Serve Robotics Announces First Quarter 2026 Results with 3X Sequential Revenue Growth

Revenue scaled ahead of plan; Q1 revenue of $3.0 million, up 238% sequentially and 578% year over year, reflecting growth across all offerings. Entered into additional vertical through acquisition of Diligent Robotics; expanding operating footprint to 44 cities across 14 states. Improved gross margin over prior quarter, supported by growing software revenue and increasing revenue per robot and operating efficiency. SAN FRANCISCO, May 07, 2026 (GLOBE NEWSWIRE) -- Serve Robotics Inc. (the “Company” or “Serve”) (Nasdaq: SERV), a leading autonomy and robotics company, today announced financial results for the first quarter ended March 31, 2026. “Q1 marks a fundamental shift for Serve. We are leading the development of Physical AI in the real world, operating across multiple physical domains while building towards a unified autonomy platform,” said Dr. Ali Kashani, Serve’s Co-founder and CEO. “Three months into 2026, we are executing against the plan we laid out, with strong early proof points across revenue growth, operational scale, and platform expansion. The investments we made over the past year are beginning to compound, reinforcing our position as a multi-domain autonomy platform and expanding the long-term opportunity ahead.” "Serve is beginning to convert scale into a stronger financial model,” said Brian Read, CFO of Serve. “Revenue grew significantly, recurring and software revenue became a larger part of the mix, and gross margin percentage improved meaningfully. We remain focused on increasing revenue per robot and per operating hour, driving operating leverage, and building a more durable recurring revenue base, supported by a strong balance sheet.” Business Highlights Multi-Domain Platform Established: Operated as a unified business across sidewalk delivery and healthcare robotics in Q1 following the Diligent Robotics acquisition. Operating Footprint Expanded: Now active across 44 cities in 14 states, driven by new market launches, hospital network additions, and continued expansion in existing markets. Fleet Scale Transitioning to Productivity: With approximately 2,000 robots deployed, focus has shifted from fleet expansion to increasing revenue per robot. Revenue Becoming More Recurring and Diversified: Software services contributed approximately one-third of Q1 revenue, with just under half of total revenue now recurring. Healthcare Platform Advancing: Diligent Robotics integration remains on plan, with a growing hospital pipeline and continued expansion of healthcare deployments. Approaching 2 Million Deliveries: Combined fleet nearing 2 million cumulative deliveries across indoor and outdoor environments, demonstrating scale and operational maturity. Financial Highlights Revenue: Revenue of $3.0 million, increasing 238% sequentially and 578% year-over-year. Balance Sheet: Maintained a strong liquidity position of $197.4 million as of March 31, 2026. Outstanding Shares: Approximately 76 million shares of common stock outstanding as of March 31, 2026. Outlook The Company is reaffirming its 2026 financial guidance of approximately $26 million in full year revenue; and 2026 Non-GAAP operating expense of $160 to $170 million. 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 Ended March 31, 2026 (3) December 31, 2025 March 31, 2025 Daily Active Robots (1) 812 547 73 Daily Supply Hours (2) 10,295 6,676 648 (1) Daily Active Robots: The Company defines daily active robots as the average number of robots performing 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 available to perform daily deliveries during the period. (3) The key metrics reported for the three months ended March 31, 2026 are inclusive of the outdoor and indoor robot fleet. Table 2 Disaggregation of Revenue (in thousands) (unaudited) Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 Fleet services $ 1,958 $ 648 $ 211 Software services 1,026 234 229 Total revenue $ 2,984 $ 882 $ 440 Quarterly Conference Call Information 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 800-715-9871 and referencing conference ID 2664698. About Serve Serve Robotics (Nasdaq: SERV) designs and operates autonomous robots that navigate and operate in complex, human-centric environments. Since spinning off from Uber in 2021, Serve has deployed more than 2,000 robots across the U.S., reaching a population of approximately 3 million and supporting delivery for more than 4,000+ restaurants. In 2026, Serve acquired Diligent Robotics, expanding its operations beyond sidewalk delivery into indoor service robots used in hospitals. Serve designs both the hardware and software behind its robots, enabling them to operate safely in public and private environments at scale. 