Serve Robotics Inc. (SERV) has revised its revenue guidance for 2026, lowering its forecast from $26 million to $9-$10 million due to declining delivery volumes through Uber. This adjustment follows a second-quarter revenue of $3.2 million, a more than 400% increase year-over-year, with door deliveries via DoorDash growing nearly 50% sequentially. The company indicates that changes in the operating model with Uber have impacted delivery volume, and it continues to pursue broader merchant access through its Beacon device, aimed at increasing fleet utilization.
Despite the challenges with Uber, Serve Robotics has seen growth in other areas, with nearly half of its revenue now coming from advertising and contracted hospital robotics generating significant recurring revenues. The company signed seven multiyear contracts and two new hospitals this year. However, the shift in delivery volume forecasts raises questions about the sustainability of its revenue diversification efforts.
In the competitive landscape, NVIDIA reported $40 billion in second-quarter revenues, up 25% sequentially, while Symbotic saw a 57% year-over-year increase in software revenue to $13 million. Serve Robotics’ stock has fallen 46% over the past year, now trading at a forward P/S multiple of 22.21, significantly above the industry average of 11.65.
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