SERV – BUY – On Track to Achieve 2026 Targets

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SERV – BUY – On Track to Achieve 2026 Targets

May 11, 2026

Taylor Manley taylor.manley@guggenheimpartners.com SERV – BUY – On Track to Achieve 2026 Targets

804 253 1336

Michael Morris, CFA Key Message: Serve 1Q results reflect first period of Diligent integration (1/20 – Link) with

michael.morris@guggenheimpartners.com consolidated Revenue ($3.0mm) ahead of 2025 in entirety ($2.7mm). We estimate that

804 253 8025 total core Revenue (excluding $1.2mm contribution from Diligent) increased 305% y/y (or

Charles Wilber +102% sequentially) driven by broad-based strength across Fleet and Software Services

charles.wilber@guggenheimpartners.com segments. Management maintained its 2026 Revenue guidance for $26mm+ with growth

804 335 3977 expected to slow in 2Q (vs. 1Q) though reaccelerate in the back-half of the year. Software

Grayson Glenn Services Revenue, which does not include a material inorganic contribution, increased 4x

grayson.glenn@guggenheimpartners.com sequentially with management highlighting the segment is Gross Profit positive. Notably,

804 253 8053 the company continues to diversify its Revenue base with top three customers accounting

for 42% of total (vs. 83% in 1Q25). 1Q Daily Active Robots and Supply Hours were well

ahead of our/consensus estimates, with management indicating no additional robots to

be built in 1H26 with focus on utilization, which we highlighted as the key KPI to watch

in years ahead as noted in our April 20 Initiation. Overall, we believe Serve remains onSERV BUY track to achieve its 2026 and LT financial targets and are encouraged by early top-line

Serve Robotics Inc. proof-points and commitment to sustainable capital allocation. Maintain BUY rating and

Sector: Media & Internet $13 target.

Earnings Release