SERV Serve Robotics Inc. - Common Stock
$4.73
Price · Aug 20, 2026
Fundamentals as of Aug 6, 2026
52W Range
$4–$19
3% of range
Analyst Rating
BUY
15 analysts
Price Target
$14
+194% upside
P/E (TTM)
-2.9
ROE
-36.3%
Net Profit Margin
-3823.5%
SERV Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$4.72
Market Cap
$353M
P/E (TTM)
-2.9
EPS (TTM)
$-1.63
Revenue (TTM)
$3M
Div Yield
—
ROE
-36.3%
Debt/Equity
—
52W Range
$4 – $19
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$3M
2022-12-31
→
2025-12-31
EPS
$-1.63
2021-12-31
→
2025-12-31
Free Cash Flow
$-118M
2023-12-31
→
2025-12-31
Margins
-3823.5%
2023-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
SERV
Peer Median
P/E (TTM)
-2.9
21.8
P/S (TTM)
133.2
1.2
P/B
1.0
4.7
Price / FCF
-3.0
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
SERV
Peer Median
Gross Margin
-580.2%
45.6%
Operating Margin
-4253.8%
—
Net Profit Margin
-3823.5%
0.30%
ROA
-40.0%
0.23%
ROE
-36.3%
10.1%
ROIC
-31.0%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
SERV
Peer Median
Current Ratio
18.1
0.9
Quick Ratio
8.1
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
SERV
Peer Median
Revenue YoY
46.2%
—
Revenue CAGR 3Y
190.8%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
SERV
Peer Median
SERV Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
15 analysts
- Strong Buy 6 40.0%
- Buy 7 46.7%
- Hold 2 13.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
8 analysts · 2026-08-18
Median
$15.50
Mean
$13.88
← Below all targets
$4.72
Low
$7.00
High
$22.00
Median target
$15.50
+228.0%
Mean target
$13.88
+193.7%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.07%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.80 | $-0.70 | -0.10% |
| March 31, 2026 | $-0.65 | $-0.59 | -0.06% |
| Dec. 31, 2025 | $-0.45 | $-0.54 | 0.09% |
| Sept. 30, 2025 | $-0.51 | $-0.31 | -0.20% |
| June 30, 2025 | $-0.32 | $-0.22 | -0.10% |
| March 31, 2025 | $-0.23 | $-0.21 | -0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| SERV | $776M | -6.4 | 46.2% | -3823.5% | -36.3% | -580.2% |
| DNUT | $734M | -1.4 | -8.6% | -33.9% | -57.8% | — |
| LOCO | $313M | 11.6 | 3.6% | 5.4% | 9.4% | — |
| DIN | $454M | 30.7 | 8.2% | 1.9% | -7.0% | 40.9% |
| BRCB | — | — | 24.5% | -0.03% | 0.06% | — |
| NATH | — | 20.8 | 9.4% | — | — | — |
| PTLO | — | 17.4 | 3.0% | 2.6% | 4.5% | — |
| JACK | $1.68B | -4.8 | -6.8% | -5.5% | 8.4% | — |
| RICK | $265M | 24.8 | -5.5% | 3.9% | 4.1% | — |
| RRGB | $78M | -3.3 | -3.1% | -1.9% | 25.2% | — |
| MCD | — | 25.6 | 3.7% | 31.9% | -376.3% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | $3M | $2M | $207.5K | $107.8K | |
| Cost of Revenue | $18M | $2M | $2M | $1M | |
| Gross Profit | $-15M | $-75.0K | $-2M | $-1M | |
| R&D Expense | $45M | $24M | $10M | $14M | |
| SG&A Expense | $37M | $10M | $5M | $4M | |
| Operating Expenses | $97M | $38M | $19M | $20M | |
| Operating Income | $-113M | $-38M | $-21M | $-21M | |
| Interest Expense | · | · | $2M | $636.3K | |
| Interest Income | $7M | $1M | · | · | |
| Other Non-op | $91.0K | $0 | $-4M | $-902.1K | |
| Pretax Income | $-105M | $-39M | · | · | |
| Income Tax | $-4M | $0 | $0 | · | |
| Net Income | $-101M | $-39M | $-25M | $-22M | |
| EPS (Basic) | $-1.63 | $-1.07 | $-1.75 | $-3.17 | |
| EPS (Diluted) | $-1.63 | $-1.07 | $-1.75 | $-3.17 | |
| Shares (Basic) | 62,284,449 | 36,658,834 | 14,204,078 | 6,896,769 | |
| Shares (Diluted) | 62,284,449 | 36,658,834 | 14,204,078 | 6,896,769 | |
| EBITDA | $-105M | · | $-21M | $-51.4K |
Balance Sheet 28
