Core Insights - Serve Robotics Inc.'s partnership with DoorDash is a significant development in its scale-up strategy, enhancing its national presence and robot deployment capabilities [1] - The integration with DoorDash is expected to create a high-volume demand pipeline, complementing its existing relationship with Uber Technologies and reshaping revenue projections for 2026 [1][6] - The company has deployed over 1,000 robots and anticipates reaching 2,000 by mid-December, which will enable it to handle increased delivery volumes [1][6] Financial Performance - In the third quarter, Serve Robotics experienced a 66% sequential increase in delivery volume and a 120% surge in branding revenue, driven by the expansion of its robot fleet [2][6] - The partnership with DoorDash is projected to add tens of thousands of restaurant endpoints and millions of additional orders, supporting the company's goal of achieving a tenfold revenue increase by 2026 [2][6] Investment and Growth Strategy - Despite ongoing losses due to heavy investments in R&D, operations, and market launches, the demand generated by the DoorDash partnership strengthens Serve Robotics' multi-platform strategy [3] - The dual-platform approach with DoorDash and Uber is expected to provide a solid economic foundation for future growth, contingent on disciplined execution [3] Stock Performance and Valuation - Serve Robotics' stock has increased by 4.5% over the past six months, outperforming the Zacks Computers - IT Services industry but underperforming compared to the broader Computer and Technology sector and the S&P 500 Index [4] - The company currently has a forward price-to-sales ratio of 28.35, which is significantly higher than the industry average, indicating a premium valuation [11]

Core Insights - The article discusses the benefits of subscribing to Beyond the Wall Investing for access to high-quality equity research reports, potentially saving thousands of dollars annually [1] Company Analysis - Serve Robotics Inc. (SERV) was initiated with a "Hold" rating in mid-August, reflecting cautious optimism about the company's ambitions at that time [1] Investment Strategy - Oakoff Investments, a personal portfolio manager, emphasizes a balanced approach between growth and value, utilizing proprietary Wall Street information to guide investment decisions [1]

Financial Performance - For the three months ended September 30, 2025, the company generated revenues of $687 thousand, a significant increase from $222 thousand in the same period of 2024, representing a 209% growth [217]. - The net loss for the three months ended September 30, 2025, was $33.0 million, compared to a net loss of $8.0 million for the same period in 2024, indicating a worsening financial position [217]. - As of September 30, 2025, the company had an accumulated deficit of $174.6 million, reflecting ongoing financial challenges since inception [217]. - Revenues increased by $0.47 million to $0.69 million for the three months ended September 30, 2025, compared to $0.22 million for the same period in 2024, representing a 209% increase [219]. - Net loss for the three months ended September 30, 2025, was $33.02 million, compared to a net loss of $7.996 million for the same period in 2024, a 313% increase [219]. Customer Concentration - Sales to Customer A accounted for 43% of total revenue for the three months ended September 30, 2025, down from 78% in the same period of 2024, indicating a shift in customer concentration [202]. - The company faces challenges related to customer concentration, with significant portions of accounts receivable concentrated with a few customers, posing risks to financial stability [205]. Acquisitions and Investments - The company acquired Vayu Robotics, Inc. on August 15, 2025, which was accounted for under the acquisition method of accounting, impacting liquidity [192]. - The company also acquired Voysys AB on April 1, 2025, further expanding its operational capabilities [193]. - Net cash used in investing activities rose significantly to $122.14 million in 2025 from $5.40 million in 2024, driven by the purchase of short-term marketable securities of $107.49 million and incremental robot build construction of $15.4 million [244]. Financing Activities - A securities purchase agreement was entered into on January 7, 2025, resulting in gross proceeds of approximately $80 million from the issuance of 4,210,525 shares at $19.00 per share [194]. - The company’s common stock was approved for listing on The Nasdaq Capital Market under the ticker symbol "SERV" following a public offering that generated net proceeds of approximately $35.8 million [195]. - Net cash provided by financing activities increased to $166.26 million in 2025 from $71.58 million in 2024, mainly from proceeds of $78.8 million from the issuance of common stock [245][246]. Expenses - Cost of revenues rose by $4.69 million to $5.07 million for the three months ended September 30, 2025, compared to $0.38 million for the same period in 2024, due to scale-up costs of $3.96 million [221]. - General and administrative expenses increased by $11.17 million to $13.15 million for the three months ended September 30, 2025, from $1.98 million for the same period in 2024, a 564% increase [222]. - Research and development expenses increased by $8.41 million to $13.41 million for the three months ended September 30, 2025, from $5.01 million for the same period in 2024, reflecting a 168% increase [223]. Cash Flow - Cash and cash equivalents, and marketable securities totaled $210.45 million as of September 30, 2025 [238]. - Net cash used in operating activities was $(50,601) thousand for the nine months ended September 30, 2025, compared to $(15,279) thousand for the same period in 2024 [242]. - Net cash used in operating activities increased to $50.60 million for the nine months ended September 30, 2025, compared to $15.28 million in 2024, primarily due to a net loss increase of $41.02 million [243]. Market Conditions - Inflation and market conditions may impact consumer discretionary spending, which could adversely affect the company's financial results and growth prospects [207]. Company Classification - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to take advantage of an extended transition period for complying with new accounting standards [251]. - The company is classified as a "smaller reporting company," with a market value of stock held by non-affiliates less than $700 million and annual revenue below $100 million [252]. - The company is not required to provide quantitative and qualitative disclosures about market risk as a smaller reporting company [253]. Operational Metrics - Daily Active Robots increased to 312 for the three months ended September 30, 2025, compared to 59 for the same period in 2024 [236]. - Daily Supply Hours increased to 3,781 for the three months ended September 30, 2025, compared to 465 for the same period in 2024 [237]. Accounting Policies - There have been no material changes in critical accounting policies from those disclosed in the Annual Report for the year ended December 31, 2024 [250]. - The company has no off-balance sheet financing arrangements or relationships with unconsolidated entities during the periods presented [249].

