |||||||
| 99.2 | Investor Presentation, dated March 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: March 11, 2026 | /s/ Ali Kashani | ||||
| Ali Kashani | |||||
| Chief Executive Officer and Director | |||||
Dated: March 11, 2026 | /s/ Brian Read | ||||
| Brian Read | |||||
| Chief Financial Officer | |||||
2
Exhibit 99.1
Serve Robotics Announces Fourth Quarter and Full Year 2025 Results
•Exceeded Q4 and full year 2025 expectations with fourth quarter revenue up roughly 400% year over year to $0.9 million, and full year revenue of $2.7 million, above prior guidance of $2.5 million.
•Scaled the fleet to 2,000 deployed robots by year end, expanding Serve’s operating footprint to 20 cities across 6 major metropolitan areas
•Expanded and diversified the platform through new market launches, the addition of DoorDash alongside Uber Eats, growth to 4,500+ merchant partners, and four strategic acquisitions that strengthen Serve’s robotics and AI platform.
•Raised 2026 revenue outlook to approximately $26 million, driven by continued delivery growth and the addition of Diligent Robotics, which adds recurring revenue and expands Serve’s multi vertical robotics platform.
SAN FRANCISCO, March 11, 2026 — Serve Robotics Inc. (the “Company” or “Serve”) (Nasdaq: SERV), a leading autonomous sidewalk delivery company, today announced financial results for the fourth quarter and full year 2025 ended December 31, 2025.
“What our team accomplished last year is extraordinary. We went from operating in a single city to running the largest autonomous sidewalk fleet in the country, and we did it while delivering near-perfect reliability and surpassing our financial targets,” said Dr. Ali Kashani, Serve’s Co-founder and CEO. “But what excites me the most is the durable flywheel we've built and enhanced with four strategic acquisitions. Physical AI improves with real-world data, better AI makes the fleet more valuable, and a more valuable fleet funds the next turn of the cycle — from city sidewalks to hospital corridors.”
“We entered 2026 from a position of increasing operational scale and financial strength," said Brian Read, CFO of Serve. "In 2025, we exceeded our revenue guidance, improved the mix and quality of our revenue base, and maintained substantial liquidity to support our growth strategy. With our raised 2026 revenue outlook and the addition of Diligent Robotics, we believe we are well positioned to expand recurring revenue, invest with discipline, and continue building long term shareholder value.”
Business Highlights
•National Scale Achieved: Deployed 2,000th robot in mid-December, on time and on plan. Fleet now operates across 20 cities and 6 major metro areas, from Los Angeles to the Washington, D.C. corridor, maintaining a 99.8% delivery completion rate.
•Accelerating Volume and Revenue: Q4 fleet revenue grew 50% quarter-over-quarter and approximately 159% for the full year. Merchant base expanded to over 4,500 restaurant and retail partners, a more than 10x increase from approximately 400 a year ago.
•Platform Partnerships: Now operating as a multi-platform fleet with both Uber Eats and DoorDash, covering over 80% of the U.S. food delivery market. Expanded brand partner lineup to include White Castle alongside existing partners Shake Shack, Little Caesars, and Jersey Mike’s.
•Four Strategic Acquisitions: Completed acquisitions of Vayu Robotics (foundation models for physical AI), Phantom Auto (low-latency connectivity), Diligent Robotics (hospital delivery robots with established revenue operations), and Vebu (kitchen automation). Each acquisition strengthens a specific step of the Serve’s data-models-deployment-monetization flywheel.
•Revenue Diversification: Revenue mix expanding beyond delivery fees to include branding and advertising, software and data licensing, and recurring healthcare revenue from Diligent Robotics. Underlying recurring revenues grew over 4x during the year, from approximately $200 thousand in Q1 to over $800 thousand in Q4.
Fourth Quarter and Full Year Financial Highlights
•Revenue: Revenue of $0.9 million in the fourth quarter exceeded prior guidance and increased roughly 400% compared to fourth quarter 2024. Full year 2025 revenue was $2.7 million, above prior guidance of $2.5 million.
