It's like Uber Eats for autonomous sidewalk robot delivery.

It's like Amazon's vision for automated last-mile delivery, but using sidewalk robots instead of drones.

It's like Waymo or Cruise, but for self-driving sidewalk delivery robots instead of cars.

• Autonomous Sidewalk Delivery Robots: Serve Robotics designs, develops, and operates AI-powered robots for last-mile parcel delivery, primarily for food and groceries.

Serve Robotics (symbol: SERV) primarily sells its autonomous last-mile delivery robot services to other companies. These customers are typically large delivery platforms and retailers that integrate Serve's robots into their existing logistics and delivery networks to enhance efficiency and capacity.

Major Customer Companies:

• Uber Eats (a division of Uber Technologies, Inc. - Symbol: UBER)
• 7-Eleven (a subsidiary of Seven & i Holdings Co., Ltd. - Symbol: SVNDY)

• Uber Technologies, Inc. (UBER)

Ali Kashani, Co-founder, CEO

Dr. Ali Kashani co-founded Serve Robotics in January 2021 and has served as its Chief Executive Officer since then. His entrepreneurial journey began in 2017 when he founded what would become Serve Robotics as a skunkworks robotics initiative within Postmates. Following Uber's acquisition of Postmates, Dr. Kashani led the spinout of Serve as an independent company in 2021. Prior to co-founding Serve, he served as Vice President of Postmates Inc. Before Postmates, Dr. Kashani was the co-founder and Chief Technology Officer at Neurio Technology, Inc., a smart home technology company that was acquired by Generac Power Systems (NYSE: GNRC). Dr. Kashani is also an inventor with 15 granted or pending patents.

Brian Read, Chief Financial Officer

Brian Read has served as Serve's Chief Financial Officer since April 2024. Mr. Read previously held positions as Controller for Apptronik Inc., Global Controller at REE Automotive Ltd. (NASDAQ: REE), and Assistant Global Controller at Coherent Corp (NASDAQ: COHR). He began his career at PricewaterhouseCoopers.

Touraj Parang, President & COO

Touraj Parang has served as Serve's Chief Operating Officer and a member of the Board since March 2021, and was appointed President in July 2022. Before joining Serve, Mr. Parang worked at GoDaddy Inc. (NYSE: GDDY) from May 2014 to March 2021, most recently as Vice President of Corporate Development. Earlier in his career, Mr. Parang was the founding Chief Operating Officer of UpCounsel Technologies, Inc. (acquired by Enduring Ventures, Inc.), Vice President of Strategy and Corporate Development at Webs, Inc. (acquired by Vistaprint N.V.), and co-founder and Chief Operating Officer of Jaxtr, Inc. (acquired by Sabse Technologies Inc.).

Dmitry Demeshchuk, Co-founder & VP of Software

Dmitry Demeshchuk co-founded Serve Robotics in January 2021 and has served as Vice President of Software since then. Prior to co-founding Serve, he was a Director at Postmates Inc., where he was a founding engineer in the internal innovation unit Postmates X.

MJ Chun, Co-founder & VP of Product and Design

MJ Chun co-founded Serve Robotics in January 2021 and has served as Vice President of Product and Design since. Before co-founding Serve, she was a Director at Postmates Inc.

There are two clear emerging threats to Serve Robotics (SERV):

• Direct Competition from Established Players: Companies like Starship Technologies are significant competitors in the autonomous sidewalk delivery robot space. Starship has a large number of deployments globally, particularly on university campuses and in residential areas, and continues to expand its operations. Their advancements in robot technology, operational efficiency, and ability to secure partnerships directly threaten Serve Robotics' market share, potential growth, and ability to secure new contracts and geographic expansions.
• Advancements in Drone Delivery: Companies such as Wing (an Alphabet subsidiary), Zipline, and Amazon Prime Air are actively developing, testing, and increasingly deploying drone-based last-mile delivery solutions. While currently operating in specific niches, ongoing technological improvements, expanded regulatory approvals, and potential cost efficiencies could enable drones to become a viable and potentially superior alternative for certain types of last-mile deliveries (e.g., faster delivery over varying terrains, bypassing ground traffic). This represents a different technological paradigm that could directly compete with or even displace sidewalk robots for a significant portion of the target market.

