$SERV

Serve Robotics Inc. /DE/

CIK:0001832483|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 3,238,000	$ 642,000	$ 6,222,000	$ 1,082,000
Cost of revenues	12,017,000	3,501,000	24,002,000	5,410,000
Gross loss	(8,779,000)	(2,859,000)	(17,780,000)	(4,328,000)
Operating expenses:
Research and development	20,279,000	9,120,000	39,316,000	16,000,000
General and administrative	24,844,000	8,078,000	39,760,000	12,828,000
Operations	7,862,000	2,124,000	14,817,000	3,793,000
Sales and marketing	4,301,000	463,000	6,174,000	702,000
Total operating expenses	57,286,000	19,785,000	100,067,000	33,323,000
Loss from operations	(66,065,000)	(22,644,000)	(117,847,000)	(37,651,000)
Other income (expense):
Interest income	1,927,000	1,794,000	4,033,000	3,586,000
Interest expense	0	0	0	(3,000)
Realized loss on foreign currency translation	(4,000)	0	(14,000)	0
Realized loss on investments	0	0	(1,000)	0
Other income	3,000	0	38,000	0
Other expenses	(24,000)	0	(24,000)	0
Net loss before income taxes	(64,163,000)	(20,850,000)	(113,815,000)	(34,068,000)
Income tax expense (benefit)	(36,200)	0	(684,000)	0
Net loss	(64,127,000)	(20,850,000)	(113,131,000)	(34,068,000)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on foreign currency translation	(2,000)	343,000	(6,000)	343,000
Unrealized gain (loss) on investments	31,000	(45,000)	(164,000)	(45,000)
Other comprehensive income (loss), before tax	29,000	298,000	(170,000)	298,000
Income tax expense related to items of other comprehensive income	0	0	0	0
Other comprehensive income (loss), net of tax	29,000	298,000	(170,000)	298,000
Comprehensive loss	$ (64,098,000)	$ (20,552,000)	$ (113,301,000)	$ (33,770,000)
Weighted average common shares outstanding - basic (in shares)	80,310,583	57,514,808	77,820,615	56,953,711
Weighted average common shares outstanding - diluted (in shares)	80,310,583	57,514,808	77,820,615	56,953,711
Net loss per common share - basic (in dollars per share)	$ (0.80)	$ (0.36)	$ (1.45)	$ (0.60)
Net loss per common share - diluted (in dollars per share)	$ (0.80)	$ (0.36)	$ (1.45)	$ (0.60)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (113,131)	$ (34,068)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	22,038	8,277
Depreciation	7,107	1,269
Amortization	5,725	23
Deferred income taxes	(770)	0
Accretion of discount on available-for-sale securities	(781)	(398)
Changes in operating assets and liabilities, net of effects of businesses acquired:
Accounts receivable, net	(1,168)	(499)
Prepaid expenses	(152)	(650)
Other receivables	(1,058)	(283)
Other current assets	(32)	0
Accounts payable	(1,765)	(485)
Accrued liabilities	472	1,208
Deferred revenue	48	(8)
Operating lease liabilities	(1,271)	188
Net cash used in operating activities	(84,738)	(25,426)
Cash flows from investing activities:
Proceeds from maturities and sales of marketable securities	99,722	0
Purchases of marketable securities	(107,068)	(66,308)
Acquisitions, net of cash acquired	(21,447)	(5,634)
Purchases of property and equipment	(2,417)	(9,498)
Proceeds from tariff refunds	3,567	0
Security deposits	(71)	(69)
Capitalized software implementation costs	0	(425)
Net cash used in investing activities	(27,714)	(81,934)
Cash flows from financing activities:
Proceeds from issuance of common stock pursuant to at-the-market public offerings, net of offering costs	84,922	13,521
Proceeds from exercise of options	404	224
Proceeds from issuance of common stock in registered direct offering, net of offering costs	0	75,847
Proceeds from exercise of warrants	0	11,376
Repayments of financing lease liability	0	(186)
Proceeds from short-swing profit disgorgement	0	48
Payments of deferred offering costs	0	(35)
Net cash provided by financing activities	85,326	100,795
Effect of exchange rate changes on cash and cash equivalents	(1)	(1)
Net change in cash and cash equivalents	(27,126)	(6,565)
Cash and cash equivalents at beginning of period	106,239	123,266
Cash and cash equivalents at end of period	79,112	116,700
Supplemental disclosure of cash flow information:
Cash paid for interest	197	93
Cash paid for income taxes	0	0
Supplemental disclosure of non-cash investing and financing activities:
Non-cash consideration for acquisitions	6,984	0
Operating lease right-of-use assets obtained for lease obligations	5,584	1,172
Purchases of property and equipment, accrued but not paid	$ 1,118	$ 64

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 79,112	$ 106,239
Short-term marketable securities	156,295	127,170
Accounts receivable, net	2,883	851
Prepaid expenses	6,177	6,042
Other receivables	2,605	696
Other current assets	219	77
Total current assets	247,291	241,075
Long-term marketable securities	5,001	26,344
Property and equipment, net	50,507	47,013
Intangible assets, net	34,505	31,313
Goodwill	27,998	15,530
Operating lease right-of-use assets	10,050	5,369
Other non-current assets	3,272	1,107
Total assets	378,624	367,751
Current liabilities:
Accounts payable	5,505	5,014
Accrued liabilities	9,430	6,482
Deferred revenue	1,975	2
Operating lease liabilities, current	2,362	1,800
Total current liabilities	19,272	13,298
Operating lease liabilities, non-current	7,335	3,454
Deferred tax liabilities	225	255
Total liabilities	26,832	17,007
Commitments and contingencies (Note 12)
Stockholders’ equity:
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
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	7
Additional paid-in capital	673,832	559,485
Accumulated other comprehensive income (loss)	(32)	138
Accumulated deficit	(322,017)	(208,886)
Total stockholders’ equity	351,792	350,744
Total liabilities and stockholders’ equity	$ 378,624	$ 367,751