serv-20250807
FALSE000183248300018324832025-05-082025-05-08

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 7, 2025
SERVE ROBOTICS INC.
(Exact Name of Registrant as Specified in Charter)
Delaware001-4202385-3844872
(State or Other Jurisdiction
of Incorporation)		(Commission File Number)(IRS Employer
Identification No.)
730 Broadway
Redwood City, CA
94063
(Address of Principal Executive Offices)(Zip Code)
(818) 860-1352
(Registrant’s telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.0001 per shareSERV
The Nasdaq Capital Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐


Item 2.02. Results of Operations and Financial Condition.
On August 7, 2025, Serve Robotics Inc. (the “Company”) announced its financial results for the three months ended June 30, 2025. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 7.01. Regulation FD Disclosure.
On August 7, 2025, the Company made available on its website a revised Company investor presentation. A copy of the presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K.
The information in this Form 8-K (including Exhibits 99.1 and 99.2) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d)List of Exhibits.
Exhibit
Number
Description
99.1
99.2
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
1

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Serve Robotics Inc.
Dated: August 7, 2025
/s/ Ali Kashani
Ali Kashani
Chief Executive Officer and Director
Dated: August 7, 2025
/s/ Brian Read
Brian Read
Chief Financial Officer
2

Exhibit 99.1
Serve Robotics Announces Second Quarter 2025 Results

•Delivery Volume growth of nearly 80% quarter over quarter

•Launched Atlanta market and announced Chicago launch in the coming weeks

•Second quarter revenue of $642 thousand, a 46% increase versus Q1 2025

•Maintained a strong liquidity position of $183 million

SAN FRANCISCO, August 7, 2025 -- Serve Robotics Inc. (the “Company” or “Serve”) (Nasdaq: SERV), a leading autonomous sidewalk delivery company, today announced financial results for the second quarter ended June 30, 2025.

“Serve is building the world ahead, where autonomous last mile transportation is ubiquitous and foundational,” said Dr. Ali Kashani, Serve’s Co-founder and CEO. “This quarter marked a major step forward as we expanded into new markets, scaled operations, and fueled our autonomy flywheel to an unprecedented degree. With every successful delivery, Serve’s growing fleet gets smarter, stronger, and more efficient.”

“Our disciplined execution this year has positioned us to scale confidently. After quadrupling our fleet in the first half of the year, we plan to quadruple yet again in the back half of 2025,” said Brian Read, CFO of Serve. “We’re entering a new phase of growth through 2026 with expanding market reach, improving operational efficiency, and stronger expected revenue generation resulting in projected annualized $60M-$80M revenue upon full utilization of our 2000-robot fleet.”

Business Highlights

•Continued Fleet Growth: Successfully delivered over 120 new third-generation robots ahead of schedule in the second quarter. Daily supply hours increased by over 340% compared to Q2 2024.

•Continued Volume Growth: During the second quarter, delivery volume increased over 78% sequentially from Q1.

•Expanded Reach: Launched new metro market in Atlanta and expanded footprint in the Los Angeles and Miami markets. Also successfully completed our first Middle East pilot in downtown Doha.

•Partnership Expansion: Following the end of Q2, we began delivering for Little Caesars, the third largest pizza chain in the U.S. This national partnership highlights our strategic focus to be the preferred delivery partner for key merchants.

Financial Highlights
•Revenue: Revenue for Q1 2025 was in line with guidance and increased 46% on a sequential basis to $642 thousand. Fleet Revenues, which include Delivery and Branding Revenue, grew $117 thousand, representing a 55% increase quarter over quarter.
•Balance Sheet: Strong liquidity position of $183 million as of June 30, 2025, expected to provide runway through the end of 2026.
•Outstanding Shares: Approximately 59.3 million shares of common stock outstanding as of June 30, 2025.

Outlook

•Guidance Reiterated: Projected annualized revenue run-rate of $60 to $80 million once our 2,000-robot fleet is fully deployed and reaches target utilization, which we anticipate will occur during 2026.


•Guidance for Q3: With revenue growth between 170% and 215% year over year, we are projecting $600 to $700 thousand revenue in Q3.

