Revenue growth remains erratic at 5.8% in 2026Q1, while structural gross margins remain deeply negative at -3.0% due to high operational costs.
| Sales/Revenue | 5.19M | 2.65M | 1.81M | 207.54K | 107.82K | 0 |
| Revenue Growth % | 297.67% | 46.26% | 773.3% | 92.49% | - | - |
| Cost of Goods Sold | 28.11M | 18.03M | 1.89M | 1.73M | 1.15M | 42.47K |
| COGS % of Revenue | - | 680.23% | 104.15% | 833.68% | 1065.14% | - |
| Gross Profit | -22.91M | -15.38M | -75.16K | -1.52M | -1.04M | -42.47K |
| Gross Margin % | -441.13% | -580.23% | -4.15% | -733.68% | -965.14% | - |
| Gross Profit Growth % | - | -20366.76% | 95.06% | -46.33% | -2350.27% | - |
| Operating Expenses | 126.63M | 97.39M | 38.21M | 19.2M | 19.91M | 10.62M |
| OpEx % of Revenue | - | 3673.59% | 2108.37% | 9253.36% | 18468.4% | - |
| Selling, General & Admin | 51.82M | 40.02M | 10.61M | 5.22M | 4.31M | 2.61M |
| SG&A % of Revenue | - | 1509.58% | 585.61% | 2516.9% | 3998.94% | - |
| Research & Development | 57.42M | 45.27M | 24.26M | 9.95M | 13.57M | 7.09M |
| R&D % of Revenue | - | 1707.54% | 1338.22% | 4792.82% | 12581.98% | - |
| Other Operating Expenses | 4M | 12.1M | 3.34M | 4.03M | 2.04M | 924.5K |
| Operating Income | -149.55M | -112.77M | -38.29M | -20.73M | -20.95M | -10.62M |
| Operating Margin % | -2878.92% | -4253.83% | -2112.51% | -9987.04% | -19433.54% | - |
| Operating Income Growth % | - | -194.52% | -84.72% | 1.08% | -97.25% | - |
| EBITDA | -135.5M | -104.56M | -37.98M | -18.86M | -20.56M | -10.58M |
| EBITDA Margin % | -2608.53% | -3944.02% | -2095.43% | -9088.96% | -19073.55% | - |
| EBITDA Growth % | -202.35% | -175.3% | -101.34% | 8.27% | -94.38% | - |
| D&A (Non-Cash Add-back) | 14.05M | 8.21M | 309.71K | 1.86M | 388.14K | 42.47K |
| EBIT | -145.95M | -112.77M | -38.29M | -19.26M | -21.22M | -21.67M |
| Net Interest Income | 7.58M | 0 | -680.55K | -2.26M | -636.33K | 0 |
| Interest Income | 7.59M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 6.4K | 0 | 680.55K | 2.26M | 636.33K | 0 |
| Other Income/Expense | 8.09M | 7.75M | -902.11K | -4.09M | -902.07K | -11.04M |
| Pretax Income | -141.45M | -105.02M | -39.19M | -24.81M | -21.86M | -21.67M |
| Pretax Margin % | -2723.11% | -3961.41% | -2162.29% | -11955.83% | -20270.2% | - |
| Income Tax | -4.3M | -3.66M | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 3.04% | 3.48% | 0% | 0% | 0% | 0% |
| Net Income | -137.15M | -101.36M | -39.19M | -24.81M | -21.86M | -21.67M |
| Net Margin % | -2640.25% | -3823.5% | -2162.29% | -11955.83% | -20270.2% | - |
| Net Income Growth % | -216.23% | -158.63% | -57.94% | -13.54% | -0.88% | - |
| Net Income (Continuing) | -137.15M | -101.36M | -39.19M | -24.81M | -21.86M | -21.67M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.80 | -1.63 | -1.07 | -0.67 | -0.59 | -0.58 |
| EPS Growth % | -68.91% | -52.34% | -59.7% | -13.56% | -1.72% | - |
| EPS (Basic) | - | -1.63 | -1.07 | -0.67 | -0.59 | -0.58 |
| Diluted Shares Outstanding | 76.01M | 62.28M | 36.66M | 36.94M | 36.94M | 36.94M |
| Basic Shares Outstanding | 76.01M | 62.28M | 36.66M | 36.94M | 36.94M | 36.94M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Unit-level economics failure
According to the latest quarterly filings, Serve Robotics reported revenue of $3.0M in 2026Q1, reflecting a 5.8% sequential increase, though the erratic growth pattern across the prior ten quarters suggests that the company has yet to establish a predictable or sustainable commercial expansion trajectory.
The revenue profile appears highly sensitive to pilot program timing rather than consistent, recurring delivery volume. Investors should monitor whether the recent uptick in top-line figures represents a durable shift in merchant adoption or merely the recognition of non-recurring integration fees.
As reported in financial statements, the company’s gross margin profile remains severely challenged, with the most recent period showing a -3.0% margin, a figure that underscores the significant cost of human-in-the-loop interventions required to maintain the current autonomous delivery fleet in urban environments.
The inability to achieve positive gross margins suggests that the variable costs of robot maintenance, charging, and remote supervision currently exceed the revenue generated per delivery. This structural deficit implies that the company is far from reaching the necessary scale to offset its intensive operational overhead.
Based on reported figures, operating expenses have ballooned to $51.8M in 2026Q1, with R&D spending of $19.0M significantly outpacing revenue growth, indicating that the company is currently prioritizing technological development over the achievement of operational efficiency or meaningful scale in its core delivery business.
The lack of operating leverage is evident as SG&A and R&D costs continue to climb in tandem with, or faster than, revenue. This suggests that management is heavily reinvesting in the platform's technical foundation, which may delay the path to break-even for the foreseeable future.
Analysis of recent income statements reveals that stock-based compensation reached $7.4M in 2026Q1, a substantial figure that masks the true cash-based operating losses and highlights the company's reliance on equity-based incentives to preserve its cash position while navigating a pre-profitability growth phase.
The consistent use of equity to compensate talent warrants close investigation, as it effectively shifts the burden of operational costs onto shareholders through dilution. Investors should distinguish between the reported net loss and the underlying cash burn, which is exacerbated by these non-cash compensation charges.
While the company maintains a $106M cash position, the persistent negative margins and high intervention requirements suggest that the current delivery-as-a-service model may face significant headwinds if the company cannot rapidly improve its robot-to-human supervisor ratio to achieve long-term, unit-level economic viability.
Short-term observers might focus on the cash runway, but the fundamental risk remains the potential for a permanent ceiling on fleet density due to regulatory or social friction. If the technology fails to reach a tipping point where human intervention becomes negligible, the current cost structure may prove unsustainable.
Quick answers to the most common questions about buying SERV stock.
For fiscal year 2025, Serve Robotics Inc. (SERV) reported total revenue of $2.7M.
Serve Robotics Inc. (SERV) reported a net loss of $101.4M for the fiscal year ending 2025.
Serve Robotics Inc. (SERV) reported an operating income of $-112.8M, resulting in an operating profit margin of -4253.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Serve Robotics Inc. (SERV) generated $-15.4M in gross profit for the year, representing a gross profit margin of -580.2%. This demonstrates the company's core pricing power and production efficiency.