Serve Robotics Inc.

What they do

Serve designs, engineers, deploys and operates low-emission autonomous robots built on a proprietary AI, computer vision and cloud fleet-management platform. Its robots operate outdoors for last-mile food, grocery and retail delivery, and indoors in hospitals through Diligent Robotics, acquired in January 2026. The technology originated as a Postmates project in 2017 and was contributed to the company by Uber in February 2021. As of December 31, 2025, the fleet consisted of over 2,000 sidewalk delivery robots, with platform integrations to Uber Eats and DoorDash.

Revenue drivers

• Fleet services (delivery) — Autonomous last-mile delivery for restaurant and retail partners on platforms including Uber Eats and DoorDash; $2.305M of $3.2M Q2 2026 revenue, up from $330K in Q2 2025.
• Software services / recurring revenue — Software and related recurring revenue was $933K in Q2 2026 and $1.959M for 1H 2026; management said recurring revenue exceeded 50% of total Q2 revenue.
• Healthcare automation (Diligent Robotics) — Indoor hospital robots supporting clinical logistics, acquired January 27, 2026; the company reported 7 multiyear hospital contract extensions and 2 new hospitals added in 1H 2026.
• Advertising and branding — Advertising on the delivery fleet accounted for nearly 50% of food delivery revenue in Q2 2026, per the earnings release.

Recent performance

Q2 2026 revenue was $3.2M, up 404% year over year and 9% sequentially, versus $0.6M in Q2 2025. Q2 2026 net loss was $64.1M, compared with $20.9M a year earlier; 1H 2026 net loss was $113.1M on $6.2M of revenue. Gross margin improved over the prior quarter as recurring revenue surpassed 50% of total revenue. Daily active robots averaged 792 in Q2 2026 versus 160 in Q2 2025, and daily supply hours were 9,809 versus 1,723. The company ended the quarter with $240.4M in cash and marketable securities and about 86 million shares outstanding.

Strategy

Serve is expanding from outdoor food delivery into adjacent markets and indoor healthcare use cases, using the Diligent Robotics acquisition to enter hospitals and other commercial sectors. Management says it is leveraging its core autonomy stack, fleet management infrastructure and operational expertise across those domains, and cites the Vebu acquisition (February 17, 2026) alongside Diligent. It also points to the NoScrubs Laundry delivery partnership as further revenue diversification. The CFO described a deliberate decision to concentrate fleet and capital behind the highest-return opportunities while lowering expected operating expenses.

Risks

• Early-stage losses and cash burn — The company had a $322.0M accumulated deficit as of June 30, 2026, a 2025 net loss of $101.4M and 2025 operating cash outflow of $80.2M.
• Customer concentration — The 10-K and 10-Q state that a significant portion of revenue is concentrated with a small number of customers.
• Uber Eats delivery volume shortfall — FY2026 revenue guidance was cut to $9-10M, reflecting lower-than-expected delivery volume through the Uber Eats partnership and removal of projected second-half 2026 demand.
• Integration and execution risk from acquisitions — Diligent Robotics (January 2026) and Vebu (February 2026) were both acquired in 2026, with healthcare revenue dependent on hospital utilization, infrastructure and staffing.

Outlook

Management revised full-year 2026 revenue guidance to $9M-$10M, down from prior expectations, citing weaker Uber Eats delivery volume. It guided FY2026 non-GAAP operating expenses to $140M-$150M, reduced from $160M-$170M previously. The company frames its $240.4M liquidity position as providing flexibility to keep expanding the autonomous network and investing in the technology platform.