-- 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, Aug. 06, 2026 (GLOBE NEWSWIRE) -- 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 Ended Six Months Ended
----------------------
June 30, March 31, June 30, June 30, June 30,
2026 2026 2025 2026 2025
---------- ---------- ---------- ---------- ----------
Daily
Active
Robots
(1) (3) 792 812 160 811 116
Daily
Supply
Hours (2)
(3) 9,809 10,295 1,723 10,051 1,189
(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 Ended Six Months Ended
--------------------------------- -----------------------
June 30, March 31, June 30, June 30, June 30,
2026 2026 2025 2026 2025
--------- ---------- ---------- ---------- -----------
Fleet
services $ 2,305 $ 1,958 $ 330 $ 4,263 $ 541
Software
services 933 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
Table 3
Serve Robotics Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
June 30, December 31,
2026 2025
---------- ----------------
ASSETS
Current assets:
Cash and cash equivalents $ 79,112 $ 106,239
Short-term marketable securities 156,295 127,170
Accounts receivable, net 2,883 851
Prepaid expenses 6,177 6,042
Other receivables 2,605 696
Other current assets 219 77
-------- ---------
Total current assets 247,291 241,075
Long-term marketable securities 5,001 26,344
Property and equipment, net 50,507 47,013
Intangible assets, net 34,505 31,313
Goodwill 27,998 15,530
Operating lease right-of-use assets 10,050 5,369
Other non-current assets 3,272 1,107
-------- ---------
Total assets $ 378,624 $ 367,751
======== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 5,505 $ 5,014
Accrued liabilities 9,430 6,482
Deferred revenue 1,975 2
Operating lease liabilities, current 2,362 1,800
-------- ---------
Total current liabilities 19,272 13,298
Operating lease liabilities,
non-current 7,335 3,454
Deferred tax liabilities 225 255
-------- ---------
Total liabilities 26,832 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 capital 673,832 559,485
Accumulated other comprehensive income
(loss) (32) 138
Accumulated deficit (322,017) (208,886)
-------- ---------
Total stockholders' equity 351,792 350,744
-------- ---------
Total liabilities and stockholders'
equity $ 378,624 $ 367,751
======== =========
Table 4
Serve Robotics Inc.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30,
2026 2026 2025 2026 June 30, 2025
------------ ------------ ------------ --------------
Revenues $ 3,238 $ 2,984 $ 642 $ 6,222 $ 1,082
Cost of revenues 12,017 11,985 3,501 24,002 5,410
Gross loss (8,779) (9,001) (2,859) (17,780) (4,328)
Operating
expenses:
Research and
development 20,279 19,037 9,120 39,316 16,000
General and
administrative 24,844 14,916 8,078 39,760 12,828
Operations 7,862 6,955 2,124 14,817 3,793
Sales and
marketing 4,301 1,873 463 6,174 702
Total
operating
expenses 57,286 42,781 19,785 100,067 33,323
---------- ---------- ---------- ---------- ----------
Loss from
operations (66,065) (51,782) (22,644) (117,847) (37,651)
Other income
(expense), net 1,902 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
diluted 80,310,583 75,302,980 57,514,808 77,820,615 56,953,711
Net loss per
common share -
basic and
diluted $ (0.80) $ (0.65) $ (0.36) $ (1.45) $ (0.60)
========== ========== ========== ========== ==========
Table 5
Serve Robotics Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Six Months Ended
June 30,
-----------------------
2026 2025
-------
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 compensation 22,038 8,277
Depreciation 7,107 1,269
Amortization 5,725 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 liabilities 472 1,208
Deferred revenue 48 (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 securities 99,722 --
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 refunds 3,567 --
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 costs 84,922 13,521
Proceeds from exercise of options 404 224
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 activities 85,326 100,795
-------- -------
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
period 106,239 123,266
-------- -------
Cash and cash equivalents at end of period $ 79,112 $116,700
======== =======
Table 6
Reconciliation of GAAP Net Losses to Adjusted EBITDA
(In thousands)
(Unaudited)
Three Months Ended Six Months Ended
-------------------------------
June 30, March 31, June 30, June 30, June 30,
2026 2026 2025 2026 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
Depreciation 3,699 3,408 794 7,107 1,269
Amortization 2,875 2,850 23 5,725 23
Stock-based
compensation 14,685 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)
======= ======= ======= ======== =======
Table 7
Reconciliation of GAAP Measures to Non-GAAP Measures
Three Months Ended Six Months Ended
---------------------------------------- ----------------------------
June 30, March 31, June 30, June 30,
2026 2026 2025 2026 June 30, 2025
------------ ------------ ------------ ------------ --------------
GAAP cost of
revenues $ 12,017 $ 11,985 $ 3,501 $ 24,002 $ 5,410
Amortization of
intangible
assets 147 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
assets 1,743 1,685 -- 3,428 --
Acquisition
related
expenses 360 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
assets 111 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
assets 2 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
assets 1,856 1,751 -- 3,607 --
Acquisition
related
expenses 360 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
assets 2,003 1,835 -- 3,838 --
Acquisition
related
expenses 360 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
assets 2,003 1,835 -- 3,838 --
Acquisition
related
expenses 360 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
diluted 80,310,583 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)
========== ========== ========== ========== ==========
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