Serve Robotics Inc. (SERV) 10-Year Financial Performance & Capital Metrics

SERV • • Industrial / General

IndustrialsIndustrial MachineryIndustrial Automation & RoboticsFactory Automation Systems

AboutServe Robotics Inc. designs, develops, and operates low-emission robots that serve people in public spaces with food delivery in the United States. It builds self-driving delivery robots. The company was formerly known as Patricia Acquisition Corp. and changed its name to Serve Robotics Inc. in July 2023. Serve Robotics Inc. was founded in 2017 and is based in Redwood City, California.Show more

Revenue $2M +773.3%
EBITDA -$38M -101.3%
Net Income -$39M -57.9%
EPS (Diluted) -1.07 -59.7%
Gross Margin -4.15% +99.4%
EBITDA Margin -2095.43% +76.9%
Operating Margin -2112.51% +78.8%
Net Margin -2162.29% +81.9%
ROE -61.41%
ROIC -517.84%
Debt/Equity 0.02
Interest Coverage -56.26 -514.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Momentum leader: RS Rating 89 (top 11%)

✗Weaknesses

✗Negative free cash flow
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-

TTM15.81%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-142.06%

EPS CAGR

10Y-

5Y-

3Y-

TTM-57.28%

ROCE

10Y Avg-980.92%

5Y Avg-980.92%

3Y Avg-1265.34%

Latest-59.2%

Peer Comparison

Factory Automation Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ROKRockwell Automation, Inc.	47.35B	421.13	54.91	0.97%	10.41%	23.42%	2.87%	0.98
HIHillenbrand, Inc.	2.24B	31.83	43.01	-15.99%	1.61%	3.03%	0.8%	1.12
EMREmerson Electric Co.	83.23B	148.02	36.64	3%	12.73%	11.3%	3.2%	0.68
PSNParsons Corporation	7.69B	72.22	34.07	24.03%	5.96%	14.52%	6.17%	0.56
EPACEnerpac Tool Group Corp.	2.18B	41.40	24.35	4.65%	14.64%	20.92%	4.21%	0.53
OTISOtis Worldwide Corporation	35.21B	90.35	22.20	0.37%	9.41%		4.08%
TNCTennant Company	1.45B	79.73	18.20	3.47%	4.42%	8.53%	4.73%	0.41
CXTCrane NXT, Co.	2.97B	51.73	16.22	6.86%	9.8%	12.76%	5.68%	0.76

Profit & Loss

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	0	107.82K	207.54K	1.81M
Revenue Growth %	-	-	0.92%	7.73%
Cost of Goods Sold+	42.47K	1.15M	1.73M	1.89M
COGS % of Revenue	-	10.65%	8.34%	1.04%
Gross Profit+	-42.47K	-1.04M	-1.52M	-75.16K
Gross Margin %	-	-9.65%	-7.34%	-0.04%
Gross Profit Growth %	-	-23.5%	-0.46%	0.95%
Operating Expenses+	10.62M	19.91M	19.2M	38.21M
OpEx % of Revenue	-	184.68%	92.53%	21.08%
Selling, General & Admin	2.61M	4.31M	5.22M	10.61M
SG&A % of Revenue	-	39.99%	25.17%	5.86%
Research & Development	7.09M	13.57M	9.95M	24.26M
R&D % of Revenue	-	125.82%	47.93%	13.38%
Other Operating Expenses	924.5K	2.04M	4.03M	3.34M
Operating Income+	-10.62M	-20.95M	-20.73M	-38.29M
Operating Margin %	-	-194.34%	-99.87%	-21.13%
Operating Income Growth %	-	-0.97%	0.01%	-0.85%
EBITDA+	-10.58M	-20.56M	-18.86M	-37.98M
EBITDA Margin %	-	-190.74%	-90.89%	-20.95%
EBITDA Growth %	-	-0.94%	0.08%	-1.01%
D&A (Non-Cash Add-back)	42.47K	388.14K	1.86M	309.71K
EBIT	-21.67M	-21.22M	-19.26M	-38.29M
Net Interest Income+	0	-636.33K	-2.26M	-680.55K
Interest Income	0	0	0	0
Interest Expense	0	636.33K	2.26M	680.55K
Other Income/Expense	-11.04M	-902.07K	-4.09M	-902.11K
Pretax Income+	-21.67M	-21.86M	-24.81M	-39.19M
Pretax Margin %	-	-202.7%	-119.56%	-21.62%
Income Tax+	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%
Net Income+	-21.67M	-21.86M	-24.81M	-39.19M
Net Margin %	-	-202.7%	-119.56%	-21.62%
Net Income Growth %	-	-0.01%	-0.14%	-0.58%
Net Income (Continuing)	-21.67M	-21.86M	-24.81M	-39.19M
Discontinued Operations	0	0	0	0
Minority Interest	0	0	0	0
EPS (Diluted)+	-0.58	-0.59	-0.67	-1.07
EPS Growth %	-	-0.02%	-0.14%	-0.6%
EPS (Basic)	-0.58	-0.59	-0.67	-1.07
Diluted Shares Outstanding	36.94M	36.94M	36.94M	36.66M
Basic Shares Outstanding	36.94M	36.94M	36.94M	36.66M
Dividend Payout Ratio	-	-	-	-

