<p>Serve Robotics Inc ((SERV)) 已召开其第一季度财报电话会议。请继续阅读以了解会议的主要亮点。</p>
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<p>Serve Robotics Inc. 最新的财报电话会议为投资者描绘了一个复杂但总体积极的图景。管理层展示了爆炸性的收入增长、快速的车队扩张和不断上升的经常性软件收入，但也强调公司仍然处于投资模式，面临巨额的 GAAP 亏损、深度负的毛利率以及近期专注于将产能转化为盈利收入。</p>
<h2>爆炸性的第一季度收入增长</h2>
<p>Serve 报告第一季度收入约为 300 万美元，同比增长约 578%，环比增长 238%。首席执行官将此描述为与一年前相比几乎增长了 7 倍，环比增长约 3.5 倍，强调了业务从非常小的基础上迅速扩展的速度。</p>
<h2>车队收入成为真正的业务线</h2>
<p>车队收入从去年第一季度的约 20 万美元跃升至 2026 年第一季度的近 200 万美元。这一数量级的增长表明，日益增长的机器人车队开始转化为有意义的货币化，而不仅仅是试点规模的部署。</p>
<h2>软件和经常性收入组合上升</h2>
<p>软件收入达到了约 100 万美元，约占总收入的三分之一，突显了高毛利数字服务的重要性。管理层指出，经常性收入约为 140 万美元，略低于总收入的一半，表明订阅类收入的基础稳步增长。</p>
<h2>车队规模和利用率加速</h2>
<p>部署的车队规模比一年前大约增加了七倍，季度内每日活跃机器人平均为 812 台。每日供应小时超过 10,000 小时，环比增长约 54%，同比增长约 13 倍，反映了网络扩展和现有单元利用率的改善。</p>
<h2>扩大足迹和交付量</h2>
<p>Serve 的人行道和医疗保健业务现已覆盖 14 个州的 44 个城市。公司报告完成了近 200 万次交付，并表示其机器人每天为合作伙伴提供超过 10,000 小时的供应，突显了日益增长的运营相关性。</p>
<h2>Diligent Robotics 整合进展顺利</h2>
<p>管理层报告称，Diligent Robotics 的整合进展顺利，该公司专注于医疗保健领域的收购。他们强调了团队质量强大、医院管道健康以及经常性收入的逐步增加，Diligent 包含在内的 pro forma 第一季度收入同比增长约 30%，环比增长 28%。</p>
<h2>强调安全性和运营</h2>
<p>Serve 强调了其安全记录，指出尽管部署密度增加，但没有发生导致严重伤害的事件。公司还强调，其机器人操作时的动能远低于汽车，这被视为在监管和公众接受方面的关键优势。</p>
<h2>现金充裕的资产负债表和确认的指导</h2>
<p>截至季度末，Serve 持有 1.974 亿美元的现金和可交易证券，为其投资计划提供了重要的资金支持。公司重申了 2026 年全年收入指导为 2600 万美元，并维持其非 GAAP 运营费用展望为 1.6 亿至 1.7 亿美元，显示出对其扩展轨迹的信心。</p>
<h2>改善但混合的毛利情况</h2>
<p>尽管整体毛利率仍然深度负值，管理层指出软件毛利率的积极表现是一个亮点。他们还提到，整体毛损和毛利率相较于第四季度有了显著改善，随着收入的增长和软件占比的增加，暗示早期的运营杠杆。</p>
<h2>巨额 GAAP 亏损和持续的现金消耗</h2>
<p>Serve 报告 GAAP 净亏损为 4900 万美元，或每股 0.65 美元，非 GAAP 净亏损为 3800 万美元，或每股 0.50 美元。第一季度用于经营活动的净现金为 4140 万美元，突显出公司的增长战略仍然资本密集。</p>
<h2>严重负的毛利率</h2>
<p>本季度的毛损约为 900 万美元，报告的毛利率为负 302%。管理层将此归因于投资阶段的成本结构，因为它支持更大的车队并吸收与医疗保健扩展相关的整合成本。</p>
<h2>车队级别的毛利压力持续</h2>
<p>车队毛利率保持负值，因为 Serve 继续支持大幅增加的机器人基础，同时建立多领域基础设施。公司实际上承担了广泛平台的固定和半固定成本，尚未实现每台机器人相匹配的收入水平。</p>
<h2>研发驱动的高运营费用</h2>
<p>GAAP 运营费用为 4280 万美元，而非 GAAP 运营费用在排除股票补偿和收购摊销后约为 3180 万美元。研发是最大的组成部分，GAAP 约为 1900 万美元，非 GAAP 约为 1550 万美元，反映了对技术和产品的持续投资。</p>
<h2>有意放缓近期增长</h2>
<p>管理层表示，第二季度的增长将放缓，因为公司专注于运营效率，而不是单纯的部署数量。Serve 不计划在上半年部署超过当前约 2000 台的车队，优先考虑更好的利用率和收入转化。</p>
<h2>监管和市场摩擦作为制约因素</h2>
<p>Serve 承认，进一步扩展取决于监管接受、城市级政策和平台整合，以及社会对机器人的更广泛接受。这些因素并非微不足道且耗时，代表了公司技术推广速度的实际上限。</p>
<h2>投资流出以支持扩展</h2>
<p>本季度投资现金流出总额为 1960 万美元，主要受到与收购相关的支出驱动，例如 Diligent 交易。公司还报告了约 140 万美元的资本支出，进一步表明其愿意将资本投入长期战略投资。</p>
<h2>发展路径依赖于每台机器人的收入</h2>
<p>管理层反复强调需要提高每台机器人的收入和每小时供应的收入，以推动利润率的改善。尽管规模指标表现强劲，但 Serve 的经济状况现在依赖于将这种规模转化为更高的利用率和货币化，这对扭转利润率至关重要。</p>
<h2>前瞻性展望和优先事项</h2>
<p>Serve 维持其 2026 年全年的收入目标为 2600 万美元，非 GAAP 运营费用指导为 1.6 亿至 1.7 亿美元。近期的优先事项包括提高现有车队的利用率、深化合作伙伴整合以及稳定增长经常性软件收入，同时管理现金消耗以应对其可观的现金余额。</p>
<p>Serve Robotics 的财报电话会议突显出一家高增长、高消耗的公司，试图将技术和运营规模转化为可持续的商业模式。投资者将密切关注管理层是否能够提高每台机器人的收入、缩小亏损，并证明其当前的现金充裕资产负债表足以支持公司实现更具吸引力的利润率和自我维持的增长。</p>

SERV

<p>Serve Robotics Inc. 发布了混合的第一季度财报电话会议，展示了同比增长 578% 的爆炸性收入增长，达到 300 万美元，同时也实现了显著的车队扩张。然而，公司面临着 4900 万美元的重大 GAAP 亏损和 302% 的负毛利率。Diligent Robotics 的整合进展顺利，公司保持着 1.974 亿美元的强劲现金储备。管理层强调未来将专注于运营效率，并预计 2026 年的全年收入指导为 2600 万美元</p>

