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SERV

Serve Robotics Inc.

SERV

Serve Robotics Inc. • NASDAQ
$10.26 ▲ 1.58% (+0.16)
Market Cap $570.01 M
52w High $24.35
52w Low $4.66
Dividend Yield 0%
P/E -7.12
Volume 1.84M
Outstanding Shares 55.56M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $686.535K ▲ $30.439M ▲ $-33.022M ▼ -4.81K% ▼ $-0.54 ▼ $-30.92M ▼
Q2-2025 $642K ▲ $19.785M ▲ $-20.85M ▼ -3.248K% ▼ $-0.36 $-20.033M ▼
Q1-2025 $440.465K ▲ $13.536M ▲ $-13.216M ▼ -3.001K% ▲ $-0.36 $-12.738M ▲
Q4-2024 $175.842K ▼ $12.921M ▲ $-13.119M ▼ -7.461K% ▼ $-0.36 ▼ $-13.304M ▼
Q3-2024 $221.555K $8.289M $-7.996M -3.609K% $-0.2 $-8.436M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $210.447M ▲ $299.099M ▲ $15.241M ▲ $283.858M ▲
Q2-2025 $183.331M ▼ $214.315M ▼ $7.109M ▲ $207.206M ▼
Q1-2025 $197.759M ▲ $216.595M ▲ $6.431M ▼ $210.164M ▲
Q4-2024 $123.266M ▲ $139.601M ▲ $7.92M ▲ $131.681M ▲
Q3-2024 $50.913M $61.465M $5.29M $56.175M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-33.02M ▼ $-25.175M ▼ $-40.21M ▲ $65.467M ▲ $139K ▲ $-36.913M ▼
Q2-2025 $-20.852M ▼ $-15.963M ▼ $-78.634M ▼ $13.54M ▼ $-81.059M ▼ $-22M ▼
Q1-2025 $-13.216M ▼ $-9.463M ▼ $-3.3M ▲ $87.255M ▲ $74.492M ▲ $-12.924M ▼
Q4-2024 $-13.119M ▼ $-6.263M ▼ $-4.924M ▼ $83.54M ▲ $72.353M ▲ $-11.121M ▼
Q3-2024 $-7.996M $-5.459M $-4.596M $32.188M $22.133M $-10.055M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025
Fleet Services
Fleet Services
 $0 ▲$0 ▲$0 ▲
Software Services
Software Services
 $0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Serve Robotics is still in the pre-revenue stage, with no meaningful sales yet but ongoing operating losses each year. The pattern is typical of an early-stage technology company: expenses for people, engineering, and operations are flowing through the income statement, while revenue has not yet ramped. Losses have been consistent over several years and have recently grown, which reflects heavier investment in growth and product development rather than a mature, stable business. The key financial risk is that profitability is not yet in sight and the business model remains unproven at commercial scale.

Balance Sheet

Balance Sheet The balance sheet is small and lean, with limited assets overall and cash making up most of what the company owns. Debt is minimal, which reduces financial pressure from lenders, but also means the company relies mainly on equity financing to fund its operations. Shareholders’ equity has swung from slightly negative to modestly positive, suggesting that recent capital raises have repaired the balance sheet. However, the asset base is still very thin, which leaves limited room for prolonged losses without additional funding.

Cash Flow

Cash Flow Cash flow is clearly negative, driven by operating losses and modest investment spending. The business is consuming cash rather than generating it, again consistent with an early-stage, pre-revenue technology company. Free cash flow has been negative for several years, which means the company likely needs periodic capital raises to keep funding development, rollout of robots, and expansion. The main uncertainty is how quickly the company can move from cash burn toward cash generation as it scales deployments and turns pilots into recurring revenue.

Competitive Edge

Competitive Edge Serve operates in a young but crowded autonomous delivery space. Its main strengths are strong technology, an early start, and deep integration with a major delivery platform through its Uber relationship, plus brand-name partners in food and retail. The “robot-as-a-service” model is designed to make adoption easy for merchants and could support rapid scaling if demand materializes. On the other hand, the company faces well-funded rivals, fast-moving technological change, regulatory complexity city by city, and a high reliance on a few large partners for volume. The market opportunity is large, but competitive and execution risks are significant.

Innovation and R&D

Innovation and R&D Innovation is the core of Serve’s story. The company has reached high levels of autonomy with its sidewalk robots, using advanced computing, lidar, and safety systems that allow faster, longer, and safer trips over time. The third-generation robots are more capable and cheaper to produce, which is important for unit economics and scaling. Serve is also experimenting with multi-modal delivery through drone partnerships and is actively engaging regulators, which can itself be viewed as a form of ‘regulatory R&D.’ The main challenge is sustaining this high pace of innovation while still pre-revenue, which makes ongoing access to capital a critical enabler of their R&D roadmap.

Summary

Serve Robotics is an early-stage, high-innovation company in autonomous last‑mile delivery, still very much in the build-out phase. Financially, it has no real revenue yet, steady operating losses, and ongoing cash burn, supported by a small but mostly cash-based balance sheet with little debt. Strategically, it has promising partnerships and differentiated technology that could translate into strong market positioning if scaled successfully. At the same time, the business model is not yet proven at scale, competition is intense, and the company remains dependent on external funding and regulatory progress. Overall, this is a classic early, high-uncertainty profile: high technological potential, but also high execution, financing, and commercialization risk.

NEWS

November 12, 2025 · 4:01 PM UTC

Serve Robotics Announces Third Quarter 2025 Results

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October 15, 2025 · 4:30 PM UTC

Serve Robotics to Report Third Quarter 2025 Financial Results, Host Conference Call and Webcast on November 12

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October 14, 2025 · 4:29 PM UTC

Serve Robotics Named to Fast Company's Next Big Things in Tech List

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October 10, 2025 · 7:00 AM UTC

Serve Robotics Announces $100 Million Registered Direct Offering of Common Stock

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October 9, 2025 · 7:30 AM UTC

DoorDash and Serve Robotics Partner to Bring Serve's Delivery Robots to the DoorDash Platform

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