•Balance Sheet: Maintained a strong liquidity position of $260 million in cash and marketable securities as of December 31, 2025.
•Outlook: Raised 2026 revenue guidance to approximately $26 million and expects 2026 capital expenditures of approximately $25 million.
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 | Year Ended | ||||||||||||||||||||||||||||
| December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||
Daily Active Robots (1) | 547 | 312 | 57 | 273 | 52 | ||||||||||||||||||||||||
Daily Supply Hours (2) | 6,676 | 3,781 | 455 | 3,196 | 401 | ||||||||||||||||||||||||
(1)Daily Active Robots: The Company defines daily active robots as the average number of robots performing daily 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 ready to accept offers and perform daily deliveries during the period.
Table 2
Disaggregation of Revenue
(In thousands)
(Unaudited)
| Three Months Ended | Year Ended | ||||||||||||||||||||||||||||
| December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||
| Fleet services | $ | 648 | $ | 433 | $ | 177 | $ | 1,622 | $ | 627 | |||||||||||||||||||
| Software services | 234 | 254 | — | 1,029 | 1,186 | ||||||||||||||||||||||||
| $ | 882 | $ | 687 | $ | 177 | $ | 2,651 | $ | 1,813 | ||||||||||||||||||||
Quarterly Conference Call Information
Management will host a conference call and webcast today at 8:00 a.m. PT / 11:00 a.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 7680981.
About Serve
Serve Robotics designs and operates autonomous robots that navigate and operate in 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 3,600 restaurants. In 2026, Serve acquired Diligent Robotics, 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 operate 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, 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 presentation 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 presentation.
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: non-GAAP cost of sales, non-GAAP general and administrative expense, non-GAAP research and development expense, non-GAAP operations expense, non-GAAP sales and marketing expense, non-GAAP operating expense, adjusted EBITDA, 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.
Consolidated Balance Sheets
(In thousands, except for per share data)
(Unaudited)
| As of December 31, 2025 | As of December 31, 2024 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 106,239 | $ | 123,266 | |||||||
| Short-term marketable securities | 127,170 | — | |||||||||
| Accounts receivable, net | 851 | 87 | |||||||||
| Inventory | — | 310 | |||||||||
| Prepaid expenses | 6,042 | 1,397 | |||||||||
| Other receivables | 696 | 192 | |||||||||
| Other current assets | 77 | — | |||||||||
| Total current assets | 241,075 | 125,252 | |||||||||
| Property and equipment, net | 47,013 | 11,963 | |||||||||
| Long-term marketable securities | 26,344 | — | |||||||||
| Intangible assets, net | 31,313 | — | |||||||||
| Goodwill | 15,530 | — | |||||||||
| Operating lease right-of-use assets | 5,369 | 1,808 | |||||||||
| Other non-current assets | 1,107 | 578 | |||||||||
| Total assets | $ | 367,751 | $ | 139,601 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 5,014 | $ | 4,902 | |||||||
| Accrued liabilities | 6,482 | 655 | |||||||||
| Deferred revenue | 2 | 20 | |||||||||
| Operating lease liabilities, current | 1,800 | 666 | |||||||||
| Financing lease liabilities, current | — | 564 | |||||||||
| Total current liabilities | 13,298 | 6,807 | |||||||||
| Operating lease liabilities, non-current | 3,454 | 1,113 | |||||||||
| Deferred tax liabilities | 255 | — | |||||||||
| Total liabilities | 17,008 | 7,920 | |||||||||
| Stockholders’ equity: | |||||||||||
Preferred stock, 0.0001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of both December 31, 2025 and 2024 | — | — | |||||||||
Common stock, 0.0001 par value; 300,000,000 shares authorized, 74,781,782 and 51,396,574 shares issued and 74,734,949 and 51,288,566 shares outstanding as of December 31, 2025 and 2024, respectively | 7 | 5 | |||||||||
| Additional paid-in capital | 559,485 | 239,201 | |||||||||
| Accumulated other comprehensive income | 138 | — | |||||||||
| Accumulated deficit | (208,886) | (107,525) | |||||||||
| Total stockholders’ equity | 350,744 | 131,681 | |||||||||
| Total liabilities and stockholders’ equity | $ | 367,751 | $ | 139,601 | |||||||
3
Table 4
Serve Robotics Inc.
