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GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Estimated Future Amortization Expense of Intangible Assets (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Intangible Asset, Goodwill and Other [Abstract]
Remainder of 2026	$ 3,903
2027	7,807
2028	7,807
2029	7,807
2030	5,206
Thereafter	1,975
Net Carrying Value	$ 34,505

REVENUE

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

REVENUE

Disaggregated Revenue Information

All revenue recognized during the periods presented was attributable to the Company’s core business operations, which are conducted through its single operating segment. Revenue is generated from the Company’s operations in the United States.

The following table presents our revenues disaggregated by service type. This level of disaggregation takes into consideration how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Fleet services	$	2,305	$	330	$	4,263	$	541
Software services	933		312		1,959		541
Total revenue	$	3,238	$	642	$	6,222	$	1,082

Fleet Services

The Company derives revenue from its fleet of autonomous robots by offering delivery services and branding services. Delivery services revenue is derived from outdoor delivery services through partnerships with platforms to fulfill orders and indoor delivery services through partnerships with healthcare organizations to assist healthcare workers with transporting items through healthcare facilities. Branding services revenue is derived from fees paid by customers for the display of their company’s branding on Serve robots and/or by reserving robots for appearances at marketing opportunities.

Software Services

Software services revenue is derived from licensing software to customers, and engineering and development projects. Software licensing generates revenue from fees paid by customers for access to the Company’s proprietary software platforms and/or hosting services. Engineering and development project revenue is derived from partnerships for the development of software solutions utilizing the internally developed technology platform.

Deferred Revenue

The Company records deferred revenues when cash payments are received or due in advance of the Company satisfying its performance obligations. The changes in the balances of deferred revenue were as follows (in thousands):


	Six Months Ended June 30,
	2026		2025
Balance at beginning of period	$	2	$	20
Additions	4,119		10
Increases due to acquisitions	1,925		—
Revenue recognized	(4,071)		(20)
Balance at end of period	$	1,975	$	10

As of June 30, 2026, all of the deferred revenue is classified as current on the unaudited condensed consolidated balance sheet and expected to be recognized within the next twelve months.

Remaining Performance Obligation

Remaining performance obligation represents contracted revenue that has not yet been recognized, including unearned revenue and unbilled amounts that will be recognized as revenue in future periods. Remaining performance obligation is influenced by several factors, including seasonality, the timing of renewals, average contract terms and acquisitions. Remaining performance obligation is subject to future economic risks, including bankruptcies, regulatory changes and other market factors.

We have applied the practical expedients not to present unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts with variable consideration that is allocated entirely to unsatisfied performance obligations or to a wholly unsatisfied promise accounted for under the series guidance, and (iii) contracts for which we recognize revenue at the amount which it has the right to invoice for services performed.

Remaining performance obligation consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Current	$	3,545	$	—
Noncurrent	2,592		—
Total	$	6,137	$	—

The majority of the Company’s noncurrent remaining performance obligation is expected to be recognized in the next 13 to 42 months.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the SEC applicable to interim period financial statements and do not include all of the information and disclosures required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the financial position and the results of operations for the periods presented.

These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto for the year ended December 31, 2025 included in our Annual Report on Form 10-K. Interim results are not necessarily indicative of the results that may be expected for a full year.

Liquidity and Going Concern

As of June 30, 2026, our principal sources of liquidity were cash and cash equivalents and short-term marketable securities of $235.4 million, which consisted of unrestricted cash and cash equivalents on hand of $79.1 million and $156.3 million in short-term marketable securities. The Company has incurred recurring losses each year since its inception and continues to forecast operating and investing cash outflows.

Our projections of future cash needs and cash flows may differ from historical results. If current cash on hand, cash equivalents, and cash that may be used or generated from our business operations are insufficient to continue to operate our business, we will implement a plan to reduce operating and investing cash flows through reducing planned capital expenditures and planned operating expenses. Future business acquisitions will be evaluated based on whether resulting cash outflows will enable us to operate our business to be able to continue as a going concern.

Based on these plans, the Company expects it will be able to fund its operations for at least the next twelve months from the issuance of these unaudited condensed consolidated financial statements. The Company’s unaudited condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business.

We have and may continue to seek to obtain working capital during our fiscal year 2026 or thereafter through sales of our equity securities or convertible debt or through public or private debt facilities from various financial institutions where possible, though the availability of such funding, and applicable terms, will be dependent on prevailing market conditions.

If we identify sources for additional funding, such as the sale of additional equity securities or convertible debt, this will result in dilution to our stockholders. We can give no assurance that we will generate sufficient cash flows in the future to

satisfy our liquidity requirements or sustain future operations in the longer-term, or that other sources of funding, such as sales of equity or debt, would be available or would be approved by our securityholders, if needed, on favorable terms or at all. If we fail to obtain additional working capital as and when needed, such failure could have a material adverse impact on our business, results of operations and financial condition. Furthermore, such lack of funds may inhibit our ability to respond to competitive pressures or unanticipated capital needs, or may force us to reduce operating expenses, which would significantly harm the business and development of operations.

Use of Estimates

The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, (i) valuation of acquired intangible assets and goodwill, (ii) impairment of long-lived assets and goodwill, (iii) estimated useful lives of amortizable long-lived assets, (iv) fair values of investments and other financial instruments, (v) the incremental borrowing rate applied in lease accounting, (vi) allocation of depreciation, amortization, and wireless network connectivity expenses to cost of revenue, (vii) valuation of stock-based compensation, and (viii) fair value of contingent consideration. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.

Significant Accounting Policies

Other than the accounting policies as disclosed in this Quarterly Report on Form 10-Q, there have been no material changes to our significant accounting policies disclosed in Note 2. Summary of Significant Accounting Policies of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2025.

Concentrations of Credit Risk

Financial instruments, consisting principally of cash and cash equivalents, are potentially subject to credit risk concentration. The Company generally maintains balances in various operating accounts at financial institutions that management believes to be creditworthy, in amounts that may exceed federally insured limits. The Company has not experienced any losses related to its cash and cash equivalents and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

A significant portion of our revenue is concentrated with a limited number of customers. The following table represents the concentration of revenue for all customers that accounted for more than 10% of our revenues:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Customer A sales as a percentage of total revenues	11	%	31	%	12	%	29	%
Customer B sales as a percentage of total revenues	22	%	N/A		17	%	N/A
Customer C sales as a percentage of total revenues	N/A		39	%	N/A		46	%

A significant portion of our accounts receivable is concentrated with a limited number of customers. The following table represents the concentration of accounts receivable for all customers that account for more than 10% of our total accounts receivable as of June 30, 2026 and December 31, 2025:


	June 30, 2026		December 31, 2025
Customer A receivables as a percentage of total accounts receivable	11	%	11	%
Customer B receivables as a percentage of total accounts receivable	N/A		N/A
Customer C receivables as a percentage of total accounts receivable	N/A		N/A
Customer D receivables as a percentage of total accounts receivable	N/A		18	%
Customer E receivables as a percentage of total accounts receivable	14	%	30	%
Customer F receivables as a percentage of total accounts receivable	13	%	N/A

Business Combinations

The Company accounts for business combinations using the acquisition method of accounting, which requires, among other things, allocation of the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed at their estimated fair values on the acquisition date. The excess of the fair value of purchase consideration over the values of these identifiable assets and liabilities is recorded as goodwill. When determining the fair value of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to the valuation of intangible assets. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, not to exceed one year from the date of acquisition, the Company may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill if new information is obtained related to facts and circumstances that existed as of the acquisition date. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are reflected in the unaudited condensed consolidated statements of operations and comprehensive loss.

Acquisition-related costs are costs that the Company incurs to effect a business combination, such as advisory, legal, accounting, valuation, and consulting fees. These costs are expensed as incurred. The Company recognized $0.4 million and $2.2 million of acquisition costs during the three and six months ended June 30, 2026, respectively. There was an immaterial amount of acquisition costs recognized during the three and six months ended June 30, 2025.

Contingent consideration is classified as a liability or as equity on the basis of the definitions of a financial liability and an equity instrument. The Company recognizes the fair value of any contingent consideration that is transferred to the seller in a business combination on the date at which control of the acquiree is obtained. Equity-classified contingent consideration related to acquisitions is measured at fair value upon acquisition of the acquiree and is recorded in permanent equity. Equity-classified contingent consideration is not revalued at each reporting period. Liability-classified contingent consideration related to acquisitions is measured at fair value upon acquisition of the acquiree and is recorded as a liability based on the expected dates of payment. Liability-classified contingent consideration is revalued each reporting period.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the following estimated useful lives:


Category			Estimated Useful Life
Robot Assets			4 - 6 years
Tooling			3 - 4 years
Office Equipment			3 years
Furniture and Fixtures			5 years
Leasehold Improvements			Shorter of remaining lease term or estimated useful life for leasehold improvements

The range of useful lives of leasehold improvements will depend on the specific circumstances for each improvement and the associated lease agreement. As of June 30, 2026, leasehold improvements are being depreciated over 1 to 7 years. Estimated useful lives are routinely assessed by management for reasonableness. Maintenance and repairs are expensed as incurred. When assets are retired or otherwise disposed of, the cost of these assets and related accumulated depreciation or amortization are eliminated from the unaudited condensed consolidated balance sheets and any resulting gains or losses are included in the unaudited condensed consolidated statements of operations and comprehensive loss in the period of disposal.

Intangible Assets, Net

Intangible assets result from acquisitions. The accounting for acquisitions requires significant estimates and judgments based on assumptions that are believed to be reasonable. Intangible assets consist of developed technology, customer relationships, and trade names. Intangible assets are recorded at fair value as of the date of acquisition and amortized using a method consistent with the pattern of benefit, which is typically on a straight-line basis over their estimated useful lives, generally 4 to 25 years. The Company reviews identifiable definite-lived intangible assets for impairment under the long-lived asset model described under “Impairment of Long-Lived Assets” as disclosed in Note 2. Summary of Significant Accounting Policies of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2025.

Stock-Based Compensation

The Company accounts for stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation (“ASC 718”). The Company measures all stock-based awards granted to employees, directors and non-employee consultants based on the fair value on the date of the grant and recognizes compensation expense for those awards over the requisite service period, which is generally the vesting period of the respective award. For awards with service-based vesting conditions, the Company records the expense using the straight-line method. For awards with performance-based vesting conditions, the Company records the expense if and when the Company concludes that it is probable that the performance condition will be achieved.

The Company classifies stock-based compensation expense in its unaudited condensed consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified.

The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. We estimate the volatility of common stock on the date of grant based on the weighted-average historical stock price volatility of our own shares or comparable publicly traded companies in our industry group. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield reflects the Company’s history of not paying cash dividends on common stock and its expectation that it will not pay cash dividends in the foreseeable future. Forfeitures are recognized as incurred. Determining the appropriate fair value of stock-based awards requires the input of subjective assumptions. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and management uses different assumptions, stock-based compensation expense could be materially different for future awards.

For awards with performance-based vesting conditions, compensation expense is recognized on a straight-line basis over the requisite service period. The fair value of each performance-based award granted is estimated on the date of grant. For performance-based awards with vesting conditions that impact the determination of fair value, the Company uses a Monte Carlo simulation option pricing model. This model requires the input of subjective assumptions, including expected stock price volatility, expected term, risk-free interest rate, dividend yield and the probability and timing of achieving the applicable performance conditions, as applicable. The Company estimates expected volatility based on the historical volatility of its common stock. The risk-free interest rate is based on U.S. Treasury yields with maturities consistent with the expected term of the awards. The Company assumes no expected dividend yield because it has not historically paid, and does not currently expect to pay, dividends on its common stock.

Revenue Recognition

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). The Company derives its revenue from fleet services and software services. Revenue is measured based on the consideration the Company expects to be entitled to receive in exchange for transferring promised goods or services to customers, as determined by the terms of the applicable contract. The Company recognizes revenue when it satisfies its performance obligations by transferring control of the promised goods or services to the customer. When a contract contains multiple distinct performance obligations, the Company allocates the transaction price to each performance obligation based on its relative standalone selling price. As a practical expedient, the Company does not adjust the transaction price for the effects of a significant financing component when, at contract inception, the period between payment by the customer and the transfer of the related goods or services is expected to be one year or less.

Fleet services revenue is generated from the Company’s robot fleet completing delivery services and branding services. For delivery services, the determination that a performance obligation has been satisfied depends on the environment in which the service is provided. For outdoor delivery services, each delivery order is considered a new contract with the delivery of the specified good representing the single performance obligation. Accordingly, the Company satisfies its performance obligation when the delivery is complete, which is the point in time control of the delivered product transfers to the customer. For indoor delivery services, autonomous robot solutions are provided to customers as a stand ready obligation. Under this model, the Company retains ownership and control of its robots, which are available for the customer’s continuous use within their facilities over the contracted period of time. Under this model, the customer is provided with a bundle of integrated goods and services, including deployment of the autonomous robot, access to the proprietary software necessary for the robot functionality, implementation services, ongoing support and maintenance throughout the contracted term and autonomous robot deliveries. The bundle of integrated service offerings is considered a single performance obligation and recognized over time. As the customer is receiving and benefiting from these services simultaneously, revenue is recognized over time. The Company’s performance obligation on branding services is to continually promote a brand over the duration of the contractual term, which is typically less than one year. The Company primarily recognizes branding revenue in the amount that it has the right to invoice as branding services are rendered.

Software services revenue is generated from licensing software to customers, and delivering engineering and development projects. The Company recognizes revenue on its software services over time based on the contract term. The Company determines measurable performance obligations, which are assessed on a contract by contract basis. The Company develops certain measures to estimate the progress of the performance obligation at each reporting period end.

Fees that have been invoiced or paid but performance obligations have not been met are recorded as deferred revenue. As of June 30, 2026 and December 31, 2025, the Company had $2.0 million and an immaterial amount, respectively, in deferred revenue pertaining to fleet and software services.

Cost of Revenue

Cost of revenue consists of direct labor, depreciation of robot assets, amortization of developed technology, network and other direct costs related to data, software, and services required for the robots to operate as intended.

For the outdoor delivery fleet, the Company allocates a portion of depreciation expense and network costs recognized during each period based on the percentage of the fleet available for delivery to cost of revenue. Fully depreciated assets are excluded from the calculation of utilization. For the indoor delivery fleet, the Company records robot depreciation expense, amortization expense related to the developed technology, and network and software licensing costs recognized during each period for all billable robots in each period. A billable robot is defined as a robot that is deployed at the customer location and available for customer use at any time.

Direct labor costs are allocated to cost of revenue based on departments or resources with direct contract involvement. Each contract is assessed to determine which personnel will be directly involved in delivery of performance obligations. Direct labor typically includes roles in fleet management, hardware operations, and software engineering.

Net Loss per Share

Net earnings or loss per share is computed by dividing net income or loss by the weighted-average number of common shares outstanding during the period, excluding shares subject to redemption or forfeiture. The Company presents basic and diluted net earnings or loss per share. Diluted net earnings or loss per share reflect the weighted average number of shares issued and outstanding during the period, adjusted for potentially dilutive securities outstanding. Potentially dilutive

securities are excluded from the computation of diluted net loss per share if their inclusion would be anti-dilutive. As all potentially dilutive securities were anti-dilutive as of June 30, 2026 and 2025, diluted net loss per share is the same as basic net loss per share for each period.

Potentially dilutive items outstanding are as follows:


	As of June 30,
	2026	2025
Unvested restricted stock units	8,883,386	6,495,638
Common stock warrants	5,079,294	1,096,481
Contingently issuable shares	1,795,960	—
Stock options	694,138	874,049
Unvested restricted stock awards subject to recourse and nonrecourse loans	40,143	107,046
Total potentially dilutive shares	16,492,921	8,573,214

Recent Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”), in the form of Accounting Standards Updates (“ASUs”), to the FASB’s Accounting Standards Codification (“ASC”). The Company will adopt these changes according to the various timetables the FASB specifies. There were no recently adopted accounting standards which had a material impact on the Company’s consolidated financial position, results of operations, changes in stockholders’ equity and cash flows.

Recent Accounting Pronouncements Adopted

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures,” which requires greater disaggregation of income tax disclosures related to the income tax reconciliation and income taxes paid. The amendments improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The new standard is effective for annual periods beginning after December 15, 2024. We prospectively adopted ASU 2023-09 as of December 31, 2025. The additional required disclosures did not have a material impact on our consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires the disaggregation of certain expenses in the notes of the financial statements to provide enhanced transparency into the expense captions presented on the face of the statements of operations. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, and may be applied either prospectively or retrospectively. Early adoption is permitted. The adoption will require certain additional disclosure in the notes to the Company’s consolidated financial statements.

In May 2025, the FASB issued ASU 2025-03, “Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity,” which provides updates to the guidance for identifying the “accounting acquirer” in business combinations involving Variable Interest Entities. ASU 2025-03 is effective for annual periods beginning after December 15, 2026. The Company is evaluating the impact of this standard, but it does not expect the standard to have an impact on its financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets,” which provides a practical expedient for entities to estimate expected credit losses on current accounts receivable and current contract assets arising from revenue transactions accounted for under ASC 606. ASU 2025-05 is effective for the Company for annual periods beginning after December 15,

2025, and interim periods within those annual periods. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-06, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software,” which removes all references to prescriptive and sequential software development stages and establishes new criteria for the capitalization of internal-use software costs. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and disclosures.

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION - Schedule of Warrants (Details) - Warrant	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Warrants
Outstanding, beginning balance (in shares) \| shares	5,079,294
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Outstanding, beginning balance (in shares) \| shares	5,079,294
Exercisable (in shares) \| shares	5,079,294
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 10.18
Granted (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Outstanding, ending balance (in dollars per share) \| $ / shares	10.18
Exercisable (in dollars per share) \| $ / shares	$ 10.18

FAIR VALUE MEASUREMENTS - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term marketable securities	$ 156,295	$ 127,170
Total fair value of assets	211,695	244,223
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term marketable securities	25,000	40,182
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term marketable securities	28,894	35,814
Corporate notes/bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term marketable securities	100,399	47,928
Long-term marketable securities	4,001	20,341
U.S. Government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term marketable securities	2,002	1,251
Long-term marketable securities	1,000	6,003
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term marketable securities	0	1,995
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	45,263	86,714
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	4,336	3,995
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	800	0
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	45,263	86,714
Level 1 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term marketable securities	0	0
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term marketable securities	0	0
Level 1 \| Corporate notes/bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term marketable securities	0	0
Long-term marketable securities	0	0
Level 1 \| U.S. Government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term marketable securities	0	0
Long-term marketable securities	0	0
Level 1 \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term marketable securities	0	0
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	45,263	86,714
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	166,432	157,509
Level 2 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term marketable securities	25,000	40,182
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term marketable securities	28,894	35,814
Level 2 \| Corporate notes/bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term marketable securities	100,399	47,928
Long-term marketable securities	4,001	20,341
Level 2 \| U.S. Government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term marketable securities	2,002	1,251
Long-term marketable securities	1,000	6,003
Level 2 \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term marketable securities	0	1,995
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	4,336	3,995
Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	800	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	0	0
Level 3 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term marketable securities	0	0
Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term marketable securities	0	0
Level 3 \| Corporate notes/bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term marketable securities	0	0
Long-term marketable securities	0	0
Level 3 \| U.S. Government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term marketable securities	0	0
Long-term marketable securities	0	0
Level 3 \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term marketable securities	0	0
Level 3 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 3 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0	$ 0

PROPERTY AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

The following is a summary of property and equipment, net (in thousands):


	June 30, 2026		December 31, 2025
Robot assets	$	50,098	$	47,221
Construction in progress	8,282		3,357
Tooling	2,350		2,111
Office equipment	611		375
Furniture and fixtures	655		—
Leasehold improvement	618		414
Total	62,614		53,478
Less: accumulated depreciation	(12,107)		(6,465)
Property and equipment, net	$	50,507	$	47,013

The Company recorded depreciation expense of $3.7 million and $0.8 million for the three months ended June 30, 2026 and 2025, respectively. The Company recorded depreciation expense of $7.1 million and $1.3 million for the six months ended June 30, 2026 and 2025, respectively.