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Cash & Equivalents | $106M | $123M | $6.8K | $3M | |
| Receivables | $851.0K | $87.0K | $3.0K | $23.7K | |
| Inventory | $0 | $310.0K | $774.3K | $618.3K | |
| Prepaid Expense | $6M | $1M | $677.0K | $81.3K | |
| Other Current Assets | $77.0K | $0 | · | · | |
| Current Assets | $241M | $125M | $1M | $3M | |
| PP&E (Net) | $47M | $12M | $48.4K | $3M | |
| PP&E (Gross) | $53M | $15M | $2M | $4M | |
| Accum. Depreciation | $6M | $3M | $2M | $430.6K | |
| Goodwill | $16M | $0 | · | · | |
| Intangibles | $31M | $0 | · | · | |
| Other Non-current Assets | $1M | $578.0K | · | · | |
| Total Assets | $368M | $140M | $3M | $9M | |
| Accounts Payable | $5M | $5M | $2M | $162.0K | |
| Accrued Liabilities | $6M | $655.0K | $255.8K | $37.4K | |
| Short-term Debt | · | · | $1M | $1M | |
| Current Liabilities | $13M | $7M | $6M | $4M | |
| Capital Leases | $3M | $1M | $211.2K | $708.1K | |
| Deferred Tax | $255.0K | $0 | · | · | |
| Total Liabilities | $17M | $8M | $7M | $21M | |
| Total Debt | · | · | $1M | $114.0K | |
| Common Stock | $7.0K | $5.0K | $2.5K | $683 | |
| Paid-in Capital | $559M | $239M | $64M | $31M | |
| Retained Earnings | $-209M | $-108M | $-68M | $-44M | |
| AOCI | $138.0K | $0 | · | · | |
| Stockholders' Equity | $351M | $132M | $-4M | $-12M | |
| Liabilities + Equity | $368M | $140M | $3M | $9M | |
| Shares Outstanding | 74,734,949 | 51,288,566 | 24,508,795 | 6,826,352 |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| D&A | $8M | $310.0K | · | · | |
| Stock-based Comp | $21M | $15M | $544.4K | $195.1K | |
| Deferred Tax | $-5M | $0 | · | · | |
| Amort. of Intangibles | $2M | $0 | · | · | |
| Other Non-cash | $-4M | · | · | · | |
| Operating Cash Flow | $-80M | $-22M | $-16M | $-21M | |
| CapEx | $37M | $10M | $4.9K | $4M | |
| Investing Cash Flow | $-198M | $-10M | $-4.9K | $-4M | |
| Stock Issued | $171M | $36M | $10M | · | |
| Net Stock Activity | $171M | · | · | · | |
| Financing Cash Flow | $261M | $155M | $13M | $20M | |
| Net Change in Cash | $-17M | $123M | · | · | |
| Taxes Paid | $0 | $0 | $0 | · | |
| Free Cash Flow | $-118M | · | $-16M | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Gross Margin | -580.2% | · | -733.7% | · | |
| Operating Margin | -4253.8% | · | -9987.0% | · | |
| Net Margin | -3823.5% | · | -11955.8% | · | |
| Pretax Margin | -3961.4% | · | · | · | |
| EBITDA Margin | -3944.0% | · | -9987.0% | · | |
| ROA | -40.0% | · | -437.3% | -14108.2% | |
| ROE | -36.3% | · | 2981.3% | 2.0% | |
| ROIC | -31.0% | · | · | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Current Ratio | 18.1 | · | 0.2 | 0.0 | |
| Quick Ratio | 8.1 | · | 0.0 | 0.0 | |
| Debt / Equity | · | · | -0.2 | -0.9 | |
| Interest Coverage | · | · | -9.2 | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Asset Turnover | 0.0 | · | 0.0 | · | |
| Inventory Turnover | 116.3 | · | 2.5 | · | |
| Receivables Turnover | 5.7 | · | 15.6 | · |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue YoY | 46.2% | 773.5% | 92.5% | · | |
| Revenue CAGR 3Y | 190.8% | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue TTM | $3M | $2M | $207.5K | $107.8K | |
| Net Income TTM | $-101M | $-39M | $-25M | $-22M | |
| Market Cap | $776M | · | · | · | |
| P/E | -6.4 | -12.6 | · | · | |
| P/S | 292.6 | · | · | · | |
| P/B | 2.2 | · | · | · | |
| P / Tangible Book | 2.6 | 5.3 | · | · | |
| P / Cash Flow | -9.7 | · | · | · | |
| P / FCF | -6.6 | · | · | · | |
| Earnings Yield | -15.7% | -7.9% | · | · |
Income Statement 18