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. Forward Looking Statements This press release contains “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, 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,” 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 statements regarding the Company’s future revenue generation, business and investment strategy, timing of robot manufacturing and deployment, ability to expand to additional markets, capabilities of the Company’s robots, outcomes of planned and completed acquisitions, partnerships with multiple delivery platforms, and 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, 2025, 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 cost of sales, 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 before income taxes, non-GAAP net loss and non-GAAP earnings per 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. 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. 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 Investor Relations investor.relations@serverobotics.com Table 3 Serve Robotics Inc. Condensed Consolidated Balance Sheets (in thousands) (unaudited) March 31, 2026 December 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 47,114 $ 106,239 Short-term marketable securities 140,364 127,170 Accounts receivable, net 3,942 851 Prepaid expenses 7,821 6,042 Other receivables 1,662 696 Other current assets 228 77 Total current assets 201,131 241,075 Property and equipment, net 57,095 47,013 Long-term marketable securities 9,930 26,344 Intangible assets, net 36,508 31,313 Goodwill 27,998 15,530 Operating lease right-of-use assets 4,752 5,369 Other non-current assets 3,390 1,107 Total assets $ 340,804 $ 367,751 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 5,704 $ 5,014 Accrued liabilities 9,621 6,482 Deferred revenue 2,524 2 Operating lease liabilities, current 1,886 1,800 Total current liabilities 19,735 13,298 Operating lease liabilities, non-current 2,932 3,454 Deferred tax liabilities 347 255 Total liabilities 23,014 17,007 Stockholders’ equity: Preferred stock, $0.0001 par value, 10,000,000 shares authorized, 0 shares issued or outstanding as of both March 31, 2026 and December 31, 2025 — — Common stock, $0.0001 par value; 300,000,000 shares authorized, 76,061,507 and 74,781,782 shares issued and 76,014,674 and 74,734,949 shares outstanding as of March 31, 2026 and December 31, 2025, respectively 7 7 Additional paid-in capital 575,734 559,485 Accumulated other comprehensive income (loss) (61 ) 138 Accumulated deficit (257,890 ) (208,886 ) Total stockholders’ equity 317,790 350,744 Total liabilities and stockholders’ equity $ 340,804 $ 367,751 Table 4 Serve Robotics Inc. Condensed Consolidated Statements of Operations (in thousands, except share and per share data) (unaudited) Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 Revenues $ 2,984 $ 882 $ 440 Cost of revenues 11,985 7,557 1,909 Gross loss (9,001 ) (6,675 ) (1,469 ) Operating expenses: Research and development 19,037 15,853 6,880 General and administrative 14,916 11,137 4,750 Operations 6,955 5,321 1,668 Sales and marketing 1,873 1,316 239 Total operating expenses 42,781 33,627 13,537 Loss from operations (51,782 ) (40,302 ) (15,006 ) Other income (expense), net 2,130 2,373 1,789 Net loss before income taxes (49,652 ) (37,929 ) (13,217 ) Benefit from income taxes 648 3,656 — Net loss $ (49,004 ) $ (34,273 ) $ (13,217 ) Weighted average common shares outstanding - basic and diluted 75,302,980 73,829,726 56,319,299 Net loss per common share - basic and diluted $ (0.65 ) $ (0.46 ) $ (0.23 ) Table 5 Serve Robotics Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Three Months Ended March 31, 2026 2025 Cash flows from operating activities: Net loss $ (49,004 ) $ (13,217 ) Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation 7,353 3,879 Depreciation & amortization 