Core Insights - Serve Robotics Inc. reported third-quarter 2025 results with adjusted earnings missing estimates while revenues exceeded expectations, indicating a growth in top line but a decline in bottom line compared to the previous year [1][4][9] Financial Performance - The company reported an adjusted loss per share of 54 cents, wider than the Zacks Consensus Estimate of 37 cents, compared to a loss of 20 cents in the same quarter last year [4][9] - Revenues reached $0.69 million, surpassing the consensus estimate by 0.3%, and increased from $0.22 million in the prior-year quarter [4][9] Operational Highlights - Serve Robotics achieved significant milestones, deploying over 1,000 robots and recording a 713% year-over-year increase in daily supply hours [2][5] - Delivery volume rose 66% sequentially, expanding market coverage to over 3 million people and 1 million households in cities like Chicago, Dallas, Miami, and Los Angeles [2] Segment Performance - Fleet services generated revenues of $0.43 million, a 136.6% increase from $0.18 million in the previous year, driven by a 31% sequential rise in delivery revenues and a 120% increase in branding revenues [5] - Software services revenues reached $0.25 million, up 551.3% from $0.04 million in the prior-year period [5] Cost and Loss Analysis - The company reported a gross loss of $4.4 million, compared to a loss of $0.16 million in the same quarter last year [6] - General and administrative expenses surged 564.3% year over year to $13.2 million, while research and development expenses rose 167.9% to $13.4 million [6][7] Cash Position - At the end of the quarter, Serve Robotics had cash and cash equivalents of $116.8 million, down from $123.3 million as of December 31, 2024 [10] Future Guidance - The company anticipates generating revenues of $2.5 million in 2025 and expects around 10x revenue growth for 2026, with plans to deploy its 2,000th robot ahead of schedule by mid-December 2025 [11]

Market Overview - The Dow Jones Industrial Average increased by approximately 0.7% to 48,254.82, while the S&P 500 rose slightly by 0.06% to 6,850.92. The Nasdaq, however, declined by roughly 0.3% to close at 23,406.45 [1] Cisco Systems Inc. - Cisco Systems reported first-quarter fiscal 2026 earnings with revenue of $14.88 billion, exceeding analyst expectations of $14.77 billion. Adjusted earnings were $1.00 per share, surpassing forecasts of 98 cents. CEO Chuck Robbins highlighted the strong demand for secure networking technologies as customers leverage AI [2] Firefly Aerospace Inc. - Firefly Aerospace's stock dropped 4.29% to close at $18.31, but rose over 18.5% to $21.70 in extended trading. The company reported third-quarter revenue of $30.78 million, up 38% year-over-year, beating estimates of $27.71 million. It also posted a smaller-than-expected adjusted loss of 33 cents per share and raised its 2025 revenue outlook to $150–$158 million [3][4] Pan American Silver Corp. - Pan American Silver's stock rose by 2.08% to close at $38.37, with a record third-quarter revenue of $884.4 million and free cash flow of $251.7 million. Net earnings were $169.2 million, or $0.45 per share, with adjusted earnings of $181 million. The company increased its quarterly dividend to $0.14 per share [5][6] Serve Robotics Inc. - Serve Robotics experienced a 1.36% increase, closing at $10.47, but saw a decline of 2.7% to $10.19 in after-hours trading. The company reported quarterly losses of 24 cents per share, better than the expected losses of 33 cents, with revenue of $687,000, which missed estimates [7][8] Circle Internet Group Inc. - Circle Internet Group's stock fell by 12.21% to close at $86.30, despite a 202% profit surge in the third quarter. The company posted net income of $214 million, with total revenue and reserve income rising 66% to $740 million. USDC in circulation reached $73.7 billion, a rise of 108% annually [9][10]

