NASDAQ : SERV
Serve Robotics Inc. — Financial statements
Industrials · Specialty Industrial Machinery · United States
Last price 2.6 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 225.34M
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Financial statements
Serve Robotics Inc. (SERV) reported revenue of 7.79M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 7.79M | 2.65M | 1.81M | 207.54K | 107.82K | |
| Cost of Revenue | 36.62M | 18.03M | 1.89M | 1.73M | 1.15M | |
| Gross Profit | -28.83M | -15.38M | -75.00K | -1.52M | -1.04M | |
| Selling, General & Admin | 91.96M | 50.80M | 14.20M | 8.01M | 6.35M | 3.53M |
| Research & Development | 68.57M | 45.19M | 24.01M | 9.73M | 13.57M | 7.09M |
| Operating Expenses | 160.53M | 95.99M | 38.21M | 17.74M | 19.91M | 10.62M |
| Operating Income | -189.37M | -111.37M | -38.29M | -19.26M | -20.95M | -10.62M |
| Interest Expense | -3.00K | -1.96M | -2.26M | -636.33K | ||
| Interest & Investment Income | 7.72M | 7.27M | 1.28M | |||
| Currency Exchange Gain (Loss) | -12.00K | 2.00K | ||||
| Other Non Operating Income (Expenses) | 105.00K | 91.00K | -222.00K | -1.82M | -265.74K | -11.04M |
| EBT Excluding Unusual Items | -181.55M | -104.01M | -39.19M | -23.34M | -21.86M | -21.67M |
| Merger & Restructuring Charges | -3.60M | -1.40M | ||||
| Gain (Loss) on Sale of Investments | 390.00K | 391.00K | ||||
| Asset Writedown | -1.47M | |||||
| Pretax Income | -184.76M | -105.02M | -39.19M | -24.81M | -21.86M | -21.67M |
| Income Tax Expense | -4.34M | -3.66M | ||||
| Net Income | -180.42M | -101.36M | -39.19M | -24.81M | -21.86M | -21.67M |
| Net Income to Common | -180.42M | -101.36M | -39.19M | -24.81M | -21.86M | -21.67M |
| Shares Outstanding (Basic) | 72.72M | 62.28M | 36.66M | 14.20M | 6.90M | 7.00M |
| Shares Outstanding (Diluted) | 72.72M | 62.28M | 36.66M | 14.20M | 6.90M | 7.00M |
| EPS (Basic) | -2.48 | -1.63 | -1.07 | -1.75 | -3.17 | -3.10 |
| EPS (Diluted) | -2.48 | -1.63 | -1.07 | -1.75 | -3.17 | -3.10 |
| Free Cash Flow | -169.81M | -117.58M | -31.79M | -15.98M | -25.05M | -10.87M |
| Free Cash Flow Per Share | -2.33 | -1.89 | -0.87 | -1.12 | -3.63 | -1.55 |
| Gross Margin | -4.14% | |||||
| Operating Margin | -2,430.56% | -4,201.02% | -2,111.91% | -9,279.25% | -19,433.54% | |
| Profit Margin | -2,315.80% | -3,823.50% | -2,161.67% | -11,955.83% | -20,270.20% | |
| Free Cash Flow Margin | -2,179.51% | -4,435.12% | -1,753.67% | -7,697.51% | -23,231.28% | |
| EBITDA | -172.09M | -105.64M | -37.98M | -17.39M | -20.56M | -10.58M |
| D&A For EBITDA | 17.27M | 5.73M | 310.00K | 1.86M | 388.14K | 42.47K |
| EBIT | -189.37M | -111.37M | -38.29M | -19.26M | -20.95M | -10.62M |
| Advertising Expenses | 200.00K | 400.00K | 180.00K | 128.00K |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 79.11M | 106.24M | 123.27M | 6.76K | 2.72M | 7.97M |
| Short-Term Investments | 156.29M | 127.17M | ||||
| Cash & Short-Term Investments | 235.41M | 233.41M | 123.27M | 6.76K | 2.72M | 7.97M |
| Accounts Receivable | 2.88M | 851.00K | 87.00K | 2.96K | 23.70K | |
| Other Receivables | 2.60M | 696.00K | 192.00K | |||
| Receivables | 5.49M | 1.55M | 279.00K | 2.96K | 23.70K | |
| Inventory | 310.00K | 774.35K | 618.26K | 463.42K | ||
| Prepaid Expenses | 6.18M | 6.04M | 1.40M | 676.97K | 81.34K | |
| Other Current Assets | 219.00K | 77.00K | 11.16K | |||
| Total Current Assets | 247.29M | 241.07M | 125.25M | 1.46M | 3.44M | 8.44M |
