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Serve Robotics cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$44.1M in Q3 2026 · −$177M over twelve months

Operating cash flow−$38.8M
Capital spending−$5.3M
Free cash flow−$44.1M

Analysis

In Q3 2026, Serve Robotics generated −$38.8M of operating cash flow and spent $5.3M on capital projects, leaving free cash flow of −$44.1M. That is $7.6M less than in Q3 2025 (−$36.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$153M; the largest uses were operating cash flow ($153M), other investing ($47.6M), capital spending ($24.2M); besides operations, cash came from shares issued ($95.5M), other financing ($84.9M); the cash balance fell by $66.1M.

Operating cash flow was −$38.8M against net income of −$59.2M. The largest differences: stock-based pay +$12.5M, depreciation & amortization +$5.4M, accrued liabilities +$2.6M.

Free cash flow

Serve Robotics: free cash flow by quarterServe Robotics: free cash flow by quarter−$11.1MQ4 2024−$12.9MQ1 2025−$22.0MQ2 2025−$36.5MQ3 2025−$46.1MQ4 2025−$42.9MQ1 2026−$44.3MQ2 2026−$44.1MQ3 2026
Operating cash flow less capital spending.
Serve Robotics: operating cash flow against capital spendingServe Robotics: operating cash flow against capital spendingOperating cash flowCapital spending−$6.3M$4.9MQ4 2024−$9.5M$3.5MQ1 2025−$16.0M$6.0MQ2 2025−$25.2M$11.3MQ3 2025−$29.6M$16.5MQ4 2025−$41.4M$1.4MQ1 2026−$43.3M$973KQ2 2026−$38.8M$5.3MQ3 2026
Latest (Q3 2026): Operating cash flow −$38.8M, Capital spending $5.3M.

Capital allocation, year by year

Serve Robotics: where the cash came from (up) and went (down), by fiscal yearServe Robotics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow −$52KFY2021FY2022: Operating cash flow −$21.4MFY2022: Net borrowing $2.1MFY2022: Shares issued $12.9MFY2022: Capital spending −$3.6M$15.0MFY2022FY2023: Operating cash flow −$16.0MFY2023: Net borrowing $2.8MFY2023: Shares issued $10.4MFY2023: Capital spending −$5K$13.2MFY2023FY2024: Operating cash flow −$21.5MFY2024: Net borrowing $1.8MFY2024: Shares issued $36.2MFY2024: Capital spending −$10.3M$38.0MFY2024FY2025: Operating cash flow −$80.2MFY2025: Net borrowing −$186KFY2025: Shares issued $171MFY2025: Capital spending −$37.3MFY2025: Acquisitions −$7.5M$171MFY2025
Over these 5 years operating cash flow totalled −$139M; the largest uses were operating cash flow ($139M) and capital spending ($51.2M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$198M
Debtnone
Net cash$198M
Cash runway13 months

Serve Robotics is burning cash: its operations consume cash, a free cash flow of −$177M a year at the current rate against $198M of cash and investments: a runway of about 13 months before any new financing.

Where the cash came from and went

Serve Robotics: sources (+) and uses (−) of cash, Q3 2026Serve Robotics: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$38.8MCash drawn (+) / kept (−)$28.3MOther investing$15.6MCapital spending−$5.3MShares issued$141KNot reconciled−$1K
Serve Robotics: sources (+) and uses (−) of cash, TTM to Q3 2026Serve Robotics: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow−$153MShares issued$95.5MOther financing$84.9MCash drawn (+) / kept (−)$66.1MOther investing−$47.6MCapital spending−$24.2MAcquisitions−$21.4MExchange rates−$56KNot reconciled−$1K

From profit to cash

Serve Robotics: net income to operating cash flow, Q3 2026Serve Robotics: net income to operating cash flow, Q3 2026Net income−$59.2MDepreciation & amortization$5.4MStock-based pay$12.5MDeferred taxes−$692KReceivables$723KPayables−$1.7MAccrued liabilities$2.6MDeferred revenue−$58KPrepaid and other assets$71KOperating cash flow−$38.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 2025860789
Q3 2025980934
Q2 202574080-7
Q1 2025487202-146
Q4 20242635470-409

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$38.8M−$5.3M——$141K$28.3M−$44.1M
Q2 2026−$43.3M−$973K——−$2K−$32.0M−$44.3M
Q1 2026−$41.4M−$1.4M−$21.4M—$406K$59.1M−$42.9M
Q4 2025−$29.6M−$16.5M$2K—$94.9M$10.6M−$46.1M
Q3 2025−$25.2M−$11.3M−$1.9M—$181K−$138K−$36.5M
Q2 2025−$16.0M−$6.0M−$5.6M$378K$86K$81.1M−$22.0M
Q1 2025−$9.5M−$3.5M—−$564K$76.0M−$74.5M−$12.9M
Q4 2024−$6.3M−$4.9M—−$460K$280K−$72.4M−$11.1M

Serve Robotics: income statement and cash flow

Serve Robotics, Q3 2026: revenue $2.8M (+313% year over year). The chart follows the revenue to costs, profit and cash.

Serve Robotics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.