Serve Robotics Inc. (SERV) SEC Filings & Earnings Calls

Preliminary unaudited cost of revenue estimates for H2 2026 may be subject to revision.

“cost of revenue is based on preliminary unaudited information and management estimates ... subject to completion of the Company’s financial closing procedures”

No audited financial statements provided; investor presentation only.

“The Company’s independent registered public accounting firm has not conducted an audit or review” · word for word

Demand slowdown in H2 2026

“expects reduced demand in the second half of 2026” · word for word

Uber Eats partnership dependency and volume decline.

“Guidance cut due to lower than expected delivery volume through Uber Eats partnership.”

Early-stage company with limited revenue base.

“Revenue $3.2M in Q2; high cash burn despite OpEx reduction.”

Going Concern Risk

“The Company has incurred recurring losses each year since its inception and continues to forecast operating and investing cash outflows.” · word for word

Customer Concentration

“Customer B sales as a percentage of total revenues 22%” · word for word

Material Weakness in Internal Controls

“The Company did not design and maintain effective controls to verify appropriate segregation of duties.” · word for word

High cash burn rate relative to revenue; Non-GAAP operating expense guidance $160-170M vs ~$26M revenue.

“2026 Non-GAAP operating expense of $160 to $170 million; revenue guidance ~$26 million.” · word for word

Customer Concentration

“Customer A sales as a percentage of total revenues 17% for three months ended March 31, 2026.” · word for word

Negative Gross Margin

“Gross loss $(9,001) (in thousands) for three months ended March 31, 2026.”

Dependence on Partner Platforms

“Matching algorithms on these platforms as well as the extent of their merchant and end-customer participation in robotic delivery directly impacts the utilization rate of our robots.” · word for word

Customer Concentration

“For the years ended December 31, 2025 and 2024, sales to the customers individually representing more than 10% of total revenues accounted for 55% and 91% of our total revenue, respectively.” · word for word

Early Stage Losses

“We have not been profitable to date, and we expect operating losses for the near future.” · word for word

Supply Chain Dependency

“Key suppliers of single and limited source components include NVIDIA Corporation, Ouster, Inc., and other vendors providing cameras, ultrasonic sensors, electronic motors, and modems.” · word for word

Unproven Business Model

“OOH branding on robots is a new phenomenon and as such, an unproven model.” · word for word

Capital Requirements

“We will require significant capital to operate our business and fund our capital expenditures for the next several years.” · word for word

High cash burn relative to revenue; capex nearly equals revenue guidance

“2026 revenue guidance ~$26M vs capex ~$25M; cash position $260M.”

Integration risk from acquisition.

“Acquisition of Vebu, Inc. may involve integration challenges.”

Integration risk and potential dilution from acquisition; financial details not yet disclosed.

“Financial statements will be filed no later than 71 calendar days after the date by which this Report is required to be filed” · word for word

Integration risk of Diligent's operations and technology into Serve's platform.

“The acquisition extends Serve’s commercial operations and autonomy platform into indoor and healthcare applications that demand reliability, safety, and an unobtrusive presence.” · word for word

Dependence on NVIDIA Jetson platform for Moxi compute; potential supply chain or dependency risk.

“Moxi is powered by the NVIDIA Jetson platform for onboard compute” · word for word

Customer concentration

“For the three months ended September 30, 2025 and 2024, sales to Customer A accounted for 43% and 78% of our total revenue, respectively.” · word for word

Operating losses and negative cash flow

“Net cash used in operating activities was $50.60 million and $15.28 million for the nine months ended September 30, 2025 and 2024, respectively.” · word for word

Supply chain constraints

“We cannot be sure whether global supply chain shortages will impact our future robot build plans.” · word for word

Regulatory risk

“Changes in regulations such as the imposition of a cap on the number of robots or technical requirements such as robot size and weight restrictions or limitations on autonomy within a certain geographic area could reduce or limit our ability to generate revenues and/or impact our unit economics in those markets.” · word for word

Early-stage company with limited revenue base; profitability not yet achieved.

“Revenue of $687K; net income not disclosed but likely negative given early stage.”

Dependence on partnerships (DoorDash, Uber Eats) for delivery volume.

“Entered new multi-year strategic partnership with DoorDash ... scalable multi-year contracts, including a signed agreement to deploy up to 2,000 delivery robots on the Uber Eats platform” · word for word