•Fleet Scale: We anticipate deployment acceleration in 2H that is expected to more than double our robot fleet in Q3.

Quarterly Conference Call
Company 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 1-800-715-9871 and referencing conference ID 9575103.

Serve develops advanced, AI-powered, low-emissions sidewalk delivery robots that endeavor to make delivery sustainable and economical. Spun off from Uber in 2021 as an independent company, Serve has completed tens of thousands of deliveries for enterprise partners such as Uber Eats and 7-Eleven. Serve has scalable multi-year contracts, including a signed agreement to deploy up to 2,000 delivery robots on the Uber Eats platform across multiple U.S. markets.
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.
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 EndedSix Months Ended
June 30, 2025March 31, 2025June 30, 2024June 30, 2025June 30, 2024
Daily Active Robots (1)
160734811644
Daily Supply Hours (2)
1,7236483851,189342
(1)Daily Active Robots: The Company defines daily active robots as the average number of robots performing daily 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 ready to accept offers and perform daily deliveries during the period.

Table 2
Disaggregation of Revenue
(in thousands)
(unaudited)

2
Three Months EndedSix Months Ended
June 30, 2025March 31, 2025June 30, 2024June 30, 2025June 30, 2024
Software services$312 $229 $296 $541 $1,147 
Fleet services330 211 172 541 268 
$642 $440 $468 $1,082 $1,415 
Forward Looking Statements

This Serve Robotics Inc. press release contains “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 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,” “guidance,” “projects,” 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, without limitation, statements regarding the Company’s future revenue generation, timing of the Company’s robot deployment, the Company’s ability to expand to additional markets, capabilities of the Company’s robots, the Company’s operational efficiency, and the Company’s 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, 2024, 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 presentation 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 presentation.

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: non-GAAP general and administrative expense, non-GAAP research and development expense, non-GAAP operations expense, non-GAAP sales and marketing expense, non-GAAP operating expense, adjusted EBITDA, non-GAAP net loss and non-GAAP basic and diluted net loss per Common 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, transaction costs and finance lease purchase option.

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.

3
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

Media
Aduke Thelwell, VP of Communications
aduke.thelwell@serverobotics.com

Investor Relations
Sheldon Hanai, Head of Investor Relations
investor.relations@serverobotics.com

4
Table 3
Serve Robotics Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
June 30,
2025		December 31,
2024
ASSETS
Current assets:
Cash and cash equivalents$116,700 $123,266 
Short-term investments66,631 - 
Accounts receivable656 87 
Inventory- 310 
Prepaid expenses2,059 1,397 
Other receivables484 192 
Total current assets186,530 125,252 
Property and equipment, net18,593 11,963 
Operating lease right-of-use assets2,416 1,808 
Intangible assets, net1,429 - 
Goodwill
4,588 - 
Other non-current assets759 578 
Total assets$214,315 $139,601 
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable$2,531 $4,902 
Accrued liabilities1,993 655 
Deferred revenue10 20 
Operating lease liabilities, current1,155 666 
Financing lease liabilities, current- 564 
Total current liabilities5,689 6,807 
Operating lease liabilities, non-current1,420 1,113 
Total liabilities7,109 7,920 
Stockholders’ equity:
Ordinary and preferred shares6 5 
Additional paid-in capital348,494 239,201 
Accumulated other comprehensive income (loss)
298 - 
Accumulated deficit(141,592)(107,525)
Total stockholders’ equity207,206 131,681 
Total liabilities and stockholders’ equity$214,315 $139,601 
5