Condensed Consolidated Statement of Operations
(In thousands, except for shares and per share amounts)
(Unaudited)
| Three Months Ended | Year Ended | ||||||||||||||||||||||||||||
| December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||
| Revenues | $ | 882 | $ | 687 | $ | 177 | $ | 2,651 | $ | 1,813 | |||||||||||||||||||
| Cost of revenues | 7,557 | 5,066 | 832 | 18,033 | 1,888 | ||||||||||||||||||||||||
| Gross loss | (6,675) | (4,379) | (656) | (15,382) | (75) | ||||||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||||
| Research and development | 15,853 | 13,414 | 6,821 | 45,267 | 24,255 | ||||||||||||||||||||||||
| General and administrative | 11,137 | 13,153 | 5,232 | 37,118 | 10,093 | ||||||||||||||||||||||||
| Operations | 5,321 | 2,987 | 959 | 12,101 | 3,289 | ||||||||||||||||||||||||
| Sales and marketing | 1,316 | 883 | (91) | 2,901 | 577 | ||||||||||||||||||||||||
| Total operating expenses | 33,627 | 30,437 | 12,921 | 97,387 | 38,214 | ||||||||||||||||||||||||
| Loss from operations | (40,302) | (34,816) | (13,577) | (112,769) | (38,289) | ||||||||||||||||||||||||
| Other income (expense), net | 2,373 | 1,796 | 457 | 7,752 | (902) | ||||||||||||||||||||||||
| Net loss before income taxes | (37,929) | (33,020) | (13,120) | (105,017) | (39,191) | ||||||||||||||||||||||||
| Benefit from income taxes | 3,656 | — | — | 3,656 | — | ||||||||||||||||||||||||
| Net loss | $ | (34,273) | $ | (33,020) | $ | (13,120) | $ | (101,361) | $ | (39,191) | |||||||||||||||||||
| Weighted average common shares outstanding - basic and diluted | 73,829,726 | 61,343,218 | 36,658,834 | 62,284,449 | 36,658,834 | ||||||||||||||||||||||||
| Net loss per common share - basic and diluted | $ | (0.46) | $ | (0.54) | $ | (0.36) | $ | (1.63) | $ | (1.07) | |||||||||||||||||||
4
Table 5
Serve Robotics Inc.
Condensed Consolidated Statement of Cash Flows
(In thousands)
(Unaudited)
| Year Ended December 31 | |||||||||||
| 2025 | 2024 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net loss | $ | (101,361) | $ | (39,191) | |||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
| Stock-based compensation | 21,252 | 14,555 | |||||||||
| Depreciation & amortization | 8,213 | 310 | |||||||||
| Deferred income taxes | (4,702) | — | |||||||||
| Accretion of discount on available-for-sale securities | (1,073) | — | |||||||||
| Amortization of debt discount | — | 1,678 | |||||||||
| Change in fair value of derivative liability | — | 222 | |||||||||
| Changes in operating assets and liabilities, net of effects of businesses acquired: | |||||||||||
| Accounts receivable, net | (697) | (84) | |||||||||
| Inventory | — | 465 | |||||||||
| Prepaid expenses | (4,634) | (720) | |||||||||
| Other receivables | (498) | (192) | |||||||||
| Accounts payable | (2,017) | 872 | |||||||||
| Accrued liabilities | 6,708 | 477 | |||||||||
| Deferred revenue | (18) | 20 | |||||||||
| Operating lease liabilities | (1,413) | 46 | |||||||||
| Net cash used in operating activities | (80,240) | (80,240) | |||||||||
| Cash flows from investing activities: | |||||||||||
| Purchases of marketable securities | (203,752) | — | |||||||||
| Proceeds from maturities and sales of marketable securities | 51,500 | — | |||||||||
| Purchases of property and equipment | (37,334) | (10,252) | |||||||||
| Acquisitions, net of cash acquired | (7,502) | — | |||||||||
| Security deposits | (506) | (66) | |||||||||
| Capitalized implementation costs | (405) | — | |||||||||
