Serve Robotics Inc (SERV) financial statements: income statement, balance sheet and cash flow

Serve Robotics Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Serve Robotics Inc reported revenue of $2.9M (+402.7% year on year) and net income of ($105.0M).

Income statement

Serve Robotics Inc income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Revenues	$2.7M	$1.8M	$207.5K	—
Cost of revenues	$18.0M	$1.9M	$1.7M	—
Gross loss	($15.4M)	($75.2K)	($1.5M)	—
Research and development	$45.3M	$24.3M	$9.9M	—
General and administrative	$37.1M	$10.1M	$4.6M	$51.4K
Operations	$12.1M	$3.3M	$2.6M	—
Sales and marketing	$2.9M	$577.1K	$605.2K	—
Total operating expenses	$97.4M	$38.2M	$19.2M	—
Loss from operations	($112.8M)	($38.3M)	($20.7M)	($51.4K)
Interest income	$7.3M	—	—	—
Interest expense	($3.0K)	—	—	—
Realized gain on foreign currency translation	$2.0K	—	—	—
Realized gain on investments	$391.0K	—	—	—
Change in fair value of derivative liability	$0	($221.6K)	($149.0K)	—
Other income	$91.0K	—	—	—
Net loss before income taxes	($105.0M)	—	—	—
Benefit from income taxes	$3.7M	$0	—	—
Net loss	($101.4M)	($39.2M)	($24.8M)	($51.4K)
Unrealized gain on investments	$189.0K	—	—	—
Other comprehensive income, before tax	$189.0K	—	—	—
Income tax expense related to items of other comprehensive income	($51.0K)	—	—	—
Other comprehensive income, net of tax	$138.0K	—	—	—
Comprehensive loss	($101.2M)	—	—	—
Weighted average common shares outstanding - basic (in shares)	62.3M	36.7M	14.2M	5.0M
Weighted average common shares outstanding - diluted (in shares)	62.3M	36.7M	—	—
Net loss per common share - basic (in dollars per share)	-$1.63	-$1.07	-$1.75	-$0.01
Net loss per common share - diluted (in dollars per share)	-$1.63	-$1.07	—	—

Serve Robotics Inc income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Revenues	$3.2M	$3.0M	$687.0K	$642.0K
Cost of revenues	$12.0M	$12.0M	$5.1M	$3.5M
Gross loss	($8.8M)	($9.0M)	($4.4M)	($2.9M)
Research and development	$20.3M	$19.0M	$13.4M	$9.1M
General and administrative	$24.8M	$14.9M	$13.2M	$8.1M
Operations	$7.9M	$7.0M	$3.0M	$2.1M
Sales and marketing	$4.3M	$1.9M	$883.0K	$463.0K
Total operating expenses	$57.3M	$42.8M	$30.4M	$19.8M
Loss from operations	($66.1M)	($51.8M)	($34.8M)	($22.6M)
Interest income	$1.9M	$2.1M	$1.7M	$1.8M
Interest expense	$0	$0	$0	$0
Realized loss on foreign currency translation	($4.0K)	($10.0K)	$4.0K	—
Realized loss on investments	$0	($1.0K)	$85.0K	—
Other income	$3.0K	$35.0K	—	—
Other expenses	($24.0K)	—	—	—
Net loss before income taxes	($64.2M)	($49.7M)	—	—
Income tax expense (benefit)	($36.2K)	$648.0K	$0	$0
Net loss	($64.1M)	($49.0M)	($33.0M)	($20.9M)
Unrealized gain (loss) on foreign currency translation	($2.0K)	($4.0K)	($343.0K)	$343.0K
Unrealized gain (loss) on investments	$31.0K	($195.0K)	$110.0K	($45.0K)
Other comprehensive income (loss), before tax	$29.0K	($199.0K)	—	—
Income tax expense related to items of other comprehensive income	$0	$0	—	—
Other comprehensive income (loss), net of tax	$29.0K	($199.0K)	—	—
Comprehensive loss	($64.1M)	($49.2M)	($33.3M)	($20.6M)
Weighted average common shares outstanding - basic (in shares)	80.3M	75.3M	61.3M	57.5M
Weighted average common shares outstanding - diluted (in shares)	80.3M	75.3M	61.3M	57.5M
Net loss per common share - basic (in dollars per share)	-$0.80	-$0.65	-$0.54	-$0.36
Net loss per common share - diluted (in dollars per share)	-$0.80	-$0.65	-$0.54	-$0.36