<p>Serve Robotics Inc ((SERV)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Serve Robotics Inc ((SERV)) 已召开其第一季度财报电话会议。请继续阅读以了解会议的主要亮点。</p>
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<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
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</div><p>Serve Robotics Inc.’s latest earnings call painted a mixed yet broadly constructive picture for investors. Management showcased explosive revenue growth, rapid fleet expansion and rising recurring software income, but also stressed that the company remains firmly in investment mode, with steep GAAP losses, deeply negative gross margins and a near-term focus on converting capacity into profitable revenue.</p>
<div class="lb-trans"><p>Serve Robotics Inc. 最新的财报电话会议为投资者描绘了一个复杂但总体积极的图景。管理层展示了爆炸性的收入增长、快速的车队扩张和不断上升的经常性软件收入，但也强调公司仍然处于投资模式，面临巨额的 GAAP 亏损、深度负的毛利率以及近期专注于将产能转化为盈利收入。</p>
</div><h2>Explosive Q1 Revenue Growth</h2>
<div class="lb-trans"><h2>爆炸性的第一季度收入增长</h2>
</div><p>Serve reported Q1 revenue of about $3.0 million, representing roughly 578% year-over-year and 238% sequential growth. The CEO framed this as nearly 7x versus a year ago and about 3.5x sequentially, underscoring how quickly the business has scaled from a very small base.</p>
<div class="lb-trans"><p>Serve 报告第一季度收入约为 300 万美元，同比增长约 578%，环比增长 238%。首席执行官将此描述为与一年前相比几乎增长了 7 倍，环比增长约 3.5 倍，强调了业务从非常小的基础上迅速扩展的速度。</p>
</div><h2>Fleet Revenue Becomes a Real Business Line</h2>
<div class="lb-trans"><h2>车队收入成为真正的业务线</h2>
</div><p>Fleet revenue jumped from roughly $200,000 in last year’s first quarter to nearly $2.0 million in Q1 2026. That order-of-magnitude increase shows that the growing robot fleet is starting to translate into meaningful monetization rather than just pilot-scale deployments.</p>
<div class="lb-trans"><p>车队收入从去年第一季度的约 20 万美元跃升至 2026 年第一季度的近 200 万美元。这一数量级的增长表明，日益增长的机器人车队开始转化为有意义的货币化，而不仅仅是试点规模的部署。</p>
</div><h2>Rising Software and Recurring Revenue Mix</h2>
<div class="lb-trans"><h2>软件和经常性收入组合上升</h2>
</div><p>Software revenue reached about $1.0 million, or around one-third of total revenue, highlighting the importance of higher-margin digital services. Management noted that recurring revenue was roughly $1.4 million, just under half of total revenue, signaling a steadily growing base of subscription-like income.</p>
<div class="lb-trans"><p>软件收入达到了约 100 万美元，约占总收入的三分之一，突显了高毛利数字服务的重要性。管理层指出，经常性收入约为 140 万美元，略低于总收入的一半，表明订阅类收入的基础稳步增长。</p>
</div><h2>Fleet Scale and Utilization Accelerate</h2>
<div class="lb-trans"><h2>车队规模和利用率加速</h2>
</div><p>The deployed fleet is about seven times larger than a year ago, with daily active robots averaging 812 in the quarter. Daily supply hours exceeded 10,000, up roughly 54% sequentially and about 13x year over year, reflecting both network expansion and improved utilization of existing units.</p>
