Serve Robotics projects preliminary $44–$48M revenue costs
The presentation outlines deployment across food delivery and hospitals, alongside Beacon, a restaurant-side product that alerts staff when a robot arrives.
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. updated its investor presentation with projected fiscal 2026 cost of revenue of $44–$48 million. The estimate is based on preliminary unaudited information and management estimates for the second half of 2026, and remains subject to completion of financial closing procedures. The independent registered public accounting firm has not audited or reviewed the estimates and provides no opinion or other assurance on them.
The FY 2026 plan also projects total revenue of $9–$10 million, capital expenditures of $15–$17 million and non-GAAP operating expenses of $140–$150 million; projected GAAP operating expenses are $193–$208 million. The presentation reports Q2 FY2026 year-over-year revenue growth of 404% and cash and marketable securities of $240 million as of June 30, 2026. It also lists more than 2,000 sidewalk robots, more than 100 hospital robots, and a 99.8% delivery completion rate, based on internal operational data.
1 point · 0 major0 major · 0 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.
Positive
- Moderate pointQ2 FY2026 revenue growth was 404% year over year.
Negative
- None.
Insights
Analyzing...
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
FY 2026 cost of revenue: $44–$48 million
FY 2026 total revenue: $9–$10 million
Non-GAAP operating expenses: $140–$150 million
+4 more
7 metrics
FY 2026 cost of revenue
$44–$48 million
Projected; based on preliminary unaudited information and management estimates for the second half of 2026
FY 2026 total revenue
$9–$10 million
FY 2026 plan
Non-GAAP operating expenses
$140–$150 million
Projected FY 2026
GAAP operating expenses
$193–$208 million
Projected FY 2026
Capital expenditures
$15–$17 million
FY 2026 plan
Q2 FY2026 revenue growth
404%
Year over year
Cash and marketable securities
$240 million
As of June 30, 2026
Key Terms
non-GAAP operating expenses, capital expenditures, Level 4 autonomy, unit economics, +1 more
5 terms
non-GAAP operating expenses financial
"Non-GAAP Operating Expenses $ 140 - 150"
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.
capital expenditures financial
"Capital Expenditures $ 15 - 17"
Capital expenditures are the money a company spends to buy or improve big assets like buildings, equipment, or machines that will last a long time. These investments matter because they help the company grow and operate more efficiently, similar to how upgrading a home’s appliances or adding a new room can make it better and more valuable.
Level 4 autonomy technical
"Full-stack AV sensors Level 4 autonomy"
Level 4 autonomy describes a system—often in vehicles or machines—that can perform all driving or operational tasks without human input, but only within defined conditions or areas (like certain streets, speeds, or weather). Think of it like a self-driving taxi that can take you anywhere inside a city zone without a driver, but wouldn’t operate outside that zone. Investors care because reaching this level affects product adoption, regulatory approval, liability, and the competitive and revenue potential for companies developing or using the technology.
unit economics financial
"Launch in high-density neighborhoods, prove unit economics"
Unit economics analyzes the profitability of a single product or service by comparing the revenue it generates to the costs involved in producing and delivering it. It helps determine whether each sale contributes to overall profit, much like assessing if selling one item covers its production costs and leaves money left over. Investors use this to judge if a business model is sustainable and capable of growth.
micro-depots technical
"Micro-depots First micro-depot opening in Miami"
Earnings Snapshot
Q2 FY2026 revenue growth: 404% · Guidance included
Q2 FY2026 and FY 2026 plan
Q2 FY2026 revenue growth
404%
Year over year
FY 2026 total revenue
$9–$10 million
FY 2026 plan
FY 2026 cost of revenue
$44–$48 million
Preliminary unaudited estimate
Non-GAAP operating expenses
$140–$150 million
Projected FY 2026
GAAP operating expenses
$193–$208 million
Projected FY 2026
Capital expenditures
$15–$17 million
FY 2026 plan
Cash and marketable securities
$240 million
As of June 30, 2026
Guidance
FY 2026 cost of revenue is based on preliminary unaudited information and management estimates for the second half of 2026 and is subject to completion of financial closing procedures.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What are SERV's FY 2026 revenue and cost-of-revenue projections?
Serve Robotics' FY 2026 plan lists $9–$10 million in total revenue and $44–$48 million in cost of revenue.
How certain is SERV's FY 2026 cost-of-revenue estimate?
The $44–$48 million estimate is preliminary and unaudited, based on management estimates for the second half of 2026, and subject to completion of financial closing procedures. The independent registered public accounting firm has not audited or reviewed the estimates or expressed an opinion or other assurance on them.
