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Serve Robotics (SERV) Financials

Serve Robotics logo
$5.19 +0.10 (+1.96%)
Closing price 04:00 PM Eastern
Extended Trading
$5.21 +0.02 (+0.35%)
As of 07:56 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Serve Robotics

Annual Income Statements for Serve Robotics

This table shows Serve Robotics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -22 -25 -39 -101
Consolidated Net Income / (Loss)		 -22 -25 -39 -101
Net Income / (Loss) Continuing Operations		 -22 -25 -39 -101
Total Pre-Tax Income 		-22 -25 -39 -105
Total Operating Income		 -21 -21 -38 -113
Total Gross Profit		 -1.04 -1.52 -0.08 -15
Total Revenue		 0.11 0.21 1.81 2.65
Operating Revenue		 0.11 0.21 1.81 2.65
Total Cost of Revenue		 1.15 1.73 1.89 18
Operating Cost of Revenue		 1.15 1.73 1.89 18
Total Operating Expenses		 20 19 38 97
Selling, General & Admin Expense		 5.82 7.18 13 49
Marketing Expense		 0.53 0.61 0.58 2.90
Research & Development Expense		 14 9.95 24 45
Total Other Income / (Expense), net		 -0.90 -4.09 -0.90 7.75
Interest Expense		 0.64 - 1.96 0.00
Interest & Investment Income		 - -2.26 1.28 7.27
Other Income / (Expense), net		 -0.27 -1.82 -0.22 0.48
Income Tax Expense		 0.00 0.00 0.00 -3.66
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)		 - - 0.00 -0.14
Basic Earnings per Share		 ($3.17) ($1.75) ($1.07) ($1.63)
Weighted Average Basic Shares Outstanding		 6.90M 14.20M 36.66M 62.28M
Diluted Earnings per Share		 - ($1.75) ($1.07) ($1.63)
Weighted Average Diluted Shares Outstanding		 - 14.20M 36.66M 62.28M
Weighted Average Basic & Diluted Shares Outstanding		 - 24.83M 56.92M 75.69M

Quarterly Income Statements for Serve Robotics

This table shows Serve Robotics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -7.65 -7.06 -9.04 -9.04 -8.00 -13 -13 -21 -33 -34 -49
Consolidated Net Income / (Loss)		 -7.65 -7.06 -9.04 -9.04 -8.00 -13 -13 -21 -33 -34 -49
Net Income / (Loss) Continuing Operations		 -7.65 -7.06 -9.04 -9.04 -8.00 -13 -13 -21 -33 -34 -49
Total Pre-Tax Income 		-7.65 -7.06 -9.04 -9.04 -8.00 -13 -13 -21 -33 -38 -50
Total Operating Income		 -5.58 -6.82 -7.71 -8.56 -8.45 -14 -15 -23 -35 -40 -52
Total Gross Profit		 -0.51 -0.36 0.59 0.14 -0.16 -0.66 -1.47 -2.86 -4.38 -6.68 -9.00
Total Revenue		 0.06 0.04 0.95 0.47 0.22 0.18 0.44 0.64 0.69 0.88 2.98
Operating Revenue		 0.06 0.04 0.95 0.47 0.22 0.18 0.44 0.64 0.69 0.88 2.98
Total Cost of Revenue		 0.57 0.40 0.35 0.33 0.38 0.83 1.91 3.50 5.07 7.56 12
Operating Cost of Revenue		 0.57 0.40 0.35 0.33 0.38 0.83 1.91 3.50 5.07 7.56 12
Total Operating Expenses		 5.07 6.46 8.31 8.70 8.29 13 14 20 30 34 43
Selling, General & Admin Expense		 1.99 2.10 1.55 2.74 2.90 6.19 6.42 10 16 16 22
Marketing Expense		 0.12 0.12 0.12 0.17 0.38 -0.09 0.24 0.46 0.88 1.32 1.87
Research & Development Expense		 2.96 2.78 6.64 5.79 5.01 6.82 6.88 9.12 13 16 19
Total Other Income / (Expense), net		 -2.07 -0.24 -1.33 -0.48 0.45 0.46 1.79 1.79 1.71 2.46 2.13
Interest Expense		 - - 1.34 0.56 0.03 - 0.00 0.00 0.00 -0.00 0.00
Interest & Investment Income		 -1.48 - 0.01 0.30 0.48 - 1.79 1.79 1.71 1.98 2.11
Other Income / (Expense), net		 -0.58 - - -0.22 0.00 - 0.00 0.00 0.00 - 0.02
Income Tax Expense		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 -3.66 -0.65
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)		 - - - - - - 0.00 - - - 0.20
Basic Earnings per Share		 ($0.41) $0.17 ($0.37) ($0.27) ($0.20) ($0.23) ($0.23) ($0.36) ($0.54) ($0.50) ($0.65)
Weighted Average Basic Shares Outstanding		 18.53M 14.20M 24.56M 33.80M 40.59M 36.66M 56.32M 57.51M 61.34M 62.28M 75.30M
Diluted Earnings per Share		 ($0.41) - ($0.37) ($0.27) ($0.20) - ($0.23) ($0.36) ($0.54) ($0.50) ($0.65)
Weighted Average Diluted Shares Outstanding		 18.53M 14.20M 24.56M 33.80M 40.59M 36.66M 56.32M 57.51M 61.34M 62.28M 75.30M
Weighted Average Basic & Diluted Shares Outstanding		 - 24.83M 37.08M 39.60M 44.30M 56.92M 57.12M 59.88M 74.48M 75.69M 77.37M

