0001832483-26-000010
SEC filingServe Robotics Inc. reported a net loss of $101.4 million for fiscal year 2025, a significant increase from a net loss of $39.2 million in 2024. Revenue grew 46% year-over-year to $2.7 million, but was overshadowed by a gross loss of $15.4 million due to cost of revenues of $18.0 million. Operating expenses surged to $97.4 million, primarily driven by research and development ($45.3 million) and general and administrative costs ($37.1 million). The company ended the year with $106.2 million in cash and cash equivalents and total assets of $367.8 million, bolstered by $261.2 million in net cash provided by financing activities. The acquisition of Diligent Robotics in January 2026 marks a strategic expansion into healthcare robotics.
Serve Robotics Inc. reported a net loss of $101.4 million for fiscal year 2025, a significant deterioration from a net loss of $39.2 million in 2024. Revenue grew 46% year-over-year to $2.7 million, but this was overshadowed by a gross loss of $15.4 million, compared to a gross loss of $75,000 in 2024. The loss from operations widened to $112.8 million from $38.3 million in the prior year. Operating expenses surged to $97.4 million, driven by substantial increases in research and development ($45.3 million, up from $24.3 million) and general and administrative expenses ($37.1 million, up from $10.1 million). The company ended the year with a comprehensive loss of $101.2 million.
Revenue for FY2025 was $2.7 million, up from $1.8 million in FY2024. The company's revenue is disaggregated into fleet services ($1.6 million) and software services ($1.0 million). Fleet services include delivery, branding, and data monetization, while software services comprise licensing and engineering projects. A significant portion of revenue is concentrated with a limited number of customers: Customer A accounted for 37% of total revenues, and Customer B accounted for 18%. The company's operations are primarily based in the United States, with all revenue derived from U.S. operations.
The company reported a gross loss of $15.4 million, resulting in a gross margin of -580.5%, a severe decline from -4.1% in the prior year. This was primarily due to cost of revenues of $18.0 million, which includes depreciation allocated to on-duty robot assets, direct labor, and other direct costs. The operating margin was -4255.6%, reflecting the substantial operating expenses of $97.4 million. Research and development expenses were the largest component at $45.3 million, followed by general and administrative expenses at $37.1 million. Stock-based compensation expense totaled $21.3 million for the year.
Net cash used in operating activities was $80.2 million, primarily driven by the net loss of $101.4 million, partially offset by non-cash adjustments such as stock-based compensation ($21.3 million) and depreciation & amortization ($8.2 million). Net cash used in investing activities was $198.0 million, largely due to purchases of marketable securities ($203.8 million) and property and equipment ($37.3 million). Net cash provided by financing activities was $261.2 million, mainly from proceeds from issuance of common stock. The company ended the year with cash and cash equivalents of $106.2 million, short-term marketable securities of $127.2 million, and total assets of $367.8 million. Total liabilities were $17.0 million, resulting in stockholders' equity of $350.7 million.
The company's principal sources of liquidity as of December 31, 2025, were cash and cash equivalents and short-term marketable securities totaling $233.4 million. Management expects to fund operations for at least the next twelve months but notes that recurring losses and forecasted cash outflows may require additional funding through equity or debt sales. Strategic priorities include growing delivery operations, expanding the autonomy platform into healthcare and indoor logistics, and increasing robot fleet utilization. The acquisition of Diligent Robotics in January 2026 extends the company's platform into healthcare, broadening its addressable market. Key risk factors include intense competition, reliance on key suppliers, and the need for additional capital.