Core Insights - Serve Robotics Inc. reported a quarterly loss of $0.54 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.37, marking an earnings surprise of -45.95% [1] - The company generated revenues of $0.69 million for the quarter ended September 2025, exceeding the Zacks Consensus Estimate by 0.29% and showing significant growth from $0.22 million a year ago [2] - The stock has underperformed, losing approximately 23.5% since the beginning of the year, while the S&P 500 has gained 16.4% [3] Financial Performance - Over the last four quarters, Serve Robotics has surpassed consensus EPS estimates only once [2] - The current consensus EPS estimate for the upcoming quarter is -$0.37 on revenues of $1.57 million, and for the current fiscal year, it is -$1.30 on revenues of $3.34 million [7] Market Outlook - The company's earnings outlook is crucial for assessing future stock performance, with a favorable trend in estimate revisions noted prior to the earnings release [4][6] - The Zacks Rank for Serve Robotics is currently 2 (Buy), indicating expectations for the stock to outperform the market in the near future [6] Industry Context - The Computers - IT Services industry, to which Serve Robotics belongs, is currently in the top 25% of over 250 Zacks industries, suggesting a favorable environment for stocks in this sector [8]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $687,000, an increase of 210% compared to the previous year, aligning with guidance provided for the quarter [18] - Fleet revenue was $433,000, with branding revenue jumping 120% sequentially over Q2 [18] - Adjusted EBITDA was negative $24.9 million, driven by operational expansion expected to accelerate efficiency through 2026 [22] Business Line Data and Key Metrics Changes - Delivery volume increased by 66% in a single quarter, with delivery reliability nearly at 100% [8] - The company now delivers for over 3,600 restaurants, a 45% increase from the last quarter and more than a nine-fold increase since last year [8] - Average daily operating hours per robot increased by 12.5% sequentially from Q2, indicating higher value contribution from each unit [20] Market Data and Key Metrics Changes - The fleet size grew 10X, cities expanded 5X, and major platform partners increased 2X within less than a year [9] - The company operates in five fully operational hubs covering over 3 million populations and over 1 million households, a nearly 70% increase in a single quarter [10] Company Strategy and Development Direction - The company aims to build a national interconnected autonomous delivery network, leveraging partnerships with DoorDash and Uber to enhance delivery volume and efficiency [11][12] - The integration of recent acquisitions, including YU Robotics and Vayu, is expected to enhance the company's competitive position and operational metrics [17][18] - The long-term vision includes deploying 1 million robots globally, embedding them into the urban fabric to unlock new possibilities [15][16] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of scaling efficiently while maintaining safety and reliability as the fleet expands [37] - The company expects to generate more than $2.5 million in revenue for the full year 2025, with underlying recurring fleet revenues projected to grow 3x year over year [23] - The path to achieving a revenue run rate of $60-$80 million is underway, with expectations for significant growth in 2026 [36][37] Other Important Information - The company entered the quarter with $211 million in cash and marketable securities, and executed a stock sale generating approximately $100 million for working capital and expansion [22] - The integration of AI foundation models and scalable simulation-powered data engines is expected to accelerate operational improvements [14] Q&A Session Summary Question: Do you expect to add more robots in 2026? - Management indicated that while specific numbers are not shared, growth will be pursued with precision and discipline, focusing on efficiency and utilization [25] Question: Could you provide details on robot design simplification and cost reduction? - Management highlighted progress in modular design, improved supply chain, and scaled manufacturing, resulting in a significant reduction in per unit cost [26][27] Question: What are the next steps in your DoorDash relationship? - The focus is on integrating robots into the fleet and planning market rollouts, which will unlock a vast network of restaurants and consumers [28][29] Question: Can you quantify the autonomy effect from Vayu? - Management noted that it is early in the integration process, but the expectation is for robots to become faster and smarter over time [30] Question: What have you learned from new deployments and expansions? - Each city presents unique challenges that enrich the models, leading to improved reliability and efficiency in subsequent launches [31] Question: What can you share about the pipeline for software and data sales? - There is strong interest in the software and data generated by the robots, with ongoing discussions with multiple partners [34] Question: When do you expect to reach the $60 million-$80 million run rate? - Management stated that the path to this run rate is underway, with significant progress expected as the company approaches the end of 2025 [36][37]

