Serve Robotics

SERV

Industrial - Machinery · Industrials

Price

$5.09

-0.18 (-3.42%)

Market Cap

$339.0M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+68.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 36.9M (2021) → 62.3M (2025)

Serve Robotics builds small, sidewalk delivery robots that carry food and packages to customers in cities. The robots drive themselves on sidewalks and can navigate around people, pets, and obstacles without a human driver. The company works mainly with food delivery platforms, and its biggest partner is Uber Eats.

Serve makes money by charging delivery fees each time one of its robots completes a delivery, similar to how a delivery driver gets paid per order. The company currently operates in Los Angeles and is expanding to a small number of other U.S. cities, with plans to grow its robot fleet significantly. Serve is still very early-stage and is losing a large amount of money for every dollar it earns, which means the biggest risk is whether it can scale its fleet fast enough to bring costs down before it runs out of cash.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+577.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-80.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$45M/ year

↑ Rising (+87% vs prior year)

>1,000% of revenue

426.9x the sector average (4%)

Investing heavily in future products and technology

Insider Activity

17.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~3 months

$47M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Serve Robotics grew revenue 577% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

-301.6%

Thin — -301.6% gross margin

Operating Margin

-1735.3%

Losing money on operations — -1735.3%

ROCE

-16.1%

Weak — -16.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+297.7%

Fast-growing sales (297.7% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-2847.6%

Burning cash (-2847.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.02

Conservative — low debt load (0.02)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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