Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Serve Robotics Inc. /DE/ files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0.11
0.21
1.81
2.65
Cost of revenue
1.15
1.73
1.89
18
Gross profit
-1.04
-1.52
-0.08
-15.4
Research and development
13.6
9.95
24.3
45.3
Selling and marketing
0.53
0.61
0.58
2.9
General and administrative
0.05
3.79
4.62
10.1
37.1
Operating expenses
19.9
19.2
38.2
97.4
Operating income
-0.05
-21
-20.7
-38.3
-113
Interest expense
0.64
2.26
1.96
0
Interest income
1.28
7.27
Other non-operating income
-0.9
-4.09
-0.9
0.09
Pre-tax income
-39.2
-105
Income tax
0
0
-3.66
Net income
-0.05
-21.9
-24.8
-39.2
-101
EBITDA
-20.6
-18.9
-38
-105
EPS, basic
-3.17
-3.17
-1.75
-1.07
-1.63
EPS, diluted
-3.17
-3.17
-1.75
-1.07
-1.63
Shares, basic (weighted)
0.02
6.9
14.2
36.7
62.3
Shares, diluted (weighted)
0.02
6.9
14.2
36.7
62.3
Balance sheet
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
7.97
2.72
0.01
123
106
Short-term investments
0
127
Receivables
0.02
0
0.09
0.85
Inventory
0.62
0.77
0.31
0
Other current assets
0.08
0.68
0
0.08
Total current assets
0
3.44
1.46
125
241
Property, plant and equipment
3.38
0.05
12
47
Lease right-of-use assets
1.22
0.78
1.81
5.37
Goodwill
0
15.5
Intangible assets
0
31.3
Long-term investments
0
26.3
Other non-current assets
0.58
1.11
Total assets
0
8.54
2.8
140
368
Accounts payable
0.01
0.16
2.05
4.9
5.01
Accrued liabilities
0.04
0.26
0.66
6.48
Deferred revenue
0
0.02
0
Total current liabilities
0.07
3.9
6.24
6.81
13.3
Long-term debt
1.21
0.23
0
Lease liabilities
0.71
0.21
1.11
3.45
Total liabilities
0.07
21
6.84
7.92
17
Paid-in capital
31.2
64.5
239
559
Retained earnings
-0.07
-43.5
-68.3
-108
-209
Other comprehensive income
0
0.14
Shareholders' equity
8.32
-12.5
-4.03
132
351
Total equity
8.32
-12.5
-4.03
132
351
Total liabilities and equity
0
8.54
2.8
140
368
Shares outstanding
0.02
6.83
24.5
51.3
74.7
Cash flow statement
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-0.05
-0.05
-24.8
-39.2
-101
Depreciation and amortization
0.39
1.86
0.31
8.21
Stock-based compensation
0.2
0.54
14.6
21.3
Deferred income tax
0
-4.7
Change in receivables
-0.02
0.02
-0.08
-0.7
Change in inventory
-0.15
-0.16
0.47
0
Change in payables
0
-0.17
1.89
0.87
-2.02
Cash from operations
-0.05
-21.4
-16
-21.5
-80.2
Capital expenditures
-3.64
-0
-10.3
-37.3
Acquisitions
0
-7.5
Purchases of investments
0
-204
Cash from investing
-4.06
-0
-10.3
-198
Debt repaid
-0.38
-1.71
Stock issued
10.4
35.8
171
Cash from financing
0.04
20.2
13.3
155
261
Net change in cash
-0.01
0
123
-17
Free cash flow
-25
-16
-31.8
-118
Interest paid
0.62
0.51
0.2
0.22
Income taxes paid
0
0
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $4.45 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
-370.1%
Gross profit / revenue.
Operating margin
-2,477.0%
Operating income / revenue.
EBITDA margin
-2,273.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-2,316.0%
Net income / revenue.
FCF margin
-2,180.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-1,791.0%
Cash from operations / revenue.
Return on equity (ROE)
-51.3%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-47.7%
Net income / average total assets.
Return on invested capital (ROIC)
-55.9%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
880.3%
Research and development expense / revenue.
Stock-based pay / revenue
449.4%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
388.3%
Capital expenditures / revenue.
D&A / revenue
203.9%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
46.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
190.8%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
166.4%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
163.4%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
250.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
69.9%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
108.2%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
12.8x
Current assets / current liabilities.
Quick ratio
12.4x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
12.2x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.10
Revenue / diluted weighted shares.
FCF per share
-$2.11
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.74
Cash from operations / diluted weighted shares.
Book value per share
$4.07
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
49.5x
Market cap / revenue.
P/B
1.10x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.33x
Market cap / tangible book value, when positive.
EV/Sales
19.3x
Enterprise value / revenue.
FCF yield
-44.0%
Free cash flow / market cap.
Earnings yield
-46.8%
Net income / market cap (the inverse of P/E).
What was Serve Robotics Inc. /DE/'s revenue in fiscal 2025?
Serve Robotics Inc. /DE/ reported revenue of $2.7M for fiscal 2025, 46.2% higher than the year before.
Was Serve Robotics Inc. /DE/ profitable in fiscal 2025?
No. It reported a net loss of $101.4M.
How much free cash flow did Serve Robotics Inc. /DE/ generate in fiscal 2025?
Cash from operations of $80.2M minus capital expenditures of $37.3M left free cash flow of -$117.6M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.