The company maintains a conservative debt-to-equity ratio of 0.02, though total assets are increasingly comprised of $28.0M in goodwill and $61.8M in net PPE.
Serve Robotics Inc. (SERV) balance sheet — 5-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Total Current Assets | 247.29M | 241.07M | 125.25M | 1.46M | 3.44M | 8.44M |
| Cash & Short-Term Investments | 235.41M | 233.41M | 123.27M | 6.76K | 2.72M | 7.97M |
| Cash Only | 79.11M | 106.24M | 123.27M | 6.76K | 2.72M | 7.97M |
| Short-Term Investments | 156.29M | 127.17M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 5.49M | 1.55M | 278.45K | 2.96K | 23.7K | 0 |
| Days Sales Outstanding | 165.53 | 213 | 56.07 | 5.2 | 80.22 | - |
| Inventory | 0 | 0 | 309.71K | 774.35K | 618.26K | 463.42K |
| Days Inventory Outstanding | - | - | 59.89 | 163.35 | 196.5 | 3.98K |
| Other Current Assets | 219K | 77K | 0 | 0 | 0 | 11.16K |
| Total Non-Current Assets | 131.33M | 126.68M | 14.35M | 1.34M | 5.11M | 216.26K |
| Property, Plant & Equipment | 60.56M | 52.38M | 13.77M | 830.86K | 4.59M | 119.62K |
| Fixed Asset Turnover | 0.15x | 0.05x | 0.13x | 0.25x | 0.02x | - |
| Goodwill | 28M | 15.53M | 0 | 0 | 0 | 0 |
| Intangible Assets | 34.51M | 31.31M | 0 | 0 | 0 | 0 |
| Long-Term Investments | 5M | 0 | 0 | 169.62K | 165.72K | 0 |
| Other Non-Current Assets | 3.27M | 27.45M | 578.24K | 343.04K | 346.94K | 96.65K |
| Total Assets | 378.62M | 367.75M | 139.6M | 2.8M | 8.54M | 8.66M |
| Asset Turnover | 0.02x | 0.01x | 0.01x | 0.07x | 0.01x | - |
| Asset Growth % | 684.06% | 163.43% | 4877.66% | -67.18% | -1.3% | - |
| Total Current Liabilities | 19.27M | 13.3M | 6.81M | 6.24M | 3.9M | 336.31K |
| Accounts Payable | 5.5M | 5.01M | 4.9M | 2.05M | 162.03K | 336.31K |
| Days Payables Outstanding | 59.72 | 101.49 | 947.8 | 432.58 | 51.5 | 2.89K |
| Short-Term Debt | 0 | 1.8M | 1.23M | 1.07M | 1M | 0 |
| Deferred Revenue (Current) | 4.5M | 2K | 20.1K | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 6.48M | 0 | 0 | 0 | 0 |
| Current Ratio | 12.83x | 18.13x | 18.40x | 0.23x | 0.88x | 25.10x |
| Quick Ratio | 12.83x | 18.13x | 18.36x | 0.11x | 0.72x | 23.72x |
| Cash Conversion Cycle | 105.8 | - | -831.84 | -264.03 | 225.22 | - |
| Total Non-Current Liabilities | 7.56M | 3.71M | 1.11M | 600.73K | 17.1M | 0 |
| Long-Term Debt | 0 | 3.45M | 0 | 230.93K | 1.21M | 0 |
| Capital Lease Obligations | 13.27M | 0 | 1.11M | 211.18K | 2.57M | 0 |
| Deferred Tax Liabilities | 827K | 255K | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 1K | 0 | 158.62K | 13.31M | 0 |
| Total Liabilities | 26.83M | 17.01M | 7.92M | 6.84M | 21M | 336.31K |
| Total Debt | 9.7M | 5.25M | 2.34M | 4.37M | 7.48M | 0 |
| Net Debt | -69.42M | -100.98M | -120.92M | 4.37M | 4.77M | -7.97M |
| Debt / Equity | 0.03x | 0.01x | 0.02x | - | - | - |
| Debt / EBITDA | -0.06x | - | - | - | - | - |
| Net Debt / EBITDA | 0.40x | - | - | - | - | - |
| Interest Coverage | -28855.12x | -35005.67x | -56.59x | -8.50x | -33.35x | - |
| Total Equity | 351.79M | 350.74M | 131.68M | -4.03M | -12.45M | 8.32M |
| Equity Growth % | 692.65% | 166.36% | 3364.76% | 67.61% | -249.66% | - |
| Book Value per Share | 4.38 | 5.63 | 3.59 | -0.11 | -0.34 | 0.23 |
| Total Shareholders' Equity | 351.79M | 350.74M | 131.68M | -4.03M | -12.45M | 8.32M |
| Common Stock | 9K | 7K | 5.13K | 2.45K | 683 | 89 |
| Retained Earnings | -322.02M | -208.89M | -107.53M | -68.33M | -43.52M | -21.67M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -32K | 138K | 0 | 0 | 0 | 1 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying SERV stock.
As of 2025, Serve Robotics Inc. (SERV) had total assets of $367.8M including $241.1M in current assets.
Serve Robotics Inc. (SERV) carries total debt of $5.3M, offset by $233.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Serve Robotics Inc. (SERV) has total shareholders' equity (book value) of $350.7M ($5.63 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Serve Robotics Inc. (SERV) reported a current ratio of 18.13x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
High cash burn rate
Metrics are mathematically derived from official filings.
Capital Base Expansion Amidst Losses
According to recent SEC filings, Serve Robotics has seen total assets grow from $4.2M in 2024Q1 to $340.8M by 2026Q1, a trajectory driven primarily by aggressive capital raises rather than organic asset accumulation from profitable operations or sustainable business model scaling.
The rapid expansion of the balance sheet appears to be a function of external financing rather than internal value creation. Investors should monitor whether this asset growth translates into meaningful revenue generation, as the current trajectory suggests a reliance on continuous equity dilution to fund ongoing operational deficits.
Cash Runway and Liquidity Buffers
As reported in financial statements, the company's cash position fluctuated significantly, peaking at $197.8M in 2025Q1 before declining to $47.1M by 2026Q1, indicating that the firm is actively consuming its capital reserves to sustain its current R&D and fleet deployment initiatives.
While the current ratio of 10.19 suggests a strong short-term liquidity position, this metric is heavily influenced by the recent cash influx and does not account for the high burn rate inherent in the business model. The rapid depletion of cash reserves warrants further investigation into the company's long-term funding strategy.
Asset Composition and Hardware Intensity
Based on reported figures, net PPE has increased to $61.8M in 2026Q1, reflecting the company's capital-intensive strategy of building out a proprietary robotic fleet, which now represents a significant portion of the firm's total asset base compared to earlier periods.
The shift toward a more asset-heavy balance sheet implies that the company is committed to owning its infrastructure, which introduces risks related to hardware depreciation and technological obsolescence. This strategy requires consistent capital reinvestment, which may continue to pressure free cash flow in the coming quarters.
Goodwill and Intangible Asset Risks
Analysis of the balance sheet reveals that goodwill has risen to $28.0M as of 2026Q1, a development that suggests recent inorganic growth or acquisitions may be introducing non-cash assets that could be subject to future impairment if the underlying business units fail to meet performance targets.
The emergence of goodwill on the balance sheet is a notable departure from the company's previous asset-light profile and may mask the true economic value of the acquired entities. Investors should monitor these intangible assets closely, as any write-downs could significantly impact the company's reported equity position.