As of June 30, 2026, property and equipment included a $4.4 million reduction related to tariff refunds recognized during the period as a result of the U.S. Supreme Court ruling under the International Emergency Economic Powers Act (“IEEPA”). As of June 30, 2026, $3.6 million is reflected in robot assets and the remaining $0.8 million is reflected in construction in progress. Refer to Note 12. Commitments and Contingencies for further information.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

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+ Details

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill during the six months ended June 30, 2026 were as follows (in thousands):


	Total
Balance as of December 31, 2025	$	15,530
Acquisitions	12,468
Balance as of June 30, 2026	$	27,998

Schedule of Intangible Assets, Net

Intangible assets, net consisted of the following as of June 30, 2026 (in thousands):


	Weighted-Average Remaining Useful Life (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Developed technology	4.5	$	39,749	$	6,225	$	33,524
Customer relationships	23.8	255		12		243
Trade names	4.3	835		97		738
Balance as of June 30, 2026		$	40,839	$	6,334	$	34,505

Schedule of Estimated Future Amortization Expense of Intangible Assets

The estimated future amortization expense of intangible assets as of June 30, 2026 is as follows (in thousands):


Year Ending December 31,	Amortization Expense
Remainder of 2026	$	3,903
2027	7,807
2028	7,807
2029	7,807
2030	5,206
Thereafter	1,975
Total estimated future amortization expense	$	34,505

- Definition

Tabular disclosure of goodwill.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Schedule of Restricted Stock and Restricted Stock Unit, Activity

The following table summarizes activity related to the Company’s restricted stock awards for the six months ended June 30, 2026:


	Restricted Stock Awards
	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2025	285,053	$	0.08
Granted	—	—
Vested	(239,301)	0.01
Forfeited	(2,132)	—
Nonvested as of June 30, 2026	43,620	$	0.45

The following table summarizes activity related to the Company’s RSUs for the six months ended June 30, 2026:


	Restricted Stock Units
	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2025	7,217,790	$	9.14
Granted	3,608,010	11.59
Vested	(1,555,336)	8.74
Forfeited	(387,078)	11.60
Nonvested as of June 30, 2026	8,883,386	$	10.27

Summary of Performance-Based Restricted Stock

The following table summarizes activity related to the Company’s performance-based restricted stock units (“PRSU”) for the six months ended June 30, 2026:


	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2025	801,292	$	9.71
Granted	102,000	9.38
Vested	—	—
Forfeited	(33,664)	9.71
Nonvested as of June 30, 2026	869,628	$	9.67

Schedule of Information Related to Stock Options


	Options	Weighted Average Exercise Price		Intrinsic Value (in thousands)
Outstanding as of December 31, 2025	826,539	$	1.01	$	8,573
Granted	—	—		—
Exercised	(102,986)	3.87		678
Forfeited	(29,415)	1.52		194
Outstanding as of June 30, 2026	694,138	$	0.84	$	4,545

Exercisable as of June 30, 2026	473,487	$	0.79	$	3,116
Exercisable and expected to vest at June 30, 2026	694,138	$	0.84	$	4,545

Schedule of Stock-Based Compensation Expense

The Company recorded stock-based compensation expense in the unaudited condensed consolidated statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
General and administrative	$	8,543	$	2,061	$	11,990	$	3,885
Research and development	5,421		2,158		8,943		4,087
Operations	309		96		559		176
Sales and marketing	412		83		546		129
Total stock-based compensation expense	$	14,685	$	4,398	$	22,038	$	8,277

Schedule of Warrants

The following is a summary of warrants as of June 30, 2026:


	Warrants	Weighted Average Exercise Price
Outstanding as of December 31, 2025	5,079,294	$	10.18
Granted	—	—
Exercised	—	—
Forfeited	—	—
Outstanding as of June 30, 2026	5,079,294	$	10.18

Exercisable as of June 30, 2026	5,079,294	$	10.18

ACQUISITIONS - Schedule of Pro Forma Financial Information (Details) - Diligent Robotics Inc. - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Business Combination [Line Items]
Revenues	$ 3,238	$ 3,166	$ 6,722	$ 5,969
Net Loss	$ (63,971)	$ (27,482)	$ (114,601)	$ (45,860)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

REVENUE - Narrative (Details) - segment	6 Months Ended
REVENUE - Narrative (Details) - segment	Jun. 30, 2026	Dec. 31, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Number of operating segments	1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, recognition period		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, recognition period	12 months
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, recognition period		13 months
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, recognition period	13 months
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, recognition period		42 months
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, recognition period	42 months

ACQUISITIONS - Schedule of Total Fair Value of Consideration Paid in Connection with the Acquisition (Details) - USD ($)				6 Months Ended
	Feb. 17, 2026	Jan. 27, 2026	Aug. 15, 2025	Jun. 30, 2026
Vebu, Inc.
Business Combination [Line Items]
Shares (in shares)				647,445
Cash consideration paid	$ 2,305,000
Total purchase price consideration	$ 3,677,000
Vebu, Inc. \| Fair value common shares issuable to preferred stockholders (including escrow amounts)
Business Combination [Line Items]
Shares (in shares)	147,445
Per Share (in dollars per share)	$ 9.27
Total consideration, equity interest	$ 1,367,000
Vebu, Inc. \| Fair value of contingent earnout consideration
Business Combination [Line Items]
Total consideration, equity interest	$ 5,000			$ 5,000.0
Diligent Robotics Inc.
Business Combination [Line Items]
Shares (in shares)				1,882,955
Cash consideration paid		$ 20,095,000
Total purchase price consideration		$ 25,707,000
Diligent Robotics Inc. \| Fair value common shares issuable to preferred stockholders (including escrow amounts)
Business Combination [Line Items]
Shares (in shares)		197,472
Per Share (in dollars per share)		$ 12.77
Total consideration, equity interest		$ 2,522,000
Diligent Robotics Inc. \| Fair value of contingent earnout consideration
Business Combination [Line Items]
Shares (in shares)		274,749
Per Share (in dollars per share)		$ 11.25
Total consideration, equity interest		$ 3,090,000
Vayu Robotics, Inc.
Business Combination [Line Items]
Shares (in shares)				7,558,314
Cash consideration paid			$ 1,875,000
Net working capital adjustment			310,000
Total purchase price consideration			$ 39,511,000
Vayu Robotics, Inc. \| Fair value common shares issuable to preferred stockholders (including escrow amounts)
Business Combination [Line Items]
Shares (in shares)			1,539,906
Per Share (in dollars per share)			$ 9.71
Total consideration, equity interest			$ 14,952,000
Vayu Robotics, Inc. \| Company warrants issued to Vayu SAFE holder, Khosla Ventures
Business Combination [Line Items]
Shares (in shares)			4,000,000
Per Share (in dollars per share)			$ 5.41
Total consideration, equity interest			$ 21,640,000
Vayu Robotics, Inc. \| Replacement equity awards attributable to pre-combination service
Business Combination [Line Items]
Shares (in shares)			0
Per Share (in dollars per share)			$ 0
Total consideration, equity interest			$ 734,000

REVENUE - Schedule of Changes in the Balances of Deferred Revenue (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Movement In Contract With Customer Liability [Roll Forward]
Balance at beginning of period	$ 2	$ 20
Additions	4,119	10
Increases due to acquisitions	1,925	0
Revenue recognized	(4,071)
Revenue recognized		(20)
Balance at end of period	$ 1,975	$ 10

REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Revenues	$ 3,238	$ 642	$ 6,222	$ 1,082
Fleet services
Disaggregation of Revenue [Line Items]
Revenues	2,305	330	4,263	541
Software services
Disaggregation of Revenue [Line Items]
Revenues	$ 933	$ 312	$ 1,959	$ 541

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

+ Details

ACQUISITIONS

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

ACQUISITIONS

Fiscal 2026 Acquisitions

Vebu, Inc. Acquisition

On February 17, 2026 (the “Vebu Closing Date”), the Company completed its acquisition of Vebu, Inc. (“Vebu”), which specializes in developing advanced automation solutions and robotic systems that streamline food preparation and kitchen workflows across the food supply chain. Pursuant to the Agreement and Plan of Merger, dated February 5, 2026, by and among Serve, Vebu and Serve Kitchen Robotics Inc., a Delaware corporation and direct wholly-owned subsidiary of the Company, and James Buckly Jordan, an individual, solely in his capacity as the representative of the indemnifying securityholders (the “Vebu Merger Agreement”), the Company acquired all of the issued and outstanding equity of Vebu (the “Vebu Acquisition”).

Pursuant to the terms of the Vebu Merger Agreement, the aggregate consideration paid by the Company to the Vebu stockholders at the closing of the Vebu Acquisition had an aggregate value of $3.7 million of cash, common stock, and earnout contingent consideration. The consideration includes $2.3 million paid in cash to satisfy the net debt adjustment and a potential earnout which may be earned upon the achievement of certain milestones set forth in the Vebu Merger Agreement. After giving effect to such adjustments as set forth in the Vebu Merger Agreement, the Company issued 147,445 shares of the Company’s common stock to the Vebu stockholders.

In addition, as set forth in the Vebu Merger Agreement, Vebu stockholders may be entitled to receive additional earnout consideration consisting of a number of shares of the Company’s common stock equal to 33% of the net proceeds generated during the earnout period, divided by the volume-weighted average price of the Company’s common stock over the earnout period (the “Earnout Consideration”). The Earnout Consideration is classified as a liability in accordance with ASC 480 because the Company is obligated to issue a variable number of shares. As of June 30, 2026, the fair value of the contingent consideration was deemed to be $5.0 thousand. The contingent consideration liability will be recognized at the point that the earnout is deemed probable. At the time it is recorded, it will be classified in the consolidated balance sheets based on the expected timing of settlement. Refer to Note 6. Fair Value Measurements for information regarding the subsequent measurement of the contingent consideration liability at fair value.

The total preliminary fair value of consideration paid in connection with the acquisition of Vebu consisted of the following:


	Shares	Per Share		Total Consideration (in thousands)
Cash consideration paid for outstanding shares of Vebu common and preferred stock				$	2,305
Company common shares issuable to Vebu preferred stockholders	147,445	$	9.27	1,367
Fair value of contingent consideration issuable to Vebu preferred stockholders				5
Total purchase price consideration				$	3,677

At the closing, each outstanding share of Vebu common stock and preferred stock was automatically cancelled and converted into the right to receive shares of the Company’s common stock (including any escrow releases and earnout consideration), as set forth in the Vebu Merger Agreement. Each restricted stock unit held by a continuing employee immediately prior to the closing was assumed and converted by the Company into a Company RSU on a 1:1 basis and on substantially identical terms and conditions. The Company assumed 500,000 restricted stock units held by continuing employees of Vebu.

The Company allocated the fair value of the purchase price consideration to the tangible assets acquired and liabilities assumed, based on estimated fair values. The excess purchase price over those fair values is recorded as goodwill. The Company’s valuation assumptions of acquired assets and assumed liabilities require significant estimates with respect to intangible assets. The acquired company’s intangible asset is comprised of developed technology. The estimated fair value of the developed technology was determined using the relief from royalty method under the income-based approach. This method estimates the fair value of the subject intangible asset based on the present value of royalty payments that would be paid if the subject intangible asset was not owned but accessed through a license agreement.

The preliminary goodwill of $2.0 million arising from the acquisition is attributed to the expected synergies, including innovation synergies, and other benefits expected to be generated. Substantially all of the goodwill recognized is not expected to be deductible for tax purposes.

Certain data necessary to complete the purchase price allocation remains preliminary. The Company expects to complete the purchase price allocation within 12 months of the Vebu Closing Date, at which time the purchase price allocation set forth herein may be revised. Any such revisions or changes may be material. The Company utilized widely accepted income-based, market-based, and cost-based valuation approaches to perform the preliminary purchase price allocation.

The Company’s preliminary allocation of the purchase price, based on the estimated fair value of the assets acquired and liabilities assumed as of the Vebu Closing Date, is as follows (in thousands):


	February 17, 2026
Total purchase price consideration	$	3,677

Assets acquired:
Cash and cash equivalents	396
Accounts receivable	140
Prepaid expenses	133
Property and equipment	42
Intangible assets	1,030
Operating lease right-of-use assets	62
Other assets	226
Total identified assets acquired	2,029

Liabilities assumed:
Accounts payable	(240)
Accrued liabilities	(69)
Operating lease liabilities	(64)
Total identified liabilities	(373)

Fair value of identifiable assets, net of identifiable liabilities assumed	$	1,656
Goodwill	$	2,021

The following table sets forth the preliminary components of intangible assets acquired (in thousands) and their estimated useful life as of the date of acquisition (in years):


	Weighted Average Useful Life	February 17, 2026
Developed technology	6	$	1,030

The Company recorded $0.2 million and $0.6 million of acquisition related costs in the three and six months ended June 30, 2026, respectively, representing professional fees and other direct acquisition costs. These costs are recorded within general and administrative expense in our unaudited condensed consolidated statements of operations and comprehensive loss.

Diligent Robotics, Inc. Acquisition

On January 27, 2026 (the “Diligent Closing Date”), the Company completed its acquisition of Diligent Robotics, Inc. (“Diligent”), a provider of AI-powered robot assistants for the healthcare industry. Pursuant to the Agreement and Plan of Merger, dated January 19, 2026, by and among the Company, Delight Merger Sub, Inc., a Delaware corporation and direct wholly-owned subsidiary of the Company, Diligent, and Andrea Thomaz, an individual, solely in her capacity as the representative of the indemnifying securityholders (the “Diligent Merger Agreement”), the Company acquired all of the issued and outstanding equity of Diligent (the “Diligent Acquisition”).

Pursuant to the terms of the Diligent Merger Agreement, the aggregate consideration paid by the Company to the Diligent stockholders at the closing of the Diligent Acquisition had an aggregate fair value of $25.7 million of cash, common stock, and earnout contingent consideration. After giving effect to the adjustments as set forth in the Diligent Merger Agreement, the Company issued 197,472 shares of the Company’s common stock to the Diligent stockholders with a fair value of $2.5

million based on the Company’s closing stock price as of the date of acquisition. In addition, up to 366,332 shares of the Company’s common stock may be issued in the future upon achievement of certain milestones set forth in the Diligent Merger Agreement, of which 274,749 shares relate to the contingent consideration included in the consideration transferred. The remaining 91,583 shares of the Company’s common stock to be issued upon achievement of certain future milestones as set forth in the Diligent Merger Agreement are attributed to certain employees and subject to a continuous service-condition. Refer to Note 10. Stockholders’ Equity and Stock-Based Compensation for additional information regarding the earnout consideration arrangements.

The total preliminary fair value of consideration paid in connection with the acquisition of Diligent consisted of the following:


	Shares	Per Share		Total Consideration (in thousands)
Cash consideration paid				$	20,095
Fair value of Serve’s common shares issuable to Diligent stockholders (including escrow amounts)	197,472	$	12.77	2,522
Fair value of contingent earnout consideration	274,749	$	11.25	3,090
Total purchase price consideration				$	25,707

At the closing, each outstanding share of Diligent common stock, all Diligent options, and all Diligent warrants were automatically cancelled for no consideration and each outstanding share of Diligent preferred stock was automatically cancelled and converted into the right to receive shares of the Company’s common stock, including any escrow releases and earnout consideration, as set forth in the Diligent Merger Agreement. Each Diligent restricted stock unit held by a continuing employee immediately prior to the closing was assumed and converted into a restricted stock unit on a 1:1 basis and on substantially identical terms and conditions. The Company assumed 1,319,151 restricted stock units held by continuing employees of Diligent.

The Company allocated the fair value of the purchase price consideration to the tangible and intangible assets acquired and liabilities assumed, based on estimated fair values. The excess purchase price over those fair values is recorded as goodwill. The Company’s valuation assumptions of acquired assets and assumed liabilities require significant estimates with respect to intangible assets. The acquired company’s intangible assets are comprised of developed technology and trade name. The estimated fair values of the developed technology and trade name were determined using the relief from royalty method under the income-based approach. This method estimates the fair value of the intangible asset based on the present value of royalty payments that would be paid if the subject intangible asset was not owned but paid to a third-party for the use of the asset.

The preliminary goodwill of $10.4 million arising from the acquisition is attributed to the expected synergies, including innovation synergies, synergies related to the assembled workforce, and other benefits expected to be generated. Substantially all of the goodwill recognized is not expected to be deductible for tax purposes.

Certain data necessary to complete the purchase price allocation remains preliminary. The Company expects to complete the purchase price allocation within 12 months of the Diligent Closing Date, at which time the purchase price allocation set forth herein may be revised. Any such revisions or changes may be material. The Company utilized widely accepted income-based, market-based, and cost-based valuation approaches to perform the preliminary purchase price allocation.

The Company’s preliminary allocation of the purchase price, based on the estimated fair value of the assets acquired and liabilities assumed as of the Diligent Closing Date, is as follows (in thousands):


	January 27, 2026
Total purchase price consideration	$	25,707

Assets acquired:
Cash and cash equivalents	557
Accounts receivable	564
Prepaid expenses	388
Property and equipment	12,474
Intangible assets	6,000
Capitalized software	2,238
Other assets	128
Total identified assets acquired	22,349

Liabilities assumed:
Accounts payable	(2,010)
Accrued liabilities	(2,327)
Deferred revenue	(1,925)
Deferred tax liability	(740)
Other liabilities	(88)
Total identified liabilities	(7,090)

Fair value of identifiable assets, net of identifiable liabilities assumed	$	15,259
Goodwill	$	10,448

The following table sets forth the preliminary components of intangible assets acquired (in thousands) and their estimated useful life as of the date of acquisition (in years):


Intangible Assets	Weighted Average Useful Life	January 27, 2026
Developed technology	6	$	5,300
Trade names	4	700
Total fair value of intangible assets		$	6,000

The Company recorded $0.2 million and $1.4 million of acquisition related costs in the three and six months ended June 30, 2026, respectively, representing professional fees and other direct acquisition costs. These costs are recorded

within general and administrative expense in our unaudited condensed consolidated statements of operations and comprehensive loss.

The amounts of revenue and loss from Diligent included in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss from January 27, 2026 to the period ended June 30, 2026 were $2.9 million and $14.0 million, respectively.

Pro forma results (unaudited)

The following pro forma information assumes the Diligent Acquisition occurred as of the beginning of the year immediately preceding the transaction. The pro forma information contains the actual operating results of the Company combined with the results of Diligent prior to acquisition dates, adjusted to reflect the pro forma impact of the acquisitions occurring as of January 1, 2025. The pro forma adjustments primarily consist of $2.0 million to remove interest expense recorded on debt paid off at close and adjustments for a total $3.3 million in transaction costs incurred. This pro forma presentation does not include any impact of transaction synergies.

The following table presents the unaudited pro forma consolidated revenue and net loss for the combined company as a result of the Diligent Acquisition (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenues	$	3,238	$	3,166	$	6,722	$	5,969
Net Loss	$	(63,971)	$	(27,482)	$	(114,601)	$	(45,860)

The pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have been achieved had the Diligent Acquisition been consummated as of January 1, 2025.

