Serve Robotics Inc. reported third‑quarter 2025 revenue of $687,000, falling short of the consensus estimate of $691,167. The company also posted a GAAP net loss of $0.54 per share, missing the consensus estimate of $0.26 per share, and a non‑GAAP EPS of –$0.40, below the expected –$0.37.
Despite the revenue miss, delivery volume climbed 66% from the prior quarter and 300% from the same period a year earlier, reflecting the rapid expansion of the autonomous robot fleet. The surge is driven by new deployments in Chicago and strengthened partnerships with DoorDash.
The revenue shortfall is largely attributable to higher operating costs associated with scaling the fleet, including robot manufacturing, software development, and deployment logistics. Adjusted EBITDA for the quarter was –$24.9 million, a decline from –$18.3 million in Q3 2024, underscoring the cost intensity of the growth phase.
Management reiterated its full‑year 2025 revenue guidance of $2.5 million and projected a 10‑fold increase in revenue for 2026. The company also confirmed its target to deploy 2,000 robots by year‑end, with the 2,000th robot expected to go live in mid‑December 2025.
Serve Robotics ended the quarter with $210 million in cash and cash equivalents, bolstered by a $100 million equity offering, providing a runway to fund continued expansion and bridge the current profitability gap.
Investors reacted to the earnings with a muted response, as the revenue miss and wider‑than‑expected loss outweighed the strong volume growth. Analysts noted that while operational momentum is clear, profitability remains a key concern.
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