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3M | $3M | $881.5K | $687.0K | $642.0K | $440.0K | $176.3K | $222.0K | $468.0K | $946.7K | $42.7K | $62.6K | $62.0K | $47.1K | $33.3K | |
| Cost of Revenue | $12M | $12M | $8M | $5M | $4M | $2M | $831.6K | $378.0K | $326.0K | $352.4K | $399.1K | $572.5K | $391.4K | $427.2K | $341.5K | |
| Gross Profit | $-9M | $-9M | $-7M | $-4M | $-3M | $-1M | $-655.3K | $-156.0K | $142.0K | $594.3K | $-356.4K | $-510.0K | $-329.4K | $-380.1K | $-308.2K | |
| R&D Expense | $20M | $19M | $16M | $13M | $9M | $7M | $7M | $5M | $6M | $7M | $3M | $3M | $2M | $4M | $3M | |
| SG&A Expense | $25M | $15M | $11M | $13M | $8M | $5M | $5M | $2M | $2M | $1M | $1M | $1M | $970.8K | $3M | $952.6K | |
| Operating Expenses | $57M | $43M | $34M | $30M | $20M | $14M | $13M | $8M | $9M | $8M | $6M | $5M | $4M | $6M | $5M | |
| Operating Income | $-66M | $-52M | $-40M | $-35M | $-23M | $-15M | $-14M | $-8M | $-9M | $-8M | $-7M | $-6M | $-4M | $-16M | $-5M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $1M | · | $1M | · | $587.3K | $34.1K | |
| Interest Income | $2M | $2M | $2M | $2M | $2M | $2M | $490.0K | $483.0K | $296.0K | $10.0K | · | · | · | · | · | |
| Other Non-op | · | · | $-5M | $2M | $2M | $2M | $1M | $449.0K | $-482.0K | $-1M | $-242.4K | $-2M | $-864.6K | $-857.6K | $-34.1K | |
| Pretax Income | $-64M | $-50M | · | · | $-21M | $-13M | · | · | · | · | · | · | · | · | · | |
| Income Tax | $-36.0K | $-648.0K | $-4M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | · | |
| Net Income | $-64M | $-49M | $-34M | $-33M | $-21M | $-13M | $-13M | $-8M | $-9M | $-9M | $-7M | $-8M | $-5M | $-7M | $-5M | |
| EPS (Basic) | $-0.80 | $-0.65 | $-0.50 | $-0.54 | $-0.36 | $-0.23 | $-0.23 | $-0.20 | $-0.27 | $-0.37 | $0.17 | $-0.41 | $-0.74 | $-2.39 | $-0.78 | |
| EPS (Diluted) | $-0.80 | $-0.65 | $-0.50 | $-0.54 | $-0.36 | $-0.23 | $-0.23 | $-0.20 | $-0.27 | $-0.37 | $0.17 | $-0.41 | $-0.74 | $-1.08 | $-0.78 | |
| Shares (Basic) | 80,310,583 | 75,302,980 | -112,892,876 | 61,343,218 | 57,514,808 | 56,319,299 | -62,279,299 | 40,586,781 | 33,795,009 | 24,556,343 | -17,711,006 | 18,528,262 | 6,678,372 | -94,004 | 6,871,200 | |
| Shares (Diluted) | 80,310,583 | 75,302,980 | -112,892,876 | 61,343,218 | 57,514,808 | 56,319,299 | -62,279,299 | 40,586,781 | 33,795,009 | 24,556,343 | -17,711,006 | 18,528,262 | 6,678,372 | -9,974,431 | 6,871,200 | |
| EBITDA | $-66M | $-46M | · | $-35M | $-23M | $-15M | · | $-8M | $-9M | $-8M | · | $-6M | $-17.8K | · | $-13.4K |
Balance Sheet 28
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $79M | $47M | $106M | $117M | $117M | $198M | $123M | $51M | $29M | · | $6.8K | · | · | $3M | · | |
| Receivables | $3M | $4M | $851.0K | $805.0K | $656.0K | $381.5K | $87.0K | $13.1K | $93.1K | $266.0K | $3.0K | $4.0K | · | $23.7K | · | |
| Inventory | · | · | $0 | $0 | $0 | $0 | $310.0K | $327.4K | $709.3K | $736.5K | $774.3K | $868.7K | · | $618.3K | · | |
| Prepaid Expense | $6M | $8M | $6M | $8M | $2M | $1M | $1M | $3M | $1M | $629.6K | $677.0K | $750.1K | · | $81.3K | · | |
| Other Current Assets | $219.0K | $228.0K | $77.0K | $133.0K | · | · | $0 | · | · | · | · | · | · | · | · | |
| Current Assets | $247M | $201M | $241M | $220M | $187M | $200M | $125M | $55M | $31M | $3M | $1M | $5M | $9.2K | $3M | $1.3K | |
| PP&E (Net) | $51M | $57M | $47M | $30M | $19M | $14M | $12M | $5M | $819.2K | $33.8K | $48.4K | $2M | · | $3M | · | |
| PP&E (Gross) | $63M | $67M | $53M | $35M | $23M | $17M | $15M | $8M | $3M | $2M | $2M | $4M | · | $4M | · | |
| Accum. Depreciation | $12M | $10M | $6M | $5M | $4M | $3M | $3M | $2M | $2M | $2M | $2M | $2M | · | $430.6K | · | |