Fiscal 2025 Acquisitions

Vayu Acquisition

On August 14, 2025 (the “Vayu Closing Date”), the Company entered into an Agreement and Plan of Merger by and among the Company, Valencia Merger Sub I Inc., a Delaware corporation and the Company’s direct wholly-owned subsidiary (“Valencia Merger Sub I”), Valencia Merger Sub II LLC, a Delaware limited liability company and the Company’s direct wholly-owned subsidiary (“Valencia Merger Sub II”), Vayu Robotics, Inc. (“Vayu”) and certain of Vayu’s securityholders (the “Vayu Merger Agreement”).

Pursuant to the Vayu Merger Agreement, on August 15, 2025, (i) Valencia Merger Sub I merged with and into Vayu, with Vayu surviving as a direct wholly-owned subsidiary of the Company and (ii) Vayu subsequently merged with and into Valencia Merger Sub II, with Valencia Merger Sub II surviving the merger. In connection with the closing of the transactions contemplated by the Vayu Merger Agreement, the Company acquired all of the issued and outstanding equity of Vayu, which was accounted for under the acquisition method of accounting. Vayu is a pioneer in urban robot navigation using large-scale AI models, and the Company’s acquisition of Vayu supports the adoption of advanced AI-driven autonomy by integrating Vayu’s foundation model technology and simulation capabilities.

The total fair value of consideration paid in connection with the acquisition of Vayu consisted of the following:


	Shares	Per Share		Total Consideration (in thousands)
Cash paid for outstanding shares of Vayu common and preferred stock				$	1,875
Net working capital adjustment				310
Company common shares issuable to Vayu common and preferred stockholders	1,539,906	$	9.71	14,952
Company warrants issued to Vayu SAFE holder, Khosla Ventures	4,000,000	$	5.41	21,640
Replacement equity awards attributable to pre-combination service	—	—		734
Total purchase price consideration				$	39,511

The Company allocated the fair value of the purchase price consideration to the tangible assets acquired and liabilities assumed, based on estimated fair values. The excess purchase price over those fair values is recorded as goodwill. The Company’s valuation assumptions of acquired assets and assumed liabilities require significant estimates with respect to intangible assets. The acquired company’s intangible assets are comprised of developed technology. The estimated fair value of the developed technology was determined using the cost method, which estimates the value of an asset based on the current cost to replace or reproduce it, adjusted for physical deterioration, functional obsolescence, and economic factors. This method reflects the amount a market participant would need to invest to create an asset of comparable utility, considering current technology and development costs.

The total purchase consideration was approximately $39.5 million of cash, common stock, warrant, and replacement equity awards. The goodwill of $11.2 million arising from the acquisition is attributed to the expected synergies, including innovation synergies, and other benefits expected to be generated. Substantially all of the goodwill recognized is not expected to be deductible for tax purposes. The estimated fair value of the warrants was determined using the Black-Scholes model. The estimated fair value of the replacement equity awards attributable to pre-combination service was determined using the binomial lattice model.

In connection with the Vayu Merger Agreement, the Company granted performance-based RSUs (“PRSUs”). 880,001 PRSUs were granted to certain employees and 560,000 PRSUs were granted to certain shareholders. All PRSUs will vest or commence vesting upon achievement of a specified operational target (the “Milestone”) by December 31, 2026 (the “Milestone Date”). In addition, the PRSUs are subject to a continuous service condition.

Certain data necessary to complete the purchase price allocation remains preliminary. The Company expects to complete the purchase price allocation within 12 months of the Vayu Closing Date, at which time the purchase price allocation set forth herein may be revised. The Company does not expect these revisions to be material. The Company utilized widely accepted income-based, market-based, and cost-based valuation approaches to perform the preliminary purchase price allocation.

The Company’s preliminary allocation of the purchase price, based on the estimated fair value of the assets acquired and liabilities assumed as of the Vayu Closing Date, is as follows (in thousands):


	August 15, 2025
Total purchase price consideration	$	39,511

Assets acquired:
Cash and cash equivalents	6
Other current assets	57
Intangible assets	32,439
Total identifiable assets acquired	32,502

Liabilities assumed:
Accounts payable	(366)
Other current liabilities	(44)
Deferred tax liability	(3,784)
Total identifiable liabilities assumed	(4,194)

Fair value of identifiable assets, net of identifiable liabilities assumed	$	28,308
Goodwill	$	11,203

The following table sets forth the preliminary components of intangible assets acquired (in thousands) and their estimated useful life as of the date of acquisition (in years):


	Weighted Average Useful Life	August 15, 2025
Developed technology	5	$	32,439

The Company recorded zero and $0.2 million of acquisition related costs in the three and six months ended June 30, 2026, respectively, representing professional fees and other direct acquisition costs. These costs are recorded within general and administrative expense in our unaudited condensed consolidated statements of operations and comprehensive loss.

Voysys AB Acquisition

On April 1, 2025 (the “Voysys Closing Date”), the Company acquired from Phantom Auto Inc., a Delaware corporation (“Phantom”) (i) all of the issued and outstanding equity of Voysys AB, a limited liability company duly incorporated and organized under the laws of Sweden (“Voysys”) and (ii) certain intellectual property, including registered patents, of Phantom. The acquisition was accounted for under the acquisition method of accounting. Voysys is a Swedish pioneer in ultra-low latency video streaming, connectivity, and teleoperation technology. The Company’s acquisition of Voysys enhances Serve’s technology stack to support its rapidly growing fleet of autonomous delivery robots.

The Company allocated the fair value of the purchase price consideration to the tangible assets, liabilities, and intangible assets acquired, based on their estimated fair values. The excess of the purchase price over those fair values is recorded as goodwill. The Company’s valuation assumptions of acquired assets and assumed liabilities require significant estimates, particularly for intangible assets. The acquired company’s intangible assets consist of customer relationships, trade name, and developed technology. The estimated fair value of customer relationships, trade name, and developed technology were determined using the multi-period excess earnings method and the relief from royalty method. Both methods require forward-looking estimates that are discounted to determine the fair value of the intangible asset using a risk-adjusted discount rate that is reflective of the level of risk associated with future estimates associated with the asset group, which could be affected by future economic and market conditions. The estimated fair value of the developed technology is also dependent on the selection of the royalty rate used in the valuation method.

The total purchase consideration was approximately $5.7 million in cash consideration. The goodwill of $4.3 million arising from the acquisition is attributed to the expected synergies, including future cost savings, and other benefits expected to be generated. Substantially all of the goodwill recognized is not expected to be deductible for tax purposes.

The Company’s allocation of the purchase price, based on the estimated fair value of the assets acquired and liabilities assumed as of the Voysys Closing Date, is as follows (in thousands):


	April 1, 2025
Cash consideration paid	$	5,170
Escrow amount	575
Purchase price	5,745

Assets acquired:
Cash and cash equivalents	111
Other current assets	73
Other assets	17
Intangible assets, net	1,370
Total identifiable assets acquired	1,571

Liabilities assumed:
Current liabilities	(153)
Total identifiable liabilities assumed	(153)

Fair value of identifiable assets, net of identifiable liabilities assumed	$	1,418
Goodwill	$	4,327

The following table sets forth the components of intangible assets acquired (in thousands) and their estimated useful life as of the date of acquisition (in years):


Intangible Assets	Weighted Average Useful Life	April 1, 2025
Developed technology	15	$	980
Customer relationships	25	255
Trade names	10	135
Total fair value of intangible assets		$	1,370

Acquisition related costs represent costs incurred for professional fees and other direct acquisition costs. These costs are recorded within general and administrative expense in our unaudited condensed consolidated statements of operations and comprehensive loss. In connection with the acquisition of Voysys, the Company recorded zero acquisition-related costs in the three and six months ended June 30, 2026.

- Definition

The entire disclosure for business combination.

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedules of Concentration of Risk, by Risk Factor (Details) - Customer Concentration Risk	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Customer A \| Revenue from Contract with Customer Benchmark
Concentration Risk [Line Items]
Concentration percentage	11.00%	31.00%	12.00%	29.00%
Customer A \| Accounts Receivable
Concentration Risk [Line Items]
Concentration percentage			11.00%		11.00%
Customer B \| Revenue from Contract with Customer Benchmark
Concentration Risk [Line Items]
Concentration percentage	22.00%		17.00%
Customer C \| Revenue from Contract with Customer Benchmark
Concentration Risk [Line Items]
Concentration percentage		39.00%		46.00%
Customer D \| Accounts Receivable
Concentration Risk [Line Items]
Concentration percentage					18.00%
Customer E \| Accounts Receivable
Concentration Risk [Line Items]
Concentration percentage			14.00%		30.00%
Customer F \| Accounts Receivable
Concentration Risk [Line Items]
Concentration percentage			13.00%

ACQUISITIONS - Preliminary Allocation of Business Combination Purchase Price and Recognized Asset Acquired and Liability Assumed (Details) - USD ($) $ in Thousands	Feb. 17, 2026	Jan. 27, 2026	Aug. 15, 2025	Apr. 01, 2025	Jun. 30, 2026	Dec. 31, 2025
Liabilities assumed:
Goodwill					$ 27,998	$ 15,530
Vebu, Inc.
Business Combination [Line Items]
Cash consideration paid	$ 2,305
Total purchase price consideration	3,677
Assets acquired:
Cash and cash equivalents	396
Accounts receivable	140
Prepaid expenses	133
Property and equipment	42
Intangible assets, net	1,030
Operating lease right-of-use assets	62
Other assets	226
Total identifiable assets acquired	2,029
Liabilities assumed:
Accounts payable	(240)
Accrued liabilities	(69)
Operating lease liabilities	(64)
Total identifiable liabilities assumed	(373)
Fair value of identifiable assets, net of identifiable liabilities assumed	1,656
Goodwill	$ 2,021
Diligent Robotics Inc.
Business Combination [Line Items]
Cash consideration paid		$ 20,095
Total purchase price consideration		25,707
Assets acquired:
Cash and cash equivalents		557
Accounts receivable		564
Prepaid expenses		388
Property and equipment		12,474
Intangible assets, net		6,000
Capitalized software		2,238
Other assets		128
Total identifiable assets acquired		22,349
Liabilities assumed:
Accounts payable		(2,010)
Accrued liabilities		(2,327)
Deferred revenue		(1,925)
Deferred tax liability		(740)
Other liabilities		(88)
Total identifiable liabilities assumed		(7,090)
Fair value of identifiable assets, net of identifiable liabilities assumed		15,259
Goodwill		$ 10,448
Vayu Robotics, Inc.
Business Combination [Line Items]
Cash consideration paid			$ 1,875
Total purchase price consideration			39,511
Assets acquired:
Cash and cash equivalents			6
Other current assets			57
Intangible assets, net			32,439
Total identifiable assets acquired			32,502
Liabilities assumed:
Accounts payable			(366)
Other current liabilities			(44)
Deferred tax liability			(3,784)
Total identifiable liabilities assumed			(4,194)
Fair value of identifiable assets, net of identifiable liabilities assumed			28,308
Goodwill			$ 11,203
Voysys AB
Business Combination [Line Items]
Cash consideration paid				$ 5,170
Escrow amount				575
Total purchase price consideration				5,745
Assets acquired:
Cash and cash equivalents				111
Other current assets				73
Intangible assets, net				1,370
Other assets				17
Total identifiable assets acquired				1,571
Liabilities assumed:
Current liabilities				(153)
Total identifiable liabilities assumed				(153)
Fair value of identifiable assets, net of identifiable liabilities assumed				1,418
Goodwill				$ 4,327

GOODWILL AND INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Intangible Asset, Finite-Lived [Line Items]
Amortization of intangible assets	$ 2.0	$ 0.0	$ 3.8	$ 0.0
Developed technology \| Minimum
Intangible Asset, Finite-Lived [Line Items]
Intangible assets amortized period	5 years		5 years
Developed technology \| Maximum
Intangible Asset, Finite-Lived [Line Items]
Intangible assets amortized period	15 years		15 years
Customer relationships
Intangible Asset, Finite-Lived [Line Items]
Intangible assets amortized period	25 years		25 years
Trade names \| Minimum
Intangible Asset, Finite-Lived [Line Items]
Intangible assets amortized period	4 years		4 years
Trade names \| Maximum
Intangible Asset, Finite-Lived [Line Items]
Intangible assets amortized period	10 years		10 years

- Definition

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

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+ Details

LEASES (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of Lease Costs, Supplemental Cash Flow Information and Supplemental Balance Sheet Information

The components of lease costs related to the Company’s operating leases are classified in the unaudited condensed consolidated statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operations	$	938	$	495	$	1,833	$	686
General and administrative	304		5		472		28
Research and development	3		5		9		74
Sales and marketing	1		—		1		—
Total lease costs	$	1,246	$	505	$	2,315	$	788

The components of lease costs were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease costs	$	765	$	416	$	1,563	$	655
Variable lease costs	448		89		675		133
Short-term lease costs	33		—		77		—
Total lease costs	$	1,246	$	505	$	2,315	$	788

Supplemental cash flow information related to leases is as follows (in thousands):


	Six Months Ended June 30,
	2026		2025
Operating cash flows paid for operating leases	$	1,288	$	534
Right-of-use assets obtained in exchange for operating lease obligations	$	5,584	$	1,172

Supplemental balance sheet information related to leases is as follows:


	June 30, 2026		December 31, 2025
Weighted-average remaining lease term (in years)	4.12		3.42
Weighted-average discount rate	7.47	%	7.39	%

Schedule of Future Annual Minimum Payments Under Operating Leases

The maturities of lease liabilities as of June 30, 2026, are as follows (in thousands):


Remainder of 2026	$	1,472
2027	3,120
2028	2,187
2029	2,003
2030	1,773
Thereafter	743
Total undiscounted future cash flows	11,298
Less: imputed interest	(1,601)
Total operating lease liabilities	$	9,697

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	$ 14,685	$ 4,398	$ 22,038	$ 8,277
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	8,543	2,061	11,990	3,885
Location, Statement of Income, Balance [Axis]: us-gaap:OtherCostAndExpenseOperating
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	309	96	559	176
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	5,421	2,158	8,943	4,087
Location, Statement of Income, Balance [Axis]: us-gaap:SellingAndMarketingExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	$ 412	$ 83	$ 546	$ 129

SEGMENT INFORMATION (Details)	6 Months Ended
SEGMENT INFORMATION (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

ACQUISITIONS (Tables)

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Preliminary Allocation of Business Combination Purchase Price and Recognized Asset Acquired and Liability Assumed

The total preliminary fair value of consideration paid in connection with the acquisition of Vebu consisted of the following:


	Shares	Per Share		Total Consideration (in thousands)
Cash consideration paid for outstanding shares of Vebu common and preferred stock				$	2,305
Company common shares issuable to Vebu preferred stockholders	147,445	$	9.27	1,367
Fair value of contingent consideration issuable to Vebu preferred stockholders				5
Total purchase price consideration				$	3,677

The total preliminary fair value of consideration paid in connection with the acquisition of Diligent consisted of the following:


	Shares	Per Share		Total Consideration (in thousands)
Cash consideration paid				$	20,095
Fair value of Serve’s common shares issuable to Diligent stockholders (including escrow amounts)	197,472	$	12.77	2,522
Fair value of contingent earnout consideration	274,749	$	11.25	3,090
Total purchase price consideration				$	25,707


	January 27, 2026
Total purchase price consideration	$	25,707

Assets acquired:
Cash and cash equivalents	557
Accounts receivable	564
Prepaid expenses	388
Property and equipment	12,474
Intangible assets	6,000
Capitalized software	2,238
Other assets	128
Total identified assets acquired	22,349

Liabilities assumed:
Accounts payable	(2,010)
Accrued liabilities	(2,327)
Deferred revenue	(1,925)
Deferred tax liability	(740)
Other liabilities	(88)
Total identified liabilities	(7,090)

Fair value of identifiable assets, net of identifiable liabilities assumed	$	15,259
Goodwill	$	10,448

The total fair value of consideration paid in connection with the acquisition of Vayu consisted of the following:


	Shares	Per Share		Total Consideration (in thousands)
Cash paid for outstanding shares of Vayu common and preferred stock				$	1,875
Net working capital adjustment				310
Company common shares issuable to Vayu common and preferred stockholders	1,539,906	$	9.71	14,952
Company warrants issued to Vayu SAFE holder, Khosla Ventures	4,000,000	$	5.41	21,640
Replacement equity awards attributable to pre-combination service	—	—		734
Total purchase price consideration				$	39,511


	August 15, 2025
Total purchase price consideration	$	39,511

Assets acquired:
Cash and cash equivalents	6
Other current assets	57
Intangible assets	32,439
Total identifiable assets acquired	32,502

Liabilities assumed:
Accounts payable	(366)
Other current liabilities	(44)
Deferred tax liability	(3,784)
Total identifiable liabilities assumed	(4,194)

Fair value of identifiable assets, net of identifiable liabilities assumed	$	28,308
Goodwill	$	11,203

The Company’s allocation of the purchase price, based on the estimated fair value of the assets acquired and liabilities assumed as of the Voysys Closing Date, is as follows (in thousands):


	April 1, 2025
Cash consideration paid	$	5,170
Escrow amount	575
Purchase price	5,745

Assets acquired:
Cash and cash equivalents	111
Other current assets	73
Other assets	17
Intangible assets, net	1,370
Total identifiable assets acquired	1,571

Liabilities assumed:
Current liabilities	(153)
Total identifiable liabilities assumed	(153)

Fair value of identifiable assets, net of identifiable liabilities assumed	$	1,418
Goodwill	$	4,327

Preliminary Allocation of Business Combination Purchase Price and Recognized Asset Acquired and Liability Assumed


	February 17, 2026
Total purchase price consideration	$	3,677

Assets acquired:
Cash and cash equivalents	396
Accounts receivable	140
Prepaid expenses	133
Property and equipment	42
Intangible assets	1,030
Operating lease right-of-use assets	62
Other assets	226
Total identified assets acquired	2,029

Liabilities assumed:
Accounts payable	(240)
Accrued liabilities	(69)
Operating lease liabilities	(64)
Total identified liabilities	(373)

Fair value of identifiable assets, net of identifiable liabilities assumed	$	1,656
Goodwill	$	2,021


	January 27, 2026
Total purchase price consideration	$	25,707

Assets acquired:
Cash and cash equivalents	557
Accounts receivable	564
Prepaid expenses	388
Property and equipment	12,474
Intangible assets	6,000
Capitalized software	2,238
Other assets	128
Total identified assets acquired	22,349

Liabilities assumed:
Accounts payable	(2,010)
Accrued liabilities	(2,327)
Deferred revenue	(1,925)
Deferred tax liability	(740)
Other liabilities	(88)
Total identified liabilities	(7,090)

Fair value of identifiable assets, net of identifiable liabilities assumed	$	15,259
Goodwill	$	10,448


	August 15, 2025
Total purchase price consideration	$	39,511

Assets acquired:
Cash and cash equivalents	6
Other current assets	57
Intangible assets	32,439
Total identifiable assets acquired	32,502

Liabilities assumed:
Accounts payable	(366)
Other current liabilities	(44)
Deferred tax liability	(3,784)
Total identifiable liabilities assumed	(4,194)

Fair value of identifiable assets, net of identifiable liabilities assumed	$	28,308
Goodwill	$	11,203

The Company’s allocation of the purchase price, based on the estimated fair value of the assets acquired and liabilities assumed as of the Voysys Closing Date, is as follows (in thousands):


	April 1, 2025
Cash consideration paid	$	5,170
Escrow amount	575
Purchase price	5,745

Assets acquired:
Cash and cash equivalents	111
Other current assets	73
Other assets	17
Intangible assets, net	1,370
Total identifiable assets acquired	1,571