6,258 475 Deferred income taxes (648 ) — Accretion of discount on available-for-sale securities (418 ) — Changes in operating assets and liabilities, net of effects of businesses acquired: Accounts receivable, net (2,225 ) (295 ) Prepaid expenses (1,257 ) 285 Other receivables (966 ) (526 ) Other current assets (58 ) — Accounts payable (1,103 ) (267 ) Accrued liabilities 673 236 Deferred revenue 598 (20 ) Operating lease liabilities (625 ) (13 ) Net cash used in operating activities (41,422 ) (9,463 ) Cash flows from investing activities: Proceeds from maturities and sales of marketable securities 60,287 — Purchases of marketable securities (57,011 ) — Acquisitions, net of cash acquired (21,447 ) — Purchases of property and equipment (1,444 ) (3,461 ) Security deposits — 356 Capitalized implementation costs — (56 ) Other investments activities — (139 ) Net cash used in investing activities (19,615 ) (3,300 ) Cash flows from financing activities: Proceeds from issuance of common stock under the 2025 Equity Distribution 1,506 — Proceeds from exercise of options 406 138 Proceeds from issuance of common, net of offering costs — 75,847 Proceeds from exercise of warrants — 11,787 Repayments of financing lease liability — (564 ) Proceeds from short-swing profit disgorgement — 48 Net cash provided by financing activities 1,912 87,256 Effect of exchange rate changes on cash and cash equivalents — — Net change in cash and cash equivalents $ (59,125 ) $ 74,493 Cash and cash equivalents at beginning of period $ 106,239 $ 123,266 Cash and cash equivalents at end of period $ 47,114 $ 197,759 Table 6 Reconciliation of GAAP Net Losses to Adjusted EBITDA (In thousands) (Unaudited) Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 Net loss on GAAP basis $ (49,004 ) $ (34,273 ) $ (13,216 ) Interest income (2,106 ) (1,978 ) (1,792 ) Interest expense — — 3 Acquisition related expenses 1,822 743 — Depreciation & amortization 6,258 4,826 475 Stock-based compensation 7,353 6,333 3,879 Benefit from income taxes (648 ) (3,656 ) — Adjusted EBITDA $ (36,325 ) $ (28,005 ) $ (10,651 ) Table 7 Reconciliation of GAAP Measures to Non-GAAP Measures (in thousands, except share and per share data) (unaudited) Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 GAAP cost of revenues $ 11,985 $ 7,557 $ 1,909 Amortization of intangible assets 84 — — Non-GAAP cost of revenues $ 11,901 $ 7,557 $ 1,909 GAAP research and development expense $ 19,037 $ 15,853 $ 6,880 Stock-based compensation 3,522 3,062 1,928 Non-GAAP research and development expense $ 15,515 $ 12,791 $ 4,952 GAAP general & administrative expense $ 14,916 $ 11,137 $ 4,750 Stock-based compensation 3,447 2,819 1,824 Amortization of intangible assets 1,685 1,553 — Acquisition related expenses 1,822 743 — Non-GAAP general and administrative expense $ 7,962 $ 6,022 $ 2,926 GAAP operations expense $ 6,955 $ 5,321 $ 1,668 Stock-based compensation 250 338 80 Amortization of intangible assets 63 — 0 Legal settlement — 409 — Non-GAAP operations expense $ 6,642 4,574 1,588 GAAP sales and marketing expense $ 1,873 $ 1,316 $ 239 Stock-based compensation 134 114 46 Amortization of intangible assets 3 5 — Non-GAAP sales and marketing expense $ 1,736 $ 1,197 $ 193 GAAP operating expense $ 42,781 $ 33,627 $ 13,536 Stock-based compensation 7,353 6,334 3,879 Amortization of intangible assets 1,835 1,558 — Acquisition related expenses 1,822 743 — Legal settlement — 409 — Non-GAAP operating expenses $ 31,771 $ 24,583 $ 9,657 GAAP net loss before income taxes $ (49,652 ) $ (37,929 ) $ (13,216 ) Stock-based compensation 7,353 6,334 3,879 Amortization of intangible assets 1,835 1,558 — Acquisition related expenses 1,822 743 0 Legal settlement — 409 — Non-GAAP net loss before income taxes $ (38,642 ) $ (28,885 ) $ (9,337 ) GAAP net loss $ (49,004 ) $ (34,273 ) $ (13,216 ) Stock-based compensation 7,353 6,334 3,879 Amortization of intangible assets 1,835 1,558 — Acquisition related expenses 1,822 743 — Legal settlement — 409 — Non-GAAP net loss $ (37,994 ) $ (25,229 ) $ (9,337 ) Weighted average common shares outstanding - basic and diluted 75,302,980 73,829,726 56,319,299 GAAP basic and diluted net loss per Common share $ (0.65 ) $ (0.46 ) $ (0.23 ) Non-GAAP basic and diluted net loss per Common share $ (0.50 ) $ (0.34 ) $ (0.17 ) Source: Serve Robotics Inc.