| Goodwill | $28M | $28M | $16M | $12M | $5M | · | $0 | · | · | · | · | · | · | · | · | |
| Intangibles | $35M | $37M | $31M | $33M | $1M | · | $0 | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $3M | $3M | $1M | $612.0K | $759.0K | $417.4K | $578.0K | · | · | · | · | · | · | · | · | |
| Total Assets | $379M | $341M | $368M | $299M | $214M | $217M | $140M | $61M | $33M | $4M | $3M | $9M | $9.2K | $9M | $1.3K | |
| Accounts Payable | $6M | $6M | $5M | $8M | $3M | $4M | $5M | $4M | $1M | $2M | $2M | $944.5K | $10.6K | $162.0K | $10.0K | |
| Accrued Liabilities | $9M | $10M | $6M | $3M | $2M | $890.3K | $655.0K | $55.4K | $46.1K | $1M | $255.8K | $159.6K | · | $37.4K | · | |
| Short-term Debt | · | · | · | · | · | · | · | · | · | $1M | · | · | $151.5K | $1M | $103.9K | |
| Current Liabilities | $19M | $20M | $13M | $13M | $6M | $5M | $7M | $5M | $4M | $13M | $6M | $5M | $162.1K | $4M | $113.9K | |
| Capital Leases | $7M | $3M | $3M | $2M | $1M | $1M | $1M | $135.2K | $35.2K | $105.6K | $211.2K | $337.1K | · | $708.1K | · | |
| Deferred Tax | $225.0K | $347.0K | $255.0K | · | · | · | $0 | · | · | · | · | · | · | · | · | |
| Total Liabilities | $27M | $23M | $17M | $15M | $7M | $6M | $8M | $5M | $4M | $13M | $7M | $6M | $162.1K | $21M | $113.9K | |
| Total Debt | · | · | · | · | · | · | · | · | · | $1M | · | · | $151.5K | · | $103.9K | |
| Common Stock | $9.0K | $7.0K | $7.0K | $7.0K | $6.0K | $5.7K | $5.0K | $4.3K | $3.7K | $2.5K | $2.5K | $2.4K | $500 | $683 | $500 | |
| Paid-in Capital | $674M | $576M | $559M | $458M | $348M | $331M | $239M | $151M | $115M | $69M | $64M | $64M | · | $31M | · | |
| Retained Earnings | $-322M | $-258M | $-209M | $-175M | $-142M | $-121M | $-108M | $-94M | $-86M | $-77M | $-68M | $-61M | $-153.4K | $-44M | $-113.2K | |
| AOCI | $-32.0K | $-61.0K | $138.0K | $65.0K | $298.0K | · | $0 | · | · | · | · | · | · | · | · | |
| Stockholders' Equity | $352M | $318M | $351M | $284M | $207M | $210M | $132M | $56M | $28M | $-9M | $-4M | $2M | $-152.9K | $-12M | $-112.7K | |
| Liabilities + Equity | $379M | $341M | $368M | $299M | $214M | $217M | $140M | $61M | $33M | $4M | $3M | $9M | $9.2K | $9M | $1.3K | |
| Shares Outstanding | 86,496,060 | 76,014,674 | 74,734,949 | 67,761,023 | 59,333,332 | 56,845,515 | 51,288,566 | 42,844,956 | 36,529,574 | 24,633,795 | 24,508,795 | 24,362,444 | 5,000,000 | 6,826,352 | 5,000,000 |
Cash Flow 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | $6M | $5M | $2M | $817.0K | $475.0K | $273.0K | $9.0K | · | · | · | · | · | · | · | |
| Stock-based Comp | $15M | $7M | $6M | $7M | $4M | $4M | $5M | $2M | $3M | $4M | $240.1K | $103.4K | $106.9K | $81.2K | · | |
| Deferred Tax | $-122.0K | $-648.0K | · | · | $0 | $0 | · | · | · | · | · | · | · | · | · | |
| Amort. of Intangibles | $2M | $2M | $2M | $915.0K | $0 | $0 | $0 | $0 | $0 | · | · | · | · | · | · | |
| Other Non-cash | · | $-5M | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $-43M | $-41M | $-30M | $-25M | $-16M | $-9M | $-6M | $-5M | $-6M | $-4M | $-4M | $-12M | $-3M | $-4M | $-17M | |
| CapEx | $973.0K | $1M | $17M | $11M | $6M | $3M | $5M | $5M | $794.7K | $3.3K | $2.4K | $2.5K | · | $4M | · | |
| Investing Cash Flow | $-8M | $-20M | $-76M | $-40M | $-79M | $-3M | $-5M | $-5M | $-794.7K | $-3.3K | $-2.4K | $-2.5K | · | $-4M | · | |
| Stock Issued | $0 | $0 | $95M | $0 | $59 | $76M | $0 | $-136 | $36M | $0 | $418.7K | $10M | · | · | · | |