Liabilities assumed:
Current liabilities	(153)
Total identifiable liabilities assumed	(153)

Fair value of identifiable assets, net of identifiable liabilities assumed	$	1,418
Goodwill	$	4,327

Preliminary Fair Values of the Identified Intangible Assets Acquired

The following table sets forth the preliminary components of intangible assets acquired (in thousands) and their estimated useful life as of the date of acquisition (in years):


	Weighted Average Useful Life	February 17, 2026
Developed technology	6	$	1,030

The following table sets forth the preliminary components of intangible assets acquired (in thousands) and their estimated useful life as of the date of acquisition (in years):


Intangible Assets	Weighted Average Useful Life	January 27, 2026
Developed technology	6	$	5,300
Trade names	4	700
Total fair value of intangible assets		$	6,000

The following table sets forth the preliminary components of intangible assets acquired (in thousands) and their estimated useful life as of the date of acquisition (in years):


	Weighted Average Useful Life	August 15, 2025
Developed technology	5	$	32,439

The following table sets forth the components of intangible assets acquired (in thousands) and their estimated useful life as of the date of acquisition (in years):


Intangible Assets	Weighted Average Useful Life	April 1, 2025
Developed technology	15	$	980
Customer relationships	25	255
Trade names	10	135
Total fair value of intangible assets		$	1,370

Schedule of Pro Forma Financial Information

The following table presents the unaudited pro forma consolidated revenue and net loss for the combined company as a result of the Diligent Acquisition (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenues	$	3,238	$	3,166	$	6,722	$	5,969
Net Loss	$	(63,971)	$	(27,482)	$	(114,601)	$	(45,860)

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

ACQUISITIONS - Narrative (Details)					1 Months Ended			3 Months Ended		5 Months Ended	6 Months Ended
ACQUISITIONS - Narrative (Details)	Feb. 17, 2026 USD ($) shares	Jan. 27, 2026 USD ($) shares	Aug. 15, 2025 USD ($) shares	Apr. 01, 2025 USD ($)	Feb. 28, 2026 shares	Jan. 31, 2026 shares	Aug. 31, 2025 shares	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2026 USD ($) shares	Jun. 30, 2025 USD ($) shares	Dec. 31, 2025 USD ($)
Business Combination [Line Items]
Goodwill								$ 27,998,000		$ 27,998,000	$ 27,998,000		$ 15,530,000
Acquisition related costs								400,000	$ 0		$ 2,200,000	$ 0
Unvested restricted stock units
Business Combination [Line Items]
Granted (in shares) \| shares					500,000	1,319,151	493,970				3,608,010	3,608,010
Performance-Based Restricted Stock Units
Business Combination [Line Items]
Granted (in shares) \| shares											102,000
Vebu, Inc.
Business Combination [Line Items]
Total purchase consideration	$ 3,677,000
Cash consideration paid	$ 2,305,000
Shares (in shares) \| shares											647,445
Share issued equal to percentage of net proceeds in earnout period	33.00%
Goodwill	$ 2,021,000
Acquisition related costs								200,000			$ 600,000
Vebu, Inc. \| Unvested restricted stock units
Business Combination [Line Items]
Stock conversion ratio	1
Number of shares acquired \| shares	500,000
Vebu, Inc. \| Common Stock
Business Combination [Line Items]
Shares (in shares) \| shares	147,445
Total consideration, equity interest	$ 1,367,000
Vebu, Inc. \| Common Stock, Future Earnout Consideration Subject to Certain Performance Milestones
Business Combination [Line Items]
Total consideration, equity interest	$ 5,000										$ 5,000.0
Diligent Robotics Inc.
Business Combination [Line Items]
Total purchase consideration		$ 25,707,000
Cash consideration paid		20,095,000
Shares (in shares) \| shares											1,882,955
Goodwill		$ 10,448,000
Acquisition related costs								200,000			$ 1,400,000
Acquiree's revenue since acquisition date										2,900,000
Acquiree's loss since acquisition date										14,000,000.0
Pro forma adjustments, interest expense removed											2,000,000.0
Transaction costs, incurred								3,300,000		$ 3,300,000	$ 3,300,000
Diligent Robotics Inc. \| Unvested restricted stock units
Business Combination [Line Items]
Stock conversion ratio		1
Number of shares acquired \| shares		1,319,151
Diligent Robotics Inc. \| Common Stock
Business Combination [Line Items]
Shares (in shares) \| shares		197,472
Total consideration, equity interest		$ 2,522,000
Diligent Robotics Inc. \| Common Stock, Future Earnout Consideration Subject to Certain Performance Milestones
Business Combination [Line Items]
Shares (in shares) \| shares		274,749
Total consideration, equity interest		$ 3,090,000
Diligent Robotics Inc. \| Common Stock, Future Earnout Consideration
Business Combination [Line Items]
Shares (in shares) \| shares		366,332
Diligent Robotics Inc. \| Common Stock, Future Earnout Consideration Subject to Certain Future Milestone and Attributed To Certain Employees and Subject to Continuous Service Condition
Business Combination [Line Items]
Shares (in shares) \| shares		91,583
Vayu Robotics, Inc.
Business Combination [Line Items]
Total purchase consideration			$ 39,511,000
Cash consideration paid			1,875,000
Shares (in shares) \| shares											7,558,314
Goodwill			$ 11,203,000
Acquisition related costs								0			$ 200,000
Vayu Robotics, Inc. \| Performance-Based Restricted Stock Units
Business Combination [Line Items]
Granted (in shares) \| shares			1,440,001
Vayu Robotics, Inc. \| Performance-Based Restricted Stock Units \| Share-Based Payment Arrangement, Certain Employees, One
Business Combination [Line Items]
Granted (in shares) \| shares			880,001
Vayu Robotics, Inc. \| Performance-Based Restricted Stock Units \| Share-Based Payment Arrangement, Certain Employees, Two
Business Combination [Line Items]
Granted (in shares) \| shares			560,000
Vayu Robotics, Inc. \| Common Stock
Business Combination [Line Items]
Shares (in shares) \| shares			1,539,906
Total consideration, equity interest			$ 14,952,000
Vayu Robotics, Inc. \| Common Stock, Future Earnout Consideration
Business Combination [Line Items]
Shares (in shares) \| shares			560,000
Voysys AB
Business Combination [Line Items]
Total purchase consideration				$ 5,745,000
Cash consideration paid				5,170,000
Goodwill				$ 4,327,000
Acquisition related costs								$ 0			$ 0

INCOME TAXES (Details) - USD ($)	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (36,200)	$ 0	$ (684,000)	$ 0
Discrete tax benefit, net	$ 36,200		$ 700,000

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

MARKETABLE SECURITIES - Schedule of Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Short-term marketable securities
Estimated Fair Value	$ 156,295	$ 127,170
Total
Cost or Amortized Cost	211,827	244,034
Unrealized Gains	2	198
Unrealized Losses	(134)	(9)
Total	211,695	244,223
Money market funds
Cash equivalents
Cost or Amortized Cost	45,263	86,714
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	45,263	86,714
Commercial paper
Cash equivalents
Cost or Amortized Cost	4,337	3,995
Unrealized Gains	0	0
Unrealized Losses	(1)	0
Estimated Fair Value	4,336	3,995
Corporate bonds
Cash equivalents
Cost or Amortized Cost	801	0
Unrealized Gains	0	0
Unrealized Losses	(1)	0
Estimated Fair Value	800	0
Certificates of deposit
Short-term marketable securities
Cost or Amortized Cost	25,000	40,001
Unrealized Gains	0	181
Unrealized Losses	0	0
Estimated Fair Value	25,000	40,182
Commercial paper
Short-term marketable securities
Cost or Amortized Cost	28,902	35,814
Unrealized Gains	0	0
Unrealized Losses	(8)	0
Estimated Fair Value	28,894	35,814
Corporate notes/bonds
Short-term marketable securities
Cost or Amortized Cost	100,523	47,912
Unrealized Gains	0	16
Unrealized Losses	(124)	0
Estimated Fair Value	100,399	47,928
Long-term marketable securities
Cost or Amortized Cost	3,999	20,348
Unrealized Gains	2	0
Unrealized Losses	0	(7)
Estimated Fair Value	4,001	20,341
U.S. Government agencies
Short-term marketable securities
Cost or Amortized Cost	2,002	1,251
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	2,002	1,251
Long-term marketable securities
Cost or Amortized Cost	1,000	6,005
Unrealized Gains	0	0
Unrealized Losses	0	(2)
Estimated Fair Value	1,000	6,003
U.S. Treasury securities
Short-term marketable securities
Cost or Amortized Cost	0	1,994
Unrealized Gains	0	1
Unrealized Losses	0	0
Estimated Fair Value	$ 0	$ 1,995

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For interim financial reporting, the Company estimates its annual effective tax rate based on the projected income for its entire fiscal year and records a provision or benefit for income taxes on a quarterly basis based on the estimated annual effective income tax rate, adjusted for any discrete tax items. The Company recorded income tax benefit of $36.2 thousand for the three months ended June 30, 2026 compared to zero expense for the three months ended June 30, 2025. Income tax expense for the three months ended June 30, 2026 was favorably impacted by $36.2 thousand of net discrete tax benefit, primarily related to the release of uncertain tax benefits offset by return to provision expense related to income tax returns filed in Canada. Income tax expense for the three months ended June 30, 2025 was entirely attributable to an increase in the valuation allowance of deferred tax assets with no tax expense arising from the estimated annual effective tax rate. The Company recorded income tax benefit of $0.7 million for the six months ended June 30, 2026 compared to zero expense for the six months ended June 30, 2025. Income tax expense for the six months ended June 30, 2026 was favorably impacted by $0.7 million of net discrete tax benefit, primarily related to the release of prior year valuation allowance amounts. The release was driven by the acquisition of net deferred liabilities of Diligent. Income tax expense for the six months ended June 30, 2025 was entirely attributable to an increase in the valuation allowance of deferred tax assets with no tax expense arising from the estimated annual effective tax rate. The Company periodically evaluates its valuation allowance requirements as facts and circumstances change and may adjust its deferred tax asset valuation allowances accordingly. It is reasonably possible that the Company will either add to or reverse a portion of its existing deferred tax asset valuation allowances in the future. Such changes in the deferred tax asset valuation allowances will be reflected in the current operations through the Company’s effective income tax rate. As of June 30, 2026, there have been no material changes in unrecognized tax benefits from those disclosed in the Company’s most recent audited financial statements as of December 31, 2025. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes in its unaudited condensed consolidated statements of operations and comprehensive loss. The Company regularly assesses the likelihood of an adverse outcome resulting from examinations to determine the adequacy of its tax reserves. As of June 30, 2026, the Company believes that it is more likely than not that the tax positions it has taken will be sustained upon the resolution of its audits resulting in no material impact on its consolidated financial position and the results of operations and cash flows. However, the final determination with respect to any tax audits, and any related litigation, could be materially different from the Company’s estimates and/or from its historical income tax provisions and income tax liabilities and could have a material effect on operating results and/or cash flows in the periods for which that determination is made. In addition, future period earnings may be adversely impacted by litigation costs, settlements, penalties, and/or interest assessments related to income tax examinations.

- Definition

The entire disclosure for income tax.

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+ Details

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2025	$ 15,530
Acquisitions	12,468
Balance as of June 30, 2026	$ 27,998

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION - Narrative (Details)													1 Months Ended					3 Months Ended		6 Months Ended		16 Months Ended
	Jun. 17, 2026 USD ($) shares	May 11, 2026 USD ($)	Mar. 23, 2026 USD ($) shares	Feb. 17, 2026 shares	Feb. 16, 2026 shares	Jan. 27, 2026 USD ($) shares	Jan. 26, 2026 shares	Oct. 10, 2025 USD ($) $ / shares shares	Aug. 15, 2025 USD ($) $ / shares shares	Aug. 14, 2025 shares	Mar. 06, 2025 USD ($)	Jan. 07, 2025 USD ($) $ / shares shares	Feb. 28, 2026 shares	Jan. 31, 2026 shares	Oct. 31, 2025 shares	Aug. 31, 2025 shares	Jun. 30, 2025 shares	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) vote $ / shares shares	Jun. 30, 2025 USD ($) shares	Jun. 30, 2026 USD ($) $ / shares shares	Dec. 31, 2025 $ / shares shares
Class of Warrant or Right [Line Items]
Voting rights (in votes) \| vote																				1
Preferred stock, authorized (in shares)																		10,000,000		10,000,000		10,000,000	10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares																		$ 0.0001		$ 0.0001		$ 0.0001	$ 0.0001
Common stock, authorized (in shares)																		300,000,000		300,000,000		300,000,000	300,000,000
Common stock, par value (in dollars per share) \| $ / shares																		$ 0.0001		$ 0.0001		$ 0.0001	$ 0.0001
Proceeds from issuance of private placement \| $												$ 80,000,000
Restricted stock awards repurchased (in shares)																				0
Stock based compensation expense \| $																		$ 14,685,000	$ 4,398,000	$ 22,038,000	$ 8,277,000
Proceeds from issuance of common stock in registered direct offering, net of offering costs \| $																				$ 0	$ 75,847,000
2023 Equity Incentive Plan
Class of Warrant or Right [Line Items]
Percentage of common stock issued and outstanding																				4.00%
Maximum aggregate shares to be issued (in shares)																		7,487,029		7,487,029		7,487,029
Additional shares authorized (in shares)															3,289,146		2,280,000
Shares available to be issued (in shares)																		1,534,968		1,534,968		1,534,968
Vayu 2022 Equity Incentive Plan
Class of Warrant or Right [Line Items]
Issuance of common stock (in shares)										5,344,275
Shares available to be issued (in shares)																		94,566		94,566		94,566
Unvested restricted stock units
Class of Warrant or Right [Line Items]
Granted (in shares)													500,000	1,319,151		493,970				3,608,010	3,608,010
Shares unvested (in shares)																		8,883,386		8,883,386		8,883,386	7,217,790
Nonvested award, excluding option, cost not yet recognized, amount \| $																		$ 92,300,000		$ 92,300,000		$ 92,300,000
Recognized weighted average period																				2 years 9 months 18 days
Unvested restricted stock units \| Minimum
Class of Warrant or Right [Line Items]
Vesting period																				1 month
Unvested restricted stock units \| Maximum
Class of Warrant or Right [Line Items]
Vesting period																				4 years
Unvested restricted stock units \| Vebu 2026 Equity Incentive Plan
Class of Warrant or Right [Line Items]
Issuance of common stock (in shares)					500,000
Unvested restricted stock units \| Vebu 2026 Equity Incentive Plan \| Vebu, Inc.
Class of Warrant or Right [Line Items]
Granted (in shares)					500,000
Unvested restricted stock units \| Diligent 2026 Equity Incentive Plan
Class of Warrant or Right [Line Items]
Issuance of common stock (in shares)							1,319,179
Unvested restricted stock units \| Diligent 2026 Equity Incentive Plan \| Diligent Robotics Inc.
Class of Warrant or Right [Line Items]
Granted (in shares)							1,319,151
Unvested restricted stock units \| Vayu 2025 Equity Incentive Plan
Class of Warrant or Right [Line Items]
Issuance of common stock (in shares)										1,400,000
Unvested restricted stock units \| Vayu 2025 Equity Incentive Plan \| Vayu Robotics, Inc.
Class of Warrant or Right [Line Items]
Granted (in shares)										1,373,971
Common Stock
Class of Warrant or Right [Line Items]
Shares unvested (in shares)																		40,143		40,143		40,143	46,833
Performance-Based Restricted Stock Units, June 2026
Class of Warrant or Right [Line Items]
Granted (in shares)	2,000
Total grant date fair value \| $	$ 13,400
Performance-Based Restricted Stock Units, June 2026 \| Share-Based Payment Arrangement, Tranche One
Class of Warrant or Right [Line Items]
Vesting percentage	100.00%
Performance-Based Restricted Stock Units, March 2026
Class of Warrant or Right [Line Items]
Granted (in shares)			100,000
Award vesting rights, monthly, percentage			3.33%
Total grant date fair value \| $			$ 900,000
Vesting rights monthly period			30 months
Performance-Based Restricted Stock Units, March 2026 \| Share-Based Payment Arrangement, Tranche One
Class of Warrant or Right [Line Items]
Vesting percentage			25.00%
Performance-Based Restricted Stock Units
Class of Warrant or Right [Line Items]
Granted (in shares)																				102,000
Shares unvested (in shares)																		869,628		869,628		869,628	801,292
Restricted Stock Units (RSUs) And Restricted Stock
Class of Warrant or Right [Line Items]
Stock based compensation expense \| $																		$ 14,700,000	$ 4,000,000.0	$ 22,000,000.0	$ 7,900,000
Restricted Stock
Class of Warrant or Right [Line Items]
Granted (in shares)																				0
Shares unvested (in shares)																		43,620		43,620		43,620	285,053
Recognized weighted average period																				1 month 6 days
Share-Based Payment Arrangement, Option
Class of Warrant or Right [Line Items]
Recognized weighted average period																				7 months 6 days
Warrant
Class of Warrant or Right [Line Items]
Granted (in shares)																				0
Shares unvested (in shares)																		5,079,294		5,079,294		5,079,294	5,079,294
Expiration of outstanding options																				4 years 9 months 18 days
Private Placement
Class of Warrant or Right [Line Items]
Common stock, par value (in dollars per share) \| $ / shares								$ 0.0001
Shares issued in offering (in shares)								6,250,000				4,210,525
Stock offering (in dollars per share) \| $ / shares								$ 16.00				$ 19.00
Proceeds from issuance of private placement \| $								$ 100,000,000
2026 Sales Agreement
Class of Warrant or Right [Line Items]
Shares issued in offering (in shares)																				8,540,900
Stock offering (in dollars per share) \| $ / shares																		$ 9.08		$ 9.08		$ 9.08
Maximum gross proceeds from stock offering program \| $		$ 150,000,000.0
Fixed commission rate		3.00%
Proceeds from issuance of common stock in registered direct offering, net of offering costs \| $																				$ 77,600,000
Gross proceeds raised \| $																				2,300,000
Gross proceeds from stock offering \| $																				75,200,000
Remaining capacity available for issuance \| $																		$ 72,400,000		$ 72,400,000		$ 72,400,000
2025 Distribution Agreement
Class of Warrant or Right [Line Items]
Shares issued in offering (in shares)																				1,217,000		7,716,935
Stock offering (in dollars per share) \| $ / shares																		$ 8.21		$ 8.21		$ 8.21
Maximum gross proceeds from stock offering program \| $											$ 150,000,000
Fixed commission rate											3.00%
Proceeds from issuance of common stock in registered direct offering, net of offering costs \| $																				$ 10,000,000.0		$ 91,200,000
Gross proceeds raised \| $																				300,000		2,700,000
Gross proceeds from stock offering \| $																				$ 9,700,000		$ 88,500,000
Stock offering during period (in dollars per share) \| $ / shares																						$ 11.82
Vebu, Inc.
Class of Warrant or Right [Line Items]
Shares (in shares)																				647,445
Stock issued to certain employees (in shares)				500,000
Issued and outstanding related to deal consideration (in shares)																				637,945
Vebu, Inc. \| Unvested restricted stock units
Class of Warrant or Right [Line Items]
Vesting period													4 years
Vebu, Inc. \| Unvested restricted stock units \| Share-Based Payment Arrangement, Tranche One
Class of Warrant or Right [Line Items]
Vesting percentage													25.00%
Vebu, Inc. \| Common Stock
Class of Warrant or Right [Line Items]
Shares (in shares)				147,445
Diligent Robotics Inc.
Class of Warrant or Right [Line Items]
Shares (in shares)																				1,882,955
Stock issued to certain employees (in shares)						1,319,151
Issued and outstanding related to deal consideration (in shares)																				1,440,893
Diligent Robotics Inc. \| Unvested restricted stock units
Class of Warrant or Right [Line Items]
Vesting period														4 years
Vesting percentage														25.00%
Diligent Robotics Inc. \| Nonemployee Share-Based Awards \| Share-Based Payment Arrangement, Nonemployee
Class of Warrant or Right [Line Items]
Granted (in shares)						366,332
Diligent Robotics Inc. \| Nonemployee Performance-Based Awards
Class of Warrant or Right [Line Items]
Total grant date fair value \| $						$ 3,100,000
Potential to vest (in shares)						274,749
Diligent Robotics Inc. \| Nonemployee Service-Based Awards
Class of Warrant or Right [Line Items]
Granted (in shares)																				91,583
Total grant date fair value \| $																				$ 1,200,000
Service-based condition period																				18 months
Diligent Robotics Inc. \| Common Stock
Class of Warrant or Right [Line Items]
Shares (in shares)						197,472
Diligent Robotics Inc. \| Common Stock, Future Earnout Consideration
Class of Warrant or Right [Line Items]
Shares (in shares)						366,332
Vayu Robotics, Inc.
Class of Warrant or Right [Line Items]
Shares (in shares)																				7,558,314
Issued and outstanding related to deal consideration (in shares)																				1,494,906
Vayu Robotics, Inc. \| Unvested restricted stock units
Class of Warrant or Right [Line Items]
Vesting period																4 years
Vayu Robotics, Inc. \| Unvested restricted stock units \| Share-Based Payment Arrangement, Tranche One
Class of Warrant or Right [Line Items]
Vesting percentage																25.00%
Vayu Robotics, Inc. \| Performance-Based Restricted Stock Units
Class of Warrant or Right [Line Items]
Granted (in shares)									1,440,001
Total grant date fair value \| $									$ 8,500,000
Vayu Robotics, Inc. \| Performance-Based Restricted Stock Units \| Share-Based Payment Arrangement, Employee
Class of Warrant or Right [Line Items]
Granted (in shares)									880,001
Vayu Robotics, Inc. \| Performance-Based Restricted Stock Units \| Share-Based Payment Arrangement, Nonemployee
Class of Warrant or Right [Line Items]
Granted (in shares)									560,000
Vayu Robotics, Inc. \| Performance-Based Restricted Stock Units \| Share-Based Payment Arrangement, Tranche One
Class of Warrant or Right [Line Items]
Vesting percentage									66.00%
Vayu Robotics, Inc. \| Performance-Based Restricted Stock Units \| Share-Based Payment Arrangement, Tranche Two
Class of Warrant or Right [Line Items]
Vesting period									2 years 6 months
Vesting percentage									34.00%
Vayu Robotics, Inc. \| Nonemployee Share-Based Awards
Class of Warrant or Right [Line Items]
Total grant date fair value \| $									$ 5,400,000
Vayu Robotics, Inc. \| Nonemployee Share-Based Awards \| Share-Based Payment Arrangement, Nonemployee
Class of Warrant or Right [Line Items]
Granted (in shares)									560,000
Vayu Robotics, Inc. \| KV Warrants
Class of Warrant or Right [Line Items]
Securities called by warrants (in shares)									4,000,000
Exercise price of warrants (in dollars per share) \| $ / shares									$ 10.36
Exercise price of warrants or rights, period of volume weighted average price of securities									10 days
Securities called by each warrant (in shares)									1
Vayu Robotics, Inc. \| Common Stock
Class of Warrant or Right [Line Items]
Shares (in shares)									1,539,906
Vayu Robotics, Inc. \| Common Stock, Future Earnout Consideration
Class of Warrant or Right [Line Items]
Shares (in shares)									560,000
Vayu Robotics, Inc. \| Common Stock, Upfront Consideration
Class of Warrant or Right [Line Items]
Shares (in shares)									1,494,906