Annual Cash Flow Statements for Serve Robotics

This table details how cash moves in and out of Serve Robotics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -5.25 -2.71 123 -17
Net Cash From Operating Activities		 -21 -16 -22 -80
Net Cash From Continuing Operating Activities		 -21 -16 -22 -80
Net Income / (Loss) Continuing Operations		 -22 -25 -39 -101
Consolidated Net Income / (Loss)		 -22 -25 -39 -101
Depreciation Expense		 0.39 1.86 0.31 8.21
Amortization Expense		 0.01 1.81 1.68 -1.07
Non-Cash Adjustments To Reconcile Net Income		 0.46 3.68 15 21
Changes in Operating Assets and Liabilities, net		 -0.41 1.48 0.88 -7.27
Net Cash From Investing Activities		 -4.06 -0.00 -10 -198
Net Cash From Continuing Investing Activities		 -4.06 -0.00 -10 -198
Purchase of Property, Plant & Equipment		 -4.06 -0.00 -10 -38
Acquisitions		 - - 0.00 -7.50
Purchase of Investments		 - - 0.00 -204
Sale and/or Maturity of Investments		 - - 0.00 52
Other Investing Activities, net		 - - -0.07 -0.51
Net Cash From Financing Activities		 20 13 155 261
Net Cash From Continuing Financing Activities		 20 13 155 261
Repayment of Debt		 -0.63 -2.20 -3.10 -0.19
Issuance of Debt		 2.50 4.07 4.85 0.00
Issuance of Common Equity		 13 10 131 249
Other Financing Activities, net		 4.46 0.95 23 12
Effect of Exchange Rate Changes		 - - 0.00 0.00
Cash Interest Paid		 0.62 0.51 0.20 0.22
Cash Income Taxes Paid		 0.00 0.00 0.00 0.00

Quarterly Cash Flow Statements for Serve Robotics

This table details how cash moves in and out of Serve Robotics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 3.48 -3.50 0.42 28 22 72 74 -81 0.14 -11 -59
Net Cash From Operating Activities		 -5.70 -3.68 -4.08 -5.74 -5.46 -6.26 -9.46 -16 -25 -30 -41
Net Cash From Continuing Operating Activities		 -5.70 -3.68 -4.08 -5.74 -5.46 -6.26 -9.46 -16 -25 -30 -41
Net Income / (Loss) Continuing Operations		 -7.65 -7.06 -9.04 -9.04 -8.00 -13 -13 -21 -33 -34 -49
Consolidated Net Income / (Loss)		 -7.65 -7.06 -9.04 -9.04 -8.00 -13 -13 -21 -33 -34 -49
Depreciation Expense		 0.47 0.47 0.02 0.01 0.01 0.27 0.48 0.82 2.10 4.83 6.26
Amortization Expense		 0.35 1.00 1.21 0.47 - - 0.00 -0.40 -0.15 -0.53 -0.42
Non-Cash Adjustments To Reconcile Net Income		 1.53 0.72 4.25 3.27 2.22 4.85 3.88 4.60 6.45 6.33 7.35
Changes in Operating Assets and Liabilities, net		 -0.40 1.21 -0.52 -0.45 0.30 1.73 -0.60 -0.13 -0.55 -6.00 -5.61
Net Cash From Investing Activities		 -0.00 -0.00 -0.00 -0.79 -4.60 -4.92 -3.30 -79 -40 -76 -20
Net Cash From Continuing Investing Activities		 -0.00 -0.00 -0.00 -0.79 -4.60 -4.92 -3.30 -79 -40 -76 -20
Purchase of Property, Plant & Equipment		 -0.00 -0.00 -0.00 -0.79 -4.60 -4.92 -3.52 -6.46 -11 -17 -1.44
Acquisitions		 - - - - - - 0.00 - -1.87 0.00 -21
Purchase of Investments		 - - - - - - 0.00 - -41 -96 -57
Sale and/or Maturity of Investments		 - - - - - - 0.00 - - 37 60
Other Investing Activities, net		 - - 0.00 - - - 0.22 -0.23 -0.05 -0.39 0.00
Net Cash From Financing Activities		 9.19 0.18 4.50 35 32 84 87 14 65 95 1.91
Net Cash From Continuing Financing Activities		 9.19 0.18 4.50 35 32 84 87 14 65 95 1.91
Repayment of Debt		 -1.45 -0.25 -0.32 -0.22 -0.75 - -0.56 - - -0.19 0.00
Issuance of Common Equity		 10 0.42 0.00 36 17 78 76 14 65 95 1.51
Other Financing Activities, net		 -3.34 -0.06 -0.02 4.11 11 5.94 12 0.02 0.22 0.25 0.41
Effect of Exchange Rate Changes		 - - - - - - 0.00 - 0.06 -0.06 0.00
Cash Interest Paid		 0.18 0.25 0.04 0.01 0.01 0.14 0.04 0.06 - 0.13 0.09
Cash Income Taxes Paid		 - - - - - - 0.00 - - - 0.00

