Serve Robotics (SERV) - DoorDash and Uber Eats Contracts Scale Fleet to Over 2,000 Robots

Company Overview & Technology

·       Operating Stage: Early commercial, scaling deployment.

·       Core Business: Autonomous sidewalk delivery robots for last-mile food and small-package delivery.

·       Innovation Edge: Dense urban sidewalk autonomy, fleet level AI systems, and real world delivery data as the core asset.

·       Strategic Positioning: Deep roots with Uber Eats; expanded reach through DoorDash integration.

Serve Robotics - The Future is Already Here

Financial Summary & Capital Position

·       Revenue: Early but rising; Q1 2025 revenue of ~$440k, with 2025 revenue projected >$2.5M.

·       Cash Position: ~$198M in Q1 2025, declining to ~$116.8M by Q3 due to expansion.

·       Cash Burn & Funding: Loss making and capital intensive; dilution risk remains, though runway is meaningful.

Recent Catalysts & Milestones

·       DoorDash partnership launched in October 2025, expanding beyond Uber Eats.

·       Fleet scaled to 2,000 robots — the largest sidewalk delivery fleet in the U.S.

·       City launches across Miami, Dallas, Atlanta, and Chicago.

·       Over 100k deliveries and 2,500+ restaurant partners demonstrate real-world traction.

Why the Stock Is Interesting Now

·       DoorDash access materially improves order density and unit economics.

·       Fleet scale allows investors to underwrite SERV as an operator, not a prototype.

·       2026 is positioned as the year where unit economics must inflect.

Catalysts for 2026

·       Management targets ~10x revenue growth if scaling continues.

·       Expansion across more cities via DoorDash and Uber Eats.

·       Higher deliveries per robot per day could drive rapid margin improvement.

·       Regulatory normalization lowers rollout friction.

Risks & Volatility

·       City to city regulatory risk.

·       Economic risk if supervision, vandalism, or downtime remain high.

·       Heavy dependence on Uber and DoorDash.

·       Capital intensity could force dilution if growth lags.

Target Ranges & Strategy

·       Short-Term Buy: $12 – $13

·       Short-Term Sell: $18 – $22

·       Long-Term Target (2026+): $25 – $30