LEASES - Schedule of Lease Costs Classified on Statements Of Operation and Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Lessee, Lease, Description [Line Items]
Total lease costs	$ 1,246	$ 505	$ 2,315	$ 788
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Lessee, Lease, Description [Line Items]
Total lease costs	304	5	472	28
Location, Statement of Income, Balance [Axis]: us-gaap:OtherCostAndExpenseOperating
Lessee, Lease, Description [Line Items]
Total lease costs	938	495	1,833	686
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Lessee, Lease, Description [Line Items]
Total lease costs	3	5	9	74
Location, Statement of Income, Balance [Axis]: us-gaap:SellingAndMarketingExpense
Lessee, Lease, Description [Line Items]
Total lease costs	$ 1	$ 0	$ 1	$ 0

LEASES - Schedule of Future Minimum Payments Under Operating Leases (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Leases [Abstract]
Remainder of 2026	$ 1,472
2027	3,120
2028	2,187
2029	2,003
2030	1,773
Thereafter	743
Total undiscounted future cash flows	11,298
Less: imputed interest	(1,601)
Total operating lease liabilities	$ 9,697

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Total	$ 62,614	$ 53,478
Less: accumulated depreciation	(12,107)	(6,465)
Property and equipment, net	50,507	47,013
Robot assets
Property, Plant, and Equipment [Line Items]
Total	50,098	47,221
Construction in progress
Property, Plant, and Equipment [Line Items]
Total	8,282	3,357
Tooling
Property, Plant, and Equipment [Line Items]
Total	2,350	2,111
Office equipment
Property, Plant, and Equipment [Line Items]
Total	611	375
Furniture and Fixtures
Property, Plant, and Equipment [Line Items]
Total	655	0
Leasehold improvement
Property, Plant, and Equipment [Line Items]
Total	$ 618	$ 414

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION

Common Stock

Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are not entitled to receive dividends, unless declared by the Company’s board of directors.

As of June 30, 2026, the Company is authorized to issue 10,000,000 shares of preferred stock, par value $0.0001 per share, and 300,000,000 shares of common stock, par value $0.0001 per share.

Dividend Rights

Subject to applicable law and the rights and preferences, if any, of any holders of any outstanding series of preferred stock, the holders of our common stock are entitled to receive dividends if our Board, in its discretion, determines to issue dividends and then only at the times and in the amounts that our Board may determine, payable either in cash, in property or in shares of capital stock.

Common Stock Transactions

On February 17, 2026, the Company entered into the Vebu Merger Agreement, pursuant to which the Company issued 147,445 shares of its common stock in initial upfront consideration. The Company also issued 500,000 shares of common stock to certain employees. As of June 30, 2026, 637,945 of the total 647,445 shares of common stock contemplated in the Vebu Merger Agreement have been issued and are outstanding.

On January 27, 2026, the Company entered into the Diligent Merger Agreement, pursuant to which the Company issued 197,472 shares of its common stock in initial upfront consideration. Additionally, the Company granted a future earnout consisting of up to 366,332 shares of common stock, contingent on the achievement of certain performance milestones. The Company also issued 1,319,151 shares of common stock to certain employees. As of June 30, 2026, 1,440,893 of the total 1,882,955 shares of common stock contemplated in the Diligent Merger Agreement have been issued and are outstanding.

On October 10, 2025, the Company entered into a securities purchase agreement with certain institutional investors pursuant to which the Company agreed to issue and sell, in a registered direct offering an aggregate of 6,250,000 shares of the Company’s common stock, $0.0001 par value per share at a price of $16.00 per share (the “October Registered Direct Offering”). The gross proceeds to the Company from the October Registered Direct Offering were approximately $100 million, before deducting the placement agents’ fees and other offering expenses payable by the Company.

On August 15, 2025, the Company entered into the Vayu Merger Agreement, pursuant to which the Company issued 1,494,906 shares of its common stock in initial upfront consideration. Additionally, the Company granted a future earnout consisting of up to 560,000 shares of common stock, subject to the achievement of certain performance milestones. The Company also issued warrants to purchase 4,000,000 shares of common stock, with an exercise price of $10.36 per share (which amount is equal to the 10-day volume-weighted average price of the Company’s common stock prior to the closing of the transaction), to a certain Vayu securityholder. As of June 30, 2026, 1,494,906 of the 7,558,314 shares of deal consideration have been issued and are outstanding.

On January 7, 2025, the Company entered into a securities purchase agreement with a certain institutional investor pursuant to which the Company agreed to issue and sell, in a registered direct offering an aggregate of 4,210,525 shares of the Company’s common stock at a price of $19.00 per share (the “January Registered Direct Offering”). The gross proceeds to the Company from the January Registered Direct Offering were approximately $80 million, before deducting the placement agents’ fees and other offering expenses payable by the Company.

Equity Compensation Plans

Vebu 2026 Equity Incentive Plan

In connection with the Company’s acquisition of Vebu, the Company assumed certain equity awards that had been issued pursuant to the Vebu 2026 Equity Incentive Plan (the “2026 Vebu Plan”). In accordance with the Vebu Merger Agreement, the 2026 Vebu Plan was adopted and approved, and stockholder approval was obtained, prior to the closing of the

acquisition. Prior to the closing, Vebu granted restricted stock units (“Vebu RSUs”) covering an equivalent of an aggregate of 500,000 shares of the Company’s common stock to certain individuals who were expected to become continuing employees of the Company, pursuant to forms of award agreement reasonably approved by the Company. The Vebu RSUs were only effective for those individuals who accepted their awards by timely executing and returning the applicable award agreement prior to the closing date and who became continuing employees.

Immediately following the issuance of the Vebu RSUs and the closing of the acquisition, the 2026 Vebu Plan was terminated in accordance with the Vebu Merger Agreement, and no further awards will be granted under the 2026 Vebu Plan. The 2026 Vebu Plan permitted the grant of incentive stock options, nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights, and stock bonus awards. Subject to adjustments as set forth in the 2026 Vebu Plan, the maximum aggregate number of shares of the Company’s common stock that could have been issued under the 2026 Vebu Plan did not exceed 500,000 shares. Any shares subject to awards under the 2026 Vebu Plan that expired, were forfeited, or became unexercisable without having been exercised in full, or were surrendered pursuant to an exchange program, would have continued to be available for issuance under the plan prior to its termination. After the termination of the 2026 Vebu Plan, no further awards may be granted under the plan, and any shares underlying awards that are forfeited or canceled will not become available for future issuance.

Diligent 2026 Equity Incentive Plan

In connection with the Company’s acquisition of Diligent, the Company assumed certain equity awards that had been issued pursuant to the Diligent 2026 Equity Incentive Plan (the “2026 Diligent Plan”). In accordance with the Diligent Merger Agreement, the 2026 Diligent Plan was adopted and approved, and stockholder approval was obtained, prior to the closing of the acquisition. Prior to the closing, Diligent granted restricted stock units (“Diligent RSUs”) covering an equivalent of an aggregate of 1,319,151 shares of the Company’s common stock to certain individuals who were expected to become continuing employees of the Company, pursuant to forms of award agreement reasonably approved by the Company. The Diligent RSUs were only effective for those individuals who accepted their awards by timely executing and returning the applicable award agreement prior to the closing date and who became continuing employees.

Immediately following the issuance of the Diligent RSUs and the closing of the acquisition, the 2026 Diligent Plan was terminated in accordance with the Diligent Merger Agreement, and no further awards will be granted under the 2026 Diligent Plan. The 2026 Diligent Plan permitted the grant of incentive stock options, nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights, and stock bonus awards. Subject to adjustments as set forth in the 2026 Diligent Plan, the maximum aggregate number of shares of the Company’s common stock that could have been issued under the 2026 Diligent Plan did not exceed 1,319,179 shares. Any shares subject to awards under the 2026 Diligent Plan that expired, were forfeited, or became unexercisable without having been exercised in full, or were surrendered pursuant to an exchange program, would have continued to be available for issuance under the plan prior to its termination. After the termination of the 2026 Diligent Plan, no further awards may be granted under the plan, and any shares underlying awards that are forfeited or canceled will not become available for future issuance.

Vayu 2025 Equity Incentive Plan

In connection with the Company’s acquisition of Vayu, the Company assumed certain equity awards that had been issued pursuant to the Vayu 2025 Equity Incentive Plan (the “2025 Vayu Plan”). In accordance with the Vayu Merger Agreement, the 2025 Vayu Plan was adopted and approved, and stockholder approval was obtained, prior to the closing of the acquisition. Prior to the closing, Vayu granted restricted stock units (“Vayu RSUs”) covering an equivalent of an aggregate of 1,373,971 shares of the Company’s common stock to certain individuals who were expected to become continuing employees of the Company, pursuant to forms of award agreement reasonably approved by the Company. The Vayu RSUs were only effective for those individuals who accepted their awards by timely executing and returning the applicable award agreement prior to the closing date and who became continuing employees.

Immediately following the issuance of the Vayu RSUs and the closing of the acquisition, the 2025 Vayu Plan was terminated in accordance with the Vayu Merger Agreement, and no further awards will be granted under the 2025 Vayu Plan. The 2025 Vayu Plan permitted the grant of incentive stock options, nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights, and stock bonus awards. Subject to adjustments as set forth in the 2025 Vayu Plan, the maximum aggregate number of shares of the Company’s common stock that could have been issued under the 2025 Vayu Plan did not exceed 1,400,000 shares. Any shares subject to awards under the 2025 Vayu Plan that expired, were forfeited, or became unexercisable without having been exercised in full, or were surrendered pursuant to an exchange program, would have continued to be available for issuance under the plan prior to its termination. After the

termination of the 2025 Vayu Plan, no further awards may be granted under the plan, and any shares underlying awards that are forfeited or canceled will not become available for future issuance.

2023 Equity Incentive Plan

The Company’s 2023 Equity Incentive Plan (the “2023 Plan”) permits the grant of incentive stock options, nonstatutory stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units (“RSUs”) and stock bonus awards (all such types of awards, collectively, “stock awards”).

The shares may be authorized, but unissued, or reacquired common stock. Furthermore, subject to adjustments as set forth in the 2023 Plan, in no event shall the maximum aggregate number of shares that may be issued under the 2023 Plan pursuant to Incentive Stock Options exceed the number set forth above plus, to the extent allowable under Section 422 of the Code and the regulations promulgated thereunder, any shares that again become available for issuance pursuant to the 2023 Plan.

The number of shares available for issuance under the 2023 Plan may, at the discretion of our Board or a committee thereof, which committee will be constituted to satisfy applicable laws (“Plan Administrator”), be increased on October 1st of each fiscal year beginning with the 2023 fiscal year until the 2023 Plan terminates, in each case, in an amount equal to the lesser of (i) 4% of the shares of the Company’s common stock issued and outstanding on the last day of the immediately preceding month on a fully-diluted and as-converted basis and (ii) such other number of shares as determined by our Board.

Subject to adjustments as set forth in the 2023 Plan, the maximum aggregate number of shares of common stock that may be issued under the 2023 Plan will not exceed 7,487,029 shares. In June 2025, the 2023 Plan was amended, and the number of shares authorized under the 2023 Plan was increased by 2,280,000 additional shares. In October 2025, the number of shares authorized under the 2023 Plan was increased by 3,289,146 additional shares, pursuant to the evergreen provisions under the 2023 Plan. As of June 30, 2026, there were a total of 1,534,968 shares available to be issued under the 2023 Plan.

To the extent stock awards or shares issued under Serve’s 2021 Equity Incentive Plan (“2021 Plan”) that were assumed by the Company (“Existing Plan Awards”) are exercised in full or are surrendered pursuant to an exchange program (as defined in the 2023 Plan), the unissued shares that were subject thereto will continue to be available under the 2023 Plan for issuance pursuant to future stock awards. In addition, any shares that are retained by us upon exercise of a stock award or Existing Plan Award in order to satisfy the exercise or purchase price for such stock award or Existing Plan Award or any withholding taxes due with respect to such stock award or Existing Plan Award will be treated as not issued and will continue to be available under the 2023 Plan for issuance pursuant to future stock awards. Shares issued under the 2023 Plan or an Existing Plan Award and later forfeited to us due to the failure to vest or repurchased by us at the original purchase price paid to us for the shares (including without limitation upon forfeiture to or repurchase by us in connection with a participant ceasing to be a service provider) will again be available for future grant under the 2023 Plan. To the extent a stock award under the 2023 Plan or Existing Plan Award is paid out in cash rather than shares, such cash payment will not result in reducing the number of shares available for issuance under the 2023 Plan.

Vayu 2022 Equity Incentive Plan

In connection with the Company’s acquisition of Vayu, the Company assumed the Vayu 2022 Equity Incentive Plan (the “2022 Vayu Plan”) including the options outstanding immediately prior to the acquisition and the number of shares that remain available for issuance pursuant to the 2022 Vayu Plan, as adjusted by the exchange ratio for which such shares are exchangeable pursuant to the Vayu Merger Agreement. The 2022 Vayu Plan permits the grant of incentive stock options, nonstatutory stock options, SARs, restricted stock, RSUs, and stock bonus awards.

Subject to adjustments as set forth in the 2022 Vayu Plan, the maximum aggregate number of shares of the Company’s common stock that may be issued under the 2022 Vayu Plan may not exceed 5,344,275 shares. Subject to adjustments as set forth in the 2022 Vayu Plan, the maximum aggregate number of shares that may be issued under the 2022 Vayu Plan pursuant to incentive stock options may not exceed the number set forth above plus, to the extent allowable under Section 422 of the Internal Revenue Code and the regulations promulgated thereunder, any shares that again become available for issuance pursuant to the 2022 Vayu Plan. As of June 30, 2026, there were approximately 94,566 shares available to be issued under the 2022 Vayu Plan.

To the extent a stock award under the 2022 Vayu Plan should expire or be forfeited or become unexercisable for any reason without having been exercised in full, or is surrendered pursuant to an exchange program, the unissued shares that were subject thereto will continue to be available under the 2022 Vayu Plan for issuance pursuant to future stock awards. In addition, any shares that are retained by the Company upon exercise of a stock award in order to satisfy the exercise or purchase price for such stock award or any withholding taxes due with respect to such stock award will be treated as not issued and will continue to be available under the 2022 Vayu Plan for issuance pursuant to future stock awards. Shares issued under the 2022 Vayu Plan and later forfeited to the Company due to the failure to vest or repurchased by the Company at the original purchase price paid to the Company for the shares (including, without limitation, upon forfeiture to or repurchase by the Company in connection with a participant ceasing to be a service provider) will be available for future grant under the 2022 Vayu Plan. To the extent a stock award under the 2022 Vayu Plan is paid out in cash rather than shares, such cash payment will not result in reducing the number of shares available for issuance under the 2022 Vayu Plan.

The 2022 Vayu Plan is administered by the Company’s board of directors or a committee thereof (the “2022 Vayu Plan Administrator”). The 2022 Vayu Plan Administrator has the authority to determine the terms and conditions of stock awards granted under the 2022 Vayu Plan, including the recipients, type of award, number of shares subject to each award, exercise or purchase price, vesting schedule, and other terms and conditions. Stock awards may be granted to employees, directors, and independent contractors of the Company and its affiliates. The 2022 Vayu Plan also provides for adjustments in the event of certain corporate transactions, such as stock splits, mergers, or other changes in capitalization, and includes customary provisions regarding the administration, amendment, and termination of the plan.

Restricted Stock Awards (RSAs)

The following table summarizes activity related to the Company’s restricted stock awards for the six months ended June 30, 2026:


	Restricted Stock Awards
	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2025	285,053	$	0.08
Granted	—	—
Vested	(239,301)	0.01
Forfeited	(2,132)	—
Nonvested as of June 30, 2026	43,620	$	0.45

During 2023, the Company issued shares of restricted common stock for recourse notes. The shares were issued with a corresponding note receivable, a recourse loan that was collateralized by the underlying shares. As of June 30, 2026 and December 31, 2025, there were 40,143 and 46,833 shares of common stock issued, respectively, that are subject to the non-recourse notes and deemed not outstanding.