• Serve Robotics' own investor presentation from August 2025 estimates the overall addressable market for the firm to be $450 billion by 2030 (Global).
• The global autonomous last-mile delivery market, which encompasses Serve Robotics' services, was valued at approximately USD 1.6154 billion in 2024 and is projected to reach USD 5.9302 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 24.8% from 2025 to 2030. Other estimates for this global market forecast it to reach USD 44.56 billion by 2034.
• In North America, the autonomous last-mile delivery market size was USD 2.50 billion in 2024 and is expected to expand at a CAGR of 23.80% between 2025 and 2034. North America held over 44% of the global market share in 2024.
• Specifically, the U.S. autonomous last-mile delivery market was estimated at USD 1.75 billion in 2024 and is predicted to reach around USD 14.82 billion by 2034.
• Focusing on the delivery robots market itself, a segment highly relevant to Serve Robotics' hardware, the global market was valued at USD 292.4 million in 2023 and is projected to grow to USD 4.04578 billion by 2032, demonstrating a CAGR of 33.9% from 2025 to 2032. The global delivery robots market is also expected to reach USD 1.11 billion in 2025 and USD 2.80 billion by 2030.
• The U.S. delivery robots market specifically was valued at USD 54.69 million in 2023 and is projected to be worth approximately USD 1.18819 billion by 2034, growing at a CAGR of 32.29% from 2025 to 2034.

Serve Robotics (NASDAQ: SERV) is poised for significant revenue growth over the next 2-3 years, driven by several key strategic initiatives and operational advancements:

1. Fleet Expansion: Serve Robotics is aggressively scaling its robot fleet, with a target to deploy 2,000 robots by the end of 2025. This expansion of operational capacity is expected to directly translate into increased delivery volumes and, consequently, higher revenue. The company has already surpassed 1,000 deployed robots and focuses on deploying advanced third-generation (Gen 3) models known for higher cargo capacity and improved battery life.
2. Strategic Partnerships: Deepening and expanding partnerships with major delivery platforms are crucial for Serve Robotics' growth. The multi-year strategic partnership with DoorDash, in addition to its existing long-term agreement with Uber Eats, grants Serve Robotics access to platforms that collectively cover over 80% of the U.S. food delivery market. These partnerships create a high-volume demand pipeline and enhance robot utilization by allowing robots to fulfill orders from multiple platforms.
3. Geographic Market Expansion: Serve Robotics is actively expanding its operational footprint into new metropolitan areas. Recent expansions include launching services in the Chicago metro area and entering the Greater Washington, D.C. metro via Alexandria, Virginia. Plans are also in place for deployment in the Dallas-Fort Worth market. This geographic expansion into high-demand urban areas is critical for reaching new customers and merchant partners.
4. Increased Robot Utilization and Operational Efficiency: The company is focused on enhancing the productivity of its robot fleet. This includes increasing the average daily operating hours per robot and improving autonomous miles, driven by ongoing technological advancements and the deployment of more capable Gen 3 hardware. Improved utilization and efficiency lead to higher delivery volumes and better unit economics, amplifying the revenue impact of the growing fleet.
5. Software and Branding Revenue Growth: While recurring fleet revenue is the foundational growth driver, Serve Robotics is also seeing an increase in branding revenue and anticipates future growth from recurring software income. Strategic acquisitions, such as YU Robotics, are aimed at enhancing its AI-driven automation and simulation capabilities, which are expected to contribute to software-led revenue growth and long-term margin expansion.

Share Issuance

• Serve Robotics announced a registered direct offering of 6,250,000 shares of common stock, expected to generate approximately $100.0 million in gross proceeds, with the closing anticipated around October 14, 2025.
• A registered direct offering of 4,210,525 shares of common stock, expected to raise approximately $80.0 million in gross proceeds, was announced with an anticipated close around January 7, 2025.
• In April 2024, the company completed a public offering of 10,000,000 shares of common stock at $4.00 per share, resulting in $35.7 million in net proceeds after offering expenses and underwriting discounts.

Inbound Investments

• Serve Robotics has successfully raised a total of $247 million across 7 funding rounds, including Seed, Early-Stage, and Post-IPO rounds.
• The largest funding round was an $86 million Post-IPO round in December 2024.
• Strategic investors include Uber, which made its first investment in March 2021, and Nvidia, which first invested in March 2022.

Outbound Investments

• Serve Robotics acquired Vayu Robotics, Inc. in August 2025, a strategic move to enhance its AI capabilities and accelerate the development of sustainable delivery solutions.
• The company acquired Vebu, an "autocado robot maker," on November 7, 2024.

Capital Expenditures

• Capital expenditures for Q1 2025 were $3.5 million, primarily allocated to fleet construction.
• In Q2 2025, capital expenditures amounted to $6.0 million, focused on robot production, market launch, and expansion infrastructure.
• Serve Robotics is self-funding equipment investments, which is expected to eliminate the near-term need for equipment financing and associated servicing costs, as it aims to deploy 2,000 robots by the end of 2025.