Investor Presentation

2026 → Autonomous robotics at scale.

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Every day, millions of small packages travel

short distances in oversized vehicles.

We built the robots that make that

obsolete.

Serve is a leading autonomous robotics company operating scaled commercial Level 4 fleets across 44 U.S. cities.

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Serve Robotics is an industry leader in Physical AI.

| Category creator |
| --- | --- |
| The largest autonomous robot fleets operating commercially in the U.S. | Triple Digit% Rev Growth
Outlook for 2026 revenue: ~$26M (vs $2.7M in FY2025) |
| Multi platform | Integration with Uber Eats and DoorDash for food delivery; Partnerships with 26 hospitals in the U.S. | Diversified Revenue Last-mile Delivery Healthcare Branding & Advertising Software Platform Data |
| Serve Flywheel | More Data → Better Models → Better Robots → Stronger Revenue → More Robots → More Data | Funded to scale Strong balance sheet with flexibility to invest opportunistically |

The Opportunity

Last mile delivery is broken.

$450B Robotic & drone delivery opportunity by 2030

Robots fix it.

Short trips. Small packages. Massive inefficiency. The median U.S. food delivery is 2.5 miles – yet it travels in a 2-ton car

2.5 mi

Median food delivery distance in the U.S.

Current per-delivery cost with human couriers

Traction

We don’t just build robots.
We build delivery networks.

2,000

Largest autonomous sidewalk fleet in the United States. Fleet grew 20x in one year.

Serve
Sidewalk robots deployed

100

U.S. cities
150+ neighborhoods
14 states

Sidewalk + Hospital deliveries To date

Major incidents Serious injury, fatality, or near miss

The Ecosystem

We don't compete with delivery platforms. We power them. Our robots are integrated into the two largest U.S. delivery apps - creating built-in demand from day one in every new market.

Commercial partner

DOORDASH

Commercial partner integrated since inception.

Multi-year strategic partnership. Rollout underway in select U.S. cities.

40% Avg QoQ delivery growth Compounding since 2022

World-class hardware partners

A commercially scalable ecosystem backed by tier 1 partners across hardware, compute, and sensing.

Tier 1 automotive contract manufacturer. Gen3 production at scale.

Jetson Orin compute platform. Powers Gen3 autonomy stack.

Compelling value proposition for merchants, consumers, and delivery platforms

Economics

Today With Serve

→ $8-$10 → $1

per delivery status quo expected delivery cost at scale

Rising labor costs and regulations. No driver wages. 14-hour operation. 65% Insurance overhead. High turnover. lower hardware cost with Gen3. High Limited operating hours. utilization through platform integration.

The Serve Flywheel

Real world data at scale fuels faster learning

1. Data
2. Models
3. Deploy
4. Monetize

Delivery, advertising, healthcare contracts, software, and platform revenue funding the next turn of the flywheel.

2,000+ Serve robots on sidewalks.
100 Moxi robots in hospitals. Multi-domain, real-world data no one else can match.

Every dollar of revenue funds more robots → more data → better models → more deployments → more revenue.

The Platform

One autonomy stack. Many environments.

We don’t just operate robots. We operate a platform that powers Physical AI. Our stack is end-to-end: perception, localization, planning, connectivity, and remote supervision. It’s been built and optimized across millions of miles of real-world operation.

Applications

Indoor / Outdoor robot environments

• Autonomy: Perception · Localization · Planning · Mobile manipulation
• Connectivity: Low-latency assist operations
• Models and data: Mission control · Safety · Software Deploy · Telemetry
• Fleet infrastructure: End-to-end models · Cross-domain training data

The Serve robot

Third generation. Purpose-built for the sidewalk.

• Top Speed: 7 mph
• Weather: 32°F / 104°F / Light rain
• Range: 23 mi (10 hrs)
• Cargo: 13 gal / 4 x 14" pizzas
• Unit Cost: Baseline

69% reduction

Full-stack AV sensors

Level 4 autonomy

All-day battery

Redundant connectivity

The Moxi robot

Purpose-built for the hospital.

Moxi 2.0

• Capabilities: Retrieving and delivering lab specimens, Inpatient pharmacy optimization, Telemetry box distribution, Cabinet & drawer ops with mobile arm
• Hardware & operating profile: Compute NVIDIA RTX A2000 (10× prior gen), Battery 70% capacity, 18h runtime
• Sensors: 3D lidar, cameras
• Manipulation: Mobile arm, drawer cameras
• Operating environment: Multi-level hospitals, clinics, labs

Manufacturing

100 × 2,000 Serve robots in twelve months

Automotive-grade production with Magna International. Industrialized supply chain.

