Serve Robotics Inc. /DE/
For the period ended Dec 31, 2025. Filed Mar 12, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 12, 2026
SERV$3.11-8.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(In thousands)
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net loss | $(101,361) | $(39,191) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation | 21,252 | 14,555 |
| Depreciation & amortization | 8,213 | 310 |
| Deferred income taxes | (4,702) | — |
| Accretion of discount on available-for-sale securities | (1,073) | — |
| Amortization of debt discount | — | 1,678 |
| Change in fair value of derivative liability | — | 222 |
| Changes in operating assets and liabilities, net of effects of businesses acquired: | ||
| Accounts receivable, net | (697) | (84) |
| Inventory | — | 465 |
| Prepaid expenses | (4,634) | (720) |
| Other receivables | (498) | (192) |
| Accounts payable | (2,017) | 872 |
| Accrued liabilities | 6,707 | 477 |
| Deferred revenue | (18) | 20 |
| Operating lease liabilities | (1,413) | 46 |
| Net cash used in operating activities | (80,241) | (21,542) |
| Cash flows from investing activities: | ||
| Purchases of marketable securities | (203,752) | — |
| Proceeds from maturities and sales of marketable securities | 51,500 | — |
| Purchases of property and equipment | (37,334) | (10,252) |
| Acquisitions, net of cash acquired | (7,502) | — |
| Security deposits | (506) | (66) |
| Capitalized implementation costs | (405) | — |
| Net cash used in investing activities | (197,999) | (10,318) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of common, net of offering costs | 170,773 | 35,849 |
| Proceeds from issuance of common stock under the 2025 Equity Distribution Agreement, net of offering costs | 78,723 | 77,596 |
| Proceeds from exercise of warrants | 11,431 | 22,449 |
| Proceeds from exercise of options | 423 | 367 |
| Repayments of financing lease liability | (186) | (1,782) |
| Proceeds from short-swing profit disgorgement | 48 | — |
| Proceeds from issuance of pre-funded warrants to purchase common stock in connection with private placement, net of issuance costs | — | 17,116 |
| Proceeds from convertible notes payable, net of offering costs | — | 4,845 |
| Repayments of note payable | — | (1,250) |
| Repayment of note payable, related party | — | (70) |
| Net cash provided by financing activities | 261,212 | 155,120 |
| Effect of exchange rate changes on cash and cash equivalents | 1 | — |
| Net change in cash and cash equivalents | (17,028) | 123,260 |
| Cash and cash equivalents at beginning of year | 123,266 | 7 |
| Cash and cash equivalents at end of year | $106,239 | $123,266 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | $224 | $203 |
| Cash paid for income taxes | $— | $— |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| Operating lease right-of-use assets obtained for lease obligations | $4,818 | $1,578 |
| Purchases of property and equipment, accrued but not paid | $1,723 | $1,972 |
| Conversion of convertible notes and derivative into common stock | $— | $6,804 |
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