<div class="lb-trans"><p>部署的车队规模比一年前大约增加了七倍，季度内每日活跃机器人平均为 812 台。每日供应小时超过 10,000 小时，环比增长约 54%，同比增长约 13 倍，反映了网络扩展和现有单元利用率的改善。</p>
</div><h2>Expanding Footprint and Delivery Volume</h2>
<div class="lb-trans"><h2>扩大足迹和交付量</h2>
</div><p>Serve’s combined sidewalk and healthcare operations now span 44 cities across 14 states. The company reported nearly two million deliveries completed and said its robots are collectively delivering over 10,000 supply hours per day to its partners, underscoring growing operational relevance.</p>
<div class="lb-trans"><p>Serve 的人行道和医疗保健业务现已覆盖 14 个州的 44 个城市。公司报告完成了近 200 万次交付，并表示其机器人每天为合作伙伴提供超过 10,000 小时的供应，突显了日益增长的运营相关性。</p>
</div><h2>Diligent Robotics Integration on Track</h2>
<div class="lb-trans"><h2>Diligent Robotics 整合进展顺利</h2>
</div><p>Management reported that the integration of Diligent Robotics, its healthcare-focused acquisition, is progressing as planned. They highlighted strong team quality, a healthy hospital pipeline and incremental recurring revenue, with pro forma Q1 revenue up about 30% year over year and 28% sequentially when Diligent is included.</p>
<div class="lb-trans"><p>管理层报告称，Diligent Robotics 的整合进展顺利，该公司专注于医疗保健领域的收购。他们强调了团队质量强大、医院管道健康以及经常性收入的逐步增加，Diligent 包含在内的 pro forma 第一季度收入同比增长约 30%，环比增长 28%。</p>
</div><h2>Emphasis on Safety and Operations</h2>
<div class="lb-trans"><h2>强调安全性和运营</h2>
</div><p>Serve underscored its safety record, noting no incidents resulting in serious injury despite increasing deployment density. The company also emphasized that its robots operate with orders-of-magnitude less kinetic energy than cars, which it positions as a key advantage in regulatory and public acceptance.</p>
<div class="lb-trans"><p>Serve 强调了其安全记录，指出尽管部署密度增加，但没有发生导致严重伤害的事件。公司还强调，其机器人操作时的动能远低于汽车，这被视为在监管和公众接受方面的关键优势。</p>
</div><h2>Cash-Rich Balance Sheet and Confirmed Guidance</h2>
<div class="lb-trans"><h2>现金充裕的资产负债表和确认的指导</h2>
</div><p>At quarter-end, Serve held $197.4 million in cash and marketable securities, giving it significant runway for its investment plans. The company reiterated full-year 2026 revenue guidance of $26 million and maintained its non-GAAP operating expense outlook of $160 million to $170 million, signaling confidence in its scaling trajectory.</p>
<div class="lb-trans"><p>截至季度末，Serve 持有 1.974 亿美元的现金和可交易证券，为其投资计划提供了重要的资金支持。公司重申了 2026 年全年收入指导为 2600 万美元，并维持其非 GAAP 运营费用展望为 1.6 亿至 1.7 亿美元，显示出对其扩展轨迹的信心。</p>
</div><h2>Improving but Mixed Margin Picture</h2>
<div class="lb-trans"><h2>改善但混合的毛利情况</h2>
</div><p>While overall gross margin remained deeply negative, management pointed to positive software gross margins as a bright spot. They also noted that overall gross loss and margin improved materially versus Q4 as revenue scaled and the software share increased, suggesting early operating leverage.</p>
