Overview

• US autonomous delivery firm's Q4 revenue rose about 400% yr/yr, beating analyst expectations

• Company expanded fleet to 2,000 robots and entered 20 cities by year end

• Raised 2026 revenue outlook to $26 mln, citing Diligent Robotics acquisition and delivery growth

Outlook

• Serve Robotics raises 2026 revenue outlook to approximately $26 mln

• Company expects 2026 capital expenditures of approximately $25 mln

• Serve says it is positioned to expand recurring revenue and invest with discipline in 2026

Result Drivers

• FLEET EXPANSION - Co said scaling to 2,000 deployed robots and entry into 20 cities drove higher delivery volumes

• PLATFORM PARTNERSHIPS - Addition of DoorDash alongside Uber Eats and growth to 4,500+ merchant partners supported revenue growth

• REVENUE DIVERSIFICATION - Co said revenue mix expanded beyond delivery fees to include branding, advertising, software licensing, and recurring healthcare revenue

Company press release: ID:nGNX2wxGcv

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q4 Revenue	Beat	$882,000	$762,500 (6 Analysts)
Q4 Net Income		-$34.27 mln
Q4 Basic EPS		-$0.46
Q4 Income from Operations		-$40.30 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the it services & consulting peer group is "buy"

• Wall Street's median 12-month price target for Serve Robotics Inc is $16.50, about 70.6% above its March 10 closing price of $9.67

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