| Net Stock Activity | · | $0 | · | · | · | $76M | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $83M | $2M | $95M | $65M | $14M | $87M | $84M | $32M | $35M | $5M | $183.6K | $13M | $2M | $6M | $14M | |
| Net Change in Cash | $32M | $-59M | $-11M | $138.0K | $-81M | $74M | $72M | $22M | $28M | $420.7K | · | $3M | · | · | · | |
| Taxes Paid | $0 | $0 | · | · | $0 | $0 | $0 | $0 | · | · | $0 | $0 | · | · | · | |
| Free Cash Flow | · | $-43M | · | · | · | $-13M | · | · | · | $-4M | · | · | · | · | · |
Profitability 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -271.1% | -301.6% | · | -637.4% | -445.3% | -333.3% | · | -70.3% | 30.4% | 62.8% | · | -815.1% | · | · | · | |
| Operating Margin | -2040.3% | -1735.3% | · | -5067.8% | -3527.1% | -3406.6% | · | -3811.7% | -1826.7% | -814.6% | · | -8915.2% | · | · | · | |
| Net Margin | -1980.5% | -1642.2% | · | -4806.4% | -3247.7% | -3000.5% | · | -3609.1% | -1929.5% | -954.7% | · | -12220.9% | · | · | · | |
| Pretax Margin | -1981.6% | -1663.9% | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | -2040.3% | -1525.6% | · | -5067.8% | -3527.1% | -3406.6% | · | -3811.7% | -1826.7% | -814.6% | · | -8915.2% | · | · | · | |
| ROA | -21.6% | -17.6% | · | -18.3% | -16.9% | -12.0% | · | -22.9% | -55.1% | -425.4% | · | -179.6% | -299.6% | · | -337.4% | |
| ROE | -22.9% | -18.6% | · | -19.4% | -17.7% | -13.1% | · | -27.3% | -63.8% | 203.4% | · | -677.8% | 14.1% | · | 15.3% | |
| ROIC | -18.8% | -16.1% | · | · | · | · | · | · | · | · | · | · | · | · | · |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 12.8 | 10.2 | · | 17.2 | 32.8 | 38.0 | · | 10.6 | 7.2 | 0.2 | · | 1.1 | 0.1 | · | 0.0 | |
| Quick Ratio | 4.3 | 2.6 | · | 9.2 | 20.6 | 37.7 | · | 9.9 | 6.8 | 0.0 | · | 0.0 | · | · | · | |
| Debt / Equity | · | · | · | · | · | · | · | · | · | -0.1 | · | · | -1.0 | · | -0.9 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -5.8 | · | -3.8 | · | · | · |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.4 | · | 0.0 | · | · | · | |
| Inventory Turnover | · | · | · | 31.0 | 9.9 | 5.2 | · | 0.6 | 0.9 | 1.0 | · | 1.3 | · | · | · | |
| Receivables Turnover | 1.8 | 1.4 | · | 1.7 | 1.7 | 1.4 | · | 26.0 | 10.1 | 7.1 | · | 31.6 | · | · | · |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $8M | $5M | · | $2M | $2M | $2M | · | $2M | $2M | $1M | · | $198.2K | · | · | · | |
| Net Income TTM | $-167M | $-116M | · | $-75M | $-51M | $-39M | · | $-34M | $-31M | $-27M | · | $-23M | $-21M | · | $-15M | |
| Market Cap | $569M | $642M | · | $788M | $679M | $327M | · | $341M | $71M | $127M | · | · | · | · | · | |
| P/E | -2.8 | -4.7 | · | -8.7 | -10.8 | -5.4 | · | -6.4 | -1.1 | -2.2 | · | · | · | · | · | |
| P/S | 75.4 | 135.0 | · | 395.7 | 383.0 | 157.4 | · | 200.4 | 46.3 | 114.1 | · | · | · | · | · | |
| P/B | 1.6 | 2.0 | · | 2.8 | 3.3 | 1.6 | · | 6.1 | 2.5 | -14.4 | · | · | · | · | · | |
| P / Tangible Book | 2.0 | 2.5 | · | 3.3 | 3.4 | 1.6 | · | 6.1 | 2.5 | · | · | · | · | · | · | |
| P / Cash Flow | · | -15.5 | · | · | · | -34.5 | · | · | · | -31.1 | · | · | · | · | · | |
| P / FCF | · | -15.0 | · | · | · | -25.3 | · | · | · | -31.1 | · | · | · | · | · | |
| Earnings Yield | -35.7% | -21.1% | · | -11.4% | -9.3% | -18.6% | · | -15.7% | -91.8% | -44.5% | · | · | · | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $3M | $2M | $207.5K | $107.8K | — |
| Gross Margin % | -580.2% | — | -733.7% | — | — |
| Operating Margin % | -4253.8% | — | -9987.0% | — | — |
| Net Income | $-101M | $-39M | $-25M | $-22M | $-54.6K |
| Diluted EPS | $-1.63 | $-1.07 | $-1.75 | $-3.17 | $-0.01 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | — | -0.2 | -0.9 | -0.9 |