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): October 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) | |||||||
(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 October 5, 2026, Serve Robotics Inc. (the “Company”) made available on its website a Company investor presentation that may be used in presentations to investors from time to time, updated to include additional information regarding the Company’s cost of revenue for the year ending December 31, 2026. The cost of revenue is based on preliminary unaudited information and management estimates for the second half of the year ending December 31, 2026, is not a comprehensive statement of the Company’s financial results as of and for the second half of the fiscal year ending December 31, 2026, and is subject to completion of the Company’s financial closing procedures. The Company’s independent registered public accounting firm has not conducted an audit or review of, and does not express an opinion or any other form of assurance with respect to, these preliminary estimates.
A copy of the investor presentation is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 7.01. Regulation FD Disclosure.
The information disclosed in Item 2.02 above is incorporated by reference into this Item 7.01.
The information in this Form 8-K (including Exhibits 99.1) 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.
Forward-Looking Statements
This Current Report on Form 8-K contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can be identified by the use of words such as “should,” “may,” “intends,” “anticipates,” “believes,” “estimates,” “projects,” “forecasts,” “expects,” “plans,” “proposes” and similar expressions. Forward-looking statements contained in this Current Report on Form 8-K include statements regarding the Company’s preliminary unaudited expectations for cost of revenue for the year ending December 31, 2026. Although the Company believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks, uncertainties and other important factors that could cause actual results to differ materially from such forward-looking statements, including the factors discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as updated by its other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of the document in which they are contained, and the Company does not undertake any duty to update any forward-looking statements, except as may be required by law.
Item 9.01. Financial Statements and Exhibits.
(d)List of Exhibits.
Exhibit Number | Description | |||||||
| 99.1 | Investor Presentation, dated October 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: October 5, 2026 | /s/ Brian Read | ||||
| Brian Read | |||||
| Chief Financial Officer | |||||
2
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 10K for the year ended December 31, 2025, as supplemented by those listed in our Quarterly Report on Form 10Q 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. 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 and other non-recurring items.. Reconciliations of GAAP to these adjusted non-GAAP financial measures are included 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. 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.
3Proprietary and Confidential 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 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. $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 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 Washington, DC and San Jose launched in partnership with DoorDash – our seventh and eighth major U.S. markets, reaching a combined population of 8 million. New demand, new cities, and new products – all driving fleet utilization Grubhub joins the network New partnership with Grubhub brings robot delivery to Chicago, Los Angeles and Alexandria. 100 participating Grubhub merchants in Chicago and nearly 200 in Los Angeles at launch. Small-footprint sites in Miami handle staging, charging, dispatch and maintenance without a full facility build-out – a repeatable, lower-cost model for entering new neighborhoods faster. Next-generation hospital robot from Diligent begins deploying to health systems nationwide: perception up to 15x faster, 10x onboard compute, and a new robotic World Model. Beacon: a countertop product that unlocks robot delivery for any restaurant regardless of back-of-house infrastructure and needs nothing beyond power. Serve Advertising's new product lets brands build a character customers can talk with in real time. Debuts with Chomp, a talking hamburger- wrapped robot, co-created with Grubhub. 1 Two new major cities 2 First micro-depot 3 Moxi 2.0 rolls out 4 New hardware unlocks demand 5 New Ad product launched 6
8Proprietary 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. $810 per delivery status quo $1 expected delivery cost at scale Traditional Delivery →
10Proprietary 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
11Proprietary 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
12Proprietary and Confidential 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
13Proprietary 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
14Proprietary 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.
15Proprietary 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 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.
17Proprietary 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 $910M 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
18Proprietary and Confidential 18 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 Data: multi-domain, real-world data from 2,000+ sidewalk robots and 100 hospital robots As the fleet scales, the mix is shifting toward durable, recurring, and high-margin revenue.
19Proprietary 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)
20Proprietary 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
21Proprietary 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 $910M 2026 revenue guidance $15$17M 2026 capex $140$150MNon-GAAP operating expense reflecting continued investment in autonomy development, software, and proprietary data.
Slide 16 Header: The Long-Term Vision Unbundling the car for dense cities Specialized autonomous robots for everyday urban tasks. ● Safer streets ● Lower emissions ● More efficient local commerce Design direction: Strong closing image. Minimal text. One idea only. The Operating Layer of Physical AI Nasdaq: SERV | serverobotics.com | investor.relations@serverobotics.com The Long-Term Vision
23Proprietary and Confidential Appendix Projected 2026 Operating Expenses (USD$ 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
24Proprietary and Confidential Appendix FY 2026 Plan (USD$ millions) Total Revenue $ 9 10 Non-GAAP Operating Expenses $ 140 150 Capital Expenditures $ 15 17 Cost of Revenue $ 44 48