Serve Robotics' Stock Up Despite Q4 Loss, Revenues Grew Y/Y

Core Insights - Serve Robotics Inc. (SERV) reported a narrower loss per share of 46 cents for Q4 2025 compared to the Zacks Consensus Estimate of 49 cents, but this was wider than the loss of 36 cents in the same quarter last year. Quarterly revenues increased by 28.4% year over year to $0.88 million [1][3]. Financial Performance - Revenues from Fleet services rose significantly to $0.65 million from $0.18 million in the year-ago quarter, while revenues from Software services decreased by 7.9% sequentially to $0.23 million [3]. - The company experienced a gross loss of $6.7 million in Q4, which was wider than the gross loss of $0.66 million reported in the previous year [4]. - Total operating expenses surged by 160.3% year over year to $33.6 million, leading to a loss from operations of $40.3 million, significantly wider than the loss of $13.6 million reported a year ago [4]. Annual Highlights - For the full year 2025, SERV's revenues increased by 46.2% to $2.7 million, while the gross loss expanded to $15.4 million from a gross loss of $0.1 million in 2024 [5]. - The loss per share for the year was $1.63, wider than the loss of $1.07 reported in 2024 [5]. Balance Sheet and Cash Flow - As of the end of 2025, the company had cash and cash equivalents of $106.2 million, down from $123.3 million at the end of 2024. Net cash used in operating activities remained consistent at $80.2 million [6]. Future Outlook - SERV anticipates full-year revenues of approximately $26 million for 2026, alongside expected capital expenditures of about $25 million as it scales its operations and partnerships [8][9].