Serve Robotics Inc. Common Stock
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +6.56%.
Did SERV Beat Earnings? Q1 2025 Results
Serve Robotics fell short on both top and bottom lines in Q1 2025, posting a loss of $0.16 per share against the $0.15 consensus estimate, a miss of 6.67%, while revenue of $440,460 trailed the $486,810 analyst expectation by 9.52% and declined 53.5% year over year, as the quarter's results reflected the early-stage nature of the company's autonomous sidewalk delivery fleet rather than any operational retreat. The revenue shortfall was shaped largely by the absence of a large software services component that had inflated the year-ago period, even as sequential momentum was strong, with revenue rising 150% from Q4 2024. The most consequential development of the quarter was the completion of over 250 third-generation robots, bringing the total fleet above 300 units and pushing daily active robots to an average of 73. With $197.76 million in cash on hand following a $91.50 million capital raise, management reiterated its target of a 2,000-robot fleet by year-end and a $60 million to $80 million annualized revenue run-rate in 2026, with Q2 revenue guided to $600,000 to $700,000.
- Successful build and deployment of 250+ third-generation robots in Q1
- Daily supply hours increased over 40% QoQ to 648
- Delivery volume increased over 75% between first and last weeks of Q1
- Up to 99.8% average delivery completion rate maintained
- Merchant partnerships expanded to over 1,500, a 50% QoQ increase and 5x YoY
- Households served grew 110% since December 2024 to over 320,000
- Interest income of $1.79 million partially offset operating losses
“We had a strong start to the year, meeting our key Q1 objectives—including the successful build of 250 new third-generation robots and the launch of new markets. With this momentum, we remain on track to deploy 2,000 robots by year-end. Our ability to maintain high delivery quality while rapidly expanding delivery volume, geographic reach, and merchant partnerships reflects our team's relentless focus and execution.”
Serve Robotics CEO, on the earnings call
Forward Guidance & Outlook
Serve projects Q2 2025 total revenue in the range of $600,000 to $700,000, representing approximately 35-60% quarter-over-quarter growth, including estimated delivery volume growth of approximately 60-75% QoQ. The company continues to project an annualized revenue run-rate of $60-$80 million once the 2,000-robot fleet is fully deployed and reaches target utilization, anticipated during 2026. Fleet deployment acceleration is expected in H2 2025, with at least 700 reduced-cost third-generation robots to be built in Q3 and the remainder in Q4. Atlanta is expected to launch in Q2. The record cash position of $198 million provides runway through the end of 2026.
SERV YoY Financials
SERV Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.