| Net cash used in investing activities | (197,999) | (10,318) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from issuance of common, net of offering costs | 170,773 | 35,849 | |||||||||
| Proceeds from issuance of common stock under the 2025 Equity Distribution Agreement, net of offering costs | 78,723 | 77,596 | |||||||||
| Proceeds from exercise of warrants | 11,431 | 22,449 | |||||||||
| Proceeds from exercise of options | 423 | 367 | |||||||||
| Repayments of financing lease liability | (186) | (1,782) | |||||||||
| Proceeds from short-swing profit disgorgement | 48 | — | |||||||||
| Proceeds from issuance of pre-funded warrants to purchase common stock in connection with private placement, net of issuance costs | — | 17,116 | |||||||||
| Proceeds from convertible notes payable, net of offering costs | — | 4,845 | |||||||||
| Repayments of note payable | — | (1,250) | |||||||||
| Repayment of note payable, related party | — | (70) | |||||||||
| Net cash provided by financing activities | 261,212 | 155,120 | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | 1 | — | |||||||||
| Net change in cash and cash equivalents | (17,027) | 123,260 | |||||||||
| Cash and cash equivalents at beginning of year | 123,266 | 7 | |||||||||
| Cash and cash equivalents at end of year | $ | 106,239 | $ | 123,266 | |||||||
5
Table 6
Reconciliation of GAAP Net Losses to Adjusted EBITDA
(In thousands)
(Unaudited)
| Three Months Ended | Year Ended | ||||||||||||||||||||||||||||
| December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||
Net loss on GAAP basis | $ | (34,273) | $ | (33,020) | $ | (13,119) | $ | (101,361) | $ | (39,191) | |||||||||||||||||||
| Interest income | (1,978) | (1,707) | (490) | (7,271) | (1,279) | ||||||||||||||||||||||||
| Interest expense | — | — | 33 | 3 | 1,959 | ||||||||||||||||||||||||
| Acquisition related expenses | 743 | 1,040 | — | 2,022 | — | ||||||||||||||||||||||||
| Finance lease purchase option | — | — | — | 2,246 | — | ||||||||||||||||||||||||
| Depreciation & amortization | 4,826 | 2,095 | 273 | 8,213 | 310 | ||||||||||||||||||||||||
| Stock-based compensation | 6,333 | 6,642 | 4,624 | 21,252 | 14,555 | ||||||||||||||||||||||||
| Benefit from income taxes | (3,656) | — | — | (3,656) | — | ||||||||||||||||||||||||
| Adjusted EBITDA | $ | (28,005) | $ | (24,950) | $ | (8,678) | $ | (78,552) | $ | (23,646) | |||||||||||||||||||
6
Table 7
Reconciliation of GAAP Measures to Non-GAAP Measures
(In thousands, except for shares and per share amounts)
(Unaudited)
| Three Months Ended | Year Ended | ||||||||||||||||||||||||||||
| December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||
| GAAP cost of revenues | $ | 7,557 | $ | 5,066 | $ | 832 | $ | 18,033 | $ | 1,888 | |||||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||||||||
| Non-GAAP cost of revenues | 7,557 | 5,066 | 832 | 18,033 | 1,888 | ||||||||||||||||||||||||
GAAP research and development expense | $ | 15,853 | $ | 13,414 | $ | 6,821 | $ | 45,267 | $ | 24,255 | |||||||||||||||||||
Stock-based compensation | 3,062 | 2,680 | 2,446 | 9,829 | 11,492 | ||||||||||||||||||||||||
Non-GAAP research and development expense | 12,791 | 10,734 | 4,375 | 35,438 | 12,763 | ||||||||||||||||||||||||
GAAP general & administrative expense | $ | 11,137 | $ | 13,153 | $ | 5,232 | $ | 37,118 | $ | 10,093 | |||||||||||||||||||
Stock-based compensation | 2,819 | 3,712 | 2,217 | 10,416 | 2,834 | ||||||||||||||||||||||||
| Amortization of intangible assets | 1,553 | 913 | — | 2,489 | — | ||||||||||||||||||||||||