Balance Sheet

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	8.44M	3.44M	1.46M	125.25M
Cash & Short-Term Investments	7.97M	2.72M	6.76K	123.27M
Cash Only	7.97M	2.72M	6.76K	123.27M
Short-Term Investments	0	0	0	0
Accounts Receivable	0	23.7K	2.96K	278.45K
Days Sales Outstanding	-	80.22	5.2	56.07
Inventory	463.42K	618.26K	774.35K	309.71K
Days Inventory Outstanding	3.98K	196.5	163.35	59.89
Other Current Assets	11.16K	0	0	0
Total Non-Current Assets+	216.26K	5.11M	1.34M	14.35M
Property, Plant & Equipment	119.62K	4.59M	830.86K	13.77M
Fixed Asset Turnover	-	0.02x	0.25x	0.13x
Goodwill	0	0	0	0
Intangible Assets	0	0	0	0
Long-Term Investments	0	165.72K	169.62K	0
Other Non-Current Assets	96.65K	346.94K	343.04K	578.24K
Total Assets+	8.66M	8.54M	2.8M	139.6M
Asset Turnover	-	0.01x	0.07x	0.01x
Asset Growth %	-	-0.01%	-0.67%	48.78%
Total Current Liabilities+	336.31K	3.9M	6.24M	6.81M
Accounts Payable	336.31K	162.03K	2.05M	4.9M
Days Payables Outstanding	2.89K	51.5	432.58	947.8
Short-Term Debt	0	1M	1.07M	1.23M
Deferred Revenue (Current)	0	0	0	20.1K
Other Current Liabilities	0	0	0	0
Current Ratio	25.10x	0.88x	0.23x	18.40x
Quick Ratio	23.72x	0.72x	0.11x	18.36x
Cash Conversion Cycle	-	225.22	-264.03	-831.84
Total Non-Current Liabilities+	0	17.1M	600.73K	1.11M
Long-Term Debt	0	1.21M	230.93K	0
Capital Lease Obligations	0	2.57M	211.18K	1.11M
Deferred Tax Liabilities	0	0	0	0
Other Non-Current Liabilities	0	13.31M	158.62K	0
Total Liabilities	336.31K	21M	6.84M	7.92M
Total Debt+	0	7.48M	4.37M	2.34M
Net Debt	-7.97M	4.77M	4.37M	-120.92M
Debt / Equity	-	-	-	0.02x
Debt / EBITDA	-	-	-	-
Net Debt / EBITDA	-	-	-	-
Interest Coverage	-	-32.93x	-9.15x	-56.26x
Total Equity+	8.32M	-12.45M	-4.03M	131.68M
Equity Growth %	-	-2.5%	0.68%	33.65%
Book Value per Share	0.23	-0.34	-0.11	3.59
Total Shareholders' Equity	8.32M	-12.45M	-4.03M	131.68M
Common Stock	89	683	2.45K	5.13K
Retained Earnings	-21.67M	-43.52M	-68.33M	-107.53M
Treasury Stock	0	0	0	0
Accumulated OCI	1	0	0	0
Minority Interest	0	0	0	0

