SERV

EX-99.1

2 serv-20260930_ex991earning.htm

EX-99.1

Document

Exhibit 99.1

Serve Robotics Announces Third Quarter 2026 Results

•Delivered over 300% revenue growth in Q3 year over year and raised full year revenue guidance for 2026 to $12 million.

•Tripled daily average deliveries in Q3 with new delivery partners, and exclusively launched first international city in Australia in October.

•Improved gross margin sequentially, as the mix of higher-margin recurring revenue jumped to nearly 70% of all revenues.

•Ended Q3 with over $198 million in cash and marketable securities, reflecting strong balance sheet and operational flexibility.

SAN FRANCISCO, November 5, 2026 -- Serve Robotics Inc. (the “Company” or “Serve”) (Nasdaq: SERV), a leading autonomy and robotics company, today announced financial results for the third quarter ended September 30, 2026.

“Serve is getting stronger on every front: demand for our robots is growing, the fleet costs less to operate, and we are opening new ways to generate revenue from what we have built,” said Dr. Ali Kashani, Serve’s Co-founder and CEO. “We are raising our full-year revenue guidance to $12 million. And, as we announced today, with the launch of Serve Physical AI Services, the technology behind our fleets is now available to other robot makers, a significant new opportunity for us.”

“This quarter was about execution,” said Brian Read, Chief Financial Officer of Serve. “Q3 revenue exceeded our expectations, and we drove operating expenses down while delivering more than 100 percentage points of sequential improvement in fleet margin. We believe the gains we made this quarter are structural, and they form the foundation for a long-term trend of improving unit economics.”

Business and Financial Highlights

•Revenue Growth: Reported revenue of $2.8 million, an increase of 313% year-over-year.

•Revenue Mix: Recurring revenue accounted for 69% of total revenue in Q3 and continued to outpace non-recurring revenue, while branding revenue grew nearly 80% sequentially.

•Healthcare Progress: Generated strong Q3 revenue in consistent with our expectations, entered into 12 multi-year contract extensions with hospital customers, and added 4 new hospitals year-to-date through Q3, demonstrating continued demand for the Company's healthcare automation platform.

•Delivery Volume: Among new delivery platform partners, daily delivery volume tripled and the number of merchants grew 2.5x in Q3.

•Balance Sheet: Maintained a strong liquidity position of $198.0 million as of September 30, 2026.

•Outstanding Shares: Approximately 88 million shares of common stock outstanding as of September 30, 2026.

Outlook

•Full year 2026 revenue guidance increased to $12 million, from the previously provided range of $9 million to $10 million, reflecting strong robot demand and growth across a diversified portfolio of revenue streams.

•Full year 2026 non-GAAP operating expense guidance lowered to $150 million, compared with prior guidance of $160 to $170 million provided at the beginning of the year, reflecting strong cost discipline.

Supplemental Financial Information

The key metrics and financial tables outlined below are metrics that provide management with additional understanding of the drivers of business performance and the Company’s ability to deliver stockholder return. Investors should not place undue reliance on these metrics as indicators of future or expected results. The Company’s presentation of these metrics may differ from similarly titled metrics presented by other companies and therefore comparability may be limited.

Table 1

Key Metrics

(unaudited)

Three Months EndedNine Months Ended

September 30, 2026June 30, 2026September 30, 2025September 30, 2026September 30, 2025

Daily Active Robots (1) (3) 917792312842182

Daily Supply Hours (2) (3) 11,2149,8093,78110,4622,062

(1)Daily Active Robots: The Company defines daily active robots as the average number of robots performing deliveries during the period.

(2)Daily Supply Hours: The Company defines daily supply hours as the average number of hours the Company’s robots are available to perform daily deliveries during the period.

(3)The key metrics reported for the periods ended September 30, 2026 and June 30, 2026 are inclusive of the outdoor and indoor robot fleet.

Table 2

Disaggregation of Revenue

(in thousands)

(unaudited)

Three Months EndedNine Months Ended

September 30, 2026June 30, 2026September 30, 2025September 30, 2026September 30, 2025

Fleet services$2,582 $2,305 $433 $6,845 $974

Software services253 933 254 2,212 795

Total revenue$2,835 $3,238 $687 $9,057 $1,769

Quarterly Conference Call Information

Management will host a conference call and webcast today at 2:00 p.m. PT / 5:00 p.m. ET to discuss the financial results and provide a corporate update. A live webcast and replay can be accessed from the investor relations page of Serve’s website at investors.serverobotics.com.

Individuals interested

serv-20261005

FALSE000183248300018324832026-10-052026-10-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 5, 2026

SERVE ROBOTICS INC.

(Exact Name of Registrant as Specified in Charter)

Delaware001-4202385-3844872

(State or Other Jurisdiction of Incorporation)(Commission File Number)(IRS Employer Identification No.)

1360 Bayport Avenue

San Carlos, California 94070

(Address of Principal Executive Offices)(Zip Code)

(818) 860-1352

(Registrant’s telephone number, including area code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered

Common Stock, par value $0.0001 per shareSERV The Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02. Results of Operations and Financial Condition.

On October 5, 2026, Serve Robotics Inc. (the “Company”) made available on its website a Company investor presentation that may be used in presentations to investors from time to time, updated to include additional information regarding the Company’s cost of revenue for the year ending December 31, 2026. The cost of revenue is based on preliminary unaudited information and management estimates for the second half of the year ending December 31, 2026, is not a comprehensive statement of the Company’s financial results as of and for the second half of the fiscal year ending December 31, 2026, and is subject to completion of the Company’s financial closing procedures. The Company’s independent registered public accounting firm has not conducted an audit or review of, and does not express an opinion or any other form of assurance with respect to, these preliminary estimates.

A copy of the investor presentation is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 7.01. Regulation FD Disclosure.

The information disclosed in Item 2.02 above is incorporated by reference into this Item 7.01.

The information in this Form 8-K (including Exhibits 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Forward-Looking Statements

This Current Report on Form 8-K contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can be identified by the use of words such as “should,” “may,” “intends,” “anticipates,” “believes,” “estimates,” “projects,” “forecasts,” “expects,” “plans,” “proposes” and similar expressions. Forward-looking statements contained in this Current Report on Form 8-K include statements regarding the Company’s preliminary unaudited expectations for cost of revenue for the year ending December 31, 2026. Although the Company believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks, uncertainties and other important factors that could cause actual results to differ materially from such forward-looking statements, including the factors discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as updated by its other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of the document in which they are contained, and the Company does not undertake any duty to update any forward-looking statements, excep