Serve Robotics reported strong Q3 2026 results

Item 2.02. Results of Operations and Financial Condition.

On November 5, 2026, Serve Robotics Inc. (the "Company") announced its financial results for the third quarter ended September 30, 2026.^{1 1}The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1¹ to this Current Report on Form 8-K.

Item 7.01. Regulation FD Disclosure.

On November 5, 2026, the Company made available on its website a revised Company investor presentation.^{2 2}A copy of the presentation is furnished as Exhibit 99.2² to this Current Report on Form 8-K.

The information in this Form 8-K (including Exhibits 99.1 and 99.2) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended³ (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) List of Exhibits.

Exhibit

Number

Description

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Serve Robotics Inc.

Dated: November 5, 2026

/s/ Ali Kashani

Ali Kashani

Chief Executive Officer and Director

Dated: November 5, 2026

/s/ Brian Read

Brian Read

Chief Financial Officer

2

Serve Robotics Announces Third Quarter 2026 Results

• Delivered over 300% revenue growth in Q3 year over year and raised full year revenue guidance for 2026 to $12 million.

• Tripled daily average deliveries in Q3 with new delivery partners, and exclusively launched first international city in Australia in October.

• Improved gross margin sequentially, as the mix of higher-margin recurring revenue jumped to nearly 70% of all revenues.

• Ended Q3 with over $198 million in cash and marketable securities, reflecting strong balance sheet and operational flexibility.

SAN FRANCISCO, November 5, 2026 -- Serve Robotics Inc. (the "Company" or "Serve") (Nasdaq: SERV), a leading autonomy and robotics company, today announced financial results for the third quarter ended September 30, 2026.

"Serve is getting stronger on every front: demand for our robots is growing, the fleet costs less to operate, and we are opening new ways to generate revenue from what we have built," said Dr. Ali Kashani, Serve's Co-founder and CEO. "We are raising our full-year revenue guidance to $12 million. And, as we announced today, with the launch of Serve Physical AI Services, the technology behind our fleets is now available to other robot makers, a significant new opportunity for us."

"This quarter was about execution," said Brian Read, Chief Financial Officer of Serve. "Q3 revenue exceeded our expectations, and we drove operating expenses down while delivering more than 100 percentage points of sequential improvement in fleet margin. We believe the gains we made this quarter are structural, and they form the foundation for a long-term trend of improving unit economics."

Business and Financial Highlights

• Revenue Growth: Reported revenue of $2.8 million, an increase of 313% year-over-year.⁴

• Revenue Mix : Recurring revenue accounted for 69% of total revenue in Q3⁴ and continued to outpace non-recurring revenue, while branding revenue grew nearly 80% sequentially.

• Healthcare Progress : Generated strong Q3 revenue in consistent with our expectations, entered into 12 multi-year contract extensions with hospital customers, and added 4 new hospitals year-to-date through Q3, demonstrating continued demand for the Company's healthcare automation platform.

• Delivery Volume : Among new delivery platform partners, daily delivery volume tripled and the number of merchants grew 2.5x in Q3.

• Balance Sheet: Maintained a strong liquidity position of $198.0 million as of September 30, 2026.⁸

• Outstanding Shares: Approximately 88 million shares of common stock outstanding as of September 30, 2026.

Outlook

• Full year 2026 revenue guidance increased to $12 million, from the previously provided range of $9 million to $10 million⁶, reflecting strong robot demand and growth across a diversified portfolio of revenue streams.

• Full year 2026 non-GAAP operating expense guidance lowered to $150 million, compared with prior guidance of $160 to $170 million⁷ provided at the beginning of the year, reflecting strong cost discipline.

Supplemental Financial Information

The key metrics and financial tables outlined below are metrics that provide management with additional understanding of the drivers of business performance and the Company's ability to deliver stockholder return. Investors should not place undue reliance on these metrics as indicators of future or expected results. The Company's presentation of these metrics may differ from similarly titled metrics presented by other companies and therefore comparability may be limited.

Table 1

Key Metrics (unaudited)

Three Months Ended Nine Months Ended

(1) Daily Active Robots: The Company defines daily active robots as the average number of robots performing deliveries during the period.

(2) Daily Supply Hours: The Company defines daily supply hours as the average number of hours the Company's robots are available to perform daily deliveries during the period.

(3) The key metrics reported for the periods ended September 30, 2026 and June 30, 2026 are inclusive of the outdoor and indoor robot fleet.

Table 2

Disaggregation of Revenue (in thousands) (unaudited)

Three Months Ended Nine Months Ended

Quarterly Conference Call Information

Management will host a conference call and webcast today at 2:00 p.m. PT / 5:00 p.m. ET to discuss the financial results and provide a corporate update. A live webcast and replay can be accessed from the investor relations page of Serve's website at investors.serverobotics.com.

Individuals interested in listening to the conference call may do so by dialing 800-715-9871 and referencing conference ID 6872100.

About Serve

Serve (Nasdaq: SERV) designs and operates autonomous robots that navigate complex, human-centric environments. Since spinning off from Uber in 2021, Serve has deployed more than 2,000 robots across the U.S., reaching a population of a