Serve Robotics (SERV) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $3.2 million, up 404% year-over-year and 9% sequentially, but delivery volume growth reversed due to Uber partnership challenges, ending a 17-quarter streak.

• Full-year 2026 revenue guidance was reduced from $26 million to $9–$10 million, reflecting lower expected Uber delivery volume.

• Diversification efforts included new product launches, expanded merchant integration, and broadened use cases beyond food delivery, with strong growth in DoorDash, hospital robotics, and advertising.

• Major acquisitions in 2026 included Diligent Robotics and Vebu, expanding healthcare and automation capabilities.

• The company continues to invest in R&D, fleet expansion, and integration of acquired technologies.

Financial highlights

• Q2 2026 revenue was $3.2 million, with six-month revenue at $6.2 million; gross loss for Q2 was $8.8 million, and GAAP net loss was $64.1 million (-$0.80 per share).

• Non-GAAP net loss for Q2 was $47.1 million (-$0.59 per share); adjusted EBITDA for Q2 was $(44.5) million.

• Operating expenses for Q2 totaled $57.3 million, up 190% year-over-year; R&D expense for the first half of 2026 was $39.3 million.

• Recurring revenue exceeded 50% of total revenue, with software revenue nearly $1 million in Q2.

• Ended Q2 with $240.4 million in cash and marketable securities.

Outlook and guidance

• Full-year 2026 revenue guidance revised to $9–$10 million, nearly 3.5x year-over-year growth despite the reduction.

• FY2026 non-GAAP operating expense guidance lowered to $140–$150 million; capital expenditures reduced to $15–$17 million.

• Management expects continued growth in last-mile delivery and hospital automation but notes demand is difficult to forecast due to customer concentration and market cycles.

• Focus remains on autonomy, software, and recurring revenue streams for long-term growth.