Serve Robotics Inc. /DE/ SERV
Unless otherwise stated or the context otherwise indicates, all references to "Serve," the "Company," "we," "our," "us," or similar terms refer to Serve Robotics Inc. together with its wholly-owned subsidiaries. Serve Operating Co. is our direct, wholly-owned subsidiary and holds all material assets and conducts all business activities and operations of Serve.
The following is a glossary of technical terms used in this Annual Report on Form 10-K:
LiDAR — A digital sensor for measuring distance to objects which uses the principle of radar, but uses light from a laser
ODD — Operating Design Domain describes the specific operating conditions in which the automated driving system is designed to properly operate, including but not limited to roadway types, speed range, and environmental conditions
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $2.7M | $1.8M | $207.5K | $107.8K | — | — |
| Cost of revenue | $18.0M | $1.9M | $1.7M | $1.1M | — | — |
| Gross profit | -$15.4M | -$75.0K | -$1.5M | -$1.0M | — | — |
| R&D | $45.3M | $24.3M | $9.9M | $13.6M | — | — |
| SG&A | $37.1M | $10.1M | $4.6M | $3.8M | $54.6K | — |
| Total operating expenses | $97.4M | $38.2M | $19.2M | $19.9M | — | — |
| Operating income | -$112.8M | -$38.3M | -$20.7M | -$21.0M | -$54.6K | — |
| Interest expense | $3.0K | $2.0M | $2.3M | $636.3K | — | — |
| Pre-tax income | -$105.0M | -$39.2M | -$24.8M | — | — | — |
| Income tax | $3.7M | $0 | $0 | — | — | — |
| Net income | -$101.4M | -$39.2M | -$24.8M | -$21.9M | -$54.6K | — |
| EPS, basic | -1.63 | -1.07 | -1.75 | -3.17 | -0.01 | — |
| EPS, diluted | -1.63 | -1.07 | -1.75 | -3.17 | -0.01 | — |
| Shares, diluted (wtd. avg.) | $62.3M | $36.7M | $14.2M | $6.9M | $5.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $106.2M | $123.3M | $7.0K | $2.7M | $8.0M | $9.4K |
| Short-term investments | $127.2M | $0 | — | — | — | — |
| Receivables | $851.0K | $87.0K | $3.0K | $23.7K | — | — |
| Inventory | $0 | $310.0K | $774.3K | $618.3K | — | — |
| Total current assets | $241.1M | $125.3M | $1.5M | $3.4M | $271 | $9.4K |
| Property, plant and equipment | $47.0M | $12.0M | $48.4K | $3.4M | — | — |
| Goodwill | $15.5M | $0 | — | — | — | — |
| Other intangibles | $31.3M | $0 | — | — | — | — |
| Total assets | $367.8M | $139.6M | $2.8M | $8.5M | $271 | $9.4K |
| Accounts payable | $5.0M | $4.9M | $2.1M | $162.0K | $7.5K | $4.5K |
| Total current liabilities | $13.3M | $6.8M | $6.2M | $3.9M | $72.5K | $27.0K |
| Total liabilities | $17.0M | $7.9M | $6.8M | $21.0M | $72.5K | $27.0K |
| Retained earnings | -$208.9M | -$107.5M | -$68.3M | -$43.5M | -$72.7K | -$18.1K |
| Total equity | $350.7M | $131.7M | -$4.0M | -$12.5M | $8.3M | -$17.6K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$80.2M | -$21.5M | -$16.0M | -$21.4M | -$51.6K | — |
| Depreciation and amortisation | $8.2M | $310.0K | $1.9M | $388.1K | — | — |
| Stock-based compensation | $21.3M | $14.6M | $544.4K | $195.1K | — | — |
| Capital expenditure | $37.3M | $10.3M | $4.9K | $3.6M | — | — |
| Investing cash flow | -$198.0M | -$10.3M | -$4.9K | -$4.1M | — | — |
| Financing cash flow | $261.2M | $155.1M | $13.3M | $20.2M | $42.5K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001832483-26-000010.
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| TAYD | TAYLOR DEVICES, INC. | $200.5M | 23.7x | -10.0% |