# Investor Presentation ## 2026 → Autonomous robotics at scale. Proprietary and Confidential --- # 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. Proprietary and Confidential --- 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 | | FY 2024 | FY 2025 | FY 2026 | | --- | --- | --- | --- | | Physical AI Platform | $1.8M | $2.7M | $26M | | Multi-domain robots | Early fleet. Guided $2.5M. 10x growth. Shared autonomy stack R&D phase. Fleet → 2,000. Utilization ramp. Continuous model improvement with real world data. | Proprietary and Confidential --- ## 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 Proprietary and Confidential --- ## 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) | Description | Amount | | --- | --- | | GAAP Operating Expenses | $197 - 212 | | Stock Based Compensation | 37 - 42 | | Non-GAAP Operating Expenses | $160 - 170 | Proprietary and Confidential