Serve Robotics Revenue Soars 313% to $2.835 Million in Third Quarter
Key Facts
Serve Robotics reported results on November 5 for the third quarter ended September 30, 2026, recording revenue of $2.835 million, up 313% year over year, according to a company statement. Revenue came in 71.45% above analysts’ consensus estimate of $1.65 million, according to Benzinga Pro data. The results also showed a quarterly loss of 50 cents per share, below the estimated loss of 67 cents per share. Following the announcement, the stock rose 5.17% to $2.44 in extended trading on Thursday, November 5, according to Benzinga Pro. The results were released after Thursday’s session closed, combining rapid revenue growth with a larger net loss than a year earlier.
The year-over-year revenue comparison shows the scale of expansion recorded during the quarter: revenue was $687,000 in the third quarter of 2025, compared with $2.835 million in the corresponding period of 2026, according to Serve Robotics’ statement. The company linked business growth to increased demand and said average daily deliveries by new delivery-platform partners tripled during the quarter. The number of merchants at those partners also rose 2.5 times over the same period. Elsewhere in the revenue mix, recurring revenue accounted for 69% of total quarterly revenue. The company said brand revenue rose about 80% sequentially, adding growth in this source to the increase in recurring revenue.
Revenue growth was accompanied by expansion in fleet operating metrics. The average number of active robots per day rose from 312 in the third quarter of 2025 to 917 in the third quarter of 2026, according to company data. Average daily robot availability hours increased from 3,781 to 11,214 between the periods. These figures reflect a broader operating footprint alongside the quarter’s annual revenue surge. In October 2026, the company launched its first international city exclusively in Australia, according to its statement. The launch came after the quarter covered by the results, among the developments the company announced regarding the expansion of its operations.
Net loss remained high despite the per-share loss beating estimates; the company recorded a net loss of $59.230 million in the third quarter of 2026, compared with a loss of $33.020 million in the third quarter of 2025, according to Serve Robotics’ statement. The company ended the quarter with liquidity of $198.0 million on September 30, 2026. The comparison shows that revenue growth coincided with an increase in net loss year over year, while the reported liquidity provides additional financial context for assessing the quarter’s results. Before the announcement, SERV shares closed at $2.65 on November 4, according to EL7 data. EL7 data had recorded a close of $2.84 on October 29, before the November 4 close.
Serve Robotics raised its fiscal 2026 revenue outlook to $12 million, from a previous range of $9 million to $10 million, according to the company’s statement. At the same time, it lowered its forecast for non-GAAP operating expenses to $150 million, from a previous range of $160 million to $170 million. Chief Executive Ali Kashani said the company had launched Serve Physical AI Services, adding: "The technology behind our fleets is now available to other robotics companies." Kashani described the move as a significant new opportunity. Management hosted a call and webcast to discuss the results on November 5 at 2:00 p.m. Pacific time, or 5:00 p.m. Eastern time.