Serve Robotics SERV Q1 2026 Earnings Transcript

Image source: The Motley Fool.

DATE

Thursday, May 7, 2026 astatine 5 p.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Ali Kashani

• Chief Financial Officer — Brian Read

• Head of Investor Relations — Steve Webb

Need a punctuation from a Motley Fool analyst? Email [email protected]

Full Conference Call Transcript

Ali Kashani: Thank you, Steve, and bully afternoon, everyone. Thank you each for joining us. We are successful the aboriginal days of this robotics revolution, but our archetypal 4th results amusement however rapidly this marketplace and Serve are moving. Q1 gross was astir $3 million, supra our expectations and up astir 7x year-over-year and astir 3.5x sequentially. Last year, our absorption was deploying 2,000 robots crossed 20 cities portion besides seeding the enactment to unfastened caller gross streams and caller marketplace opportunities for our technology. This year, those investments are opening to compound. Fleet gross grew by an bid of magnitude from astir $200,000 successful Q1 of past twelvemonth to astir $2 cardinal this quarter.

In addition, astir 1/3 of our full gross during Q1 was from bundle services, and conscionable nether fractional of full gross is present recurring. Last quarter, I said that 2026 would beryllium a twelvemonth of compounding return. Three months in, we are connected way to present the $26 cardinal of 2026 gross we guided to connected our past net call. Q1 is simply a wide impervious of Serve's evolution. We are astatine the forefront of carnal AI, not by conscionable making large promises but by launching existent robots successful the existent satellite astatine existent commercialized scale. With this aboriginal mover advantage, our absorption present is increasing the gross streams that we've already built portion besides creating caller one.

At the aforesaid time, we are advancing our technology, deepening our moat, introducing our level to caller markets that grow our accidental and strengthening Serve's information and AI flywheel with caller proprietary data. So fto maine spell a level deeper. First, our autonomous nutrient transportation cognition continues to scale. Our deployed fleet is present 7x larger than successful Q1 of past year, portion regular progressive robots are up 10x and regular proviso hours are up 13x implicit the aforesaid period. Put differently, arsenic we expanded the full sidewalk fleet implicit the past 12 months, we activated robots much rapidly successful each marketplace and generated adjacent much hours from each robot.

Combined, Moxie and Serve robots present supply implicit 10,000 robot proviso hours to our partners each time with much than 800 robots progressive each azygous day. To beryllium clear, I don't expect each 4th to look similar Q1, wherever we accrued the progressive fleet and the fleet gross by an bid of magnitude year-over-year. Periods of maturation often travel periods of investment, and they often request to beryllium followed by much concern to enactment aboriginal growth. We expect Q2 maturation to beryllium slower arsenic we enactment connected expanding our geographic sum and partnerships and capabilities successful anticipation of the 2nd fractional of the twelvemonth erstwhile the maturation picks up again.