| Property, Plant & Equipment | 60.56M | 52.38M | 13.77M | 830.86K | 4.59M | 119.62K |
| Long-Term Investments | 5.00M | 26.34M | ||||
| Goodwill | 28.00M | 15.53M | ||||
| Other Intangible Assets | 34.51M | 31.31M | ||||
| Other Long-Term Assets | 3.27M | 1.11M | 578.00K | 512.66K | 512.66K | 96.65K |
| Total Assets | 378.62M | 367.75M | 139.60M | 2.80M | 8.54M | 8.66M |
| Accounts Payable | 5.50M | 5.01M | 4.90M | 2.05M | 162.03K | 336.31K |
| Accrued Expenses | 9.43M | 6.48M | 655.00K | 255.85K | 37.43K | |
| Short-Term Debt | 70.00K | |||||
| Current Portion of Long-Term Debt | 1.00M | 1.00M | ||||
| Current Portion of Leases | 2.36M | 1.80M | 1.23M | 2.86M | 2.70M | |
| Current Unearned Revenue | 1.98M | 2.00K | 20.00K | |||
| Total Current Liabilities | 19.27M | 13.30M | 6.81M | 6.24M | 3.90M | 336.31K |
| Long-Term Debt | 230.93K | 1.21M | ||||
| Long-Term Leases | 7.33M | 3.45M | 1.11M | 211.18K | 2.57M | |
| Long-Term Deferred Tax Liabilities | 225.00K | 255.00K | ||||
| Other Long-Term Liabilities | 158.62K | 13.31M | ||||
| Total Liabilities | 26.83M | 17.01M | 7.92M | 6.84M | 21.00M | 336.31K |
| Common Stock | 9.00K | 7.00K | 5.00K | 2.45K | 683.00 | 89.00 |
| Additional Paid-In Capital | 673.83M | 559.49M | 239.20M | 64.47M | 31.23M | 29.99M |
| Retained Earnings | -322.02M | -208.89M | -107.53M | -68.33M | -43.52M | -21.67M |
| Comprehensive Income & Other | -32.00K | 138.00K | -169.62K | -165.72K | 1.00 | |
| Total Common Equity | 351.79M | 350.74M | 131.68M | -4.03M | -12.45M | 8.32M |
| Shareholders' Equity | 351.79M | 350.74M | 131.68M | -4.03M | -12.45M | 8.32M |
| Total Liabilities & Equity | 378.62M | 367.75M | 139.60M | 2.80M | 8.54M | 8.66M |
| Total Debt | 9.70M | 5.25M | 2.34M | 4.37M | 7.48M | |
| Net Cash (Debt) | 230.71M | 254.50M | 120.92M | -4.37M | -4.77M | 7.97M |
| Net Cash Per Share | 3.17 | 4.09 | 3.30 | -0.31 | -0.69 | 1.14 |
| Filing Date Shares Outstanding | 86.67M | 75.64M | 56.81M | 24.51M | 8.50M | 7.00M |
| Total Common Shares Outstanding | 86.50M | 74.73M | 51.29M | 24.51M | 8.50M | 7.00M |
| Working Capital | 228.02M | 227.78M | 118.44M | -4.78M | -457.99K | 8.10M |
| Book Value Per Share | 4.07 | 4.69 | 2.57 | -0.16 | -1.47 | 1.19 |
| Tangible Book Value | 289.29M | 303.90M | 131.68M | -4.03M | -12.45M | 8.32M |
| Tangible Book Value Per Share | 3.34 | 4.07 | 2.57 | -0.16 | -1.47 | 1.19 |
| Machinery | 53.71M | 49.71M | 6.74M | 2.34M | 3.81M | 162.09K |
| Construction In Progress | 8.28M | 3.36M | 7.83M | |||
| Leasehold Improvements | 618.00K | 414.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -180.42M | -101.36M | -39.19M | -24.81M | -21.86M | -21.67M |
| Depreciation & Amortization | 17.27M | 5.73M | 310.00K | 1.86M | 388.14K | 42.47K |
| Other Amortization | 2.48M | 2.48M | 1.68M | 1.81M | 13.60K | |
| Asset Writedown & Restructuring Costs | 1.47M | |||||
| Loss (Gain) From Sale of Investments | -1.46M | -1.07M | ||||
| Stock-Based Compensation | 35.01M | 21.25M | 14.55M | 544.38K | 195.06K | 8.71K |
| Other Operating Activities | -5.47M | -4.70M | 222.00K | 1.82M | 265.74K | 11.04M |
| Change in Accounts Receivable | -1.37M | -697.00K | -84.00K | 20.74K | -23.70K | |
| Change in Inventory | 465.00K | -156.09K | -154.84K | -463.42K | ||
| Change in Accounts Payable | -3.30M | -2.02M | 872.00K | 1.89M | -174.28K | 336.31K |
