Serve Robotics Inc (SERV) AI Stock Analysis

• Market Cap: $1.15B
• Dividend Yield: N/A
• Average Volume (3M): 6.62M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.83
• Revenue Growth: 15.84%
• EPS Growth: -71.99%
• Country: US
• Employees: 120
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Machinery
• EPS (TTM): -0.40
• Shares Outstanding: 74,483,480
• 10 Day Avg. Volume: 5,868,144
• 30 Day Avg. Volume: 6,618,760
• PEG Ratio: -0.21
• Price to Book (P/B): 3.76
• Price to Sales (P/S): 273.05
• P/FCF Ratio: -15.57
• Enterprise Value/Market Cap: 0.44
• Enterprise Value/Revenue: 260.75
• Enterprise Value/Gross Profit: -54.16
• Enterprise Value/Ebitda: -6.59
• 1Y Price Target: $20.00
• Price Target Upside: 29.79% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: $16.00 ▲(3.83% Upside)

The score is held back primarily by weak financial performance—materially negative margins, negative ROE, and negative operating cash flow—despite strong revenue growth and low leverage. The earnings call supports a better outlook due to scaling milestones, major partnership expansion, and strong cash, while technicals show a strong trend but near-term overbought risk. Valuation is constrained by ongoing losses and no dividend support.

Positive Factors

Rapid fleet scale-up

Achieving a 2,000-robot fleet is a durable structural milestone: larger fleets lower per-delivery fixed costs, accelerate learning for autonomy, deepen operational expertise, and widen geographic coverage—each improving long-term unit economics and competitive positioning.

Major platform partnerships

Strategic ties with DoorDash and platform coverage alongside Uber secure sustained demand, reduce merchant/customer acquisition friction, and provide predictable volume. Such distribution partnerships are durable advantages that lock in channel access and scale revenue streams over time.

Strong liquidity and low leverage

Having $211M in cash and minimal debt gives multi-quarter runway to fund fleet deployments, ops and software investments, and absorb scaling losses. Low leverage reduces refinancing risk and supports continued investment in technology and market expansion without immediate capital pressure.

Negative Factors

Deep negative margins

Wide negative net and EBIT margins indicate the core delivery business currently consumes cash. Unless scale or pricing materially improves margins, persistent unprofitability will impair equity returns and require ongoing financing, limiting long-term capital allocation flexibility.

Weak operating cash generation

Negative operating cash flow means core operations do not fund growth, forcing reliance on external capital. Over months this can lead to repeated equity or debt raises, dilution, or slower rollouts, making the business model vulnerable until cash generation turns positive.

High operating expenses and negative EBITDA

Material negative adjusted EBITDA and elevated GAAP operating expenses reflect a heavy fixed-cost structure to support expansion. If expense growth outpaces revenue as scale increases, the path to profitability lengthens, increasing capital burn and execution risk over the medium term.

Serve Robotics Inc Business Overview & Revenue Model

Company Description

Serve Robotics Inc. designs, develops, and operates low-emission robots that serve people in public spaces with food delivery in the United States. It builds self-driving delivery robots. The company was formerly known as Patricia Acquisition Corp. and changed its name to Serve Robotics Inc. in July 2023. Serve Robotics Inc. was founded in 2017 and is based in Redwood City, California.

How the Company Makes Money

Serve Robotics generates revenue through multiple streams, primarily by partnering with restaurants, grocery stores, and delivery platforms to provide autonomous delivery services. The company typically charges a fee per delivery, which can be structured as a flat rate or a percentage of the order value. Additionally, Serve Robotics may earn income from licensing its technology and software to other companies looking to implement similar delivery solutions. Strategic partnerships with major brands and integration with existing delivery networks further enhance their revenue potential, while ongoing maintenance and support services for their robotic systems contribute to long-term earnings.

Serve Robotics Inc Financial Statement Overview

Summary

Serve Robotics Inc is experiencing strong revenue growth, but profitability and cash flow management remain significant challenges. The company has low leverage, which is a positive aspect, but needs to address its negative margins and improve operational efficiency to enhance financial stability.

Income Statement

Serve Robotics Inc has shown a significant revenue growth rate of 31.42% TTM, indicating potential market expansion. However, the company is struggling with negative margins across the board, including a net profit margin of -37.29% and an EBIT margin of -37.75%, reflecting ongoing profitability challenges.

