Serve Robotics Inc. Q1 2026 Earnings Recap

Serve Robotics’ shares fell 3.5% after the company tempered near-term growth expectations, signaling investor concerns about a deceleration in Q2 expansion despite healthy Q1 progress. The cautious outlook on robot fleet deployment and emphasis on operational efficiency over fleet growth weighed on sentiment.

Key Takeaways

• Q1 revenue reached nearly $3 million, up approximately 7x year-over-year and 3.5x sequentially, driven primarily by a tenfold increase in fleet revenue to nearly $2 million.
• About one-third of Q1 revenue came from software services, with recurring revenue now accounting for just under half of total revenue.
• The deployed fleet size and daily active robots increased 7x and 10x year-over-year respectively, with daily supply hours up 13x, highlighting improved utilization.
• The company disclosed no plans to add sidewalk robots in Q2, focusing instead on operational efficiency, geographic expansion, and platform integrations in preparation for expected growth in the second half of the year.
• Diligent Robotics, acquired in Q1, is performing in line with plans, contributing to a combined footprint spanning 44 cities across 14 states and nearly 2 million completed deliveries.