Annual Balance Sheets for Serve Robotics

This table presents Serve Robotics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 8.54 2.80 140 368
Total Current Assets		 3.44 1.46 125 241
Cash & Equivalents		 2.72 0.01 123 106
Short-Term Investments		 - - 0.00 127
Accounts Receivable		 0.02 0.00 0.28 1.55
Prepaid Expenses		 0.08 0.68 1.40 6.04
Other Current Assets		 - - 0.00 0.08
Plant, Property, & Equipment, net		 3.38 0.05 12 47
Total Noncurrent Assets		 1.73 1.30 2.39 80
Long-Term Investments		 - - 0.00 26
Goodwill		 - - 0.00 16
Intangible Assets		 - - 0.00 31
Other Noncurrent Operating Assets		 1.73 1.30 2.39 6.48
Total Liabilities & Shareholders' Equity		 8.54 2.80 140 368
Total Liabilities		 21 6.84 7.92 17
Total Current Liabilities		 3.90 6.24 6.81 13
Accounts Payable		 0.16 2.05 4.90 5.01
Accrued Expenses		 0.04 0.26 0.66 6.48
Current Deferred Revenue		 - 0.00 0.02 0.00
Other Current Liabilities		 2.86 2.86 1.23 1.80
Total Noncurrent Liabilities		 17 0.60 1.11 3.71
Noncurrent Deferred & Payable Income Tax Liabilities		 - - 0.00 0.26
Other Noncurrent Operating Liabilities		 16 0.21 1.11 3.45
Commitments & Contingencies		 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -12 -4.03 132 351
Total Preferred & Common Equity		 -12 -4.03 132 351
Preferred Stock		 0.00 0.00 0.00 0.00
Total Common Equity		 -12 -4.03 132 351
Common Stock		 31 64 239 559
Retained Earnings		 -44 -68 -108 -209
Accumulated Other Comprehensive Income / (Loss)		 - - 0.00 0.14

Quarterly Balance Sheets for Serve Robotics

This table presents Serve Robotics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 4.25 33 61 217 214 299 341
Total Current Assets		 3.03 31 55 200 187 220 201
Cash & Equivalents		 0.43 29 51 198 117 117 47
Short-Term Investments		 - - - - 67 94 140
Accounts Receivable		 0.27 0.09 0.01 1.10 1.14 1.49 5.60
Prepaid Expenses		 0.63 1.12 3.45 1.11 2.06 7.63 7.82
Other Current Assets		 0.97 0.18 0.18 - - 0.13 0.23
Plant, Property, & Equipment, net		 0.03 0.82 5.41 14 19 30 57
Total Noncurrent Assets		 1.18 1.06 1.17 2.34 9.19 49 83
Long-Term Investments		 - - - - - - 9.93
Goodwill		 - - - - 4.59 12 28
Intangible Assets		 - - - - 1.43 33 37
Other Noncurrent Operating Assets		 1.18 1.06 1.17 2.34 3.18 4.63 8.14
Total Liabilities & Shareholders' Equity		 4.25 33 61 217 214 299 341
Total Liabilities		 13 4.30 5.29 6.43 7.11 15 23
Total Current Liabilities		 13 4.27 5.15 5.26 5.69 13 20
Accounts Payable		 1.73 1.39 3.61 3.65 2.53 7.75 5.70
Accrued Expenses		 1.15 0.05 0.06 0.89 1.99 3.34 9.62
Current Deferred Revenue		 0.07 0.05 0.01 0.00 0.01 0.00 2.52
Other Current Liabilities		 4.41 2.03 1.48 0.71 1.16 1.67 1.89
Total Noncurrent Liabilities		 0.15 0.04 0.14 1.17 1.42 2.48 3.28
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - - - - 0.35
Other Noncurrent Operating Liabilities		 0.15 0.04 0.14 1.17 1.42 2.48 2.93
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -8.81 28 56 210 207 284 318
Total Preferred & Common Equity		 -8.81 28 56 210 207 284 318
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -8.81 28 56 210 207 284 318
Common Stock		 69 115 151 331 349 458 576
Retained Earnings		 -77 -86 -94 -121 -142 -175 -258
Accumulated Other Comprehensive Income / (Loss)		 - - - - 0.30 0.07 -0.06