Balance sheet

Serve Robotics Inc balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$106.2M	$123.3M	$6.8K	—
Short-term marketable securities	$127.2M	—	—	—
Accounts receivable, net	$851.0K	$86.8K	$3.0K	—
Inventory	$0	$309.7K	$774.3K	—
Prepaid expenses	$6.0M	$1.4M	$677.0K	—
Other receivables	$696.0K	$191.6K	—	—
Other current assets	$77.0K	—	—	—
Total current assets	$241.1M	$125.3M	$1.5M	$457
Property and equipment, net	$47.0M	$12.0M	$48.4K	—
Long-term marketable securities	$26.3M	—	—	—
Intangible assets, net	$31.3M	—	—	—
Goodwill	$15.5M	—	—	—
Operating lease right-of-use assets	$5.4M	$1.8M	$782.4K	—
Other non-current assets	$1.1M	—	—	—
Total assets	$367.8M	$139.6M	$2.8M	$457
Accounts payable	$5.0M	$4.9M	$2.1M	$10.0K
Accrued liabilities	$6.5M	$654.5K	$255.8K	—
Deferred revenue	$1.8K	$20.1K	—	—
Operating lease liabilities, current	$1.8M	$666.1K	$497.0K	—
Financing lease liabilities, current	$0	$564.4K	$2.4M	—
Total current liabilities	$13.3M	$6.8M	$6.2M	$124.0K
Operating lease liabilities, non-current	$3.5M	$1.1M	$211.2K	—
Deferred tax liabilities	$255.0K	—	—	—
Total liabilities	$17.0M	$7.9M	$6.8M	$124.0K
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of both December 31, 2025 and 2024	0	0	—	—
Common stock, $0.0001 par value; 300,000,000 shares authorized, 74,781,782 and 51,396,574 shares issued, and 74734949 and 51,288,566 shares outstanding as of December 31, 2025 and 2024, respectively	7.0K	5.1K	2.5K	500
Additional paid-in capital	$559.5M	$239.2M	$64.5M	—
Accumulated other comprehensive income	$138.0K	—	—	—
Accumulated deficit	($208.9M)	($107.5M)	($68.3M)	($124.0K)
Total stockholders’ equity	$350.7M	$131.7M	($4.0M)	($123.5K)
Total liabilities and stockholders’ equity	$367.8M	$139.6M	$2.8M	$457

Serve Robotics Inc balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$79.1M	$47.1M	$116.8M	$116.7M
Short-term marketable securities	$156.3M	$140.4M	$93.6M	$66.6M
Accounts receivable, net	$2.9M	$3.9M	$805.0K	$656.0K
Prepaid expenses	$6.2M	$7.8M	$7.6M	$2.1M
Other receivables	$2.6M	$1.7M	$688.0K	$484.0K
Other current assets	$219.0K	$228.0K	$133.0K	—
Total current assets	$247.3M	$201.1M	$219.7M	$186.5M
Long-term marketable securities	$5.0M	$9.9M	—	—
Property and equipment, net	$50.5M	$57.1M	$30.1M	$18.6M
Intangible assets, net	$34.5M	$36.5M	$32.9M	$1.4M
Goodwill	$28.0M	$28.0M	$11.8M	$4.6M
Operating lease right-of-use assets	$10.1M	$4.8M	$4.0M	$2.4M
Other non-current assets	$3.3M	$3.4M	$612.0K	$759.0K
Total assets	$378.6M	$340.8M	$299.1M	$214.3M
Accounts payable	$5.5M	$5.7M	$7.7M	$2.5M
Accrued liabilities	$9.4M	$9.6M	$3.3M	$2.0M
Deferred revenue	$2.0M	$2.5M	$3.0K	$10.0K
Operating lease liabilities, current	$2.4M	$1.9M	$1.7M	$1.2M
Total current liabilities	$19.3M	$19.7M	$12.8M	$5.7M
Operating lease liabilities, non-current	$7.3M	$2.9M	$2.5M	$1.4M
Deferred tax liabilities	$225.0K	$347.0K	—	—
Total liabilities	$26.8M	$23.0M	$15.2M	$7.1M
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of both June 30, 2026 and December 31, 2025	0	0	0	0
Common stock, $0.0001 par value; 300,000,000 shares authorized, 86,536,203 and 74,781,782 shares issued and 86,496,060 and 74,734,949 shares outstanding as of June 30, 2026 and December 31, 2025, respectively	9.0K	7.0K	7.0K	6.0K
Additional paid-in capital	$673.8M	$575.7M	$458.4M	$348.5M
Accumulated other comprehensive income (loss)	($32.0K)	($61.0K)	$65.0K	$298.0K
Accumulated deficit	($322.0M)	($257.9M)	($174.6M)	($141.6M)
Total stockholders’ equity	$351.8M	$317.8M	$283.9M	$207.2M
Total liabilities and stockholders’ equity	$378.6M	$340.8M	$299.1M	$214.3M

