Core Viewpoint - Serve Robotics has experienced significant stock volatility, with a 23% decline last year but a 40% increase in early 2026, indicating potential recovery and growth in the autonomous delivery market [1][3]. Company Overview - Serve Robotics, spun off from Postmates in 2021, is a leading developer of autonomous last-mile logistics solutions, focusing on small delivery robots for the Uber Eats network [2][3]. - The company is building thousands of Gen 3 robots designed to operate on sidewalks, aiming to tap into a projected $450 billion market for robotic and drone delivery by 2030 [2][3]. Operational Developments - Serve has deployed robots in around 3,600 restaurants across five U.S. cities, completing over 100,000 food deliveries since 2022 [4]. - The latest robots, powered by Nvidia's Jetson Orin, have achieved Level 4 autonomy, allowing them to operate safely without human intervention [4]. Financial Performance - Serve generated $1.77 million in revenue during the first three quarters of 2025, with expectations to reach approximately $2.5 million for the full year [7][8]. - Management anticipates a tenfold revenue increase in 2026, projecting around $25 million due to the deployment of 2,000 active robots [8][13]. Cost Structure - The company reported total operating expenses of $63.7 million in the first three quarters of 2025, more than double the previous year's expenses [9]. - A significant loss of $67 million was recorded during the same period, indicating financial challenges despite revenue growth [10]. Market Valuation - Serve's stock is currently trading at a price-to-sales (P/S) ratio of 392, which is considered extremely high compared to industry peers like Nvidia and Palantir Technologies [11]. - If revenue projections are met, the forward P/S ratio could adjust to 44, suggesting a more reasonable valuation, though still not cheap [13].