| Change in Unearned Revenue | 38.00K | -18.00K | 20.00K | |||
| Change in Other Net Operating Assets | -2.34M | 162.00K | -389.00K | -417.27K | -57.38K | -11.16K |
| Operating Cash Flow | -139.55M | -80.24M | -21.54M | -15.97M | -21.40M | -10.71M |
| Capital Expenditures | -30.25M | -37.33M | -10.25M | -4.91K | -3.64M | -162.09K |
| Cash Acquisitions | -23.32M | -7.50M | ||||
| Sale (Purchase) of Intangibles | 20.00K | -405.00K | ||||
| Investment in Securities | -93.29M | -152.25M | ||||
| Other Investing Activities | 3.06M | -506.00K | -66.00K | -416.01K | -96.65K | |
| Investing Cash Flow | -143.78M | -198.00M | -10.32M | -4.91K | -4.06M | -258.73K |
| Short-Term Debt Issued | 4.84M | 3.32M | ||||
| Long-Term Debt Issued | 750.00K | 6.96M | ||||
| Total Debt Issued | 4.84M | 4.07M | 6.96M | |||
| Short-Term Debt Repaid | -70.00K | -449.00K | ||||
| Long-Term Debt Repaid | -186.00K | -3.03M | -3.46M | -628.52K | ||
| Total Debt Repaid | -186.00K | -3.10M | -3.91M | -628.52K | ||
| Net Debt Issued (Repaid) | -186.00K | 1.74M | 154.89K | 6.33M | ||
| Issuance of Common Stock | 245.71M | 261.35M | 157.53M | 15.40M | 12.89M | 7.93M |
| Repurchase of Common Stock | -3.00 | |||||
| Other Financing Activities | 35.00K | 48.00K | -4.15M | -2.29M | ||
| Financing Cash Flow | 245.74M | 261.21M | 155.12M | 13.27M | 20.21M | 18.93M |
| Foreign Exchange Rate Adjustments | 1.00K | 1.00K | ||||
| Miscellaneous Cash Flow Adjustments | -1.00K | -1.00K | 1.00 | |||
| Net Cash Flow | -37.59M | -17.03M | 123.26M | -2.71M | -5.25M | 7.97M |
| Free Cash Flow | -169.81M | -117.58M | -31.79M | -15.98M | -25.05M | -10.87M |
| Free Cash Flow Margin | -2,179.51% | -4,435.12% | -1,753.67% | -7,697.51% | -23,231.28% | |
| Free Cash Flow Per Share | -2.33 | -1.89 | -0.87 | -1.12 | -3.63 | -1.55 |
| Levered Free Cash Flow | -90.13M | -77.64M | -16.13M | -7.86M | -16.93M | |
| Unlevered Free Cash Flow | -90.13M | -77.64M | -16.58M | -8.26M | -16.54M | |
| Cash Interest Paid | 328.00K | 224.00K | 203.00K | 507.19K | 622.73K | |
| Change in Working Capital | -6.97M | -2.57M | 884.00K | 1.34M | -410.20K | -138.27K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 225.34M | 772.62M | 593.65M | |||
| Enterprise Value | -5.38M | 566.32M | 544.35M | |||
| Last Close Price | 2.60 | 10.38 | 13.50 | |||
| PS Ratio | 28.92 | 291.44 | 327.44 | |||
| PB Ratio | 0.64 | 2.20 | 4.51 | |||
| P/TBV Ratio | 0.78 | 2.54 | 4.51 | |||
| EV/Sales Ratio | 213.62 | 300.25 | ||||
| Debt / Equity Ratio | 0.03 | 0.01 | 0.02 | -1.08 | -0.60 | |
| Net Debt / Equity Ratio | -0.66 | -0.73 | -0.92 | -1.08 | -0.38 | -0.96 |
| Net Debt / EBITDA Ratio | 1.34 | 2.41 | 3.18 | -0.25 | -0.23 | 0.75 |
| Net Debt / FCF Ratio | 1.36 | 2.17 | 3.80 | -0.27 | -0.19 | 0.73 |
| Asset Turnover | 0.03 | 0.01 | 0.03 | 0.04 | 0.01 | |
| Inventory Turnover | 3.48 | 2.48 | 2.12 | |||
| Quick Ratio | 12.50 | 17.67 | 18.15 | 0.00 | 0.70 | 23.69 |
| Current Ratio | 12.83 | 18.13 | 18.40 | 0.23 | 0.88 | 25.10 |
| Return on Equity (ROE) | -64.55% | -42.02% | -61.41% | |||
| Return on Assets (ROA) | -39.92% | -27.44% | -33.61% | -212.12% | -152.27% | |
| Return on Capital Employed (ROCE) | -52.70% | -31.40% | -28.80% | 561.00% | -450.90% | -127.70% |
| Earnings Yield | -95.43% | -13.12% | -6.60% | |||
| FCF Yield | -75.36% | -15.22% | -5.36% | |||
| Buyback Yield / Dilution | -43.86% | -69.90% | -158.09% | -105.95% | 1.44% |