Table 4
Serve Robotics Inc.
Condensed Consolidated Statement of Operations
(in thousands, except share and per share data)
(unaudited)
Three Months EndedSix Months Ended
June 30, 2025March 31, 2025June 30, 2024June 30, 2025June 30, 2024
Revenues$642 $440 $468 $1,082 $1,415 
Cost of revenues3,501 1,909 326 5,410 678 
Gross profit (loss)(2,859)(1,469)142 (4,328)737 
Operating expenses:
General and administrative8,078 4,750 1,873 12,828 2,881 
Operations2,124 1,669 871 3,793 1,412 
Research and development9,120 6,880 5,788 16,000 12,426 
Sales and marketing463 239 166 702 284 
Total operating expenses19,785 13,538 8,698 33,323 17,003 
Loss from operations(22,644)(15,007)(8,556)(37,651)(16,266)
Other income (expense):
Interest income1,794 1,792 296 3,586 306 
Interest expense- (3)(556)(3)(1,893)
Change in fair value of derivative liability- - (222)- (222)
Total other income (expense)1,794 1,789 (482)3,583 (1,809)
Provision for income taxes- - - - - 
Net loss(20,850)(13,218)(9,038)(34,068)(18,075)
Other comprehensive loss:
Unrealized gain on foreign currency translation343 - - 343 - 
Unrealized loss on investments(45)- - (45)- 
Comprehensive loss
$(20,552)$(13,219)$(9,038)$(33,770)$(18,075)
Weighted average common shares outstanding - basic and diluted57,514,80856,319,29933,795,00956,953,71129,176,370
Net loss per common share - basic and diluted$(0.36)$(0.23)$(0.27)$(0.60)$(0.62)

6

Table 5
Table 5
Serve Robotics Inc.
Condensed Consolidated Statement of Cash Flows
(in thousands)
(unaudited)
7
Six Months Ended
June 30,
20252024
Cash flows from operating activities:
Net loss$(34,068)$(18,074)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation & amortization1,292 28 
Stock-based compensation8,277 7,735 
Accretion of discount on available-for-sale securities
(398)- 
Amortization of debt discount- 1,678 
Change in fair value of derivative liability- 222 
Changes in operating assets and liabilities, net of effects of business acquired:
Accounts receivable(499)(90)
Inventory- 65 
Prepaid expenses(650)(443)
Other receivables
(283)(180)
Accounts payable(485)(663)
Accrued liabilities1,208 (121)
Deferred revenue
(8)53 
Operating lease liabilities, net
188 (29)
Net cash used in operating activities(25,426)(9,819)
Cash flows from investing activities:
Purchases of property and equipment
(9,498)(798)
Purchases of marketable securities
(66,308)- 
Acquisition, net of cash acquired
(5,634)- 
Security deposits
(69)- 
Capitalized software
(425)- 
Net cash used in investing activities(81,934)(798)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of offering costs75,847 35,849 
Proceeds from issuance of common stock under the 2025 Equity Distribution Agreement, net of offering costs
13,521 - 
Proceeds from short-swing profit disgorgement48 - 
Proceeds from exercise of warrants
11,376 6 
Proceeds from convertible notes payable, net of offering costs
- 4,845 
Proceeds from exercise of options
224 9 
Repayments of note payable
- (500)
Repayments of notes payable, related party
- (70)
Payments of deferred offering costs
(35)- 
Repayment of financing lease liability
(186)(747)
Net cash provided by financing activities100,795 39,392 
Effect of exchange rate changes on cash and cash equivalents
(1)- 
Net change in cash and cash equivalents$(6,566)$28,775 
Cash and cash equivalents at beginning of period$123,266 $7 
Cash and cash equivalents at end of period$116,700 $28,782 
8
Table 6
Reconciliation of GAAP Net Losses to Adjusted EBITDA
(in thousands)
(unaudited)
Three Months EndedSix Months Ended
June 30, 2025March 31, 2025June 30, 2024June 30, 2025June 30, 2024
Net loss on GAAP basis(20,850)(13,216)(9,037)(34,066)(18,075)
Interest income(1,794)(1,792)(296)(3,586)(286)
Interest expense- 3 556 3 (781)
Transaction costs239 - - 239 - 
Finance lease purchase option2,246 - - 2,246 - 
Depreciation & amortization817 475 10 1,292 28 
Stock-based compensation4,398 3,879 3,480 8,277 7,735 
  Adjusted EBITDA(14,944)(10,651)(5,287)(25,595)(11,379)
9
Table 7
Reconciliation of GAAP Measures to Non-GAAP Measures
(in thousands, except share and per share data)
(unaudited)
Three Months EndedSix Months Ended
June 30, 2025March 31, 2025June 30, 2024June 30, 2025June 30, 2024
GAAP cost of sales$3,501 $1,909 $326 $5,410 $678 
Stock-based compensation- - - - - 
Non-GAAP cost of sales3,501 1,909 326 5,410 678 
GAAP general & administrative expense$8,078 $4,750 $1,873 $12,828 $2,881 
Stock-based compensation2,061 1,824 428 3,885 435 
Finance lease purchase option2,246 - - 2,246 - 
Transaction costs239 - - 239 - 
Non-GAAP general and administrative expense3,532 2,926 1,445 6,458 2,446 
GAAP operations expense $2,124 $1,668 $871 $3,793 $1,412 
Stock-based compensation96 80 138 176 145 
Non-GAAP operations expense2,028 1,588 733 3,617 1,267 
GAAP research and development expense$9,120 $6,880 $5,788 $16,000 $12,426 
Stock-based compensation2,159 1,928 2,861 4,087 7,101 
Non-GAAP research and development expense6,961 4,952 2,927 11,913 5,325 
GAAP sales and marketing expense $463 $239 $166 $702 $284 
Stock-based compensation83 46 53 129 56 
Non-GAAP sales and marketing expense380 193 113 573 228 
GAAP operating expense$19,785 $13,536 $8,698 $33,323 $17,003 
Stock-based compensation4,398 3,879 3,480 8,277 7,735 
Finance lease purchase option2,246 - - 2,246 - 
Transaction costs239 - - 239 - 
10
Non-GAAP operating expenses12,902 9,657 5,218 22,561 9,268 
GAAP net loss$(20,850)$(13,216)$(9,038)$(34,068)$(18,074)
Stock-based compensation4,3983,8793,480 8,2777,735
Finance lease purchase option2,246 - - 2,246 - 
Transaction costs239 - - 239 - 
Non-GAAP net loss(13,967)(9,337)(5,558)(23,306)(10,339)
Weighted average common shares outstanding - basic and diluted57,514,808 56,319,299 33,795,009 56,953,711 29,176,370 
GAAP basic and diluted net loss per
Common share		$(0.36)$(0.23)$(0.27)$(0.60)$(0.62)
Non-GAAP basic and diluted net loss per
Common share		$(0.24)$(0.17)$(0.16)$(0.41)$(0.35)
11
Robotic Last Mile Delivery August 2025 Exhibit 99.2

