SERV · Serve Robotics Inc.

Serve Robotics reported strong Q1 2026 results, with revenue of $3.0 million exceeding plan and representing 238% sequential growth and 578% year-over-year growth. The growth was driven by expansion across all offerings, including fleet services and software services. Software services contributed approximately one-third of Q1 revenue, and just under half of total revenue is now recurring, indicating a shift toward a more durable revenue base. Gross margin improved sequentially, supported by increasing software revenue, higher revenue per robot, and operating efficiency. The company maintained a strong balance sheet with $197.4 million in cash and marketable securities. Management highlighted the successful integration of Diligent Robotics, expanding operations into healthcare robotics, and the deployment of approximately 2,000 robots across 44 cities and 14 states. The company reaffirmed its full-year 2026 revenue guidance of approximately $26 million and Non-GAAP operating expense of $160-170 million, reflecting continued investment in autonomy development and fleet scale. The net loss widened to $49.0 million from $34.3 million in the prior quarter and $13.2 million in the same quarter last year, primarily due to increased operating expenses as the company scales. The earnings release and investor presentation were furnished under Items 2.02 and 7.01, respectively, and are not deemed filed for SEC purposes.