S
Serve Robotics Inc. /DE/
SERVCIK 0001832483NasdaqEmerging GrowthGeneral Industrial Machinery & Equipment, NecDelawareFY ends Dec 31
Period
FY 2025
Revenue
$2.65M
Net Income
$-101.36M
Total Assets
$367.75M
Equity
$350.74M
Shares Out
75.69M
Op. Cash Flow
$-80.24M
Business
Serve Robotics Inc. /DE/ designs, develops and operates low-emissions autonomous sidewalk delivery robots and an AI-powered robotics mobility platform for last-mile delivery. It offers delivery robots (third-generation units), AI and autonomy software, remote supervision services, secure cargo systems, and platform integrations for merchant and delivery platforms. Its operations include robot design and engineering, outsourced contract manufacturing and assembly, software and service partnerships, and depot-based fleet operations. Serve primarily operates in U.S. urban and suburban markets through direct merchant partnerships and integrations with delivery platforms such as Uber Eats, and distributes services via local depots and partner platforms.
Summary from filing dated 2025-03-06
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Revenues | 3 | 2 | 207,545 | — | — | |
| Cost of revenues | 18 | 2 | 2 | — | — | |
| Gross loss | −15 | −75,000 | −2 | −1 | — | |
| Research and development | 45 | 24 | 10 | 14 | — | |
| General and administrative | 37 | 10 | 5 | 4 | 54,627 | |
| Operations | 12 | 3 | 3 | 2 | — | |
| Sales and marketing | 3 | 577,000 | 605,205 | 525,494 | — | |
| Total operating expenses | 97 | 38 | 19 | 20 | — | |
| Loss from operations | −113 | −38 | −21 | −21 | −54,627 | |
| Interest income | 7 | 1 | — | — | — | |
| Interest expense | −3,000 | −2 | — | — | — | |
| Realized gain on foreign currency translation | 2,000 | 0 | — | — | — | |
| Realized gain on investments | 391,000 | 0 | — | — | — | |
| Change in fair value of derivative liability | 0 | −222,000 | −149,000 | — | — | |
| Other income | 91,000 | 0 | — | — | — | |
| Net loss before income taxes | −105 | −39 | — | — | — | |
| Benefit from income taxes | 4 | 0 | 0 | — | — | |
| Net loss | −101 | −39 | −25 | −22 | −54,627 | |
| Unrealized gain on investments | 189,000 | 0 | — | — | — | |
| Other comprehensive income, before tax | 189,000 | 0 | — | — | — | |
| Income tax expense related to items of other comprehensive income | −51,000 | 0 | — | — | — | |
| Other comprehensive income, net of tax | 138,000 | 0 | — | — | — | |
| Comprehensive loss | −101 | −39 | — | — | — | |
| Weighted average common shares outstanding - basic (in shares) | 62 | 37 | 14 | 7 | 5 | |
| Weighted average common shares outstanding - diluted (in shares) | 62 | 37 | 14 | 7 | 5 | |
| Net loss per common share - basic (in dollars per share) | −1.63 | −1.07 | −1.75 | −3.17 | −0.01 | |
| Net loss per common share - diluted (in dollars per share) | −1.63 | −1.07 | −1.75 | −3.17 | −0.01 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 106 | 123 | 6,756 | 3 | — | |
| Short-term marketable securities | 127 | 0 | — | — | — | |
| Accounts receivable, net | 851,000 | 87,000 | 2,955 | 23,697 | — | |
| Inventory | 0 | 310,000 | 774,349 | 618,262 | — | |
| Prepaid expenses | 6 | 1 | 676,969 | 81,339 | — | |
| Other receivables | 696,000 | 192,000 | 0 | — | — | |
| Other current assets | 77,000 | 0 | — | — | — | |
| Total current assets | 241 | 125 | 1 | 3 | 271 | |
| Property and equipment, net | 47 | 12 | 48,422 | 3 | — | |
| Long-term marketable securities | 26 | 0 | — | — | — | |
| Intangible assets, net | 31 | 0 | — | — | — | |
| Goodwill | 16 | 0 | — | — | — | |
| Operating lease right-of-use assets | 5 | 2 | 782,439 | 1 | — | |
| Other non-current assets | 1 | 578,000 | — | — | — | |
| Total assets | 368 | 140 | 3 | 9 | 271 | |
| Accounts payable | 5 | 5 | 2 | 162,034 | 7,500 | |
| Accrued liabilities | 6 | 655,000 | 255,849 | 37,434 | — | |
| Deferred revenue | 2,000 | 20,000 | 0 | — | — | |
| Operating lease liabilities, current | 2 | 666,000 | 496,963 | 483,186 | — | |
| Financing lease liabilities, current | 0 | 564,000 | 2 | 2 | — | |
| Total current liabilities | 13 | 7 | 6 | 4 | 72,460 | |
