Serve Robotics Announces First Quarter 2026 Results with 3X Sequential Revenue Growth

May 7, 2026

Revenue scaled ahead of plan; Q1 revenue of $3.0 million, up 238% sequentially and 578% year over year, reflecting growth across all offerings.

Entered into additional vertical through acquisition of Diligent Robotics; expanding operating footprint to 44 cities across 14 states.

Improved gross margin over prior quarter, supported by growing software revenue and increasing revenue per robot and operating efficiency.

SAN FRANCISCO, May 07, 2026 (GLOBE NEWSWIRE) -- Serve Robotics Inc. (the “Company” or “Serve”) (Nasdaq: SERV), a leading autonomy and robotics company, today announced financial results for the first quarter ended March 31, 2026.

“Q1 marks a fundamental shift for Serve. We are leading the development of Physical AI in the real world, operating across multiple physical domains while building towards a unified autonomy platform,” said Dr. Ali Kashani, Serve’s Co-founder and CEO. “Three months into 2026, we are executing against the plan we laid out, with strong early proof points across revenue growth, operational scale, and platform expansion. The investments we made over the past year are beginning to compound, reinforcing our position as a multi-domain autonomy platform and expanding the long-term opportunity ahead.”

"Serve is beginning to convert scale into a stronger financial model,” said Brian Read, CFO of Serve. “Revenue grew significantly, recurring and software revenue became a larger part of the mix, and gross margin percentage improved meaningfully. We remain focused on increasing revenue per robot and per operating hour, driving operating leverage, and building a more durable recurring revenue base, supported by a strong balance sheet.”

Business Highlights

Multi-Domain Platform Established: Operated as a unified business across sidewalk delivery and healthcare robotics in Q1 following the Diligent Robotics acquisition.

Operating Footprint Expanded: Now active across 44 cities in 14 states, driven by new market launches, hospital network additions, and continued expansion in existing markets.

Fleet Scale Transitioning to Productivity: With approximately 2,000 robots deployed, focus has shifted from fleet expansion to increasing revenue per robot.

Revenue Becoming More Recurring and Diversified: Software services contributed approximately one-third of Q1 revenue, with just under half of total revenue now recurring.

Healthcare Platform Advancing: Diligent Robotics integration remains on plan, with a growing hospital pipeline and continued expansion of healthcare deployments.

Approaching 2 Million Deliveries: Combined fleet nearing 2 million cumulative deliveries across indoor and outdoor environments, demonstrating scale and operational maturity.

Financial Highlights

Revenue: Revenue of $3.0 million, increasing 238% sequentially and 578% year-over-year.

Balance Sheet: Maintained a strong liquidity position of $197.4 million as of March 31, 2026.

Outstanding Shares: Approximately 76 million shares of common stock outstanding as of March 31, 2026.

Outlook

The Company is reaffirming its 2026 financial guidance of approximately $26 million in full year revenue; and 2026 Non-GAAP operating expense of $160 to $170 million.

Supplemental Financial Information

Three Months Ended

Disaggregation of Revenue
Three Months Ended

About Serve

Serve Robotics (Nasdaq: SERV) designs and operates autonomous robots that navigate and operate in complex, human-centric environments. Since spinning off from Uber in 2021, Serve has deployed more than 2,000 robots across the U.S., reaching a population of approximately 3 million and supporting delivery for more than 4,000+ restaurants. In 2026, Serve acquired Diligent Robotics, expanding its operations beyond sidewalk delivery into indoor service robots used in hospitals. Serve designs both the hardware and software behind its robots, enabling them to operate safely in public and private environments at scale.