<div class="lb-trans"><p>尽管整体毛利率仍然深度负值，管理层指出软件毛利率的积极表现是一个亮点。他们还提到，整体毛损和毛利率相较于第四季度有了显著改善，随着收入的增长和软件占比的增加，暗示早期的运营杠杆。</p>
</div><h2>Heavy GAAP Losses and Ongoing Cash Burn</h2>
<div class="lb-trans"><h2>巨额 GAAP 亏损和持续的现金消耗</h2>
</div><p>Serve posted a GAAP net loss of $49 million, or $0.65 per share, and a non-GAAP net loss of $38 million, or $0.50 per share. Net cash used in operating activities was $41.4 million in Q1, underscoring that the company’s growth strategy remains capital intensive.</p>
<div class="lb-trans"><p>Serve 报告 GAAP 净亏损为 4900 万美元，或每股 0.65 美元，非 GAAP 净亏损为 3800 万美元，或每股 0.50 美元。第一季度用于经营活动的净现金为 4140 万美元，突显出公司的增长战略仍然资本密集。</p>
</div><h2>Severely Negative Gross Margin</h2>
<div class="lb-trans"><h2>严重负的毛利率</h2>
</div><p>Gross loss for the quarter was about $9 million, with reported gross margin at a steep negative 302%. Management attributed this to an investment-stage cost structure as it supports a larger fleet and absorbs integration-related costs, particularly from the healthcare expansion.</p>
<div class="lb-trans"><p>本季度的毛损约为 900 万美元，报告的毛利率为负 302%。管理层将此归因于投资阶段的成本结构，因为它支持更大的车队并吸收与医疗保健扩展相关的整合成本。</p>
</div><h2>Fleet-Level Margin Pressure Persists</h2>
<div class="lb-trans"><h2>车队级别的毛利压力持续</h2>
</div><p>Fleet gross margin stayed negative as Serve continued to support a substantially larger robot base while building multi-domain infrastructure. The company is effectively carrying the fixed and semi-fixed costs of a broad platform before achieving matching levels of revenue per robot.</p>
<div class="lb-trans"><p>车队毛利率保持负值，因为 Serve 继续支持大幅增加的机器人基础，同时建立多领域基础设施。公司实际上承担了广泛平台的固定和半固定成本，尚未实现每台机器人相匹配的收入水平。</p>
</div><h2>Elevated Operating Expenses Driven by R&amp;D</h2>
<div class="lb-trans"><h2>研发驱动的高运营费用</h2>
</div><p>GAAP operating expenses came in at $42.8 million, while non-GAAP operating expenses were about $31.8 million after excluding stock-based compensation and acquisition amortization. Research and development was the largest component, at roughly $19 million GAAP and $15.5 million on a non-GAAP basis, reflecting continued investment in technology and product.</p>
<div class="lb-trans"><p>GAAP 运营费用为 4280 万美元，而非 GAAP 运营费用在排除股票补偿和收购摊销后约为 3180 万美元。研发是最大的组成部分，GAAP 约为 1900 万美元，非 GAAP 约为 1550 万美元，反映了对技术和产品的持续投资。</p>
</div><h2>Deliberate Moderation of Near-Term Growth</h2>
<div class="lb-trans"><h2>有意放缓近期增长</h2>
</div><p>Management signaled that Q2 growth will slow as the company focuses on operational efficiency rather than sheer deployment counts. Serve does not plan to deploy additional sidewalk robots in the first half beyond its current fleet of around 2,000 units, prioritizing better utilization and revenue conversion.</p>
<div class="lb-trans"><p>管理层表示，第二季度的增长将放缓，因为公司专注于运营效率，而不是单纯的部署数量。Serve 不计划在上半年部署超过当前约 2000 台的车队，优先考虑更好的利用率和收入转化。</p>