Core Insights - Serve Robotics Inc. reported a mixed third-quarter earnings report, with losses of 24 cents per share, which was better than the analyst estimate of 33 cents [1] - Quarterly revenue was $687,000, slightly missing the Street estimate of $691,167 [1] Financial Performance - The company experienced a delivery volume growth of 66% quarter-over-quarter and 300% year-over-year [2] - The stock price fell by 5.44% to $9.90 in extended trading following the earnings report [4] Strategic Goals - The CEO, Dr. Ali Kashani, stated that the company is on track to deploy 2,000 robots by the end of the year and aims for a 10x increase in revenue next year [3] - Serve Robotics positions itself as a national leader in sidewalk robotics, with aspirations for a future deployment of a million robots globally [3]

Financial Performance - Revenue for Q3 2025 was $687 thousand, a 209% increase compared to Q3 2024, with fleet revenues increasing 31% sequentially to $433 thousand[5]. - Revenues for the three months ended September 30, 2025, were $687,000, an increase from $222,000 in the same period of 2024, representing a 209% year-over-year growth[28]. - Gross profit for the nine months ended September 30, 2025, was a loss of $8,707,000 compared to a profit of $581,000 in the same period of 2024[28]. - Total operating expenses for the nine months ended September 30, 2025, were $63,760,000, up from $25,293,000 in the same period of 2024, indicating a 152% increase[28]. - Net loss for the nine months ended September 30, 2025, was $67,088,000, compared to a net loss of $26,071,000 for the same period in 2024, reflecting a 157% increase in losses[29]. - Cash flows from operating activities resulted in a net cash used of $50,601,000 for the nine months ended September 30, 2025, compared to $15,279,000 in the same period of 2024[29]. - Cash flows from investing activities showed a net cash used of $122,144,000 for the nine months ended September 30, 2025, compared to $5,395,000 in the same period of 2024[30]. - Net cash provided by financing activities was $166,262,000 for the nine months ended September 30, 2025, compared to $71,580,000 in the same period of 2024[30]. - Adjusted EBITDA for the nine months ended September 30, 2025, was a loss of $50,547,000, compared to a loss of $14,961,000 in the same period of 2024[31]. - Non-GAAP net loss for the nine months ended September 30, 2025, was $47,706,000, compared to a non-GAAP net loss of $16,141,000 in the same period of 2024[32]. - The weighted average common shares outstanding for the nine months ended September 30, 2025, were 58,472,679, compared to 33,267,589 in the same period of 2024[32]. Operational Highlights - Delivery volume grew by 66% quarter over quarter and 300% year over year from Q3 2024[6]. - The number of daily active robots increased to 312, up from 160 in Q2 2025, and daily supply hours rose to 3,781, a 713% increase compared to Q3 2024[13][14]. - Serve Robotics expects to deploy its 2,000th robot ahead of schedule in mid-December 2025[16]. - Serve launched a new multi-year strategic partnership with DoorDash to expand delivery services across the U.S.[6]. - The company has expanded its geographical coverage with the launch of the Chicago market, now serving over 3,600 restaurants across the U.S.[6]. - Serve completed strategic acquisitions of Vayu and Phantom Auto to enhance its robotics platform and reduce operational costs[7]. Financial Outlook - The company anticipates generating over $2.5 million in revenue for FY2025 and projects a 10x revenue growth in 2026 based on preliminary projections[16]. - The company ended the quarter with a strong liquidity position of $210 million and raised an additional $100 million in a registered direct offering[6]. - The company maintains a strong balance sheet with total assets of $299.5 million as of September 30, 2025[26].

Core Insights - Serve Robotics Inc. is on track to deploy 2,000 autonomous delivery robots by the end of 2025, aiming for a tenfold revenue increase in 2026 [2][5][12] - The company reported a revenue of $687 thousand for Q3 2025, representing a 209% increase compared to Q3 2024 [5][23] - Serve has established a strong liquidity position with $210 million in cash and raised an additional $100 million through a direct share offering [5][6] Business Highlights - Delivery volume grew by 66% quarter-over-quarter and 300% year-over-year [5][6] - A new multi-year strategic partnership with DoorDash was launched to enhance delivery capabilities across the U.S. [5][6] - The company expanded its market presence by launching operations in Chicago, serving over 3,600 restaurants and a population of 3 million [5][6] Financial Highlights - The company ended Q3 2025 with a liquidity position of $210 million and completed a $100 million equity offering in October 2025 [5][6] - Fleet revenues increased by 31% sequentially to $433 thousand, with branding revenues up by 120% [5][6] - The net loss for Q3 2025 was $33.02 million, compared to a net loss of $20.85 million in Q2 2025 [23][25] Outlook - Guidance for FY2025 anticipates revenue exceeding $2.5 million [4] - Preliminary projections suggest a tenfold revenue growth in 2026 [5][12] - The company expects to deploy its 2,000th robot ahead of schedule in mid-December 2025 [12]