Proven ability to execute against aggressive deployment targets.

Oct 2024

First Gen3 robots roll off Magna assembly line

H1 2025

Fleet quadrupled. Miami, Dallas, Atlanta launched.

Dec 2025

Fleet quadrupled again. 2,000th robot deployed. Largest sidewalk fleet in the U.S.

Optimize utilization. Expand geographies. Invest to grow Serve + Moxi fleet.

National network

City-by-city. Neighborhood-by-neighborhood.

Our playbook

Live: Launch in high-density neighborhood, prove unit economics, then expand outward. Platform demand pulls us into each new market.

• Los Angeles
• Atlanta
• Dallas
• Chicago
• Ft. Lauderdale
• Alexandria

2026 Growth drivers

• New metros selected by density, order volume, and regulatory readiness
• Deeper penetration More neighborhoods within existing markets
• Fleet Expansion Uber Eats & DoorDash demand drives expansion priority
• Capital efficient investment to scale the robot fleet

Across the globe.

2026:

• New York
• San Jose

2027+:

• Vancouver
• Sydney
• Seattle
• Philadelphia
• Osaka
• Boston
• Manchester
• Perth
• Taipei
• Toronto
• London
• Adelaide
• Madrid
• Melbourne

Financial path

From proof of concept to revenue inflection.

2,000-robot fleet creates the foundation for utilization, monetization, and platform expansion.

FY 2024 FY 2025 FY 2026 Guidance At scale

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Revenue Diversification

As the fleet scales, the mix is shifting toward durable, recurring, and high-margin revenue.

1. Fleet Revenue: Diversification across geography, environment and customer
2. Healthcare: Long-term fixed monthly + usage contracts at hospitals
3. Branding: Triple-digit growth percentage QoQ in Q1 FY2026
4. Kitchen: Vebu acquisition closed in Q1

Growth Engine

Software Revenue

High margin and increasingly recurring and durable

SaaS—Over 45% recurring driven by migration to subscription based contracts

Autonomy platform: Licensing model that will continue to scale in 2026.

Built by people who've shipped robots, platforms, and products.

• Ali Kashani Co-founder, CEO VP at Postmates. Ph.D. Robotics (UBC). 15 patents.

• MJ Burk Chun Co-founder & VP Product + Design Director, Postmates. 17+ yrs in robotics & marketplaces.

• Touraj Parang Co-founder & VP of Software
  Staff engineer & founding engineer at Postmates X.

• Brian Read Director at Ghost Autonomy; Head of ML at John Deere. Founding engineer at Blue River (acq. John Deere) MS in Computer Science (UT Arlington)

• Anthony Armenta

• Rajesh Radhakrishnan VP of Autonomy Chief Software & Data Officer CTO at BrightDrop (GM), VP at Postmates (acq. Uber), Anki, Dell, Wyse (acq. Dell), BS in CS & Math (UC Davis)

• Chief Hardware & Manufacturing Officer SVP Hardware at Latch. VP Hardware at GoPro. Lead engineer at Apple. BS in Engineering (U of Sheffield)

Conclusion

Largest scaled commercial fleet on sidewalks and hospitals in the U.S.

20X robot fleet size to 2,000 deployed robots

Cover 80% of U.S. food delivery demand with UberEats and DoorDash

Scaled to 20 cities and 6 metro areas from LA to D.C. corridor

Maintained 99.8% delivery completion rate and exemplary safety record

Expansion to 4500+ merchants and coverage for 3.75M consumers

Business expansion into healthcare, software, and data monetization

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Q1 FY2026 Financial Highlights

Results

578% YOY revenue growth

$3.0M Q1 revenue exceeds plan

$26M 2026 revenue guidance

$160-$170M Non-GAAP operating expense reflecting continued investment in autonomy development, fleet scale, and platform capabilities across both delivery and healthcare robotics.

The Long-Term Vision

Unbundling the car for dense cities

Specialized autonomous robots for everyday urban tasks.

• Safer streets
• Lower emissions
• More efficient local commerce

Design direction:

Strong closing image. Minimal text. One idea only.

Appendix

Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses

Projected 2026 Operating Expenses (USD$ millions)

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