</div><h2>Regulatory and Market Friction as a Constraint</h2>
<div class="lb-trans"><h2>监管和市场摩擦作为制约因素</h2>
</div><p>Serve acknowledged that further expansion hinges on regulatory acceptance, city-level policies and platform integrations, along with broader societal acceptance of robots. These factors are nontrivial and time-consuming, and they represent a practical cap on how fast the company can roll out its technology.</p>
<div class="lb-trans"><p>Serve 承认，进一步扩展取决于监管接受、城市级政策和平台整合，以及社会对机器人的更广泛接受。这些因素并非微不足道且耗时，代表了公司技术推广速度的实际上限。</p>
</div><h2>Investment Outflows to Support Expansion</h2>
<div class="lb-trans"><h2>投资流出以支持扩展</h2>
</div><p>Investing cash outflows totaled $19.6 million during the quarter, driven mainly by acquisition-related spending such as the Diligent deal. The company also reported about $1.4 million in capital expenditures, reinforcing its readiness to commit capital to long-term strategic bets.</p>
<div class="lb-trans"><p>本季度投资现金流出总额为 1960 万美元，主要受到与收购相关的支出驱动，例如 Diligent 交易。公司还报告了约 140 万美元的资本支出，进一步表明其愿意将资本投入长期战略投资。</p>
</div><h2>Path Hinges on Revenue per Robot</h2>
<div class="lb-trans"><h2>发展路径依赖于每台机器人的收入</h2>
</div><p>Management repeatedly stressed the need to increase revenue per robot and per supply hour to drive margin improvement over time. While scale metrics are strong, Serve’s economics now depend on translating that scale into higher utilization and monetization, which will be critical to turning margins around.</p>
<div class="lb-trans"><p>管理层反复强调需要提高每台机器人的收入和每小时供应的收入，以推动利润率的改善。尽管规模指标表现强劲，但 Serve 的经济状况现在依赖于将这种规模转化为更高的利用率和货币化，这对扭转利润率至关重要。</p>
</div><h2>Forward-Looking Outlook and Priorities</h2>
<div class="lb-trans"><h2>前瞻性展望和优先事项</h2>
</div><p>Serve maintained its full-year 2026 revenue target of $26 million and non-GAAP operating expense guidance of $160 million to $170 million. Near-term priorities include improving utilization of the existing fleet, deepening partner integrations and steadily growing recurring software revenue, all while managing cash burn against its sizable cash balance.</p>
<div class="lb-trans"><p>Serve 维持其 2026 年全年的收入目标为 2600 万美元，非 GAAP 运营费用指导为 1.6 亿至 1.7 亿美元。近期的优先事项包括提高现有车队的利用率、深化合作伙伴整合以及稳定增长经常性软件收入，同时管理现金消耗以应对其可观的现金余额。</p>
</div><p>Serve Robotics’ earnings call highlighted a high-growth, high-burn company trying to convert technological and operational scale into a sustainable business model. Investors will be watching closely to see whether management can lift revenue per robot, narrow losses and prove that its current cash-rich balance sheet is enough to carry the company to more attractive margins and self-sustaining growth.</p>
<div class="lb-trans"><p>Serve Robotics 的财报电话会议突显出一家高增长、高消耗的公司，试图将技术和运营规模转化为可持续的商业模式。投资者将密切关注管理层是否能够提高每台机器人的收入、缩小亏损，并证明其当前的现金充裕资产负债表足以支持公司实现更具吸引力的利润率和自我维持的增长。</p>
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Serve Robotics 的财报电话会议：增长与重大亏损并存