 
Disclaimer FORWARD LOOKING STATEMENTS This Serve Robotics Inc. (the “Company”) investor presentation contains “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 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,” “guidance,” 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, without limitation, statements regarding the Company’s partnership with Magna, the Company’s future revenue generation, timing of the Company’s robot deployment, the Company’s ability to expand to additional markets, capabilities of the Company’s robots, outcomes of planned acquisitions, and the Company’s timing and ability to scale to commercial production. The forward-looking statements contained in this investor presentation 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, 2024 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 presentation 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 presentation. INDUSTRY AND MARKET DATA In this presentation, the Company relies on and refers to information and statistics regarding the sectors in which the Company competes and other industry data. the Company obtained this information and statistics from third-party sources, including reports by market research firms. Although the Company believes these sources are reliable, the Company has not independently verified the information and does not guarantee its accuracy and completeness. The Company has supplemented this information where necessary with information from discussions with customers and the Company’s own internal estimates, taking into account publicly available information about other industry participants and the Company’s management’s best view as to information that is not publicly available. TRADEMARKS AND TRADE NAMES The Company owns or has rights to various trademarks, service marks and trade names that it uses in connection with the operation of its business. This presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners The use or display of third parties’ trademarks, service marks. trade names or products in this presentation is not intended in. and does not imply. a relationship with the Company or an endorsement or sponsorship by or of the Company. Solely for convenience, the trademarks. service marks and trade names referred to in this presentation may appear without the ©, ™ or SM symbols, but such references are not intended to indicate, in any way, that the Company will not assert, to the fullest extent under applicable law, its rights or the right of the applicable licensor in these trademarks, service marks and trade names. 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 may be included in in this presentation: adjusted EBITDA and non-GAAP net loss. 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 and other non-recurring items.. Reconciliations of GAAP to these adjusted non-GAAP financial measures are included as required. 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. 2

