10-K · March 12, 2026
Serve Robotics shows clear top-line acceleration (Q4 2025 revenue $882,000) and has scaled deployments to over 2,000 sidewalk delivery robots, while continuing to expand the platform (completed acquisition of Diligent…
Earnings analysis · 10-Q
SERV earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Serve Robotics reported Q1 2026 results with revenue of $3.0 million, significantly up from $440,000 in Q1 2025, exceeding estimates by 3.8%. While EPS improved to -$0.50, it still fell short of the -$0.54 consensus.…
Read full summary
Serve Robotics reported Q1 2026 results with revenue of $3.0 million, significantly up from $440,000 in Q1 2025, exceeding estimates by 3.8%. While EPS improved to -$0.50, it still fell short of the -$0.54 consensus. The company posted notable growth driven by new acquisitions and fleet expansion despite increased losses and expenses across various segments.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.5
- Segment
- Fleet Services
- Segment
- Software Services
What stood out
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Revenue Soars 578% YoY
Total revenue increased to $2.98 million from $440,000 in Q1 2025.
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Significant Fleet Growth
The fleet expansion included over 2,000 robots in operation as of March 31, 2026.
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Improved Cash Position
Cash and equivalents totaled $47.1 million, despite a decrease from $106.2 million in the previous quarter.
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Marketable Securities Increased
Short-term marketable securities rose to $140.4 million from $127.2 million.
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Strong Fleet Service Revenue Expansion
Revenue from fleet services rose by $1.7 million largely due to indoor robot integration.
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Stable Interest Income Growth
Interest income increased to $2.1 million compared to $1.8 million the previous year.
What to watch
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Concentration Risk in Revenue
17% of revenue came from Customer A and 14% from Customer B, indicating high reliance on a few customers.
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High Operating Losses Persisting
Net loss expanded to $49.0 million from $13.2 million YoY, reflecting unsustainable cost growth.
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Cash Burn on Operations
Operating cash flow deteriorated with a cash use of $41.4 million compared to $9.5 million the previous year.
Management's outlook
Anticipates approximately $26 million in revenue for FY 2026.
Earlier filings 4
10-Q · August 8, 2025
Serve Robotics reported Q2 revenue of $642,000 (thousands) up from $468,000 in Q2 2024 and $440,465 in Q1 2025, but profit metrics deteriorated sharply: gross loss was $(2,859,000) and operating loss widened to…
10-Q · May 8, 2025
Serve Robotics reported Q1 revenue of $440,465 (down from $946,711 in Q1 2024) and a GAAP net loss of $13,216,292, or $(0.23) per share. Gross margin swung to a loss of $(1,468,308) (‑333.4%) and operating loss widened…
10-K · March 6, 2025
Serve Robotics positions itself as a platform owner for sidewalk last-mile delivery, operating an AI/autonomy stack and hardware fleet with a target to scale from “over 100 robots” as of December 31, 2024 to 2,000…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.