Serve Robotics Inc (SERV) AI Stock Analysis

• Market Cap: $913.17M
• Dividend Yield: N/A
• Average Volume (3M): 6.76M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.86
• 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: 6,134,629
• 30 Day Avg. Volume: 6,755,863
• 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: 0.51
• Enterprise Value/Revenue: 240.00
• Enterprise Value/Gross Profit: -49.85
• Enterprise Value/Ebitda: -6.06
• 1Y Price Target: $20.00
• Price Target Upside: 76.99% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): -1.88
• Revenue Forecast (FY): $23.09M

• Rating: 52 Neutral
• Price Target: $11.50 ▲(1.77% Upside)

The score is held back primarily by weak financial performance (large losses, negative ROE, and negative operating cash flow) and only modest technical strength. This is partially offset by a constructive earnings call with strong deployment/revenue growth metrics and sizable liquidity, while valuation signals are limited due to the negative P/E and lack of dividend yield.

Positive Factors

Fleet & Revenue Traction

Rapid fleet expansion and very strong YoY revenue growth demonstrate increasing product-market fit and operational scale. A larger fleet and rising delivery volumes support lower unit costs, stronger unit economics over time, and a clearer path to leverage fixed tech and ops investments.

Liquidity & Low Leverage

A sizable cash position and negligible leverage materially extend the company's runway to invest in deployments, R&D, and market expansion. Low financial risk increases flexibility to fund scale efforts and absorb execution delays without immediate refinancing pressure.

Strategic M&A & TAM Expansion

Buying Diligent expands Serve’s addressable market into healthcare and indoor logistics, diversifies revenue streams, and integrates proven indoor autonomy tech. This structural move can improve utilization, data sharing across fleets, and long-term margin improvement via shared autonomy.

Negative Factors

Deep Unprofitability

Sustained deeply negative margins indicate the company has not yet converted growth into profitable operations. Without structural cost reductions or higher-margin revenue mix, persistent losses can erode equity and require ongoing external funding, limiting long-term stability.

Weak Cash Generation

Negative operating cash flow signals core business burn even as FCF metrics improve. Reliance on financing to fund operations raises execution risk; converting revenue growth into repeatable, positive operating cash is critical for durable self-funded expansion.

High Operating Costs & Burn

Material negative adjusted EBITDA and elevated operating expenses reflect costly market launches and ops scale-up. If efficiency gains from scale lag, high fixed and variable costs could delay sustainable margins and make profitable unit economics harder to achieve 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

Strong top-line growth (31.42% revenue growth TTM) is outweighed by weak profitability and cash generation, with deeply negative margins (net margin -37.29%, EBIT margin -37.75%), negative ROE (-36.47%), and negative operating cash flow despite improving free cash flow growth. Low leverage (debt-to-equity 0.012) is a stabilizing offset.

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	-42.47K
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	299.10M	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	283.86M	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: Negative
• Last Price: 11.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SERV, the sentiment is Negative. The current price of 11.3 is below the 20-day moving average (MA) of 13.28, below the 50-day MA of 11.71, and above the 200-day MA of 11.11, indicating a neutral trend. The MACD of 0.10 indicates Positive momentum. The RSI at 41.53 is Neutral, neither overbought nor oversold. The STOCH value of 13.62 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SERV.

Serve Robotics Inc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GTEC	68 Neutral	$17.01M	0.98	21.29%	―	-1.36%	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
SYM	61 Neutral	$33.05B	-360.72	-8.09%	―	24.80%	-31.37%
CVV	55 Neutral	$36.56M	-193.73	-0.73%	―	19.84%	95.71%
SERV	52 Neutral	$913.17M	-7.57	-47.18%	―	15.84%	-71.99%
AUR	46 Neutral	$8.71B	-10.02	-37.27%	―	―	5.46%

Serve Robotics Inc Corporate Events

Serve Robotics completes acquisition of Diligent Robotics

On January 27, 2026, Serve Robotics Inc. completed its previously announced acquisition of Diligent Robotics, Inc., with Diligent merging into a wholly owned subsidiary of Serve. Under the merger terms, Diligent’s preferred stockholders received Serve common shares valued at an aggregate $29 million, subject to net debt and working capital adjustments and including a potential $5.3 million earnout, while Diligent’s common shares, options and warrants were cancelled for no consideration, and 1,319,151 restricted stock units held by continuing employees were assumed on a 1:1 basis into Serve RSUs. At closing, Serve issued 32,835 common shares, with the number calculated using a 10‑day volume‑weighted average price and adjusted for approximately $19 million of Diligent debt paid in cash, and it may issue up to an additional 366,332 shares as earnout consideration, with all stock consideration issued via private placements exempt from registration, signaling a significant expansion of Serve’s asset base and workforce through an all‑stock‑plus‑cash structure.

The most recent analyst rating on (SERV) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on Serve Robotics Inc stock, see the SERV Stock Forecast page.

Serve Robotics to Acquire Diligent Robotics in Stock Deal

On January 19, 2026, Serve Robotics Inc. agreed to acquire all outstanding equity of Diligent Robotics, an Austin-based developer of AI-powered hospital robot assistants, in an all-stock transaction valued at $29 million, subject to adjustments and including a potential $5.3 million earn-out, with completion contingent on customary closing conditions and expected in the first quarter of 2026. The deal, announced publicly on January 20, 2025, marks Serve’s first major move beyond outdoor last-mile delivery into indoor healthcare environments, integrating Diligent’s Moxi hospital delivery robots—one of the largest autonomous hospital robot deployments in the U.S.—into Serve’s Physical AI platform to accelerate its shared autonomy stack, extend its addressable market and revenue base, and improve fleet economics and operational efficiency across both sidewalk and hospital applications, with Diligent operating as a Serve subsidiary under CEO Andrea Thomaz.

The most recent analyst rating on (SERV) stock is a Hold with a $15.50 price target. To see the full list of analyst forecasts on Serve Robotics Inc stock, see the SERV Stock Forecast page.

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.