Cash flow statement

Serve Robotics Inc cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net loss	($101.4M)	($39.2M)	($24.8M)	($51.4K)
Stock-based compensation	$21.3M	$14.6M	$544.4K	—
Depreciation & amortization	$8.2M	—	—	—
Deferred income taxes	($4.7M)	—	—	—
Accretion of discount on available-for-sale securities	($1.1M)	—	—	—
Amortization of debt discount	$0	$1.7M	$1.8M	—
Change in fair value of derivative liability	$0	$221.6K	$149.0K	—
Accounts receivable, net	($697.0K)	($83.8K)	$20.7K	—
Inventory	$0	$464.6K	($156.1K)	—
Prepaid expenses	($4.6M)	($719.9K)	($595.6K)	—
Other receivables	($498.0K)	($191.6K)	—	—
Accounts payable	($2.0M)	$872.3K	$1.9M	—
Accrued liabilities	$6.7M	$477.2K	$228.0K	—
Deferred revenue	($18.0K)	$20.1K	—	—
Operating lease liabilities	($1.4M)	$45.9K	($49.7K)	—
Net cash used in operating activities	($80.2M)	($21.5M)	($16.0M)	($48.9K)
Purchases of marketable securities	($203.8M)	—	—	—
Proceeds from maturities and sales of marketable securities	$51.5M	—	—	—
Purchases of property and equipment	($37.3M)	($10.3M)	($4.9K)	—
Acquisitions, net of cash acquired	($7.5M)	—	—	—
Security deposits	($506.0K)	($65.6K)	—	—
Capitalized implementation costs	($405.0K)	—	—	—
Net cash used in investing activities	($198.0M)	($10.3M)	($4.9K)	—
Proceeds from issuance of common, net of offering costs	$170.8M	$0	—	—
Proceeds from issuance of common stock under the 2025 Equity Distribution Agreement, net of offering costs	$78.7M	—	—	—
Proceeds from exercise of warrants	$11.4M	$22.4M	—	—
Proceeds from exercise of options	$423.0K	$367.3K	—	—
Repayments of financing lease liability	($186.0K)	($1.8M)	—	—
Proceeds from short-swing profit disgorgement	$48.0K	—	—	—
Proceeds from issuance of pre-funded warrants to purchase common stock in connection with private placement, net of issuance costs	$0	$17.1M	—	—
Proceeds from convertible notes payable, net of offering costs	$0	$4.8M	$2.8M	—
Repayments of note payable	$0	($1.3M)	($1.8M)	—
Repayment of note payable, related party	$0	($70.0K)	($449.0K)	—
Net cash provided by financing activities	$261.2M	$155.1M	$13.3M	$49.0K
Effect of exchange rate changes on cash and cash equivalents	$1.0K	—	—	—
Net change in cash and cash equivalents	($17.0M)	$123.3M	($2.7M)	—
Cash and cash equivalents at beginning of year	$123.3M	$6.8K	$2.7M	$271
Cash and cash equivalents at end of year	$106.2M	$123.3M	$6.8K	—
Cash paid for interest	$224.0K	$202.8K	$507.2K	—
Cash paid for income taxes	$0	$0	—	—
Operating lease right-of-use assets obtained for lease obligations	$4.8M	$1.6M	—	—
Purchases of property and equipment, accrued but not paid	$1.7M	$2.0M	—	—
Conversion of convertible notes and derivative into common stock	$0	$6.8M	—	—

