Serve Robotics (SERV) investor relations material

Executive summary

• Deployed 2,000 autonomous robots across 20 cities in six major metros, achieving national scale and expanding partnerships to cover over 80% of the U.S. food delivery market.

• Completed four strategic acquisitions in 2025, including Diligent Robotics, Vayu Robotics, Phantom Auto, and Weebo/Vebu, strengthening data, models, connectivity, and monetization.

• Maintained a 99.8% delivery completion rate and strong safety record while scaling rapidly.

• Exceeded revenue guidance every quarter, with Q4 revenue up nearly 400% year-over-year and full-year revenue of $2.7 million, above the $2.5 million guidance.

• Expanded merchant network to over 4,500 partners, reaching 1.7 million households and a population of 3.75 million.

Financial highlights

• Q4 2025 revenue was $0.9 million, up over 400% year-over-year; full-year 2025 revenue reached $2.7 million, a 46% increase over 2024 and above guidance.

• Fleet revenue for Q4 was $0.7 million, growing 50% sequentially; branding and advertising revenue increased 50% year-over-year in Q4.

• Software revenues exceeded $200,000 in Q4, with recurring software now 70% of software revenue.

• Underlying recurring revenues grew from $200 thousand in Q1 to over $800 thousand in Q4, improving revenue visibility.

• Maintained liquidity of $260 million in cash and marketable securities as of December 31, 2025; Q4 capex was $16.5 million.

• Net loss for 2025 was $101.4 million; adjusted EBITDA loss was $78.6 million.

• Non-GAAP net loss for 2025 was $72.9 million, with non-GAAP net loss per share at $(1.17).

Outlook and guidance

• Raised 2026 revenue guidance to approximately $26 million, driven by the Diligent Robotics acquisition and recurring healthcare contracts.

• Expect $7 million in 2026 revenue from healthcare, with capital expenditures of about $25 million for further fleet expansion.

• Non-GAAP operating expenses for 2026 projected at $160–$170 million, reflecting continued investment in autonomy, fleet, and platform capabilities.

• Long-term target of $60–$80 million annualized revenue run rate at full fleet utilization, with international expansion groundwork in 2026 and launches targeted for 2027.