 
Rapid progress in robotics and artificial intelligence (AI) can help reduce our reliance on cars ● U.S. drivers killed 20 pedestrians each day in 2021 1 ● Private cars & vans caused ~10% of global energy-related CO2 emissions in 2022 2 ● Tailwinds accelerating robot adoption include: advances in AI, faster & cheaper compute, cheaper sensors and ubiquitous data connectivity, as well as labor shortages, wage inflation & new worker classification laws 1. “Share the Road: It’s Everyone’s Responsibility” (NHTSA, 2023) 2. “Cars and Vans” (IEA, 2022) Why move 2 lb burritos… in 2 ton cars? 3

 
https://youtu.be/n9MJorTjpxU 4

 
$450B by 2030: The untapped market for robotic & drone delivery 1 1. TAM calculation sourced from ARK (Big Ideas 2025) and Company estimates 2. Internal historical delivery data 3. Internal financial projections model AI-powered robots are on a mission to make last mile delivery profitable: ● 2.5 miles — Median distance of food deliveries in the United States 2 ● $1.00 — Expected average cost of last mile delivery by Serve robots with increased autonomy and adoption 3 5

 
6 Veterans in AI, robotics, last mile ● VP at Postmates. Co-founder & CTO at Neurio (acq. Generac) ● Ph.D. in Robotics (UBC) ● 15 patents Ali Kashani, Ph.D. Co-founder & CEO ● Director at Postmates ● Staff engineer at Postmates ● Founding engineer at Postmates X Dmitry Demeshchuk Co-founder & Software ● Director, Postmates. Head of Product, Anki. BigCommerce Lead, EA ● 17+ years leading product in, robotics, marketplaces, video games MJ Burk Chun Co-founder & Product ● VP Corp Dev at GoDaddy. Serial entrepreneur: UpCounsel (acq. LinkedIn), Webs (acq. Vistaprint), Jaxtr ● Graduate of Yale Law & Stanford Touraj Parang President & COO ● SVP Hardware at Latch. VP Hardware at GoPro. Lead engineer at Apple. ● BS in Engineering (U of Sheffield) Euan Abraham Hardware & Manufacturing Brian Read CFO ● Controller at Apptronik, public finance roles at REE & Coherent ● PricewaterCoopers; Certified Public Accountant (CPA) Rajesh Radhakrishnan Autonomy ● Director at Ghost Autonomy; Head of ML at John Deere. Founding engineer at Blue River (acq. John Deere) ● MS in Computer Science (UT Arlington) ● CTO at BrightDrop (GM) ● VP at Postmates (acq. Uber), Anki, Dell, Wyse (acq. Dell) ● BS in CS & Math (UC Davis) Anthony Armenta Software & Data

 
Partners & Investors 7 Technical partner since 2018Largest shareholder & commercial partner German food delivery platform in EU & Asia First convenience store partner (13,000 stores in US/Canada)

 
Track record of growth: 4 metros 2,500+ restaurants 8 Serve’s delivery volume 1 >40% QoQ growth in deliveries average since Q1 2022 Up to 99.8% reliability delivery completion Over 100,000 deliveries completed since Q1 2022 400+ robots fleet for deliveries & R&D as of June 1. All figures based on internal historical and projected delivery data Serve’s Los Angeles Fleet

 
2,000 robots under contract with 9 We have signed one of the largest contracts in the AV industry with Uber Eats. 2,000-robot deployment expected by the end of 2025. Our fleet is integrated into Uber, helping grow to new markets efficiently & achieve high utilization. ● Launched markets that continue to scale ○ Los Angeles ○ Miami ○ Dallas ○ Atlanta ● Expansion markets ○ Chicago in Q3 2025 ○ Additional metro launching by year end ○ Additional cities under evaluation