Annual Metrics And Ratios for Serve Robotics

This table displays calculated financial ratios and metrics derived from Serve Robotics' official financial filings.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - 74,483,482.00
DEI Adjusted Shares Outstanding		 - - - 74,483,482.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - -1.36
Growth Metrics		 - - - -
Profitability Metrics		 - - - -
Net Operating Profit after Tax (NOPAT)		 -15 -15 -27 -79
Return On Investment Capital (ROIC_SIMPLE)		 - 531.00% -20.35% -22.51%
Earnings before Interest and Taxes (EBIT)		 -21 -23 -39 -112
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -21 -19 -37 -105
Valuation Ratios		 - - - -
Leverage & Solvency		 - - - -
Liquidity Ratios		 - - - -
Cash Flow Metrics		 - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -25 -38 -162
Efficiency Ratios		 - - - -
Capital & Investment Metrics		 - - - -
Invested Capital		 -13 -2.74 8.41 91
Increase / (Decrease) in Invested Capital		 0.00 10 11 83
Book Value per Share		 ($1.81) ($0.28) $2.97 $4.71
Tangible Book Value per Share		 ($1.81) ($0.28) $2.97 $4.08
Total Capital		 -10 -2.73 132 351
Total Debt		 2.21 1.30 0.00 0.00
Total Long-Term Debt		 1.21 0.23 0.00 0.00
Net Debt		 -0.50 1.29 -123 -260
Capital Expenditures (CapEx)		 4.06 0.00 10 38
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -2.17 -3.71 -4.82 -5.63
Debt-free Net Working Capital (DFNWC)		 0.54 -3.71 118 228
Net Working Capital (NWC)		 -0.46 -4.78 118 228
Net Nonoperating Expense (NNE)		 7.19 10 12 22
Net Nonoperating Obligations (NNO)		 -0.50 1.29 -123 -260
Total Depreciation and Amortization (D&A)		 0.40 3.68 1.99 7.14
Earnings Adjustments		 - - - -
Adjusted Basic Earnings per Share		 $0.00 ($1.75) ($1.07) ($1.63)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 14.20M 36.66M 62.28M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($1.07) ($1.63)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 24.83M 36.66M 62.28M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 24.83M 56.92M 75.69M
Normalized Net Operating Profit after Tax (NOPAT)		 -15 -13 -27 -79
Debt Service Ratios		 - - - -
Payout Ratios		 - - - -