| Current Ratio | 18.1 | — | 0.2 | 0.0 | 0.0 |
| Quick Ratio | 8.1 | — | 0.0 | 0.0 | 0.0 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-118M | — | $-16M | — | — |
Latest News Recent headlines mentioning this company
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Institutional owners (13F) 233 filers · $203.8M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 66 (+10 vs prior Q) | 47 (+17 vs prior Q) | 78 (-2 vs prior Q) | 38 (-2 vs prior Q) | +3.9M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC | $19,291,935 | 2,931,905 | 9.47% | Shares |
| STATE STREET CORP | $16,164,810 | 2,456,658 | 7.93% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $11,929,540 | 1,813,000 | 5.85% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $10,139,958 | 1,541,027 | 4.98% | Shares |
| EXCHANGE TRADED CONCEPTS, LLC | $10,018,813 | 1,522,616 | 4.92% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $9,973,557 | 1,515,343 | 4.89% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $9,935,142 | 1,509,900 | 4.87% | Put option |
| CITADEL ADVISORS LLC | $9,802,226 | 1,489,700 | 4.81% | Put option |
| FIRST TRUST ADVISORS LP | $7,683,525 | 1,167,709 | 3.77% | Shares |
| CITADEL ADVISORS LLC | $6,451,690 | 980,500 | 3.17% | Call option |
| JANE STREET GROUP, LLC | $5,958,190 | 905,500 | 2.92% | Call option |
| CAPTRUST FINANCIAL ADVISORS | $5,188,103 | 788,465 | 2.55% | Shares |
| WOLVERINE TRADING, LLC | $4,202,792 | 358,600 | 2.06% | Call option |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $4,141,656 | 629,431 | 2.03% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $3,317,978 | 504,252 | 1.63% | Shares |
| JANE STREET GROUP, LLC | $3,278,156 | 498,200 | 1.61% | Put option |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $3,182,220 | 483,620 | 1.56% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $2,784,301 | 423,146 | 1.37% | Shares |
| WOLVERINE TRADING, LLC | $2,779,984 | 237,200 | 1.36% | Put option |
| Walleye Trading LLC | $2,411,570 | 366,500 | 1.18% | Put option |
| Clear Street Group Inc. | $2,394,462 | 363,900 | 1.17% | Call option |
| Walleye Trading LLC | $2,231,278 | 339,100 | 1.09% | Call option |
| LPL Financial LLC | $1,848,954 | 280,996 | 0.91% | Shares |
| TUDOR INVESTMENT CORP ET AL | $1,792,708 | 272,448 | 0.88% | Shares |
| MORGAN STANLEY | $1,773,336 | 269,504 | 0.87% | Shares |
| ExodusPoint Capital Management, LP | $1,754,840 | 266,693 | 0.86% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $1,748,786 | 265,773 | 0.86% | Shares |
| IMC-Chicago, LLC | $1,656,726 | 251,782 | 0.81% | Shares |
| XTX Topco Ltd | $1,594,104 | 242,265 | 0.78% | Shares |
| Themes Management Co LLC | $1,562,947 | 237,530 | 0.77% | Shares |
| Daiwa Securities Group Inc. | $1,411,410 | 214,500 | 0.69% | Shares |
| Daiwa Securities Group Inc. | $1,411,410 | 214,500 | 0.69% | Put option |
| CITADEL ADVISORS LLC | $1,198,021 | 182,070 | 0.59% | Shares |
| GROUP ONE TRADING LLC | $1,168,898 | 177,644 | 0.57% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $1,148,700 | 174,574 | 0.56% | Shares |
| DNB Asset Management AS | $1,067,441 | 162,225 | 0.52% | Shares |
| GOLDMAN SACHS GROUP INC | $952,126 | 144,700 | 0.47% | Shares |
| SIMPLEX TRADING, LLC | $901,492 | 137,005 | 0.44% | Shares |
| MILLENNIUM MANAGEMENT LLC | $873,653 | 132,774 | 0.43% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $859,328 | 130,597 | 0.42% | Shares |
| Walleye Trading LLC | $834,370 | 126,804 | 0.41% | Shares |
