Serve Robotics Inc. /DE/

Analysis for Ticker: SERV

Serve Robotics Inc operates a fleet of sidewalk robots designed to automate the last mile of food delivery for partners like Uber Eats and 7-Eleven. While the public sees futuristic machines, the internal books show a corporate furnace built to incinerate capital while transferring wealth to insiders. In 12/2025, the business generated a mere 2,65$ million in revenue but spent 18,03$ million just on the direct cost of keeping those machines moving. This is like a child running a lemonade stand where every cup costs 7$ to make but only sells for 1$. The final result for the year was a net loss of 101,36$ million, meaning the company effectively burned 80,24$ million in cash just to survive. The story of this survival began when the company was spun out of Uber in 12/2021. Because the business cannot pay for itself, it relies on printing new paper to sell to the public. In 03/2024, the company sold 10 million shares to the public at 4$ each to raise nearly 36$ million. Just weeks later, in 04/2024, corporate partners Postmates and NVIDIA converted 3$ million in debt into stock at a massive discount of only 2,42$ per share. While the public provided the cash to keep the host alive, the executives took the opportunity to inflate their own fixed pay. Ali Kashani saw his base salary jump from 236.667$ in 12/2024 to 458.000$ in 12/2025, while board members like Lily Sarafan and Olivier Vincent began collecting 205.200$ in stock for a year where the board met only seven times.