Second-quarter revenue of $3.28 million missed estimates, and the delivery robot company's shares fell 13.38% Friday morning after it cited weaker Uber Eats volumes.
Serve Robotics Inc. reported second-quarter results that missed revenue expectations and triggered a steep cut to its fiscal 2026 outlook, extending the stock's selloff into Friday morning. The company posted a quarterly loss of 59 cents per share, better than the 68-cent loss analysts expected, but revenue of $3.28 million came in below the $3.49 million estimate, according to Benzinga Pro data. Serve lowered its fiscal 2026 revenue forecast from $26 million to a range of $9 million to $10 million, saying the revision reflected lower-than-expected delivery volume through its Uber Eats partnership, including a decline already seen in the second quarter and the removal of projected demand for the second half of 2026. CEO Ali Kashani reiterated the company's scaled robot fleet strategy and efforts to build more diversified revenue streams, but investors focused on the reduced outlook and concerns about near-term fleet utilization. Shares of SERV were down 13.38% at $4.92 on Friday morning, after falling 6.76% to $5.29 in Thursday's extended trading.