-- 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 (GLOBE NEWSWIRE) -- 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, inclusive of the
$100 million registered direct offering completed in October 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 Twelve Months Ended
----------------------------------
December September December December December
31, 2025 30, 2025 31, 2024 31, 2025 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 September December December December
31, 2025 30, 2025 31, 2024 31, 2025 31, 2024
--------- ---------- ---------- --------- ----------
Fleet
services $ 648 $ 433 $ 176 $ 1,622 $ 627
Software
services 234 254 -- 1,029 1,186
-------- --------- ------ -------- ------
$ 882 $ 687 $ 176 $ 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.
Table 3
Serve Robotics Inc.
Consolidated Balance Sheets
(In thousands, except for per share data)
(Unaudited)
As of December 31, As of December 31,
2025 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
=============== ===============
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, September December 31, December 31, December 31,
2025 30, 2025 2024 2025 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)
========== ========== ========== ========== ==========
Table 5
Serve Robotics Inc.
Condensed Consolidated Statement of Cash Flows
(In thousands)
(Unaudited)
Twelve Months 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
======== =======
Table 6
Reconciliation of GAAP Net Losses to Adjusted EBITDA
(In thousands)
(Unaudited)
Three Months Ended Year Ended
------------------------------- -----------------------
December September December December December
31, 2025 30, 2025 31, 2024 31, 2025 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)
======= ======= ======= ======== =======
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, September December 31, December 31, December 31,
2025 30, 2025 2024 2025 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)
========== ========== ========== ========== ==========
Contacts
Investor Relations
investor.relations@serverobotics.com
(END) Dow Jones Newswires
March 11, 2026 07:00 ET (11:00 GMT)
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