Serve Robotics Inc. (SERV) Cash Flow Statement
Where SERV’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$80.2M
- Capital expenditures
- $37.3M 1,408.3% of revenue
- Free cash flow
- −$117.6M −4,435.1% margin
- Returned to shareholders
- —
- Change in cash
- −$17.0M cash at year-end $106.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
SERV operating cash flow, capex and free cash flow
SERV cash flow trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$10.7M2021 | −$80.2M2025 | — | |
| Capital expenditures | $162,0852021 | $37.3M2025 | +289.6%/yr | |
| Free cash flow | −$10.9M2021 | −$117.6M2025 | — | |
| Free cash flow margin | −23,231.3%2022 | −4,435.1%2025 | +18,796.2 pts | |
| Stock-based compensation | $8,7142021 | $21.3M2025 | +602.7%/yr | |
| Capex / revenue | 3,380.6%2022 | 1,408.3%2025 | −1,972.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SERV cash flow by activity
SERV net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
SERV cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | −$101.4M | −$39.2M | −$24.8M | −$21.9M | −$21.7M |
| Depreciation & amortization | $8.2M | $309,712 | $1.9M | $388,139 | $42,469 |
| Stock-based compensation | $21.3M | $14.6M | $544,375 | $195,056 | $8,714 |
| Change in working capital | −$2.6M | $884,683 | −$552,611 | −$410,198 | −$138,270 |
| Other non-cash items | −$5.8M | $1.9M | $7.0M | $279,344 | $11.0M |
| Cash from operating activities | −$80.2M | −$21.5M | −$16.0M | −$21.4M | −$10.7M |
| Investing activities | |||||
| Capital expenditures | −$37.3M | −$10.3M | −$4,914 | −$3.6M | −$162,085 |
| Investments (net) | −$152.3M | −$10.3M | −$4,914 | −$4.1M | −$258,732 |
| Acquisitions & other investing | −$8.4M | $10.3M | $4,914 | $3.6M | $162,085 |
| Cash from investing activities | −$198.0M | −$10.3M | −$4,914 | −$4.1M | −$258,732 |
| Financing activities | |||||
| Share repurchases & issuance (net) | — | — | −$3 | — | — |
| Net borrowing (repayment) | −$186,000 | $1.7M | $154,892 | $6.3M | $0 |
| Shares issued | $249.5M | $113.4M | $10.4M | $999,999 | $11.0M |
| Other financing | $11.9M | $39.9M | $2.7M | $12.9M | $7.9M |
| Cash from financing activities | $261.2M | $155.1M | $13.3M | $20.2M | $18.9M |
| Summary | |||||
| Net change in cash | −$17.0M | $123.3M | −$2.7M | −$5.3M | $8.0M |
| Cash at end of period | $106.2M | $123.3M | $6,756 | $2.7M | $8.0M |
| Free cash flow | −$117.6M | −$31.8M | −$16.0M | −$25.0M | −$10.9M |
| Free cash flow margin | −4,435.1% | −1,754.2% | −7,697.5% | −23,231.3% | — |
| Capex / revenue | 1,408.3% | 565.7% | 2.4% | 3,380.6% | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$64.1M | −$49.0M | −$34.3M | −$33.0M | −$20.9M | −$13.2M | −$13.1M | −$8.0M | −$9.0M | −$9.0M | −$7.1M | −$7.6M |
| Depreciation & amortization | $6.6M | $6.3M | $4.8M | $2.1M | $817,368 | $474,632 | $273,152 | $9,060 | $9,577 | $17,923 | $467,005 | $465,640 |
| Stock-based compensation | $14.7M | $7.4M | $6.3M | $6.6M | $4.4M | $3.9M | $4.6M | $2.2M | $3.5M | $4.3M | −$750,881 | $1.1M |
| Change in working capital | $37,000 | −$5.0M | −$1.3M | −$742,000 | $71,521 | −$600,521 | $2.0M | $333,569 | −$876,788 | −$530,587 | $1.2M | −$552,705 |
