Serve Robotics exceeded fourth-quarter and full-year 2025 expectations, with Q4 revenue up roughly 400% year over year to $0.9 million and full-year revenue of $2.7 million, above prior guidance of $2.5 million.

Serve Robotics Inc. (the "Company" or "Serve") (Nasdaq: SERV), a leading autonomous sidewalk delivery company, today announced financial results for the fourth quarter and full year 2025 ended December 31, 2025.

"What our team accomplished last year is extraordinary. We went from operating in a single city to running the largest autonomous sidewalk fleet in the country, and we did it while delivering near-perfect reliability and surpassing our financial targets," said Dr. Ali Kashani, Serve's Co-founder and CEO. "But what excites me the most is the durable flywheel we've built and enhanced with four strategic acquisitions. Physical AI improves with real-world data, better AI makes the fleet more valuable, and a more valuable fleet funds the next turn of the cycle — from city sidewalks to hospital corridors."

"We entered 2026 from a position of increasing operational scale and financial strength," said Brian Read, CFO of Serve. "In 2025, we exceeded our revenue guidance, improved the mix and quality of our revenue base, and maintained substantial liquidity to support our growth strategy. With our raised 2026 revenue outlook and the addition of Diligent Robotics, we believe we are well positioned to expand recurring revenue, invest with discipline, and continue building long term shareholder value."

Business Highlights

National Scale Achieved: Deployed 2,000th robot in mid-December, on time and on plan. Fleet now operates across 20 cities and 6 major metro areas, from Los Angeles to the Washington, D.C. corridor, maintaining a 99.8% delivery completion rate.

Accelerating Volume and Revenue: Q4 fleet revenue grew 50% quarter-over-quarter and approximately 159% for the full year. Merchant base expanded to over 4,500 restaurant and retail partners, a more than 10x increase from approximately 400 a year ago.

Platform Partnerships: Now operating as a multi-platform fleet with both Uber Eats and DoorDash, covering over 80% of the U.S. food delivery market. Expanded brand partner lineup to include White Castle alongside existing partners Shake Shack, Little Caesars, and Jersey Mike's.

Four Strategic Acquisitions: Completed acquisitions of Vayu Robotics (foundation models for physical AI), Phantom Auto (low-latency connectivity), Diligent Robotics (hospital delivery robots with established revenue operations), and Vebu (kitchen automation). Each acquisition strengthens a specific step of the Serve's data-models-deployment-monetization flywheel.

Revenue Diversification: Revenue mix expanding beyond delivery fees to include branding and advertising, software and data licensing, and recurring healthcare revenue from Diligent Robotics. Underlying recurring revenues grew over 4x during the year, from approximately $200 thousand in Q1 to over $800 thousand in Q4.

Fourth Quarter and Full Year Financial Highlights

Revenue: Revenue of $0.9 million in the fourth quarter exceeded prior guidance and increased roughly 400% compared to fourth quarter 2024. Full year 2025 revenue was $2.7 million, above prior guidance of $2.5 million.

Balance Sheet: Maintained a strong liquidity position of $260 million in cash and marketable securities as of December 31, 2025, inclusive of the $100 million registered direct offering completed in October 2025.

Outlook: Raised 2026 revenue guidance to approximately $26 million and expects 2026 capital expenditures of approximately $25 million.

Supplemental Financial Information

The key metrics and financial tables outlined below are metrics that provide management with additional understanding of the drivers of business performance and the Company's ability to deliver stockholder return. Investors should not place undue reliance on these metrics as indicators of future or expected results. The Company's presentation of these metrics may differ from similarly titled metrics presented by other companies and therefore comparability may be limited.

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