| TUDOR INVESTMENT CORP ET AL | $834,344 | 126,800 | 0.41% | Call option |
| Swiss National Bank | $799,470 | 121,500 | 0.39% | Shares |
| WHITE PINE CAPITAL LLC | $697,283 | 105,970 | 0.34% | Shares |
| PEAK6 LLC | $681,688 | 103,600 | 0.33% | Call option |
| Squarepoint Ops LLC | $663,942 | 100,903 | 0.33% | Shares |
| AlphaCentric Advisors LLC | $658,000 | 100,000 | 0.32% | Shares |
| JPMORGAN CHASE & CO | $648,443 | 102,117 | 0.32% | Shares |
| WOLVERINE TRADING, LLC | $603,252 | 51,472 | 0.30% | Shares |
| RHUMBLINE ADVISERS | $554,625 | 84,291 | 0.27% | Shares |
| Walleye Capital LLC | $553,378 | 84,100 | 0.27% | Call option |
| Bank of New York Mellon Corp | $543,837 | 82,650 | 0.27% | Shares |
| Sphera Management Technology Funds Ltd | $526,400 | 80,000 | 0.26% | Shares |
| Inspire Investing, LLC | $523,829 | 62,065 | 0.26% | Shares |
| CITIGROUP INC | $503,587 | 76,533 | 0.25% | Shares |
| BANK OF AMERICA CORP /DE/ | $471,437 | 71,647 | 0.23% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $461,221 | 54,647 | 0.23% | Shares |
| PFG Investments, LLC | $457,448 | 69,521 | 0.22% | Shares |
| BlackRock, Inc. | $450,006 | 68,390 | 0.22% | Shares |
| Vontobel Holding Ltd. | $446,927 | 67,922 | 0.22% | Shares |
| Capstone Capital Management Ltd | $428,200 | 65,076 | 0.21% | Shares |
| D. E. Shaw & Co., Inc. | $427,700 | 65,000 | 0.21% | Call option |
| Snowden Capital Advisors LLC | $405,920 | 61,690 | 0.20% | Shares |
| VANGUARD GROUP INC | $394,149 | 37,972 | 0.19% | Shares |
| Crawford Fund Management, LLC | $390,852 | 59,400 | 0.19% | Put option |
| AMERICAN CENTURY COMPANIES INC | $365,684 | 55,575 | 0.18% | Shares |
| LANDSCAPE CAPITAL MANAGEMENT, L.L.C. | $333,685 | 50,712 | 0.16% | Shares |
| ALLIANCEBERNSTEIN L.P. | $287,804 | 34,100 | 0.14% | Shares |
| MetLife Investment Management, LLC | $283,315 | 43,057 | 0.14% | Shares |
| Jain Global LLC | $268,582 | 40,818 | 0.13% | Shares |
| LAFFER TENGLER INVESTMENTS, INC. | $265,858 | 40,404 | 0.13% | Shares |
| Bluespring Wealth Management, LLC | $254,876 | 38,735 | 0.13% | Shares |
| PEAK6 LLC | $254,784 | 38,721 | 0.13% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $249,856 | 37,972 | 0.12% | Shares |
| JANUS HENDERSON GROUP PLC | $240,122 | 28,400 | 0.12% | Shares |
| Quantinno Capital Management LP | $237,123 | 36,037 | 0.12% | Shares |
| Gruss & Co., LLC | $234,248 | 35,600 | 0.11% | Shares |
| Verition Fund Management LLC | $228,984 | 34,800 | 0.11% | Put option |
| TD Waterhouse Canada Inc. | $228,555 | 35,040 | 0.11% | Shares |
| Engineers Gate Manager LP | $213,620 | 32,465 | 0.10% | Shares |
| Sanctuary Advisors, LLC | $206,000 | 31,307 | 0.10% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $205,818 | 34,246 | 0.10% | Shares |
| Invesco Ltd. | $187,550 | 28,503 | 0.09% | Shares |
| Verition Fund Management LLC | $180,950 | 27,500 | 0.09% | Call option |
| ENVESTNET ASSET MANAGEMENT INC | $179,160 | 27,228 | 0.09% | Shares |
| Next Capital Management LLC | $173,877 | 26,425 | 0.09% | Shares |
| Summit Trail Advisors, LLC | $166,046 | 25,235 | 0.08% | Shares |
| Walleye Capital LLC | $163,842 | 24,900 | 0.08% | Put option |
| OSAIC HOLDINGS, INC. | $160,871 | 24,450 | 0.08% | Shares |
| Police & Firemen's Retirement System of New Jersey | $158,532 | 24,093 | 0.08% | Shares |
| Vanguard Global Advisers, LLC | $157,321 | 23,909 | 0.08% | Shares |
| Harbour Capital Advisors, LLC | $155,045 | 26,190 | 0.08% | Shares |
| INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC | $152,802 | 23,400 | 0.07% | Shares |