| Finance lease purchase option | — | — | — | 2,246 | — | ||||||||||||||||||||||||
| Acquisition related expenses | 743 | 1,040 | — | 2,022 | — | ||||||||||||||||||||||||
Non-GAAP general and administrative expense | 6,022 | 7,488 | 3,015 | 19,945 | 7,259 | ||||||||||||||||||||||||
GAAP operations expense | $ | 5,321 | $ | 2,987 | $ | 959 | $ | 12,101 | $ | 3,289 | |||||||||||||||||||
Stock-based compensation | 338 | 147 | (45) | 661 | 146 | ||||||||||||||||||||||||
| Legal settlement | 409 | — | — | 409 | — | ||||||||||||||||||||||||
Non-GAAP operations expense | 4,574 | 2,840 | 1,004 | 11,031 | 3,143 | ||||||||||||||||||||||||
GAAP sales and marketing expense | $ | 1,316 | $ | 883 | $ | (91) | $ | 2,901 | $ | 577 | |||||||||||||||||||
Stock-based compensation | 113 | 103 | 7 | 345 | 83 | ||||||||||||||||||||||||
| Amortization of intangible assets | 5 | 2 | — | 7 | — | ||||||||||||||||||||||||
Non-GAAP sales and marketing expense | 1,198 | 778 | (98) | 2,549 | 494 | ||||||||||||||||||||||||
| GAAP operating expense | $ | 33,627 | $ | 30,437 | $ | 12,921 | $ | 97,387 | $ | 38,214 | |||||||||||||||||||
Stock-based compensation | 6,333 | 6,642 | 4,625 | 21,252 | 14,555 | ||||||||||||||||||||||||
| Amortization of intangible assets | 1,558 | 915 | — | 2,496 | — | ||||||||||||||||||||||||
| Finance lease purchase option | — | — | — | 2,246 | — | ||||||||||||||||||||||||
| Acquisition related expenses | 743 | 1,040 | — | 2,022 | — | ||||||||||||||||||||||||
| Legal settlement | 409 | — | — | 409 | — | ||||||||||||||||||||||||
| Non-GAAP operating expenses | 24,584 | 21,840 | 8,296 | 68,962 | 23,659 | ||||||||||||||||||||||||
| GAAP net loss before income taxes | $ | (37,929) | $ | (33,020) | $ | (13,120) | $ | (105,017) | $ | (39,191) | |||||||||||||||||||
Stock-based compensation | 6,333 | 6,642 | 4,625 | 21,252 | 14,555 | ||||||||||||||||||||||||
| Amortization of intangible assets | 1,558 | 915 | — | 2,496 | — | ||||||||||||||||||||||||
| Finance lease purchase option | — | — | — | 2,246 | — | ||||||||||||||||||||||||
| Acquisition related expenses | 743 | 1,040 | — | 2,022 | — | ||||||||||||||||||||||||
| Legal settlement | 409 | — | — | 409 | — | ||||||||||||||||||||||||
| Non-GAAP net loss before income taxes | (28,886) | (24,423) | (8,495) | (76,592) | (24,636) | ||||||||||||||||||||||||
| GAAP net loss | $ | (34,273) | $ | (33,020) | $ | (13,120) | $ | (101,361) | $ | (39,191) | |||||||||||||||||||
Stock-based compensation | 6,333 | 6,642 | 4,625 | 21,252 | 14,555 | ||||||||||||||||||||||||
| Amortization of intangible assets | 1,558 | 915 | — | 2,496 | — | ||||||||||||||||||||||||
| Finance lease purchase option | — | — | — | 2,246 | — | ||||||||||||||||||||||||
| Acquisition related expenses | 743 | 1,040 | — | 2,022 | — | ||||||||||||||||||||||||
| Legal settlement | 409 | — | — | 409 | — | ||||||||||||||||||||||||
| Non-GAAP net loss | $ | (25,230) | $ | (24,423) | $ | (8,495) | $ | (72,937) | $ | (24,636) | |||||||||||||||||||
| Weighted average common shares outstanding - basic and diluted | 73,829,726 | 61,343,218 | 36,658,834 | 62,284,449 | 36,658,834 | ||||||||||||||||||||||||
GAAP basic and diluted net loss per Common share | $ | (0.46) | $ | (0.54) | $ | (0.36) | $ | (1.63) | $ | (1.07) | |||||||||||||||||||
| Non-GAAP basic and diluted net loss per Common share | $ | (0.34) | $ | (0.40) | $ | (0.23) | $ | (1.17) | $ | (0.67) | |||||||||||||||||||
7
Investor Presentation 2026 Autonomous robotics at scale.
