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Unless otherwise stated or the context otherwise indicates, all references to Serve, the Company, we, our, us, or similar terms refer to Serve Robotics Inc. together with its wholly-owned subsidiaries. Serve Operating Co. is our direct, wholly-owned subsidiary and holds all material assets and conducts all business activities and operations of Serve.
$9.07
$0.35 (-3.72%)
Price from 3 days ago
The business is unprofitable at the operating level (-4253.83% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 46.2%, still solid. Margins contracted 2141.9pp, which offsets some of the top-line progress.
ROIC dropped from -7.15% to -36.36%, capital efficiency is deteriorating. Negative free cash flow of -$118M. The business is consuming cash, not generating it.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$5M
▲ +46.2% YoY
Net Income (TTM)
-$137M
▼ -158.6% YoY
Op. Margin
-2878.63%
▼ -2141.9pp YoY
ROIC
-40.17%
▼ -29.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$148M
▼ -269.8% YoY
Op. Cash Flow (TTM)
-$112M
▼ -272.5% YoY
Net Debt
-$183M
Net Cash Position
Cash & Equiv.
$187M
3Y CAGR: +190.8%
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