Quarterly Metrics And Ratios for Serve Robotics

This table displays calculated financial ratios and metrics derived from Serve Robotics' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - 56,918,226.00 57,123,356.00 59,881,731.00 74,483,482.00 75,690,177.00
DEI Adjusted Shares Outstanding		 - - - - - - 56,918,226.00 57,123,356.00 59,881,731.00 74,483,482.00 75,690,177.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - -0.23 -0.37 -0.55 -0.46 -0.65
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 2,251.96% 655.33% 254.12% 311.62% -53.47% 37.18% 209.46% - 578.18%
EBITDA Growth		 0.00% 0.00% -40.07% -134.47% -57.77% -148.25% -124.21% -167.68% -289.65% - -216.00%
EBIT Growth		 0.00% 0.00% -51.31% -96.39% -37.04% -99.04% -94.58% -157.96% -312.27% - -244.92%
NOPAT Growth		 0.00% 0.00% -82.42% -108.59% -51.41% -99.04% -94.58% -164.66% -312.27% - -245.08%
Net Income Growth		 0.00% 0.00% -75.90% -81.98% -4.58% -85.74% -46.23% -130.69% -312.96% - -270.76%
EPS Growth		 0.00% 0.00% 0.00% 63.51% 51.22% 0.00% 37.84% -33.33% -170.00% - -182.61%
Operating Cash Flow Growth		 0.00% 0.00% -9.83% -99.59% 4.31% -70.36% -132.02% -178.03% -361.17% - -337.73%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -1,451.66% -511.75% -728.01% - -442.34%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 407.18% 436.70% 5,404.87% 1,295.04% - 870.44%
Revenue Q/Q Growth		 0.90% -31.72% 0.00% -50.53% -52.70% -20.63% 150.49% 45.76% 7.01% - 238.50%
EBITDA Q/Q Growth		 -51.00% -0.22% 0.00% -28.11% -1.61% -57.70% -9.22% -52.96% -47.90% - -27.54%
EBIT Q/Q Growth		 -37.88% -10.68% 0.00% -13.82% 3.78% -60.77% -10.52% -50.91% -53.75% - -28.42%
NOPAT Q/Q Growth		 -35.99% -22.29% 0.00% -10.95% 1.29% -60.77% -10.52% -50.91% -53.75% - -28.48%
Net Income Q/Q Growth		 -53.96% 7.62% 0.00% 0.01% 11.52% -64.07% -0.74% -57.76% -58.37% - -42.97%
EPS Q/Q Growth		 44.59% 0.00% 0.00% 0.00% 25.93% 0.00% 0.00% -56.52% -50.00% - -30.00%
Operating Cash Flow Q/Q Growth		 -98.28% 35.55% 0.00% -40.79% 4.93% -14.74% -51.08% -68.69% -57.71% - -39.75%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% -274.76% -73.97% -84.87% -28.73% -47.76% -135.47% - -30.18%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 111.77% 1,113.33% 59.90% 47.42% 92.47% 207.48% - 32.30%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 -815.11% -834.24% 62.77% 30.39% -70.30% -373.09% -333.35% -445.33% -637.41% - -301.64%
EBITDA Margin		 -8,546.20% -12,544.46% -684.55% -1,772.63% -3,807.64% -7,565.65% -3,298.80% -3,461.78% -4,784.72% - -1,538.81%
Operating Margin		 -8,915.19% -15,967.03% -814.55% -1,826.67% -3,811.73% -7,720.99% -3,406.56% -3,527.10% -5,067.83% - -1,735.32%
EBIT Margin		 -9,849.89% -15,967.03% -814.55% -1,873.98% -3,811.73% -7,720.99% -3,406.56% -3,527.10% -5,067.83% - -1,734.52%
Profit (Net Income) Margin		 -12,220.85% -16,534.53% -954.67% -1,929.52% -3,609.14% -7,460.96% -3,000.53% -3,247.66% -4,806.40% - -1,642.23%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 99.73% - 98.69%
Interest Burden Percent		 124.07% 103.55% 117.20% 102.96% 94.69% 96.63% 88.08% 92.08% 95.10% - 95.93%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% -8,964.83% -1,703.02% -3,452.15% -714.36% -300.69% -175.43% - -95.05%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% -8,943.08% -1,694.83% -3,446.22% -711.55% -295.96% -168.81% - -88.59%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 8,806.81% 1,536.06% 3,293.00% 680.73% 265.43% 129.75% - 66.31%
Return on Equity (ROE)		 0.00% 301.04% 326.06% -158.02% -166.95% -159.15% -33.63% -35.26% -45.68% - -28.74%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% -451.08% -386.92% -536.52% -326.36% - -320.30%
Operating Return on Assets (OROA)		 0.00% -584.01% -213.60% -86.95% -104.14% -196.54% -40.30% -42.26% -54.68% - -32.33%
Return on Assets (ROA)		 0.00% -604.77% -250.35% -89.53% -98.61% -189.92% -35.50% -38.91% -51.86% - -30.61%