Balance Sheet

The company maintains a low debt-to-equity ratio of 0.012, suggesting minimal leverage risk. However, the negative return on equity of -36.47% TTM highlights inefficiencies in generating returns on shareholder investments, and the equity ratio is not favorable.

Cash Flow

Despite a positive free cash flow growth rate of 47.15% TTM, Serve Robotics Inc faces challenges with negative operating cash flow and a high free cash flow to net income ratio of 1.51, indicating cash flow management issues.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.94M	1.81M	207.54K	107.82K	0.00
Gross Profit	-9.36M	-75.16K	-1.52M	-1.04M	0.00
EBITDA	-76.99M	-37.98M	-17.39M	-20.83M	-21.62M
Net Income	-80.21M	-39.19M	-24.81M	-21.86M	-21.67M
Balance Sheet
Total Assets	299.51M	139.60M	2.80M	8.54M	8.66M
Cash, Cash Equivalents and Short-Term Investments	210.45M	123.27M	6.76K	2.72M	7.97M
Total Debt	4.15M	2.34M	4.37M	7.48M	0.00
Total Liabilities	15.24M	7.92M	6.84M	21.00M	336.31K
Stockholders Equity	284.27M	131.68M	-4.03M	-12.45M	8.32M
Cash Flow
Free Cash Flow	-82.96M	-31.79M	-15.98M	-25.05M	-10.87M
Operating Cash Flow	-56.86M	-21.54M	-15.97M	-21.40M	-10.71M
Investing Cash Flow	-127.07M	-10.32M	-4.91K	-4.06M	-258.73K
Financing Cash Flow	249.80M	155.12M	13.27M	20.21M	18.93M

Serve Robotics Inc Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 15.41
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SERV, the sentiment is Positive. The current price of 15.41 is above the 20-day moving average (MA) of 11.41, above the 50-day MA of 11.16, and above the 200-day MA of 10.58, indicating a bullish trend. The MACD of 0.59 indicates Negative momentum. The RSI at 72.25 is Negative, neither overbought nor oversold. The STOCH value of 94.85 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SERV.

Serve Robotics Inc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GTEC	66 Neutral	$18.44M	1.08	21.29%	―	-1.36%	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
SYM	61 Neutral	$42.35B	-453.21	-8.09%	―	24.80%	-31.37%
SERV	57 Neutral	$1.15B	-10.32	-47.18%	―	15.84%	-71.99%
CVV	53 Neutral	$27.82M	-147.97	-0.73%	―	19.84%	95.71%
AUR	46 Neutral	$9.04B	-10.37	-37.27%	―	―	5.46%

Serve Robotics Inc Corporate Events

Serve Robotics Reports Strong Q3 Results and Expansion

On November 12, 2025, Serve Robotics Inc. announced its third-quarter financial results, highlighting a 66% increase in delivery volume and a 209% rise in revenue compared to the same period in 2024. The company also expanded its market presence by launching in Chicago and forming a strategic partnership with DoorDash. Serve ended the quarter with a strong liquidity position and raised $100 million through a direct share offering, positioning itself for significant growth, including a projected 10x revenue increase in 2026.

The most recent analyst rating on (SERV) stock is a Hold with a $10.00 price target. To see the full list of analyst forecasts on Serve Robotics Inc stock, see the SERV Stock Forecast page.

Serve Robotics Inc Announces $100M Stock Offering

On October 10, 2025, Serve Robotics Inc. announced a securities purchase agreement with institutional investors to sell 6,250,000 shares of common stock through a registered direct offering, expected to generate approximately $100 million in gross proceeds. The offering, set to close on October 14, 2025, aims to fund general corporate purposes, including working capital and capital expenditures, and involves Northland Securities as the exclusive placement agent.

The most recent analyst rating on (SERV) stock is a Hold with a $18.50 price target. To see the full list of analyst forecasts on Serve Robotics Inc stock, see the SERV Stock Forecast page.

Serve Robotics Partners with DoorDash for Robot Deliveries

On October 9, 2025, Serve Robotics Inc. announced a strategic partnership with DoorDash to expand the use of its autonomous delivery robots on the DoorDash platform, starting in Los Angeles with plans to extend to other cities. This collaboration is part of DoorDash’s strategy to integrate various delivery methods, including robots, to meet growing demand while reducing emissions and traffic, and it positions Serve Robotics to increase its delivery volume and market reach.

The most recent analyst rating on (SERV) stock is a Buy with a $23.00 price target. To see the full list of analyst forecasts on Serve Robotics Inc stock, see the SERV Stock Forecast page.