Cash Flow

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-10.71M	-21.4M	-15.97M	-21.54M
Operating CF Margin %	-	-198.51%	-76.95%	-11.89%
Operating CF Growth %	-	-1%	0.25%	-0.35%
Net Income	-21.67M	-21.86M	-24.81M	-39.19M
Depreciation & Amortization	42.47K	388.14K	3.68M	309.71K
Stock-Based Compensation	8.71K	195.06K	544.38K	14.55M
Deferred Taxes	0	0	0	0
Other Non-Cash Items	11.04M	279.34K	5.18M	1.9M
Working Capital Changes	-138.27K	-410.2K	-552.61K	884.68K
Change in Receivables	0	-23.7K	20.74K	-275.49K
Change in Inventory	-463.42K	-154.84K	-156.09K	464.64K
Change in Payables	336.31K	-174.28K	0	872.25K
Cash from Investing+	-258.73K	-4.06M	-4.91K	-10.32M
Capital Expenditures	-162.09K	-3.64M	-4.91K	-10.25M
CapEx % of Revenue	-	33.81%	0.02%	5.66%
Acquisitions	-	-	-	-
Investments	-	-	-	-
Other Investing	-96.65K	-416.01K	0	-65.58K
Cash from Financing+	18.93M	20.21M	13.27M	155.12M
Debt Issued (Net)	-	-	-	-
Equity Issued (Net)	-	-	-	-
Dividends Paid	0	0	0	0
Share Repurchases	-	-	-	-
Other Financing	7.93M	12.89M	15.98M	39.93M
Net Change in Cash	-	-	-	-
Free Cash Flow+	-10.87M	-25.05M	-15.98M	-31.79M
FCF Margin %	-	-232.31%	-76.98%	-17.54%
FCF Growth %	-	-1.3%	0.36%	-0.99%
FCF per Share	-0.29	-0.68	-0.43	-0.87
FCF Conversion (FCF/Net Income)	0.49x	0.98x	0.64x	0.55x
Interest Paid	0	622.73K	507.19K	202.78K
Taxes Paid	0	0	0	0

Key Ratios

Metric	2021	2022	2023	2024
Return on Equity (ROE)	-260.39%	-	-	-61.41%
Return on Invested Capital (ROIC)	-	-	-	-517.84%
Gross Margin	-	-965.14%	-733.68%	-4.15%
Net Margin	-	-20270.2%	-11955.83%	-2162.29%
Debt / Equity	-	-	-	0.02x
Interest Coverage	-	-32.93x	-9.15x	-56.26x
FCF Conversion	0.49x	0.98x	0.64x	0.55x
Revenue Growth	-	-	92.49%	773.3%

Revenue by Segment

	2024
Software Services	1.19M
Software Services Growth	-
Delivery services	332.18K
Delivery services Growth	-

Frequently Asked Questions

Growth & Financials

Serve Robotics Inc. (SERV) reported $1.9M in revenue for fiscal year 2024.

Serve Robotics Inc. (SERV) grew revenue by 773.3% over the past year. This is strong growth.

Serve Robotics Inc. (SERV) reported a net loss of $80.2M for fiscal year 2024.

Dividend & Returns

Serve Robotics Inc. (SERV) has a return on equity (ROE) of -61.4%. Negative ROE indicates the company is unprofitable.

Serve Robotics Inc. (SERV) had negative free cash flow of $83.0M in fiscal year 2024, likely due to heavy capital investments.

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