Return on Common Equity (ROCE)		 0.00% 301.05% 326.06% -158.02% -166.95% -159.15% -33.63% -35.26% -45.68% - -28.74%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 326.06% -115.18% -58.98% 0.00% -20.64% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 -3.90 -4.77 -5.40 -5.99 -5.91 -9.50 -11 -16 -24 -28 -36
NOPAT Margin		 -6,240.63% -11,176.92% -570.19% -1,278.67% -2,668.21% -5,404.69% -2,384.59% -2,468.97% -3,547.48% - -1,214.73%
Net Nonoperating Expense Percent (NNEP)		 0.00% 176.85% 142.13% -21.75% -8.19% -5.93% -2.82% -4.73% -6.62% - -6.46%
Return On Investment Capital (ROIC_SIMPLE)		 - 174.74% - - - -7.22% -5.00% -7.65% -8.59% -8.04% -11.41%
Cost of Revenue to Revenue		 915.11% 934.24% 37.23% 69.61% 170.30% 473.09% 433.35% 545.33% 737.41% - 401.64%
SG&A Expenses to Revenue		 3,174.64% 4,906.66% 163.62% 585.97% 1,307.77% 3,520.59% 1,457.00% 1,589.10% 2,349.35% - 732.94%
R&D to Revenue		 4,735.57% 6,497.84% 701.21% 1,235.74% 2,260.38% 3,878.87% 1,561.95% 1,420.56% 1,952.55% - 637.97%
Operating Expenses to Revenue		 8,100.08% 15,132.79% 877.32% 1,857.07% 3,741.43% 7,347.90% 3,073.20% 3,081.78% 4,430.42% - 1,433.68%
Earnings before Interest and Taxes (EBIT)		 -6.16 -6.82 -7.71 -8.78 -8.45 -14 -15 -23 -35 -40 -52
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -5.35 -5.36 -6.48 -8.30 -8.44 -13 -15 -22 -33 -36 -46
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 5.60 4.54 1.56 3.15 2.45 - 2.01
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 5.60 4.54 1.56 3.25 2.91 - 2.52
Price to Revenue (P/Rev)		 0.00 192.73 0.00 0.00 187.46 329.95 250.55 441.48 358.02 - 122.97
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 50.15 56.42 10.44 19.69 6.62 - 3.67
Enterprise Value to Revenue (EV/Rev)		 0.00 198.96 0.00 0.00 157.15 261.94 99.16 317.62 249.83 - 84.97
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 -0.32 -0.63 0.03 0.00 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to Equity		 0.00 -0.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Financial Leverage		 0.00 -0.32 -0.58 -0.98 -0.91 -0.96 -0.96 -0.90 -0.77 - -0.75
Leverage Ratio		 0.00 -0.69 -0.48 1.15 1.09 1.12 1.10 1.05 1.06 - 1.06
Compound Leverage Factor		 0.00 -0.71 -0.57 1.19 1.04 1.08 0.97 0.97 1.01 - 1.01
Debt to Total Capital		 0.00% -47.61% -170.40% 2.57% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Short-Term Debt to Total Capital		 0.00% -39.16% -170.40% 2.57% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Long-Term Debt to Total Capital		 0.00% -8.45% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Common Equity to Total Capital		 0.00% 147.61% 270.40% 97.43% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
Debt to EBITDA		 0.00 -0.07 -0.27 -0.03 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Debt to EBITDA		 0.00 -0.07 -0.25 1.10 0.00 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to EBITDA		 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Debt to NOPAT		 0.00 -0.09 -0.33 -0.04 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Debt to NOPAT		 0.00 -0.09 -0.30 1.40 0.00 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to NOPAT		 0.00 -0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Altman Z-Score		 0.00 -40.60 0.00 0.00 34.10 44.94 30.61 54.90 27.05 - 15.75
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.00 0.23 0.24 7.24 10.65 18.40 38.03 32.79 17.21 - 10.19
Quick Ratio		 0.00 0.00 0.05 6.77 9.88 18.15 37.82 32.43 16.61 - 9.78
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 -1.71 -6.42 -11 -21 -27 -39 -93 -111 -144
Operating Cash Flow to CapEx		 -228,806.38% -151,859.98% -122,107.19% -722.26% -118.77% -127.21% -273.42% -247.03% -222.53% - -2,868.56%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 -1.29 0.00 0.00 0.00 -7,814.38 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 -3.07 0.00 0.00 0.00 -2,780.73 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 -3.08 0.00 0.00 0.00 -3,797.75 0.00 0.00 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.04 0.26 0.05 0.03 0.03 0.01 0.01 0.01 - 0.02
Accounts Receivable Turnover		 0.00 15.57 4.19 16.32 128.21 12.88 1.91 2.40 2.58 - 1.55
