Serve Robotics (Nasdaq: SERV) has been one of the more unusual stories on Nasdaq — a company that spent most of 2025 burning through capital while deploying hardware at a pace most robotics startups only model in spreadsheets. On March 11, it reported results that showed both the success of that execution and how long the road to profitability still is.
Full-year 2025 revenue came in at $2.7 million, above prior guidance of $2.5 million and representing roughly 46% annual growth. Q4 revenue of $0.9 million was up approximately 400% year-over-year. Against those figures, the company posted a net loss of $101.4 million for the year — a ratio that would be alarming in most industries but is somewhat standard for hardware-first robotics companies in their scaling phase.
The fleet milestone is real and verifiable: Serve ended 2025 with 2,000 autonomous sidewalk robots deployed across 20 cities and six major metropolitan areas, operating at a 99.8% delivery completion rate. The merchant base expanded from roughly 400 partners to over 4,500 during the year. The company now integrates with both Uber Eats and DoorDash, which CEO Ali Kashani said covers “over 80% of the U.S. food delivery market through the two platforms combined.”
“What our team accomplished last year is extraordinary. We went from operating in a single city to running the largest autonomous sidewalk fleet in the country, and we did it while delivering near-perfect reliability and surpassing our financial targets,” Kashani said.
What changes the financial picture materially is the Diligent Robotics acquisition — a move into indoor hospital delivery robots. The deal adds recurring healthcare revenue, and management projects approximately $7 million of the $26 million 2026 revenue target will come from healthcare contracts specifically. That diversification into contracted, recurring revenue is strategically significant: delivery fee volume fluctuates with consumer behavior, but hospital contracts are much stickier.
The $260 million cash position gives Serve meaningful runway, and the $26 million 2026 revenue guidance implies roughly a 10x jump over 2025 actuals. Even at $26 million, the company is nowhere near covering its operating costs, which are guided at $160 to $170 million on a non-GAAP basis. The path to unit-economic profitability, which management has flagged as a 2026 goal, will depend heavily on fleet utilization rates climbing faster than operating costs. That’s the number to watch, not the headline revenue figure.