Restricted Stock Units (RSUs)

The following table summarizes activity related to the Company’s RSUs for the six months ended June 30, 2026:


	Restricted Stock Units
	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2025	7,217,790	$	9.14
Granted	3,608,010	11.59
Vested	(1,555,336)	8.74
Forfeited	(387,078)	11.60
Nonvested as of June 30, 2026	8,883,386	$	10.27

During the six months ended June 30, 2026, the Company granted 3,608,010 RSUs with vesting periods ranging 1 month to 4 years.

In connection with the transactions contemplated by the Vayu Merger Agreement (the “Vayu Acquisition”), in August 2025, the Company granted 493,970 RSUs to certain employees as a retention equity award (the “Vayu Retention RSUs”). The Vayu Retention RSUs vest over 4 years from the date of the consummation of the Vayu Acquisition with 25% of the Vayu Retention RSUs vesting on the first anniversary of the grant date.

In connection with the transactions contemplated by the Diligent Merger Agreement (the “Diligent Acquisition”), in January 2026, the Company granted 1,319,151 RSUs to certain employees as a retention equity award (the “Diligent Retention RSUs”). The Diligent Retention RSUs vest over 4 years from the date of the consummation of the Diligent Acquisition with 25% of the Diligent Retention RSUs vesting on the first anniversary of the grant date.

In connection with the transactions contemplated by the Vebu Merger Agreement (the “Vebu Acquisition”), in February 2026, the Company granted 500,000 RSUs to certain employees as a retention equity award (the “Vebu Retention RSUs”). The Vebu Retention RSUs vest over 4 years from the date of the consummation of the Vebu Acquisition with 25% of the Vebu Retention RSUs vesting on the first anniversary of the grant date.

During the six months ended June 30, 2026, the Company repurchased no shares of common stock.

Performance-Based Restricted Stock Units

The following table summarizes activity related to the Company’s performance-based restricted stock units (“PRSU”) for the six months ended June 30, 2026:


	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2025	801,292	$	9.71
Granted	102,000	9.38
Vested	—	—
Forfeited	(33,664)	9.71
Nonvested as of June 30, 2026	869,628	$	9.67

June PRSUs (June 2026)

On June 17, 2026, the Company granted 2,000 PRSUs to an employee of the Company (“June PRSUs”) from the 2023 plan. The June PRSUs shall vest upon satisfaction of a performance-based vesting condition, which shall be satisfied upon the achievement of certain milestones. At the point the conditions of the June PRSUs are deemed to have been achieved, 100% of the PRSUs will vest immediately. The total grant date fair value of the June PRSUs was $13.4 thousand, which was determined based on the Company’s stock price on date of grant. As of June 30, 2026, the Company considers the achievement of the June PRSUs milestone to be probable. As such, the Company will recognize the related compensation cost over the requisite service period. As of June 30, 2026, all shares of the June PRSUs were unvested and outstanding.

March PRSUs (March 2026)

On March 23, 2026, the Company granted 100,000 PRSUs to an employee of the Company (“March PRSUs”) from the 2023 Plan. The March PRSUs shall vest upon satisfaction of both (i) a service-based vesting condition and (ii) a performance-based vesting condition. The service-based vesting condition shall be satisfied based on the employee’s continued employment. The performance-based vesting condition shall be satisfied upon the achievement of certain milestones. At the point the conditions of the March PRSUs are deemed to have been achieved, 25% of the total March PRSUs will vest immediately, and 1/30th of the remaining shares will vest on the same day of each month thereafter for 30 months, subject to the employee’s continued employment. The total grant date fair value of the March PRSUs was $0.9 million, which was determined based on the Company’s stock price on date of grant. As of June 30, 2026, the Company considers the achievement of the March PRSUs milestone to be probable. As such, the Company will recognize the related

compensation cost over the requisite service period. As of June 30, 2026, all shares of the March PRSUs were unvested and outstanding.

Vayu PRSUs

On August 15, 2025, the Company granted 1,440,001 shares contemplated by the Vayu Acquisition, of which the Company granted 880,001 PRSUs to employees (“Vayu PRSUs”). The remaining 560,000 shares were granted to nonemployees. The Vayu PRSUs will vest or commence vesting upon achievement of certain milestones as defined per the Vayu Merger Agreement. In addition, the Vayu PRSUs may also be subject to a continuous service condition. At the point the milestones have been deemed to be achieved (the “Milestone Date”), approximately 66% of the Vayu PRSUs will vest immediately, and the remaining 34% will vest over 2.5 years following the Milestone Date. The total grant date fair value of the Vayu PRSUs was $8.5 million, which was determined based on the Company’s stock price on date of grant. As of June 30, 2026, the Company considers the achievement of the Vayu PRSUs milestone to be probable. As such, the Company will recognize the related compensation cost over the requisite service period. As of June 30, 2026, all shares of the Vayu PRSUs were unvested and outstanding.

Stock Options

The following table summarizes activity related to the Company’s stock options for the six months ended June 30, 2026:


	Options	Weighted Average Exercise Price		Intrinsic Value (in thousands)
Outstanding as of December 31, 2025	826,539	$	1.01	$	8,573
Granted	—	—		—
Exercised	(102,986)	3.87		678
Forfeited	(29,415)	1.52		194
Outstanding as of June 30, 2026	694,138	$	0.84	$	4,545

Exercisable as of June 30, 2026	473,487	$	0.79	$	3,116
Exercisable and expected to vest at June 30, 2026	694,138	$	0.84	$	4,545

Refer to Note 4. Acquisitions for information regarding the valuation of options granted during the year ended December 31, 2025 as part of the Vayu acquisition.

Nonemployee Share-based Awards

On January 27, 2026, the Company granted 366,332 awards contemplated by the Diligent Acquisition to nonemployee shareholders (“Diligent Nonemployee Awards”). Of this total, 274,749 awards will vest or commence vesting upon achievement of certain performance-based milestones as defined per the Diligent Merger Agreement (“Diligent Nonemployee Performance-based Awards”). At the point the milestones have been deemed to be achieved (the “Milestone Date”), approximately all of the Diligent Nonemployee Performance-based Awards will vest immediately. The total grant date fair value of the Diligent Nonemployee Performance-based Awards was $3.1 million, which was determined using the Monte Carlo simulation option pricing model. The Diligent Nonemployee Performance-based Awards were included in the consideration transferred as part of the Diligent Acquisition. As such, settlement of the equity-classified contingent consideration will be accounted for within equity. As of June 30, 2026, the Company considers the achievement of the Diligent Nonemployee Performance-based Awards milestone to be probable. The remaining 91,583 awards granted to nonemployee shareholders of the Company will be earned upon satisfaction of a service-based condition achieved eighteen months following the closing of the Diligent Acquisition (“Diligent Nonemployee Service-based Awards”). The fair value of the Diligent Nonemployee Service-based Awards at date of grant was determined to be $1.2 million and will be recognized as stock-based compensation expense over the requisite service period. All Diligent Nonemployee Service-based Award shares will vest immediately upon satisfaction of the service-based condition. As of June 30, 2026, all Diligent Nonemployee Awards were unvested and outstanding.

On August 15, 2025, the Company granted 560,000 shares contemplated by the Vayu Acquisition to nonemployee shareholders. The vesting terms of these shares are consistent with the Vayu PRSUs. The total grant date fair value was

$5.4 million, which was determined based on the Company’s stock price on date of grant. As of June 30, 2026, the Company considers the achievement of the milestone to be probable. As such, the Company will recognize the related compensation cost over the requisite service period. As of June 30, 2026, all shares were unvested and outstanding.

Stock-based Compensation Expense

The Company recorded stock-based compensation expense for both employees and nonemployees of $14.7 million and $4.4 million for the three months ended June 30, 2026 and 2025, respectively. The Company recorded stock-based compensation expense for both employees and nonemployees of $22.0 million and $8.3 million for the six months ended June 30, 2026 and 2025, respectively. Stock-based compensation expense for employees is classified based on the cost center to which the award holder belongs. Stock-based compensation expense for nonemployees is classified as general and administrative expense. The Company recorded stock-based compensation expense in the unaudited condensed consolidated statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
General and administrative	$	8,543	$	2,061	$	11,990	$	3,885
Research and development	5,421		2,158		8,943		4,087
Operations	309		96		559		176
Sales and marketing	412		83		546		129
Total stock-based compensation expense	$	14,685	$	4,398	$	22,038	$	8,277

During the three months ended June 30, 2026 and 2025, the Company recorded stock-based compensation expense related to vesting of RSUs and RSAs of $14.7 million and $4.0 million, respectively. During the six months ended June 30, 2026 and 2025, the Company recorded stock-based compensation expense related to vesting of RSUs and RSAs of $22.0 million and $7.9 million, respectively.

As of June 30, 2026, there was $92.3 million of unamortized compensation costs related to unvested RSUs, which is expected to be recognized over a weighted-average period of approximately 2.8 years. As of June 30, 2026, there was an immaterial amount of unamortized compensation costs related to unvested RSAs, which is expected to be recognized over a weighted-average period of approximately 0.1 years.

During the three and six months ended June 30, 2026 and 2025, the Company recorded an immaterial amount of stock-based compensation expense for stock options. As of June 30, 2026, there was an immaterial amount of total unamortized compensation cost related to unvested stock option awards, which is expected to be recognized over a weighted average period of 0.6 years.

Warrants

The following is a summary of warrants as of June 30, 2026:


	Warrants	Weighted Average Exercise Price
Outstanding as of December 31, 2025	5,079,294	$	10.18
Granted	—	—
Exercised	—	—
Forfeited	—	—
Outstanding as of June 30, 2026	5,079,294	$	10.18

Exercisable as of June 30, 2026	5,079,294	$	10.18

The weighted-average remaining term of the warrants outstanding was 4.8 years as of June 30, 2026.

KV Warrants

In accordance with the terms of the Vayu Merger Agreement, upon the closing of the transaction, the Company issued 4,000,000 warrants to a certain Vayu securityholder (the “KV Warrants”). Each KV Warrant entitles the holder to purchase one share of the Company’s common stock, subject to adjustment thereunder, at an exercise price of $10.36 per share (which amount is equal to the 10-day volume-weighted average price of the common stock prior to the closing of the transaction). The KV Warrants contain customary terms and are exercisable at any time on or after August 15, 2025, and terminate on August 15, 2031. The KV Warrants were issued pursuant to an exemption from registration under Section 4(a)(2) of the Securities Act.

At-the-Market Offerings

2026 Sales Agreement

On May 11, 2026, the Company entered into a Sales Agreement (the “2026 Sales Agreement”) with Evercore Group L.L.C., Guggenheim Securities, LLC, Oppenheimer & Co. Inc., Northland Securities, Inc. and Wedbush Securities Inc. (collectively, the “2026 ATM Agents”) under which the Company may offer and sell, from time to time in its sole discretion, shares of the Company’s common stock with aggregate gross sales proceeds of up to $150.0 million through an “at the market” equity offering program. Under the 2026 Sales Agreement, the Company will set the parameters for the sale of shares. Subject to the terms and conditions of the 2026 Sales Agreement, the 2026 ATM Agents may sell the shares by methods deemed to be an “at the market” offering as defined in Rule 415 promulgated under the Securities Act. The 2026 Sales Agreement provides that the Company will pay the 2026 ATM Agents a commission of up to 3% of the gross proceeds of any shares of common stock sold through the 2026 ATM Agents under the 2026 Sales Agreement.

As of June 30, 2026, the Company has sold 8,540,900 shares of the Company’s common stock under the 2026 Sales Agreement at a weighted-average price of $9.08 per share and raised $77.6 million of gross proceeds. After deducting approximately $2.3 million of commissions and offering costs incurred by the Company, the net proceeds from sales of the Company’s common stock were $75.2 million as of June 30, 2026. As of June 30, 2026, the Company had approximately $72.4 million of remaining capacity to sell the Company’s common stock under the 2026 Sales Agreement.

2025 Distribution Agreement

On March 6, 2025, the Company entered into a Controlled Equity OfferingSM Agreement (the “2025 Distribution Agreement”) with Cantor Fitzgerald & Co., Wedbush Securities Inc., Northland Securities, Inc., Ladenburg Thalmann & Co. Inc. and Seaport Global Securities LLC (collectively, the “2025 ATM Agents”) under which the Company may offer and sell, from time to time in its sole discretion, shares of the Company’s common stock with aggregate gross sales proceeds of up to $150 million through an “at the market” equity offering program. Under the 2025 Distribution Agreement, the Company will set the parameters for the sale of shares. Subject to the terms and conditions of the 2025 Distribution Agreement, the 2025 ATM Agents may sell the shares by methods deemed to be an “at the market” offering as defined in Rule 415 promulgated under the Securities Act. The 2025 Distribution Agreement provides that the Company will pay the 2025 ATM Agents a commission of up to 3% of the gross proceeds of any shares of common stock sold through the 2025 ATM Agents under the 2025 Distribution Agreement.

During the six months ended June 30, 2026, the Company sold 1,217,000 shares of the Company’s common stock under the 2025 Distribution Agreement at a weighted-average price of $8.21 per share and raised $10.0 million of gross proceeds. After deducting approximately $0.3 million of commissions and offering costs incurred by the Company during the six months ended June 30, 2026, the net proceeds from sales of the Company’s common stock under the 2025 Distribution Agreement were $9.7 million during the six months ended June 30, 2026. Inception to date, as of June 30, 2026, the Company has sold a total of 7,716,935 shares of the Company’s common stock under the 2025 Distribution Agreement at a weighted-average price of $11.82 per share and raised $91.2 million of gross proceeds. After deducting approximately $2.7 million of commissions and offering costs incurred by the Company, the net proceeds from sales of the Company’s common stock were $88.5 million as of June 30, 2026. On May 6, 2026 the Company terminated the 2025 Distribution Agreement.

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Aug. 04, 2026
Entity Addresses [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-42023
Entity Registrant Name	SERVE ROBOTICS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-3844872
Entity Address, Address Line One	1360 Bayport Avenue
Entity Address, City or Town	San Carlos
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94070
City Area Code	(818)
Local Phone Number	860-1352
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	SERV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		86,707,507
Central Index Key	0001832483
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2026
Former Address
Entity Addresses [Line Items]
Entity Address, Address Line One	730 Broadway
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94063

FAIR VALUE MEASUREMENTS - Narrative (Details)	Jun. 30, 2026
Revenue Growth Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination, contingent consideration, liability, measurement input	0.030
Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination, contingent consideration, liability, measurement input	0.280
Market Price of Risk Adjustment Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination, contingent consideration, liability, measurement input	0.040

SEGMENT INFORMATION	6 Months Ended
SEGMENT INFORMATION	Jun. 30, 2026
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION Based on the applicable criteria under the accounting standard, including quantitative thresholds, the Company has identified one operating and reportable segment (the “Segment”) for the period ended June 30, 2026. The Segment is focused on enhancing the Company’s advanced, AI-powered robotics mobility platform that integrates proprietary hardware, AI, computer vision, and cloud-based fleet management software to enable autonomous operation in complex, real-world settings. Operating segments are defined as components of an enterprise for which separate financial information is available for evaluation by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company has identified our Chief Executive Officer as the chief operating decision maker. The CODM assesses performance for the Segment and decides how to allocate resources based on net loss. The CODM uses net loss in deciding how to allocate capital within the Segment, and as a measurement to monitor budget versus actual results. The CODM also uses net loss in assessing performance of the Segment and in establishing management’s compensation. The Segment derives revenue from customers by providing (i) services via the Company’s robot fleet, including indoor and outdoor delivery services, branding and experiential services, and (ii) access to software developed for the robot fleet, including certain autonomous capabilities. The majority of the Segment’s revenue is derived from robot delivery services and the Segment’s long-term partnerships with food delivery platforms. The Segment’s operations are primarily based in the United States and Canada, and it manages its business activities on a consolidated basis. The Segment derives all revenue from its United States operations. The Segment’s assets are primarily based in the United States. Assets based in foreign countries are not material to the operations of the Segment. The services provided by the robot fleet are offered and deployed in a similar manner across all jurisdictions in which the Company operates. The accounting policies of the Segment are the same as those described in the summary of significant accounting policies. The measure of segment assets is reported on the unaudited condensed consolidated balance sheets as total consolidated assets. The Segment does not have intra-entity sales or transfers. Financial information for the Segment is consistent with the financial information presented in these unaudited condensed consolidated financial statements. In addition to the expenses presented on the Company’s unaudited condensed consolidated statements of operations and comprehensive loss, the CODM considers stock-based compensation expense as a significant expense within net loss. Refer to Note 10. Stockholders’ Equity and Stock-Based Compensation for additional information about the Segment’s stock-based compensation expense, which is consistent with the Company’s consolidated stock-based compensation expense. Additional descriptions of the components of the financial information found throughout these unaudited condensed consolidated financial statements are consistent with the information for the Segment, including the concentration of credit risk.

- Definition

The entire disclosure for segment reporting.