Forward-Looking Statements & 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. 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. LEGAL © 2026 Serve Robotics Inc. All rights reserved. | CONFIDENTIAL
Serve is a leading autonomous robotics company operating a scaled, commercial, Level-4 fleet across 20 U.S. cities. Every day, millions of small packages travel short distances in oversized vehicles. We built the robots that make that obsolete.
Serve Robotics is an industry leader in Physical AI Category creator The largest autonomous robot fleets operating commercially in the U.S. Multi platform Integration with Uber Eats and DoorDash - covering 80% of the U.S. food delivery market Triple Digit% Rev Growth Outlook for 2026 revenue: ~$26M (vs $2.7M in FY2025) Diversified Revenue ● Last-mile delivery ● Branding & Advertising ● Software Platform ● Data Funded to scale Strong balance sheet with flexibility to invest opportunistically © 2026 Serve Robotics Inc. All rights reserved. | CONFIDENTIAL Serve Flywheel More Data → Better Models → Better Robots → Stronger Revenue → More Robots → More Data
THE OPPORTUNITY The last mile is broken. Robots fix it. $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
1.8M+ Sidewalk + Hospital deliveries to date ~40%+ Avg QoQ growth Compounding since 2022 4,500+ Restaurant partners National & local brands 2,000 + 100 Serve Robots Deployed 99.8% Completion rate Industry-leading reliability 20 U.S. cities 110+ neighborhoods We don’t just build robots. We build delivery networks. TRACTION 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. Moxi Robots Deployed
Embedded in the leading platforms in U.S. food delivery ECOSYSTEM We don't compete with delivery platforms. We power them. Our robots are integrated into the two largest U.S. delivery apps — creating built-in demand from day one in every new market. Serve’s delivery volume 20 22 -Q 1 20 22 -Q 2 20 22 -Q 3 20 22 -Q 4 20 23 -Q 1 20 23 -Q 2 20 23 -Q 3 20 23 -Q 4 20 24 -Q 1 20 24 -Q 2 20 24 -Q 3 20 24 -Q 4 20 25 -Q 1 20 25 -Q 2 20 25 -Q 3 20 25 -Q 4 Commercial partner integrated since inception. Multi-year strategic partnership. National U.S. rollout underway.
World class hardware partners Ecosystem A commercially scalable ecosystem backed by tier 1 partners across hardware, compute, and sensing. 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 Today 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
Third generation. Purpose-built for the sidewalk. THE SERVE ROBOT 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 Full-stack AV sensors Level 4 autonomy All-day battery Redundant connectivity NVIDIA Jetson Orin
100 → 2,000 Serve robots in twelve months MANUFACTURING 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. Expand geographies. Invest to grow Serve + Moxi fleet. Automotive-grade production with Magna International. Industrialized supply chain. Proven ability to execute against aggressive deployment targets.
