Earnings

Serve Robotics Raises 2026 Revenue Guidance to $12 Million

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter revenue was $2.8 million, up 313% from a year earlier, as the company lifted its full-year outlook from a $9 million to $10 million range.

Serve Robotics Inc. (SERV), an autonomy and robotics company, reported third-quarter revenue of $2.8 million, up 313% from a year earlier, and raised full-year 2026 revenue guidance to $12 million from a prior range of $9 million to $10 million.

The year-over-year growth rate slowed from 404% in the second quarter. Sequential revenue declined from $3.2 million in the prior quarter, reversing a 9% sequential increase then reported.

Fleet services, the bulk of the business, generated $2.58 million in the three months ended September 30, 2026, compared with $433 thousand a year earlier. Software services were $253 thousand.

Chief Financial Officer Brian Read said third-quarter revenue exceeded the company’s expectations and that operating expenses were driven down while fleet margin improved more than 100 percentage points sequentially. The company said gross margin improved sequentially as the mix of higher-margin recurring revenue reached nearly 70% of all revenues. Recurring revenue accounted for 69% of total revenue. Branding revenue grew nearly 80% sequentially.

The gross loss narrowed to $7.56 million from $8.78 million in the prior quarter. Net loss was $59.23 million, or $0.68 a share, on 86.9 million weighted-average shares. Adjusted EBITDA was a loss of $42.18 million.

Daily active robots rose to 917 from 792 in the prior quarter. Daily supply hours increased to 11,214 from 9,809. Among new delivery platform partners, daily delivery volume tripled and the number of merchants grew 2.5 times in the quarter.

Healthcare generated revenue the company said was consistent with expectations. It entered 12 multi-year contract extensions with hospital customers and added 4 new hospitals year-to-date through the third quarter.

Cash and marketable securities were $198.0 million as of September 30, 2026, down from $240.4 million as of June 30. Cash and cash equivalents were $50.77 million and short-term marketable securities $147.23 million. About 88 million shares were outstanding.

The company lowered full-year 2026 non-GAAP operating expense guidance to $150 million from $160 million to $170 million, citing cost discipline. Projected 2026 GAAP operating expenses were $208 million, including $50 million of stock-based compensation and $8 million of amortization of intangible assets.

Co-founder and Chief Executive Officer Dr. Ali Kashani said the company was raising full-year revenue guidance to $12 million and that, with the launch of Serve Physical AI Services, the technology behind its fleets was now available to other robot makers. The company said it exclusively launched its first international city in Australia in October.

For the nine months ended September 30, 2026, revenue was $9.06 million, compared with $1.77 million a year earlier. Net loss for the nine months was $172.36 million, or $2.13 a share. Cash used in operating activities was $123.53 million. Financing included $84.92 million from at-the-market common-stock offerings.

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Serve Robotics Inc. /DE/ — all coverage and financials