Inventory Turnover		 0.00 2.48 2.33 2.33 4.44 3.48 0.00 0.00 0.00 - 0.00
Fixed Asset Turnover		 0.00 0.12 32.92 1.86 0.31 0.30 0.18 0.15 0.11 - 0.15
Accounts Payable Turnover		 0.00 1.56 0.99 1.19 0.40 0.54 1.28 3.38 1.99 - 6.01
Days Sales Outstanding (DSO)		 0.00 23.44 87.16 22.36 2.85 28.33 190.74 152.03 141.30 - 235.48
Days Inventory Outstanding (DIO)		 0.00 146.89 156.72 156.90 82.13 104.81 0.00 0.00 0.00 - 0.00
Days Payable Outstanding (DPO)		 0.00 233.38 367.05 306.93 904.88 672.16 285.09 108.04 183.27 - 60.76
Cash Conversion Cycle (CCC)		 0.00 -63.06 -123.17 -127.68 -819.90 -539.01 -94.35 43.99 -41.97 - 174.72
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 0.00 -2.74 -3.68 0.43 5.26 8.41 12 24 73 91 120
Invested Capital Turnover		 0.00 -0.08 -0.60 7.01 0.64 0.64 0.30 0.12 0.05 - 0.08
Increase / (Decrease) in Invested Capital		 0.00 0.00 -3.68 0.43 5.26 11 16 23 68 83 108
Enterprise Value (EV)		 0.00 41 0.00 0.00 264 475 130 470 486 - 441
Market Capitalization		 40 40 0.00 0.00 315 598 327 653 696 - 639
Book Value per Share		 $0.00 ($0.28) ($0.36) $0.84 $1.42 $2.97 $3.69 $3.63 $4.74 $4.71 $4.20
Tangible Book Value per Share		 $0.00 ($0.28) ($0.36) $0.84 $1.42 $2.97 $3.69 $3.52 $3.99 $4.08 $3.35
Total Capital		 0.00 -2.73 -3.26 29 56 132 210 207 284 351 318
Total Debt		 0.00 1.30 5.55 0.75 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.23 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 0.00 1.29 5.12 -28 -51 -123 -198 -183 -210 -260 -197
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.79 4.60 4.92 3.46 6.46 11 17 1.44
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -3.71 -4.64 -1.42 -1.18 -4.82 -3.05 -2.49 -3.51 -5.63 -6.08
Debt-free Net Working Capital (DFNWC)		 0.00 -3.71 -4.21 27 50 118 195 181 207 228 181
Net Working Capital (NWC)		 0.00 -4.78 -9.76 27 50 118 195 181 207 228 181
Net Nonoperating Expense (NNE)		 3.74 2.29 3.64 3.05 2.08 3.62 2.71 5.00 8.65 6.06 13
Net Nonoperating Obligations (NNO)		 0.00 1.29 5.12 -28 -51 -123 -198 -183 -210 -260 -197
Total Depreciation and Amortization (D&A)		 0.82 1.46 1.23 0.47 0.01 0.27 0.47 0.42 1.95 4.30 5.84
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -1,788.99% -416.42% -93.08% -70.37% -266.03% -233.21% -168.22% -180.49% - -117.07%
Debt-free Net Working Capital to Revenue		 0.00% -1,785.73% -378.04% 1,799.89% 2,961.33% 6,534.94% 14,906.37% 12,217.03% 10,638.09% - 3,491.74%
Net Working Capital to Revenue		 0.00% -2,301.28% -876.19% 1,750.56% 2,961.33% 6,534.94% 14,906.37% 12,217.03% 10,638.09% - 3,491.74%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.17 ($0.37) ($0.27) ($0.20) ($0.23) ($0.23) ($0.36) ($0.54) ($0.50) ($0.65)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 14.20M 24.56M 33.80M 40.59M 36.66M 56.32M 57.51M 61.34M 62.28M 75.30M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 ($0.27) ($0.20) $0.00 ($0.23) ($0.36) ($0.54) ($0.50) ($0.65)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 14.20M 37.08M 33.80M 40.59M 36.66M 56.32M 57.51M 61.34M 62.28M 75.30M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 24.83M 37.08M 39.60M 44.30M 56.92M 57.12M 59.88M 74.48M 75.69M 77.37M
Normalized Net Operating Profit after Tax (NOPAT)		 -3.90 -4.77 -5.40 -5.99 -5.91 -9.50 -11 -16 -24 -28 -36
Normalized NOPAT Margin		 -6,240.63% -11,176.92% -570.19% -1,278.67% -2,668.21% -5,404.69% -2,384.59% -2,468.97% -3,547.48% - -1,214.73%
Pre Tax Income Margin		 -12,220.85% -16,534.53% -954.67% -1,929.52% -3,609.14% -7,460.96% -3,000.53% -3,247.66% -4,819.36% - -1,663.94%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 -5.81 0.00 0.00 0.00 -4,409.25 0.00 0.00 - 0.00
NOPAT to Interest Expense		 0.00 0.00 -4.07 0.00 0.00 0.00 -3,086.48 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 -5.82 0.00 0.00 0.00 -5,426.27 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 -4.07 0.00 0.00 0.00 -4,103.49 0.00 0.00 - 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 1.08% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%

