Serve Robotics (SERV) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $3.0 million, up 578% year-over-year and 238% sequentially, driven by expansion of outdoor and indoor robot fleets and acquisitions including Diligent Robotics.

• Integration of Diligent Robotics expanded operations into healthcare, now reflected in results and increasing the operating footprint to 44 cities in 14 states.

• Net loss widened to $49.0 million from $13.2 million in Q1 2025, reflecting higher operating expenses and integration costs.

• Nearly half of total revenue is now recurring, with about one-third from software services.

• Approximately 2,000 autonomous robots deployed, with nearly 2 million deliveries completed.

Financial highlights

• Q1 2026 revenue: $3.0 million, up from $440,000 in Q1 2025 and $882,000 in Q4 2025.

• Gross loss for Q1 2026 was $9.0 million; gross margin was negative 302%, but improved from Q4.

• GAAP net loss: $49.0 million (–$0.65/share); non-GAAP net loss: $38.0 million (–$0.50/share).

• Ended Q1 2026 with $197.4 million in cash and marketable securities.

• Q1 recurring revenue was ~$1.4 million; software services contributed about one-third of revenue.

Outlook and guidance

• 2026 revenue guidance reiterated at $26 million.

• Non-GAAP operating expense guidance for 2026 maintained at $160–$170 million.

• Q2 growth expected to be slower as focus shifts to operational efficiency and utilization.

• Management expects existing liquidity to fund operations for at least the next 12 months.