 
First robots rolled off manufacturing assembly line in October 2024. Materials procured from global supply chain network and full scale manufacturing underway. Design Design phase is complete for third generation robot. Engineering, validation, and test (“EVT”) units have completed validation and testing phase, and are completing certification. Manufacturing Deployment Goal: Deploy 2,000 robots by EOY 2025. 400 robot fleet size by end of 1H 2025. Doubling of fleet in Q3 2025 Miami, Dallas, and Atlanta metros launched in 1H 2025. Chicago launching in Q3 Scaled Operation Goal: Improve operational performance and efficiency in new geographies over time. At full utilization, each robot expected to pay for itself in under one year. Generate consistent improvements to robot placement, autonomy software, and operations. Executing 2,000-robot rollout Magna International (tier 1 auto supplier) is Serve’s contract manufacturer ✓ COMPLETED ONGOING ONGOING TO COME 10

 
We know delivery With unique insights from inception inside a delivery platform, we believe we have: ● Unique AI-powered robots ● Unique fleet operations ● Unique go-to-market strategy All-terrain 11 mph top speed Redundant connectivity All day battery Touch-screen interface Full-stack AV sensors Level 4 autonomy 15 gallons cargo Holds 4x 16” pizzas Built for Urban Delivery Using Proprietary Data (Postmates X) 11

 
GEN2 5x more brain power with Nvidia Jetson Orin and Ouster REV7 Lidar for ultra-fast decisions. Advanced collision avoidance and enhanced emergency braking for next-level safety. 40% faster stops for quick reaction times, even in busy environments. Extended 14-hour operations with 67% more battery capacity and 15% more cargo space. 60% faster top speeds and a smoother ride. Built tough to handle diverse weather and terrain conditions. 65% reduced cost for next batches manufactured. The Gen3: Faster and smarter at 65% reduced cost Top Speed Weather Range Cargo 7 mph (2.5 m/s) 32 to 104F light rain proof 23 miles (10 hours) 13 gal, 4x 14” pizzas Further 30% cost reduction achieved for H2 robots, beyond prior 50% cost reduction in H1 robots GEN3 11 mph (4.9 m/s) -4 to 113F heavy rain proof 48 miles (14 hours) 15 gal, 4x 16” pizzas 12

 
High Safety & Reliability Low rate of failure thanks to advanced hardware & software, and redundant sensing & AI Superior Economics Lower delivery cost due to underlying forces High Autonomy Level 4-capable fleet High Utilization Scaling on a major delivery platform High Efficiency Purpose-built for operation at scale We believe we are market leaders in urban robotic delivery Our AI-powered robots are on a mission to make urban delivery profitable: 13

 
Autonomous Urban Robots Autonomous Vehicles Drones Range Short Distance Medium Distance Long Distance Safety Risk Low High High Regulations Permitted Restricted Restricted Commercialization Launched R&D R&D Delivery robots target a large market segment with clear path to scale Delivery is multi-modal: 14

 
Proprietary and confidential. All rights reserved. Serve and Wing Aviation Partnering to Expand Reach ● Serve robots enable pick-up in dense urban areas, as Wing drones expand Serve delivery radius ● We expect robot-to-drone solution will enable fast, affordable restaurant delivery over 6 mile radius ● More Info https://youtu.be/KRLXHqxsRbM 15

 
Robots have more revenue opportunities than couriers Out-of-home (“OOH”) ads have supplemented our delivery revenue. Monetizing unique robot capabilities such as ads & data, as well as licensing the underlying technology, make robots more profitable than couriers. 161

 
Software & Data Platform Magna International has licensed our technology to accelerate development of its new robotic products As a leading urban robotic delivery company, we believe we are well-positioned to become a platform of choice for companies building new non-competing robots and services for complex public spaces. We believe this provides us with an additional monetization opportunity. 17

 
We are among the first AV companies to bring Level 4 delivery robots to market Level 2 & 3 — R.C. Robots ● Humans always in the loop to maintain safe operation ● Safety risk due to reliance on data networks and human drivers ● Poor economics, hard to scale, and low barrier to entry Level 4 — Serve Robots ● No human in the loop for safety, within designated Operational Design Domain (ODD) ● Safety via redundancy ● Compelling economics, and strong moat through deep tech ● Regulatory tailwinds Level 5 — 100% Self-Driving ● No human in the loop at any time ● Not commercially viable today ● Strong regulatory headwinds ● Capital intensive Level 4 autonomy commercialized 18