Serve Robotics Inc cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net loss	($113.1M)	($49.0M)	($67.1M)	($34.1M)
Stock-based compensation	$22.0M	$7.4M	$14.9M	$8.3M
Depreciation	$7.1M	—	—	—
Amortization	$5.7M	—	—	—
Deferred income taxes	($770.0K)	($648.0K)	—	—
Accretion of discount on available-for-sale securities	($781.0K)	($418.0K)	($548.0K)	($398.0K)
Accounts receivable, net	($1.2M)	($2.2M)	($718.0K)	($499.0K)
Prepaid expenses	($152.0K)	($1.3M)	($6.2M)	($650.0K)
Other receivables	($1.1M)	($966.0K)	($496.0K)	($283.0K)
Other current assets	($32.0K)	($58.0K)	($133.0K)	—
Accounts payable	($1.8M)	($1.1M)	$3.5M	($485.0K)
Accrued liabilities	$472.0K	$673.0K	$2.7M	$1.2M
Deferred revenue	$48.0K	$598.0K	($17.0K)	($8.0K)
Operating lease liabilities	($1.3M)	($625.0K)	$155.0K	$188.0K
Net cash used in operating activities	($84.7M)	($41.4M)	($50.6M)	($25.4M)
Proceeds from maturities and sales of marketable securities	$99.7M	$60.3M	—	—
Purchases of marketable securities	($107.1M)	($57.0M)	($107.5M)	($66.3M)
Acquisitions, net of cash acquired	($21.4M)	($21.4M)	($7.5M)	($5.6M)
Purchases of property and equipment	($2.4M)	($1.4M)	($20.8M)	($9.5M)
Proceeds from tariff refunds	$3.6M	—	—	—
Security deposits	($71.0K)	$0	($119.0K)	($69.0K)
Capitalized software implementation costs	$0	$0	($405.0K)	($425.0K)
Net cash used in investing activities	($27.7M)	($19.6M)	($122.1M)	($81.9M)
Proceeds from issuance of common stock pursuant to at-the-market public offerings, net of offering costs	$84.9M	—	—	—
Proceeds from exercise of options	$404.0K	$406.0K	$405.0K	$224.0K
Proceeds from issuance of common stock in registered direct offering, net of offering costs	$0	$0	$75.8M	$75.8M
Proceeds from exercise of warrants	$0	$0	$11.4M	$11.4M
Repayments of financing lease liability	$0	$0	($186.0K)	($186.0K)
Proceeds from short-swing profit disgorgement	$0	$0	$48.0K	$48.0K
Payments of deferred offering costs	$0	—	$0	($35.0K)
Net cash provided by financing activities	$85.3M	$1.9M	$166.3M	$100.8M
Effect of exchange rate changes on cash and cash equivalents	($1.0K)	$0	$56.0K	($1.0K)
Net change in cash and cash equivalents	($27.1M)	($59.1M)	($6.4M)	($6.6M)
Cash and cash equivalents at beginning of period	$106.2M	$106.2M	$123.3M	$123.3M
Cash and cash equivalents at end of period	$79.1M	$47.1M	$116.8M	$116.7M
Cash paid for interest	$197.0K	$92.0K	$93.0K	$93.0K
Cash paid for income taxes	$0	$0	$0	$0
Non-cash consideration for acquisitions	$7.0M	$7.0M	—	—
Operating lease right-of-use assets obtained for lease obligations	$5.6M	$57.0K	—	—
Purchases of property and equipment, accrued but not paid	$1.1M	$1.2M	$1.3M	$64.0K

Serve Robotics Inc score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.