LinkedIn
WebsiteIntroduction
Serve Robotics Inc. (ticker: SERV; NASDAQ) develops autonomous delivery robots for last-mile logistics. As of October 9, 2025, its shares closed at $17.4703, with a day-over-day increase of 27.10% and trading volume of 18,540,737 shares.
Corporate Structure and Experience
Serve Robotics is a public company founded by entrepreneurs and leaders in robotics and artificial intelligence. Its executive team is led by CEO Ali Kashani, Ph.D. Institutional investors include Uber Technologies, Inc., which holds a 3.36% stake as of the September 23, 2025 Schedule 13D/A amendment, and various Khosla Ventures entities as disclosed in a September 15, 2025 Schedule 13G filing.
Delivery Robots by Thomas Chan
Developments and News
On October 6, 2025, Serve Robotics filed an 8-K (Items 7.01 and 9.01), disclosing Regulation FD disclosures.
In Q2 2025, the company reported that it had quadrupled its fleet since January, expanded operations to four major U.S. cities serving over 2,500 restaurants, and reached 1.8 million customers. Delivery volume in Q2 rose 80% compared to Q1 2025. Two additional cities, including Chicago, are planned to launch by December 31, 2025, with a target of increasing the fleet size fourfold by the end of the year.
Financial and Strategic Analysis
Serve Robotics is in the early development phase, generating limited revenue while investing in scaling operations. Key financial metrics (trailing twelve months as of October 9, 2025):
| Metric | Value |
|---|---|
| Market Capitalization | $1.06 billion |
| Enterprise Value | $594.5 million |
| Price/Sales (TTM) | 430.15× |
| Price/Book (MRQ) | 3.74× |
| Revenue (TTM) | $1.48 million |
| Net Income (TTM) | –$55.18 million |
| Total Cash (MRQ) | $183.33 million |
| Total Debt/Equity (MRQ) | 1.24% |
| Levered Free Cash Flow (TTM) | –$38.05 million |
A September 2025 analysis indicated a price-to-book ratio of 3.5× compared to a peer average of 2.3×, suggesting a premium valuation. The stock rose 16% in the week ending October 9, 2025, 25% in September 2025, and 54% over the past year, influenced by sector trends in robotics and comments from industry leaders.
Market Position and Industry Context
The global robotics sector is experiencing increased investor interest in autonomous systems. Serve Robotics has established operations across multiple cities in the autonomous last-mile delivery niche. As larger technology firms pursue broad automation initiatives, smaller companies like Serve must demonstrate growth and operational efficiencies to support their valuations. The company’s strategic activities, including partnerships and its acquisition of Vayu Robotics, highlight its commitment to technological development and market expansion.
tl;dr
On October 9, 2025, SERV shares increased by 27.10%. In Q2 2025, the fleet size quadrupled since January, operations expanded to four cities with over 2,500 restaurant partners, and delivery volume increased by 80% quarter-on-quarter. Two additional cities, including Chicago, will launch by December 31, 2025, alongside further fleet expansion. The next earnings date is November 6, 2025. Valuation metrics indicate the stock is priced above its book value, reflecting market expectations for future growth.