NATIONAL NETWORK City by city. Neighborhood by neighborhood. Our playbook: Launch in high-density neighborhood, prove unit economics, then expand outward. Platform demand pulls us into each new market. ● Los Angeles ● Miami ● Dallas ● Atlanta ● Chicago ● Ft. Lauderdale ● Alexandria Live: City by city. Neighborhood by neighborhood. LIVE MARKETS Los Angeles Miami Dallas-Fort Worth Atlanta Chicago Fort Lauderdale Alexandria, VA 2026 GROWTH DRIVERS New metros Selected by density, order volume, and regulatory readiness Deeper penetration More neighborhoods within existing markets Platform pull Uber Eats & DoorDash demand drives expansion priority Fleet Expansion Capital efficient investment to scale the robot fleet
EXPANSION Across the globe. CITIES LIST City by city. Neighborhood by neighborhood. ● New york ● San Jose ● Vancouver ● Sydney 2026: ● Seattle ● Philadelphia ● Boston ● Melbourne ● Perth ● Adelaide ● Tokyo ● Toronto ● Manchester ● London 2027+: ● Osaka ● Taipei ● Madrid Cities listed represent potential expansion markets and constitute forward looking statements subject to change based on business, regulatory, and operational considerations.
From proof of concept to revenue inflection FINANCIAL PATH FY 2024 FY 2025 FY 2026 Guidance AT SCALE 2,000-robot fleet creates the foundation for utilization, monetization, and platform expansion $ 1.8M Early fleet. R&D phase. $ 2.7M Guided >$2.5M. Fleet → 2,000. $ 26.0M ~10x growth. Utilization ramp. Physical AI Platform Multi domain robots Shared autonomy stack Continuous model improvement with real world data
Diligent Robotics Acquisition Our autonomy platform now operates indoors. Moxi robots serve 25+ hospitals, completing over 1 million tasks across nearly 100 units – generating over $200K annual revenue per facility. Every robot learns from every robot. Advertising Accelerating advertising pipeline: Branding revenue up 50% YoY in Q4 Software Licensing Magna licensed Serve's technology. Proprietary urban navigation data. Services Platform Infrastructure for non-competing robots in public environments. One platform. Many robots. Many markets. BEYOND DELIVERY
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)
A category defining 2025 ➔ Largest scaled commercial sidewalk fleet in the U.S. ➔ 20X robot fleet size to 2,000 deployed robots ➔ Cover 80% of U.S. food delivery demand with UberEats and DoorDash ➔ Scaled to 20 cities and 6 metro areas from LA to D.C. corridor ➔ Maintained 99.8% delivery completion rate and exemplary safety record ➔ Expansion to 4500+ merchants and coverage for 3.75M consumers ➔ Business expansion into healthcare, software, and data monetization
➔ 400% ➔ to $2.7 million Outlook ➔ Raising to $26 million ➔ 2026 capex of $25 million ➔ of $160-$170 million Results ➔ $260 million in $2.7M FY2025 revenue exceeds guidance 400% Completion rate Industry-leading reliability $260M cash & marketable securities to end FY2025 Financial Highlights Results Outlook YOY growth in Q4 2025 of $0.9 million $26M 2026 guidance $25M 2026 capex $160-$170M Non-GAAP operating expense reflecting continued investment in autonomy development, fleet scale, and platform capabilities across both delivery and healthcare robotics. Business expansion into healthcare, software, and data monetization
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
➔ 400% ➔ to $2.7 million Outlook ➔ Raising to $26 million ➔ 2026 capex of $25 million ➔ of $160-$170 million Results ➔ $260 million in Completion rate Industry-leading reliability Appendix Projected 2026 Operating Expenses (USD$ millions) GAAP Operating Expenses $ 190 - 205 Stock Based Compensation 30 - 35 Non-GAAP Operating Expenses $ 160 - 170 Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses
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Mar 11, 2026
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721.72M
66.56M
Specialty Industrial Machinery
General Industrial Machinery & Equipment, Nec
United States
REDWOOD CITY