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+ Details

MARKETABLE SECURITIES - Narrative (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Allowance for credit losses	$ 0	$ 0

REVENUE (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Fleet services	$	2,305	$	330	$	4,263	$	541
Software services	933		312		1,959		541
Total revenue	$	3,238	$	642	$	6,222	$	1,082

Schedule of Changes in the Balances of Deferred Revenue

The changes in the balances of deferred revenue were as follows (in thousands):


	Six Months Ended June 30,
	2026		2025
Balance at beginning of period	$	2	$	20
Additions	4,119		10
Increases due to acquisitions	1,925		—
Revenue recognized	(4,071)		(20)
Balance at end of period	$	1,975	$	10

Schedule of Remaining Performance Obligation

Remaining performance obligation consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Current	$	3,545	$	—
Noncurrent	2,592		—
Total	$	6,137	$	—

ACQUISITIONS - Schedule of Preliminary Fair Values of the Identified Intangible Assets Acquired (Details) - USD ($) $ in Thousands					6 Months Ended
	Feb. 17, 2026	Jan. 27, 2026	Aug. 15, 2025	Apr. 01, 2025	Jun. 30, 2026
Developed technology
Business Combination [Line Items]
Weighted Average Useful Life					4 years 6 months
Customer relationships
Business Combination [Line Items]
Weighted Average Useful Life					23 years 9 months 18 days
Trade names
Business Combination [Line Items]
Weighted Average Useful Life					4 years 3 months 18 days
Vebu, Inc.
Business Combination [Line Items]
Intangible assets, net	$ 1,030
Vebu, Inc. \| Developed technology
Business Combination [Line Items]
Weighted Average Useful Life	6 years
Intangible assets, net	$ 1,030
Diligent Robotics Inc.
Business Combination [Line Items]
Intangible assets, net		$ 6,000
Diligent Robotics Inc. \| Developed technology
Business Combination [Line Items]
Weighted Average Useful Life		6 years
Intangible assets, net		$ 5,300
Diligent Robotics Inc. \| Trade names
Business Combination [Line Items]
Weighted Average Useful Life		4 years
Intangible assets, net		$ 700
Vayu Robotics, Inc.
Business Combination [Line Items]
Intangible assets, net			$ 32,439
Vayu Robotics, Inc. \| Developed technology
Business Combination [Line Items]
Weighted Average Useful Life			5 years
Intangible assets, net			$ 32,439
Voysys AB
Business Combination [Line Items]
Intangible assets, net				$ 1,370
Voysys AB \| Developed technology
Business Combination [Line Items]
Weighted Average Useful Life				15 years
Intangible assets, net				$ 980
Voysys AB \| Customer relationships
Business Combination [Line Items]
Weighted Average Useful Life				25 years
Intangible assets, net				$ 255
Voysys AB \| Trade names
Business Combination [Line Items]
Weighted Average Useful Life				10 years
Intangible assets, net				$ 135

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Intangible Assets, Net (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Intangible Asset, Finite-Lived [Line Items]
Gross Carrying Value	$ 40,839
Accumulated Amortization	6,334
Net Carrying Value	$ 34,505
Developed technology
Intangible Asset, Finite-Lived [Line Items]
Weighted-Average Remaining Useful Life (in years)	4 years 6 months
Gross Carrying Value	$ 39,749
Accumulated Amortization	6,225
Net Carrying Value	$ 33,524
Customer relationships
Intangible Asset, Finite-Lived [Line Items]
Weighted-Average Remaining Useful Life (in years)	23 years 9 months 18 days
Gross Carrying Value	$ 255
Accumulated Amortization	12
Net Carrying Value	$ 243
Trade names
Intangible Asset, Finite-Lived [Line Items]
Weighted-Average Remaining Useful Life (in years)	4 years 3 months 18 days
Gross Carrying Value	$ 835
Accumulated Amortization	97
Net Carrying Value	$ 738

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Concentration Risk [Line Items]
Cash and cash equivalents and marketable securities	$ 235,400		$ 235,400
Cash and cash equivalents	79,112		79,112		$ 106,239
Short-term marketable securities	156,295		156,295		127,170
Acquisition related costs	400	$ 0	2,200	$ 0
Deferred revenue	$ 1,975	$ 10	$ 1,975	$ 10	$ 2	$ 20
Minimum
Concentration Risk [Line Items]
Finite-lived intangible asset, useful life	4 years		4 years
Minimum \| Leasehold improvement
Concentration Risk [Line Items]
Estimated useful life	1 year		1 year
Maximum
Concentration Risk [Line Items]
Finite-lived intangible asset, useful life	25 years		25 years
Maximum \| Leasehold improvement
Concentration Risk [Line Items]
Estimated useful life	7 years		7 years

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Assets Measured at Fair Value on a Recurring Basis

The following tables set forth the Company’s cash equivalents and marketable securities that were measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2026 and December 31, 2025 (in thousands):


	Fair Value Measurements as of June 30, 2026:
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	45,263	$	—	$	—	$	45,263
Commercial paper	—		4,336		—		4,336
Corporate bonds	—		800		—		800
Short-term marketable securities
Certificates of deposit	—		25,000		—		25,000
Commercial paper	—		28,894		—		28,894
Corporate notes/bonds	—		100,399		—		100,399
U.S. Government agencies	—		2,002		—		2,002
U.S. Treasury securities	—		—		—		—
Long-term marketable securities
Corporate notes/bonds	—		4,001		—		4,001
U.S. Government agencies	—		1,000		—		1,000
Total fair value of assets	$	45,263	$	166,432	$	—	$	211,695


	Fair Value Measurements as of December 31, 2025:
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	86,714	$	—	$	—	$	86,714
Commercial paper	—		3,995		—		3,995
Corporate bonds	—		—		—		—
Short-term marketable securities
Certificates of deposit	—		40,182		—		40,182
Commercial paper	—		35,814		—		35,814
Corporate notes/bonds	—		47,928		—		47,928
U.S. Government agencies	—		1,251		—		1,251
U.S. Treasury securities	—		1,995		—		1,995
Long-term marketable securities
Corporate notes/bonds	—		20,341		—		20,341
U.S. Government agencies	—		6,003		—		6,003
Total fair value of assets	$	86,714	$	157,509	$	—	$	244,223

The fair value of the Company’s Level 1 financial instruments is based on quoted market prices for identical instruments in active markets. The fair value of the Company’s Level 2 fixed income securities is obtained from independent pricing services, which may use quoted market prices for identical or comparable instruments in less active markets or model driven valuations using observable market data or inputs corroborated by observable market data.

Liabilities Measured at Fair Value on a Recurring Basis

As discussed in Note 4. Acquisitions, the Company entered into a contingent consideration arrangement in connection with its acquisition of Vebu, in which the Company will make additional payments to the Vebu stockholders based on achievement of certain milestones. In addition, the Company awarded a certain employee with a compensation arrangement in which the employee is eligible to receive a variable number of shares based on specified performance metrics. Both arrangements are liability-classified arrangements and are accounted for in accordance with ASC 480.

The fair value of the liability classified arrangements are determined using a Monte Carlo simulation which uses Level 3 unobservable inputs. These liability-classified arrangements are carried at fair value which is estimated by applying a probability-based model utilizing inputs based on timing of achievement that were unobservable in the market. Actual results may differ from the projected results and could have a significant impact on the estimated fair value of the contingent consideration. Changes in fair value are recorded in other income in the unaudited condensed consolidated statements of operations and comprehensive loss.

The most significant unobservable inputs used to determine the fair value of the liability-classified contingent considerations relate to the revenue growth rate (3.0%), discount rate (28.0%) and the market price of risk adjustment (4.0%). As of June 30, 2026, the fair value of the Company’s Level 3 liabilities was immaterial.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Dec. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Other Commitments [Line Items]
Loss contingency, damages awarded	$ 375,000.0
Loss contingency accrual		$ 408,800		$ 408,800
Payroll tax expense from settlement payment				33,800
Tariff refund				4,600,000
Interest income		1,927,000	$ 1,794,000	4,033,000	$ 3,586,000
IEEPA Tariff Refund
Other Commitments [Line Items]
Reduction in property and equipment		4,400,000		4,400,000
Interest income				200,000
Construction in progress \| IEEPA Tariff Refund
Other Commitments [Line Items]
Reduction in property and equipment		800,000		800,000
Robot assets \| IEEPA Tariff Refund
Other Commitments [Line Items]
Reduction in property and equipment		$ 3,600,000		$ 3,600,000

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Property, Plant, and Equipment [Line Items]
Depreciation	$ 3,700	$ 800	$ 7,107	$ 1,269
IEEPA Tariff Refund
Property, Plant, and Equipment [Line Items]
Reduction in property and equipment	4,400		4,400
Robot assets \| IEEPA Tariff Refund
Property, Plant, and Equipment [Line Items]
Reduction in property and equipment	3,600		3,600
Construction in progress \| IEEPA Tariff Refund
Property, Plant, and Equipment [Line Items]
Reduction in property and equipment	$ 800		$ 800

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 905
-SubTopic 360
-Name Accounting Standards Codification
-Section 25
-Paragraph 4
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 05
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A

+ Details

LEASES - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Operating lease costs	$ 765	$ 416	$ 1,563	$ 655
Variable lease costs	448	89	675	133
Short-term lease costs	33	0	77	0
Total lease costs	$ 1,246	$ 505	$ 2,315	$ 788

LEASES- Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Operating cash flows paid for operating leases	$ 1,288	$ 534
Right-of-use assets obtained in exchange for operating lease obligations	$ 5,584	$ 1,172

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 79,112	$ 106,239
Short-term marketable securities	156,295	127,170
Accounts receivable, net	2,883	851
Prepaid expenses	6,177	6,042
Other receivables	2,605	696
Other current assets	219	77
Total current assets	247,291	241,075
Long-term marketable securities	5,001	26,344
Property and equipment, net	50,507	47,013
Intangible assets, net	34,505	31,313
Goodwill	27,998	15,530
Operating lease right-of-use assets	10,050	5,369
Other non-current assets	3,272	1,107
Total assets	378,624	367,751
Current liabilities:
Accounts payable	5,505	5,014
Accrued liabilities	9,430	6,482
Deferred revenue	1,975	2
Operating lease liabilities, current	2,362	1,800
Total current liabilities	19,272	13,298
Operating lease liabilities, non-current	7,335	3,454
Deferred tax liabilities	225	255
Total liabilities	26,832	17,007
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of both June 30, 2026 and December 31, 2025	0	0
Common stock, $0.0001 par value; 300,000,000 shares authorized, 86,536,203 and 74,781,782 shares issued and 86,496,060 and 74,734,949 shares outstanding as of June 30, 2026 and December 31, 2025, respectively	9	7
Additional paid-in capital	673,832	559,485
Accumulated other comprehensive income (loss)	(32)	138
Accumulated deficit	(322,017)	(208,886)
Total stockholders’ equity	351,792	350,744
Total liabilities and stockholders’ equity	$ 378,624	$ 367,751

LEASES - Narrative (Details) - USD ($)	1 Months Ended
LEASES - Narrative (Details) - USD ($)	Apr. 30, 2025	Jun. 30, 2026
Leases [Abstract]
Exercised option to purchase underlying asset in finance lease	$ 2,200,000
Outstanding liability		$ 0

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 3,238,000	$ 642,000	$ 6,222,000	$ 1,082,000
Cost of revenues	12,017,000	3,501,000	24,002,000	5,410,000
Gross loss	(8,779,000)	(2,859,000)	(17,780,000)	(4,328,000)
Operating expenses:
Research and development	20,279,000	9,120,000	39,316,000	16,000,000
General and administrative	24,844,000	8,078,000	39,760,000	12,828,000
Operations	7,862,000	2,124,000	14,817,000	3,793,000
Sales and marketing	4,301,000	463,000	6,174,000	702,000
Total operating expenses	57,286,000	19,785,000	100,067,000	33,323,000
Loss from operations	(66,065,000)	(22,644,000)	(117,847,000)	(37,651,000)
Other income (expense):
Interest income	1,927,000	1,794,000	4,033,000	3,586,000
Interest expense	0	0	0	(3,000)
Realized loss on foreign currency translation	(4,000)	0	(14,000)	0
Realized loss on investments	0	0	(1,000)	0
Other income	3,000	0	38,000	0
Other expenses	(24,000)	0	(24,000)	0
Net loss before income taxes	(64,163,000)	(20,850,000)	(113,815,000)	(34,068,000)
Income tax expense (benefit)	(36,200)	0	(684,000)	0
Net loss	(64,127,000)	(20,850,000)	(113,131,000)	(34,068,000)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on foreign currency translation	(2,000)	343,000	(6,000)	343,000
Unrealized gain (loss) on investments	31,000	(45,000)	(164,000)	(45,000)
Other comprehensive income (loss), before tax	29,000	298,000	(170,000)	298,000
Income tax expense related to items of other comprehensive income	0	0	0	0
Other comprehensive income (loss), net of tax	29,000	298,000	(170,000)	298,000
Comprehensive loss	$ (64,098,000)	$ (20,552,000)	$ (113,301,000)	$ (33,770,000)
Weighted average common shares outstanding - basic (in shares)	80,310,583	57,514,808	77,820,615	56,953,711
Weighted average common shares outstanding - diluted (in shares)	80,310,583	57,514,808	77,820,615	56,953,711
Net loss per common share - basic (in dollars per share)	$ (0.80)	$ (0.36)	$ (1.45)	$ (0.60)
Net loss per common share - diluted (in dollars per share)	$ (0.80)	$ (0.36)	$ (1.45)	$ (0.60)

LEASES

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

LEASES

Operating Leases – Right of Use Asset and Liability

The Company leases its facilities, which include office and warehouse space, under non-cancelable lease agreements with terms expiring between August 2026 and September 2031. The Company also has leases for cargo vans with terms expiring between November 2026 and March 2028. Certain of these arrangements have free rent, escalating rent payment provisions, lease renewal options, and tenant allowances. Under such arrangements, the Company recognizes an ROU asset and lease liability on the unaudited condensed consolidated balance sheets. Lease costs are recognized on a straight-line basis over the non-cancelable lease term.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operations	$	938	$	495	$	1,833	$	686
General and administrative	304		5		472		28
Research and development	3		5		9		74
Sales and marketing	1		—		1		—
Total lease costs	$	1,246	$	505	$	2,315	$	788

The components of lease costs were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease costs	$	765	$	416	$	1,563	$	655
Variable lease costs	448		89		675		133
Short-term lease costs	33		—		77		—
Total lease costs	$	1,246	$	505	$	2,315	$	788

Supplemental cash flow information related to leases is as follows (in thousands):


	Six Months Ended June 30,
	2026		2025
Operating cash flows paid for operating leases	$	1,288	$	534
Right-of-use assets obtained in exchange for operating lease obligations	$	5,584	$	1,172

Supplemental balance sheet information related to leases is as follows:


	June 30, 2026		December 31, 2025
Weighted-average remaining lease term (in years)	4.12		3.42
Weighted-average discount rate	7.47	%	7.39	%

The maturities of lease liabilities as of June 30, 2026, are as follows (in thousands):


Remainder of 2026	$	1,472
2027	3,120
2028	2,187
2029	2,003
2030	1,773
Thereafter	743
Total undiscounted future cash flows	11,298
Less: imputed interest	(1,601)
Total operating lease liabilities	$	9,697

As of June 30, 2026, the Company had no additional operating lease commitments for non-cancelable leases that had not yet commenced.

Finance Lease – Failed Sales-Leaseback

In November 2022, the Company entered into a lease agreement with Farnam Capital for its robot assets. As per ASC 842-40-25-1, the transaction was considered a failed sales-leaseback and therefore the lease was accounted for as a financing agreement. In April 2025, the Company exercised the option to purchase the assets at the end of the lease for $2.2 million. There was no outstanding liability at June 30, 2026.

LEASES

Operating Leases – Right of Use Asset and Liability


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operations	$	938	$	495	$	1,833	$	686
General and administrative	304		5		472		28
Research and development	3		5		9		74
Sales and marketing	1		—		1		—
Total lease costs	$	1,246	$	505	$	2,315	$	788

The components of lease costs were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease costs	$	765	$	416	$	1,563	$	655
Variable lease costs	448		89		675		133
Short-term lease costs	33		—		77		—
Total lease costs	$	1,246	$	505	$	2,315	$	788

Supplemental cash flow information related to leases is as follows (in thousands):


	Six Months Ended June 30,
	2026		2025
Operating cash flows paid for operating leases	$	1,288	$	534
Right-of-use assets obtained in exchange for operating lease obligations	$	5,584	$	1,172

Supplemental balance sheet information related to leases is as follows:


	June 30, 2026		December 31, 2025
Weighted-average remaining lease term (in years)	4.12		3.42
Weighted-average discount rate	7.47	%	7.39	%

The maturities of lease liabilities as of June 30, 2026, are as follows (in thousands):


Remainder of 2026	$	1,472
2027	3,120
2028	2,187
2029	2,003
2030	1,773
Thereafter	743
Total undiscounted future cash flows	11,298
Less: imputed interest	(1,601)
Total operating lease liabilities	$	9,697

As of June 30, 2026, the Company had no additional operating lease commitments for non-cancelable leases that had not yet commenced.

Finance Lease – Failed Sales-Leaseback

MARKETABLE SECURITIES

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

MARKETABLE SECURITIES

The following tables summarize the cost or amortized cost, gross unrealized gain, gross unrealized loss, and fair value of the Company’s cash equivalents and marketable securities as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30, 2026
	Cost or Amortized Cost		Unrealized				Estimated Fair Value
			Gains		Losses
Cash equivalents
Money market funds	$	45,263	$	—	$	—	$	45,263
Commercial paper	4,337		—		(1)		4,336
Corporate bonds	801		—		(1)		800
Short-term marketable securities
Certificates of deposit	25,000		—		—		25,000
Commercial paper	28,902		—		(8)		28,894
Corporate notes/bonds	100,523		—		(124)		100,399
U.S. Government agencies	2,002		—		—		2,002
U.S. Treasury securities	—		—		—		—
Long-term marketable securities
Corporate notes/bonds	3,999		2		—		4,001
U.S. Government agencies	1,000		—		—		1,000
Total	$	211,827	$	2	$	(134)	$	211,695


	December 31, 2025
	Cost or Amortized Cost		Unrealized				Estimated Fair Value
			Gains		Losses
Cash equivalents
Money market funds	$	86,714	$	—	$	—	$	86,714
Commercial paper	3,995		—		—		3,995
Corporate bonds	—		—		—		—
Short-term marketable securities
Certificates of deposit	40,001		181		—		40,182
Commercial paper	35,814		—		—		35,814
Corporate notes/bonds	47,912		16		—		47,928
U.S. Government agencies	1,251		—		—		1,251
U.S. Treasury securities	1,994		1		—		1,995
Long-term marketable securities
Corporate notes/bonds	20,348		—		(7)		20,341
U.S. Government agencies	6,005		—		(2)		6,003
Total	$	244,034	$	198	$	(9)	$	244,223

For marketable securities with unrealized loss positions, the Company does not intend to sell these securities, and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis. No allowance for credit losses was recorded for these securities as of June 30, 2026 or December 31, 2025.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedules of Concentration of Risk, by Risk Factor


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Customer A sales as a percentage of total revenues	11	%	31	%	12	%	29	%
Customer B sales as a percentage of total revenues	22	%	N/A		17	%	N/A
Customer C sales as a percentage of total revenues	N/A		39	%	N/A		46	%


	June 30, 2026		December 31, 2025
Customer A receivables as a percentage of total accounts receivable	11	%	11	%
Customer B receivables as a percentage of total accounts receivable	N/A		N/A
Customer C receivables as a percentage of total accounts receivable	N/A		N/A
Customer D receivables as a percentage of total accounts receivable	N/A		18	%
Customer E receivables as a percentage of total accounts receivable	14	%	30	%
Customer F receivables as a percentage of total accounts receivable	13	%	N/A

Schedule of Property and Equipment, net

Depreciation expense is recognized using the straight-line method over the following estimated useful lives:


Category			Estimated Useful Life
Robot Assets			4 - 6 years
Tooling			3 - 4 years
Office Equipment			3 years
Furniture and Fixtures			5 years
Leasehold Improvements			Shorter of remaining lease term or estimated useful life for leasehold improvements

The following is a summary of property and equipment, net (in thousands):


	June 30, 2026		December 31, 2025
Robot assets	$	50,098	$	47,221
Construction in progress	8,282		3,357
Tooling	2,350		2,111
Office equipment	611		375
Furniture and fixtures	655		—
Leasehold improvement	618		414
Total	62,614		53,478
Less: accumulated depreciation	(12,107)		(6,465)
Property and equipment, net	$	50,507	$	47,013

Schedule of Potentially Dilutive Items Outstanding

Potentially dilutive items outstanding are as follows:


	As of June 30,
	2026	2025
Unvested restricted stock units	8,883,386	6,495,638
Common stock warrants	5,079,294	1,096,481
Contingently issuable shares	1,795,960	—
Stock options	694,138	874,049
Unvested restricted stock awards subject to recourse and nonrecourse loans	40,143	107,046
Total potentially dilutive shares	16,492,921	8,573,214

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION - Schedule of Information Related to Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2026
Options
Outstanding, beginning balance (in shares)	826,539
Granted (in shares)	0
Exercised (in shares)	(102,986)
Forfeited (in shares)	(29,415)
Outstanding, ending balance (in shares)	694,138
Exercisable (in shares)	473,487
Exercisable and expected to vest (in shares)	694,138
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 1.01
Granted (in dollars per share)	0
Exercised (in dollars per share)	3.87
Forfeited (in dollars per share)	1.52
Outstanding, ending balance (in dollars per share)	0.84
Exercise price, exercisable (in dollars per share)	0.79
Exercise price, exercisable and expected to vest (in dollars per share)	$ 0.84
Intrinsic Value (in thousands)
Intrinsic value, outstanding beginning balance	$ 8,573
Granted	0
Exercised	678
Forfeited	194
Intrinsic value, outstanding ending balance	4,545
Exercisable as of June 30, 2026	3,116
Exercisable and expected to vest at June 30, 2026	$ 4,545

REVENUE - Schedule of Remaining Performance Obligation (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance obligation	$ 6,137,000	$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance obligation		$ 0
Remaining performance obligation, recognition period		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance obligation	$ 3,545,000
Remaining performance obligation, recognition period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance obligation		$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance obligation	$ 2,592,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Potentially Dilutive Items Outstanding (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares (in shares)	16,492,921	8,573,214
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares (in shares)	8,883,386	6,495,638
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares (in shares)	5,079,294	1,096,481
Contingently issuable shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares (in shares)	1,795,960	0
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares (in shares)	694,138	874,049
Unvested restricted stock awards subject to recourse and nonrecourse loans
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares (in shares)	40,143	107,046

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION - Schedule of Restricted Stock, Restricted Stock Unit and Performance-Based Restricted Stock Units, Activity (Details) - $ / shares	1 Months Ended			6 Months Ended
	Feb. 28, 2026	Jan. 31, 2026	Aug. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Restricted Stock Awards
Number of Shares
Outstanding, beginning balance (in shares)		285,053		285,053
Granted (in shares)				0
Vested (in shares)				(239,301)
Forfeited (in shares)				(2,132)
Outstanding, beginning balance (in shares)				43,620
Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in dollars per share)		$ 0.08		$ 0.08
Granted (in dollars per share)				0
Vested (in dollars per share)				0.01
Forfeited (in dollars per share)				0
Outstanding, ending balance (in dollars per share)				$ 0.45
Restricted Stock Units
Number of Shares
Outstanding, beginning balance (in shares)		7,217,790		7,217,790
Granted (in shares)	500,000	1,319,151	493,970	3,608,010	3,608,010
Vested (in shares)					(1,555,336)
Forfeited (in shares)					(387,078)
Outstanding, beginning balance (in shares)				8,883,386
Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in dollars per share)		$ 9.14		$ 9.14
Granted (in dollars per share)					$ 11.59
Vested (in dollars per share)					8.74
Forfeited (in dollars per share)					$ 11.60
Outstanding, ending balance (in dollars per share)				$ 10.27
Performance-Based Restricted Stock
Number of Shares
Outstanding, beginning balance (in shares)		801,292		801,292
Granted (in shares)				102,000
Vested (in shares)				0
Forfeited (in shares)				(33,664)
Outstanding, beginning balance (in shares)				869,628
Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in dollars per share)		$ 9.71		$ 9.71
Granted (in dollars per share)				9.38
Vested (in dollars per share)				0
Forfeited (in dollars per share)				9.71
Outstanding, ending balance (in dollars per share)				$ 9.67

GOODWILL AND INTANGIBLE ASSETS, NET

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill represents the excess of the cost over the net tangible and identifiable intangible assets of acquired businesses.