| Other non-cash items | −$485,000 | −$1.1M | −$5.2M | −$150,000 | −$398,000 | $0 | $0 | $0 | $682,679 | $1.2M | $2.5M | $934,510 |
| Cash from operating activities | −$43.3M | −$41.4M | −$29.6M | −$25.2M | −$16.0M | −$9.5M | −$6.3M | −$5.5M | −$5.7M | −$4.1M | −$3.7M | −$5.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$973,000 | −$1.4M | −$16.5M | −$11.7M | −$6.0M | −$3.5M | −$4.9M | −$4.6M | −$794,978 | −$3,340 | −$2,421 | −$2,493 |
| Investments (net) | −$10.6M | $3.3M | −$59.0M | −$40.2M | −$78.6M | −$3.3M | −$4.9M | −$4.6M | −$794,982 | −$3,340 | −$2,421 | −$2,493 |
| Acquisitions & other investing | $3.5M | −$21.4M | −$385,000 | $11.7M | $6.0M | $3.5M | $4.9M | $4.6M | $794,978 | $3,340 | $2,421 | $2,493 |
| Cash from investing activities | −$8.1M | −$19.6M | −$75.9M | −$40.2M | −$78.6M | −$3.3M | −$4.9M | −$4.6M | −$794,982 | −$3,340 | −$2,421 | −$2,493 |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | — | −$3 | — |
| Net borrowing (repayment) | $0 | $0 | $0 | $0 | $378,383 | −$564,383 | −$460,244 | −$1.3M | — | — | — | — |
| Shares issued | $83.4M | $1.5M | $94.9M | $65.2M | $13.5M | $75.8M | $77.6M | $136 | $35.8M | $0 | $418,729 | $10.0M |
| Other financing | −$2,000 | $406,000 | $68,000 | $221,000 | −$359,738 | $12.0M | $6.4M | $33.5M | −$959,740 | $4.5M | −$235,159 | −$836,394 |
| Cash from financing activities | $83.4M | $1.9M | $95.0M | $65.5M | $13.5M | $87.3M | $83.5M | $32.2M | $34.9M | $4.5M | $183,567 | $9.2M |
| Summary | ||||||||||||
| Net change in cash | $32.0M | −$59.1M | −$10.6M | $139,000 | −$81.1M | $74.5M | $72.4M | $22.1M | $28.4M | $420,726 | −$3.5M | $3.5M |
| Cash at end of period | $79.1M | $47.1M | $106.2M | $116.8M | $116.7M | $197.8M | $123.3M | $50.9M | $28.8M | $427,482 | $6,756 | $3.5M |
| Free cash flow | −$44.3M | −$42.9M | −$46.1M | −$36.9M | −$22.0M | −$12.9M | −$11.1M | −$10.1M | −$6.5M | −$4.1M | −$3.7M | −$5.7M |
| Free cash flow margin | −1,367.8% | −1,436.5% | −5,231.5% | −5,376.7% | −3,426.8% | −2,934.1% | −6,324.7% | −4,538.2% | −1,395.6% | −431.1% | −8,612.0% | −9,121.1% |
| Capex / revenue | 30.0% | 48.4% | 1,871.1% | 1,709.7% | 940.4% | 785.7% | 2,762.7% | 2,074.5% | 169.7% | 0.4% | 5.7% | 4.0% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
SERV cash generation
In fiscal 2025 (ended December 31, 2025), Serve Robotics generated -$80.2 million of cash from operations and spent $37.3 million on capital expenditures, leaving free cash flow of -$117.6 million, −4,435.1% of revenue. Cash and equivalents fell by $17.0 million over the year.
Related: SERV income statement, SERV balance sheet. See the SERV stock overview for the latest quote and news.
SERV cash flow FAQ
What is Serve Robotics's free cash flow?
Serve Robotics's free cash flow was -$117.6 million in fiscal 2025: -$80.2 million of operating cash flow minus $37.3 million of capital expenditures It was -$31.8 million a year earlier..
How much cash does Serve Robotics generate from operations?
Serve Robotics generated -$80.2 million of cash from operating activities in fiscal 2025.
How much does Serve Robotics spend on capital expenditures?
Serve Robotics spent $37.3 million on capital expenditures in fiscal 2025, 1,408.3% of revenue, compared with $10.3 million the year before.