Financials Breakdown Chart

Key Financial Trends

Serve Robotics (NASDAQ: SERV) continues to scale revenue quickly, but losses and cash burn remain very high. Over the last several quarters, the company has shown strong top-line growth and a large cash position, but profitability is still far away. The most recent quarter also included a major acquisition, which increased the asset base but added to the complexity of the balance sheet.

What stands out most: revenue has grown sharply from just $40,000-$60,000 per quarter in early 2023 to nearly $3.0 million in Q1 2026, but operating costs have also risen dramatically. The company is still posting large quarterly losses and negative operating cash flow, so investors should view the story as one of rapid growth funded by capital raises, investments, and cash on hand.

  • Revenue growth is accelerating. Quarterly revenue rose to $2.98 million in Q1 2026, up from $881,000 in Q4 2025 and far above levels from 2024 and 2023.
  • Cash and investments remain substantial. As of Q1 2026, Serve Robotics held $47.1 million in cash and equivalents plus $140.4 million in short-term investments and $9.9 million in long-term investments.
  • The balance sheet is stronger than it was a year ago in terms of leverage. Total liabilities were only $23.0 million in Q1 2026 against $317.8 million of equity.
  • Interest and investment income is helping offset losses. Q1 2026 generated $2.1 million of interest and investment income, which meaningfully reduced the pre-tax loss.
  • Book equity expanded significantly over the past year. Total common equity rose to $317.8 million in Q1 2026 from $210.2 million in Q1 2025, helped by equity issuance and higher capital raised.
  • Liquidity is currently supported by marketable securities, not operating cash flow. The company is funding operations largely through prior capital raises and investment balances rather than self-generated cash.
  • The acquisition increased non-core assets. Goodwill and intangible assets jumped in Q1 2026, which suggests the recent acquisition added meaningful intangible value and execution risk.
  • Gross margin remains deeply negative. In Q1 2026, revenue of $2.98 million came with $12.0 million of cost of revenue, producing a gross loss of $9.0 million.
  • Operating losses remain very large. Q1 2026 operating loss was $51.8 million, driven by heavy SG&A, R&D, and marketing spending.
  • Cash burn is still high. Q1 2026 operating cash flow was negative $41.4 million, and total cash and equivalents fell from $116.8 million at Q3 2025 to $47.1 million at Q1 2026.

Longer-term trend: Serve Robotics has moved from a very early-stage revenue base in 2023 to a much larger commercial footprint in 2025 and 2026, but expenses have scaled just as fast. The company’s losses widened materially in 2025, with Q1 2026 net loss of $49.2 million compared with a $13.2 million loss in Q1 2025 and an $8.0 million loss in Q3 2024. That tells investors the business is still in investment mode, not yet in harvest mode.

Balance sheet trend: The company’s asset base shifted sharply over the last year, especially with the jump in investments and the Q1 2026 acquisition. At the same time, liabilities stayed relatively modest compared with equity. That is a strength, but it also reflects ongoing dilution and repeated equity financing as the company funded growth and operating losses.

Bottom line: Serve Robotics is showing real commercial momentum, but the financial statements still look like a high-burn growth story. Until gross losses narrow and operating cash flow improves, the stock will likely continue to depend on investor confidence in future scale rather than current earnings power.

07/20/26 08:35 PM ETAI Generated. May Contain Errors.

Serve Robotics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Serve Robotics' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Serve Robotics' net income appears to be on an upward trend, with a most recent value of -$101.36 million in 2025, rising from -$21.86 million in 2022. The previous period was -$39.19 million in 2024. See where experts think Serve Robotics is headed by visiting Serve Robotics' forecast page.

Serve Robotics' total operating income in 2025 was -$112.77 million, based on the following breakdown:
  • Total Gross Profit: -$15.38 million
  • Total Operating Expenses: $97.39 million

Over the last 3 years, Serve Robotics' total revenue changed from $107.82 thousand in 2022 to $2.65 million in 2025, a change of 2,358.8%.

Serve Robotics' total liabilities were at $17.01 million at the end of 2025, a 114.7% increase from 2024, and a 19.0% decrease since 2022.

In the past 3 years, Serve Robotics' cash and equivalents has ranged from $6.76 thousand in 2023 to $123.27 million in 2024, and is currently $106.24 million as of their latest financial filing in 2025.

Over the last 3 years, Serve Robotics' book value per share changed from -1.81 in 2022 to 4.71 in 2025, a change of -360.8%.


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Financial statements for NASDAQ:SERV last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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