 
The unbundling of cars After the invention of automobiles, the U.S. went from 25 million horses (1920s) to 283 million cars (2020s), or >11 vehicles replacing each horse, according to some reports 1. We believe the development of specialized, efficient robots in the future has the potential to lead to similar proliferation of robots for every car. 1. 25m horses in the U.S. in 1920 (USDA) versus 283m vehicles in 2022 (US FHWA) 19

 
2.5% 100% Gas Vehicle 20% Electric Vehicle Relative Energy Consumption Per Km 2: With global adoption, we believe delivery robots could reduce CO2 emissions by approximately 762 Mt annually, while also providing more convenience to consumers. 20 Robots could reduce global emissions by ~2% Annually 1 1. Estimated using internal data and 2022 global emissions from the Global Carbon Project 2. Transportation Research Part D: Transport and Environment (Vol 85, 2020)

 
Q2 Financial Update: ● 2Q Revenue of $642 thousand; up 46% quarter over quarter ● Strong liquidity position increases financial flexibility and lowers cost of capital ○ Strong cash and marketing securities balance of $183 million as of June 30, 2025 ○ Provides ability to self-fund equipment investments, eliminating near-term equipment financing Anticipated $20 million cash savings over next 2 years, related to 2,000 robot build Outlook: ● Reiterate $60M-$80M projected revenue at full utilization of 2000-robot fleet ● Q3 Revenue growth of 170%-215% year over year, delivering revenue between $600-$700 thousand ● Robot deployment acceleration in 2H will more than double our robot fleet in Q3 alone Share Count Update: ● Approximately 59.3 million shares outstanding as of June 30, 2025 * Financing amount includes proceeds from convertible notes, public offering, PIPE transactions, ATM proceeds, and exercise of warrants. Financial Update & Forward Outlook 21

 
Appendix: Key Metrics & Revenue 22 Three Months Ended Jun 30 2025 Mar 31, 2025 Jun 30, 2024 Daily Active Robots 160 73 48 Daily Supply Hours 1,723 648 385 Software Services $312 $229 $296 Fleet Services $330 $211 $172 Total Revenue (000s) $642 $440 $468

 
Reconciliation of GAAP Net Loss to Adjusted EBITDA 23 Three Months Ended Jun 30 2025 Mar 31 2025 Dec 31 2024 Sep 30 2024 Jun 30 2024 Mar 31 2024 Net loss on GAAP basis (20,850) (13,216) (13,119) (7,996) (9,037) (9,038) Interest income (1,794) (1,792) (490) (483) (296) (10) Interest expense - 3 33 34 556 1,337 Transaction costs 239 - - - - - Finance Lease purchase option 2,246 - - - - - Depreciation and amortization 817 475 273 9 10 18 Stock-based compensation 4,398 3,879 4,624 2,195 3,480 4,255 Adjusted EBITDA (14,944) (10,651) (8,679) (6,241) (5,287) (3,438)

 
Reconciliation of GAAP Net Income to Non-GAAP Net Income 24 Three Months Ended Jun 30 2025 Mar 31 2025 Dec 31 2024 Sep 30 2024 Jun 30 2024 Mar 31 2024 Net loss on GAAP basis (20,850) (13,216) (13,119) (7,996) (9,037) (9,038) Stock-based compensation 4,398 3,879 4,624 2,195 3,480 4,255 Finance Lease purchase option 2,246 - - - - - Transaction costs 239 - - - - - Net loss on Non-GAAP basis (13,967) (9,377) (8,495) (5,801) (5,557) (4,783) Weighted Avg. Common Shares Outstanding 57.5M 56.3M 36.7M 40.6M 33.8M 24.6M

 
Appendix: Capitalization As of June 30, 2025 (millions) Common Stock 59.3 Common Stock Warrants 1.1 Stock Options 0.9 RSAs & RSUs 6.5 Diluted Share Count 67.8 25

 
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