| Purpose Unlimited Inc. | $152,661 | 22,804 | 0.07% | Shares |
| Atom Investors LP | $152,103 | 23,116 | 0.07% | Shares |
| Brevan Howard Capital Management LP | $139,503 | 21,201 | 0.07% | Shares |
| Creative Planning | $134,132 | 20,385 | 0.07% | Shares |
| VIAWEALTH, LLC | $131,600 | 20,000 | 0.06% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $129,435 | 19,671 | 0.06% | Shares |
| SBI Securities Co., Ltd. | $129,014 | 19,607 | 0.06% | Shares |
Company insiders 15 insiders · 7 officers · 8 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Ali Kashani | Chief Executive Officer | Aug. 18, 2026 S | 3,232,933 | 0 | 2 | $-320,927 |
| Brian Read | Chief Financial Officer | Aug. 19, 2026 S | 276,002 | 0 | 4 | $-217,597 |
| April Pannell | Chief Financial Officer | July 31, 2023 A | — | 0 | 0 | $0 |
| Touraj Parang | President & COO | Aug. 18, 2026 S | 1,260,251 | 0 | 3 | $-203,249 |
| Anthony Armenta | Chief Software & Data Officer | Nov. 14, 2025 S | 560,037 | 0 | 1 | $-457,444 |
| Euan Abraham | Chief Hardware & Mftg Offcr | May 7, 2025 S | 148,855 | 0 | 0 | $0 |
| Evan Dunn | General Counsel | Oct. 9, 2024 A | 100,000 | 0 | 0 | $0 |
| Andreas Lieber | Director | June 22, 2026 A | 20,000 | 0 | 0 | $0 |
| David Michael Goldberg | Director | June 17, 2026 A | 55,125 | 0 | 1 | $-76,320 |
| Olivier Vincent | Director | June 17, 2026 A | 49,928 | 0 | 0 | $0 |
| Lily Sarafan | Director | June 17, 2026 A | 78,402 | 0 | 0 | $0 |
| James Buckly Jordan | Director | Dec. 6, 2024 S | 409,118 | 0 | 0 | $0 |
| Ali Pourdad | Director | April 18, 2024 A | 31,283 | 0 | 0 | $0 |
| Ian Seth Jacobs | — | July 31, 2023 J | 125,000 | 0 | 0 | $0 |
| Mark N. Tompkins | — | July 31, 2023 A | 1,687,500 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 3 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Uber Technologies, Inc. | Sept. 23, 2025 | 3.36% | Amendment | — | SEC |
| Uber Technologies, Inc. (2) | May 8, 2024 | — | Initial filing | Passive investment | SEC |
| Ali Kashani | Aug. 10, 2023 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 28 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| VAMO · Cambria ETF Trust | 0.85% | 74,978 NS | April 30, 2026 | N-PORT |
| ROBO · EXCHANGE TRADED CONCEPTS TRUST | 0.85% | 1,597,252 NS | April 30, 2026 | N-PORT |
| BOTZ · Global X Funds | 0.14% | 561,779 NS | May 31, 2026 | N-PORT |
| FDIS · FIDELITY COVINGTON TRUST | 0.03% | 57,655 NS | April 30, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.02% | 54,829 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.02% | 27,733 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.02% | 3,087 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 282,704 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.01% | 2,415 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.01% | 2,440 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 2,325 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 61 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 2,002 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 42,695 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| ITOT · iShares Trust | — | — | July 22, 2026 | Daily |
| IWV · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWN · iShares Trust | — | — | Aug. 17, 2026 | Daily |
| IWO · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWM · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWC · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IDRV · iShares Trust | — | — | July 29, 2026 | Daily |
| WSML · iShares Trust | — | — | July 20, 2026 | Daily |