Uber dumps its entire stake in Serve Robotics

Uber has sold all its shares in Serve Robotics, the sidewalk delivery robot company it spun out five years ago. 

Serve only learned about the sale when the regulatory filing became public. 

Regulatory filing details Uber’s Serve divestment

Uber revealed the sale in a regulatory filing last week. The document shows the sale happened between April 1 and June 30, 2026. 

At the end of March, Uber still owned over 2 million Serve shares worth $17.5 million, according to reports, but it now holds none.

The decision was not sudden. Uber had been reducing its stake since early 2025. Its latest filing shows Uber bought Rivian and Lucid stock during the same period and invested more in robotaxi projects. Uber disclosed 15.2% beneficial ownership as of May 2024, prior to the sale.

A source revealed that Serve only found out about the final sale when it was officially announced.

Serve loses Uber Eats order flow

Losing the equity was likely less important than losing order flow from Uber Eats, which Serve never controlled.

During Serve’s August 6 earnings call, co-founder and CEO Ali Kashani said that delivery volume through Uber had increased for 17 straight quarters since early 2022, but dropped in the second quarter of 2026 for the first time. 

He said this was due to lower-than-expected robot usage. Kashani also said the two companies have “differing views” on managing a shared autonomous fleet, with fleet coordination and merchant integration being the main issues.

Kashani said Serve does not plan to renew its agreement with Uber when it ends in early 2027. Meanwhile, deliveries through another food-delivery partner grew by nearly 50% in one quarter.

Idle fleet reduces Serve revenue outlook

When Uber sent fewer orders, the impact was immediate. Serve lowered its full-year revenue forecast to between $9 million and $10 million, down from $26 million. That is a big change from August 2025, when CFO Brian Read told investors the company expected a $60 million to $80 million annual run rate once its 2,000-robot fleet was fully used.

Serve built its fleet, but usage did not keep up. In Los Angeles, Miami, and Chicago, about 1,200 robots were idle on an average day in the second quarter, even though Serve reported over 2,000 robots deployed.

The number of daily active robots dropped to 792 from 812, according to reports.

In the second quarter, Serve reported $3.2 million in revenue, a 404% increase from a year earlier, but also a GAAP net loss of $64.1 million. The stock closed at $5.68 and dropped to about $5.06 after hours. Guggenheim lowered its price target to $7 from $13 but kept a buy rating.

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