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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | — | — | $107.8K | $207.5K | $1.8M | $2.7M |
| Gross profit | — | — | -$1.0M | -$1.5M | -$75.0K | -$15.4M |
| Net income | — | -$54.6K | -$21.9M | -$24.8M | -$39.2M | -$101.4M |
Recent filings and events
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Other event Item 8.01
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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