| Operating lease liabilities, non-current | 3 | 1 | 211,181 | 708,143 | — | |
| Deferred tax liabilities | 255,000 | 0 | — | — | — | |
| Total liabilities | 17 | 8 | 7 | 21 | 72,460 | |
| Commitments and contingencies (Note 13) | — | — | — | — | — | |
| Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of both December 31, 2025 and 2024 | 0 | 0 | 0 | — | — | |
| Common stock, $0.0001 par value; 300,000,000 shares authorized, 74,781,782 and 51,396,574 shares issued, and 74734949 and 51,288,566 shares outstanding as of December 31, 2025 and 2024, respectively | 7,000 | 5,000 | 2,450 | 683 | 500 | |
| Additional paid-in capital | 559 | 239 | 64 | 31 | — | |
| Accumulated other comprehensive income | 138,000 | 0 | — | — | — | |
| Accumulated deficit | −209 | −108 | −68 | −44 | −72,689 | |
| Total stockholders equity | 351 | 132 | −4 | −12 | 8 | |
| Total liabilities and stockholders equity | 368 | 140 | 3 | 9 | 271 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Stock-based compensation | 21 | 15 | 544,375 | 195,056 | — | |
| Depreciation & amortization | 8 | 310,000 | — | — | — | |
| Deferred income taxes | −5 | 0 | — | — | — | |
| Accretion of discount on available-for-sale securities | −1 | 0 | — | — | — | |
| Amortization of debt discount | 0 | 2 | 2 | 13,600 | — | |
| Change in fair value of derivative liability | 0 | 222,000 | — | — | — | |
| Accounts receivable, net | −697,000 | −84,000 | 20,742 | −23,697 | — | |
| Inventory | 0 | 465,000 | −156,087 | −154,840 | — | |
| Prepaid expenses | −5 | −720,000 | −595,630 | −81,339 | — | |
| Other receivables | −498,000 | −192,000 | 0 | — | — | |
| Accounts payable | −2 | 872,000 | 2 | −174,278 | — | |
| Accrued liabilities | 7 | 477,000 | 228,020 | 37,434 | — | |
| Deferred revenue | −18,000 | 20,000 | 0 | — | — | |
| Operating lease liabilities | −1 | 46,000 | −49,656 | −24,641 | — | |
| Net cash used in operating activities | −80 | −22 | −16 | −21 | −51,627 | |
| Purchases of marketable securities | −204 | 0 | — | — | — | |
| Proceeds from maturities and sales of marketable securities | 52 | 0 | — | — | — | |
| Purchases of property and equipment | −37 | −10 | −4,914 | −4 | — | |
| Acquisitions, net of cash acquired | −8 | 0 | — | — | — | |
| Security deposits | −506,000 | −66,000 | — | — | — | |
| Capitalized implementation costs | −405,000 | 0 | — | — | — | |
| Net cash used in investing activities | −198 | −10 | −4,914 | −4 | — | |
| Proceeds from issuance of common, net of offering costs | 171 | 36 | 10 | — | — | |
| Proceeds from issuance of common stock under the 2025 Equity Distribution Agreement, net of offering costs | 79 | 78 | — | — | — | |
| Proceeds from exercise of warrants | 11 | 22 | 0 | — | — | |
| Proceeds from exercise of options | 423,000 | 367,000 | 0 | — | — | |
| Repayments of financing lease liability | −186,000 | −2 | −2 | — | — | |
| Proceeds from short-swing profit disgorgement | 48,000 | 0 | — | — | — | |
| Proceeds from issuance of pre-funded warrants to purchase common stock in connection with private placement, net of issuance costs | 0 | 17 | 0 | — | — | |
| Proceeds from convertible notes payable, net of offering costs | 0 | 5 | 3 | — | — | |
| Repayments of note payable | 0 | −1 | −2 | −250,000 | — | |
| Repayment of note payable, related party | 0 | −70,000 | −449,000 | — | — | |
| Net cash provided by financing activities | 261 | 155 | 13 | 20 | 42,460 | |
| Effect of exchange rate changes on cash and cash equivalents | 1,000 | 0 | — | — | — | |
| Net change in cash and cash equivalents | −17 | 123 | — | — | −9,167 | |
| Cash paid for interest | 224,000 | 203,000 | 507,193 | 622,730 | — | |
| Cash paid for income taxes | 0 | 0 | 0 | — | — | |
| Operating lease right-of-use assets obtained for lease obligations | 5 | 2 | 0 | — | — | |
| Purchases of property and equipment, accrued but not paid | 2 | 2 | 0 | — | — | |
| Conversion of convertible notes and derivative into common stock | 0 | 7 | 4 | — | — |
Filings
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