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# Serve Robotics Puts A $44 Million To $48 Million 2026 Cost-Of-Revenue Estimate In Its Deck
- URL: https://www.bullished.co/serve-robotics-puts-a-44-million-to-48-million-2026-cost-of-revenue-estimate-in-its-deck-0cda6c32/
- Published: 2026-10-05T20:25:54.000Z
- Updated: 2026-10-05T20:25:54.000Z
- Description: An 8-K adds unaudited cost figures to a plan for $9 million to $10 million of 2026 revenue.
- Author: Matteo Parrino
- Tags: SEC Filings, SERV, Industry: Industrials

Serve Robotics, the sidewalk delivery robot company, put a preliminary cost-of-revenue estimate of [$44 million to $48 million](https://www.sec.gov/Archives/edgar/data/0001832483/000183248326000040/serv-20261005.htm?ref=bullished.co) for 2026 into its investor deck, according to an 8-K dated Monday. The same deck's plan shows 2026 revenue of $9 million to $10 million, and the auditor has not looked at the cost number.

## What the 8-K and the deck say

The 8-K says the company posted an updated presentation on its website Monday, adding cost-of-revenue information for the year ending December 31, 2026\. The figure rests on preliminary unaudited information and management estimates for the second half, and it depends on the company finishing its closing procedures.

The company's outside accounting firm has neither audited nor reviewed the estimates, and gives no assurance on them. The filing also says the material is furnished, not "filed," so it does not carry the liability of a formally filed document.

The [investor presentation](https://www.sec.gov/Archives/edgar/data/0001832483/000183248326000040/serve%5Finvestorxdeckx05oc.htm?ref=bullished.co) lists second-quarter revenue of $3.2 million, versus $0.6 million in the second quarter of 2025\. Its appendix plan puts 2026 total revenue at $9 million to $10 million, which it describes as 3.5x growth over 2025's $2.7 million.

## The rest of the 2026 plan

The deck shows $240 million in cash and marketable securities as of June 30\. It lists 2026 capital spending of $15 million to $17 million.

Non-GAAP operating expenses, which exclude stock compensation and other non-recurring items, are listed at $140 million to $150 million.

The company says its fleet grew from 100 to 2,000 sidewalk robots in a year, across 44 U.S. cities, and calls it the largest commercial sidewalk fleet in the country. It also cites 100 Moxi hospital robots and partnerships with 26 hospitals.

The 2026 emphasis is on revenue per robot, steering capacity toward high-demand channels. Revenue is also being widened beyond food delivery into healthcare, advertising and software.

## The unit-cost claim

The deck says expected delivery cost at scale is $1 per delivery. It compares that with a current human-courier figure of $810, which looks odd on its face and is garbled in the filing text, so treat it with caution.

In the deck's own plan, estimated 2026 cost of revenue is a multiple of planned revenue. The company has not said how the two relate.

The next marker is whether Serve finalizes the preliminary cost-of-revenue estimate once its closing procedures are complete.

### Sources

- [8-K Filing — Serve Robotics Inc. /DE/ (SERV)](https://www.sec.gov/Archives/edgar/data/0001832483/000183248326000040/serv-20261005.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit serve\_investorxdeckx05oc.htm — Serve Robotics Inc. /DE/ 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001832483/000183248326000040/serve%5Finvestorxdeckx05oc.htm?ref=bullished.co) — SEC EDGAR