The changes in the carrying amount of goodwill during the six months ended June 30, 2026 were as follows (in thousands):


	Total
Balance as of December 31, 2025	$	15,530
Acquisitions	12,468
Balance as of June 30, 2026	$	27,998

Identifiable intangible assets acquired in business combinations are recorded based upon fair value at the date of acquisition. Carrying values are adjusted to reflect the impacts of foreign currency.

Intangible assets, net consisted of the following as of June 30, 2026 (in thousands):


	Weighted-Average Remaining Useful Life (in years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Developed technology	4.5	$	39,749	$	6,225	$	33,524
Customer relationships	23.8	255		12		243
Trade names	4.3	835		97		738
Balance as of June 30, 2026		$	40,839	$	6,334	$	34,505

Developed technology intangible assets are being amortized over 5 to 15 years. Customer relationships are being amortized over 25 years. Trade name intangible assets are being amortized over 4 to 10 years.

The Company recorded amortization expense associated with intangible assets of $2.0 million and $3.8 million for the three and six months ended June 30, 2026, respectively. An insignificant amount of amortization expense associated with intangible assets was recognized during the three and six months ended June 30, 2025.

The estimated future amortization expense of intangible assets as of June 30, 2026 is as follows (in thousands):


Year Ending December 31,	Amortization Expense
Remainder of 2026	$	3,903
2027	7,807
2028	7,807
2029	7,807
2030	5,206
Thereafter	1,975
Total estimated future amortization expense	$	34,505

NATURE OF OPERATIONS AND BUSINESS	6 Months Ended
NATURE OF OPERATIONS AND BUSINESS	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS AND BUSINESS	NATURE OF OPERATIONS AND BUSINESS Serve Operating Co. (formerly known as Serve Robotics Inc.) was incorporated in Delaware in January 2021 and is a direct wholly-owned subsidiary of Serve Robotics Inc. Serve Operating Co. holds all material assets and conducts all material business activities and operations of Serve Robotics Inc. All references to “Serve,” the “Company,” “we,” “our,” “us” or similar terms refer to Serve Robotics Inc. together with its wholly-owned subsidiaries. In June 2026, the Company changed its corporate headquarters from 730 Broadway, Redwood City, California 94063 to 1360 Bayport Avenue, San Carlos, California 94070 (the “Address Change”). There was no material impact on the Company’s operations, financial position, or results of operations as a result of the Address Change. Serve designs, develops, and operates low-emission robotics systems that navigate and perform work in complex, human-centered environments. Serve has developed an advanced platform that combines proprietary hardware, artificial intelligence, computer vision, and cloud-based fleet management software to enable safe, reliable, and scalable autonomous operations across multiple outdoor and indoor physical domains.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (113,131)	$ (34,068)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	22,038	8,277
Depreciation	7,107	1,269
Amortization	5,725	23
Deferred income taxes	(770)	0
Accretion of discount on available-for-sale securities	(781)	(398)
Changes in operating assets and liabilities, net of effects of businesses acquired:
Accounts receivable, net	(1,168)	(499)
Prepaid expenses	(152)	(650)
Other receivables	(1,058)	(283)
Other current assets	(32)	0
Accounts payable	(1,765)	(485)
Accrued liabilities	472	1,208
Deferred revenue	48	(8)
Operating lease liabilities	(1,271)	188
Net cash used in operating activities	(84,738)	(25,426)
Cash flows from investing activities:
Proceeds from maturities and sales of marketable securities	99,722	0
Purchases of marketable securities	(107,068)	(66,308)
Acquisitions, net of cash acquired	(21,447)	(5,634)
Purchases of property and equipment	(2,417)	(9,498)
Proceeds from tariff refunds	3,567	0
Security deposits	(71)	(69)
Capitalized software implementation costs	0	(425)
Net cash used in investing activities	(27,714)	(81,934)
Cash flows from financing activities:
Proceeds from issuance of common stock pursuant to at-the-market public offerings, net of offering costs	84,922	13,521
Proceeds from exercise of options	404	224
Proceeds from issuance of common stock in registered direct offering, net of offering costs	0	75,847
Proceeds from exercise of warrants	0	11,376
Repayments of financing lease liability	0	(186)
Proceeds from short-swing profit disgorgement	0	48
Payments of deferred offering costs	0	(35)
Net cash provided by financing activities	85,326	100,795
Effect of exchange rate changes on cash and cash equivalents	(1)	(1)
Net change in cash and cash equivalents	(27,126)	(6,565)
Cash and cash equivalents at beginning of period	106,239	123,266
Cash and cash equivalents at end of period	79,112	116,700
Supplemental disclosure of cash flow information:
Cash paid for interest	197	93
Cash paid for income taxes	0	0
Supplemental disclosure of non-cash investing and financing activities:
Non-cash consideration for acquisitions	6,984	0
Operating lease right-of-use assets obtained for lease obligations	5,584	1,172
Purchases of property and equipment, accrued but not paid	$ 1,118	$ 64

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, issued (in shares)	86,536,203	74,781,782
Common stock, outstanding (in shares)	86,496,060	74,734,949

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S45
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-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.9-03(20))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.6-09(7))
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+ Details

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

- Definition

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

+ References + Details

- Definition

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

PROPERTY AND EQUIPMENT, NET (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Schedule of Property and Equipment, net

Depreciation expense is recognized using the straight-line method over the following estimated useful lives:


Category			Estimated Useful Life
Robot Assets			4 - 6 years
Tooling			3 - 4 years
Office Equipment			3 years
Furniture and Fixtures			5 years
Leasehold Improvements			Shorter of remaining lease term or estimated useful life for leasehold improvements

The following is a summary of property and equipment, net (in thousands):


	June 30, 2026		December 31, 2025
Robot assets	$	50,098	$	47,221
Construction in progress	8,282		3,357
Tooling	2,350		2,111
Office equipment	611		375
Furniture and fixtures	655		—
Leasehold improvement	618		414
Total	62,614		53,478
Less: accumulated depreciation	(12,107)		(6,465)
Property and equipment, net	$	50,507	$	47,013

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis


	Fair Value Measurements as of June 30, 2026:
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	45,263	$	—	$	—	$	45,263
Commercial paper	—		4,336		—		4,336
Corporate bonds	—		800		—		800
Short-term marketable securities
Certificates of deposit	—		25,000		—		25,000
Commercial paper	—		28,894		—		28,894
Corporate notes/bonds	—		100,399		—		100,399
U.S. Government agencies	—		2,002		—		2,002
U.S. Treasury securities	—		—		—		—
Long-term marketable securities
Corporate notes/bonds	—		4,001		—		4,001
U.S. Government agencies	—		1,000		—		1,000
Total fair value of assets	$	45,263	$	166,432	$	—	$	211,695


	Fair Value Measurements as of December 31, 2025:
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	86,714	$	—	$	—	$	86,714
Commercial paper	—		3,995		—		3,995
Corporate bonds	—		—		—		—
Short-term marketable securities
Certificates of deposit	—		40,182		—		40,182
Commercial paper	—		35,814		—		35,814
Corporate notes/bonds	—		47,928		—		47,928
U.S. Government agencies	—		1,251		—		1,251
U.S. Treasury securities	—		1,995		—		1,995
Long-term marketable securities
Corporate notes/bonds	—		20,341		—		20,341
U.S. Government agencies	—		6,003		—		6,003
Total fair value of assets	$	86,714	$	157,509	$	—	$	244,223

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings From time to time, the Company is a party to litigation and subject to claims incidental to its business. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of ongoing matters will not have a material adverse effect on its business. Regardless of the outcome, litigation can have an adverse impact on the Company because of judgment, defense and settlement costs, diversion of management resources, and other factors. At each reporting period, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable, requiring recognition of a loss accrual, or whether the potential loss is reasonably possible, requiring potential disclosure. Legal fees are expensed as incurred. In December 2024, a class action complaint was filed in the Superior Court of California, County of Los Angeles, alleging that the Company violated the California Labor Code, among other claims. In December 2025, the Company agreed with the plaintiff to settle for the amount of $375.0 thousand. As a result, the Company recorded a total of $408.8 thousand in legal settlement expense, of which $375.0 thousand was recorded for the settlement with the plaintiff and the remaining $33.8 thousand was recorded for the related payroll tax expense as a result of the settlement payment. The legal settlement expense is presented in accrued liabilities on the unaudited condensed consolidated balance sheet as of June 30, 2026. Tariffs On February 20, 2026, the U.S. Supreme Court issued a ruling invalidating certain tariffs previously imposed under IEEPA. As a result of this ruling, the Company is eligible for a refund of tariffs previously paid on imported goods. The Company has recognized amounts that were realized or realizable as of June 30, 2026 within the financial results. During the six months ended June 30, 2026, the Company recognized $4.6 million of refunds related to the IEEPA tariffs. Because the related tariffs were originally capitalized as part of the cost of raw materials, the refund was recorded as a reduction of $3.6 million to robot assets and a reduction of $0.8 million to construction in progress within property and equipment on the unaudited condensed consolidated balance sheets. Any interest received in connection with tariff refunds was recognized as interest income in the unaudited condensed consolidated statements of operations and comprehensive loss. During the six months ended June 30, 2026, the Company recognized $0.2 million of interest income related to the tariff refunds. We continue to monitor these developments and their potential impact on our results of operations. Further, we will continue to monitor changes to the import and export policies of the U.S. and other countries that could impact our financial position, results of operations and cash flows.

MARKETABLE SECURITIES (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Cash Equivalents and Marketable Securities


	June 30, 2026
	Cost or Amortized Cost		Unrealized				Estimated Fair Value
			Gains		Losses
Cash equivalents
Money market funds	$	45,263	$	—	$	—	$	45,263
Commercial paper	4,337		—		(1)		4,336
Corporate bonds	801		—		(1)		800
Short-term marketable securities
Certificates of deposit	25,000		—		—		25,000
Commercial paper	28,902		—		(8)		28,894
Corporate notes/bonds	100,523		—		(124)		100,399
U.S. Government agencies	2,002		—		—		2,002
U.S. Treasury securities	—		—		—		—
Long-term marketable securities
Corporate notes/bonds	3,999		2		—		4,001
U.S. Government agencies	1,000		—		—		1,000
Total	$	211,827	$	2	$	(134)	$	211,695


	December 31, 2025
	Cost or Amortized Cost		Unrealized				Estimated Fair Value
			Gains		Losses
Cash equivalents
Money market funds	$	86,714	$	—	$	—	$	86,714
Commercial paper	3,995		—		—		3,995
Corporate bonds	—		—		—		—
Short-term marketable securities
Certificates of deposit	40,001		181		—		40,182
Commercial paper	35,814		—		—		35,814
Corporate notes/bonds	47,912		16		—		47,928
U.S. Government agencies	1,251		—		—		1,251
U.S. Treasury securities	1,994		1		—		1,995
Long-term marketable securities
Corporate notes/bonds	20,348		—		(7)		20,341
U.S. Government agencies	6,005		—		(2)		6,003
Total	$	244,034	$	198	$	(9)	$	244,223

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balances (in shares) at Dec. 31, 2024		51,288,566
Beginning balances at Dec. 31, 2024	$ 131,681	$ 5	$ 239,201	$ 0	$ (107,525)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		4,210,525
Issuance of common stock	75,848	$ 1	75,847
Short-swing profit disgorgement	48		48
Vested restricted stock units (in shares)		121,660
Exercise of warrants (in shares)		1,164,644
Exercise of warrants	11,787		11,787
Exercise of options (in shares)		60,120
Exercise of options	138		138
Stock-based compensation	3,879		3,879
Net loss	(13,217)				(13,217)
Ending balances (in shares) at Mar. 31, 2025		56,845,515
Ending balances at Mar. 31, 2025	210,164	$ 6	330,900	0	(120,742)
Beginning balances (in shares) at Dec. 31, 2024		51,288,566
Beginning balances at Dec. 31, 2024	131,681	$ 5	239,201	0	(107,525)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	298
Net loss	(34,068)
Ending balances (in shares) at Jun. 30, 2025		59,333,332
Ending balances at Jun. 30, 2025	207,206	$ 6	348,494	298	(141,592)
Beginning balances (in shares) at Mar. 31, 2025		56,845,515
Beginning balances at Mar. 31, 2025	210,164	$ 6	330,900	0	(120,742)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		1,125,706
Issuance of common stock	13,521		13,521
Vested restricted stock units (in shares)		216,685
Exercise of warrants (in shares)		1,092,542
Exercise of warrants	(411)		(411)
Exercise of options (in shares)		52,884
Exercise of options	86		86
Stock-based compensation	4,398		4,398
Other comprehensive income (loss)	298			298
Net loss	(20,850)				(20,850)
Ending balances (in shares) at Jun. 30, 2025		59,333,332
Ending balances at Jun. 30, 2025	207,206	$ 6	348,494	298	(141,592)
Beginning balances (in shares) at Dec. 31, 2025		74,734,949
Beginning balances at Dec. 31, 2025	350,744	$ 7	559,485	138	(208,886)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		190,000
Issuance of common stock	1,506		1,506
Acquisitions (in shares)		344,889
Acquisitions	6,984		6,984
Vested restricted stock units (in shares)		666,307
Exercise of options (in shares)		78,529
Exercise of options	406		406
Stock-based compensation	7,353		7,353
Other comprehensive income (loss)	(199)			(199)
Net loss	(49,004)				(49,004)
Ending balances (in shares) at Mar. 31, 2026		76,014,674
Ending balances at Mar. 31, 2026	317,790	$ 7	575,734	(61)	(257,890)
Beginning balances (in shares) at Dec. 31, 2025		74,734,949
Beginning balances at Dec. 31, 2025	$ 350,744	$ 7	559,485	138	(208,886)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options (in shares)	102,986
Other comprehensive income (loss)	$ (170)
Net loss	(113,131)
Ending balances (in shares) at Jun. 30, 2026		86,496,060
Ending balances at Jun. 30, 2026	351,792	$ 9	673,832	(32)	(322,017)
Beginning balances (in shares) at Mar. 31, 2026		76,014,674
Beginning balances at Mar. 31, 2026	317,790	$ 7	575,734	(61)	(257,890)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		9,567,900
Issuance of common stock	83,416	$ 1	83,415
Vested restricted stock units (in shares)		889,029
Vested restricted stock units	1	$ 1
Exercise of options (in shares)		24,457
Exercise of options	(2)		(2)
Stock-based compensation	14,685		14,685
Other comprehensive income (loss)	29			29
Net loss	(64,127)				(64,127)
Ending balances (in shares) at Jun. 30, 2026		86,496,060
Ending balances at Jun. 30, 2026	$ 351,792	$ 9	$ 673,832	$ (32)	$ (322,017)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Property and Equipment, net (Details)	Jun. 30, 2026
Robot Assets \| Minimum
Property, Plant, and Equipment [Line Items]
Estimated useful life	4 years
Robot Assets \| Maximum
Property, Plant, and Equipment [Line Items]
Estimated useful life	6 years
Tooling \| Minimum
Property, Plant, and Equipment [Line Items]
Estimated useful life	3 years
Tooling \| Maximum
Property, Plant, and Equipment [Line Items]
Estimated useful life	4 years
Office Equipment
Property, Plant, and Equipment [Line Items]
Estimated useful life	3 years
Furniture and Fixtures
Property, Plant, and Equipment [Line Items]
Estimated useful life	5 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

LEASES - Schedule of Supplemental Balance Sheet Information (Details)	Jun. 30, 2026	Dec. 31, 2025
Leases [Abstract]
Weighted-average remaining lease term (in years)	4 years 1 month 13 days	3 years 5 months 1 day
Weighted-average discount rate	7.47%	7.39%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Basis of Presentation

Principles of Consolidation

Use of Estimates

Concentrations of Credit Risk

Business Combinations

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the following estimated useful lives:


Category			Estimated Useful Life
Robot Assets			4 - 6 years
Tooling			3 - 4 years
Office Equipment			3 years
Furniture and Fixtures			5 years
Leasehold Improvements			Shorter of remaining lease term or estimated useful life for leasehold improvements

Intangible Assets, Net

Stock-Based Compensation

Revenue Recognition

Fees that have been invoiced or paid but performance obligations have not been met are recorded as deferred revenue.

Cost of Revenue

Net Loss per Share

Recent Accounting Pronouncements, Recent Accounting Pronouncements Adopted and Recent Accounting Pronouncements Not Yet Adopted

Recent Accounting Pronouncements

Recent Accounting Pronouncements Adopted

Recent Accounting Pronouncements Not Yet Adopted

2025, and interim periods within those annual periods. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and disclosures.

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION - Schedule of Warrants (Details) - Warrant	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Warrants
Outstanding, beginning balance (in shares) \| shares	5,079,294
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Outstanding, beginning balance (in shares) \| shares	5,079,294
Exercisable (in shares) \| shares	5,079,294
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 10.18
Granted (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Outstanding, ending balance (in dollars per share) \| $ / shares	10.18
Exercisable (in dollars per share) \| $ / shares	$ 10.18