Slide 1: Robotic Last Mile Delivery August 2025
Robotic Last Mile Delivery August 2025 Exhibit 99.2
Slide 2: Disclaimer
Disclaimer FORWARD LOOKING STATEMENTS This Serve Robotics Inc. (the “Company”) investor presentation contains “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform
Slide 3: Rapid progress in robotics and AI can help reduce our reliance on cars
Rapid progress in robotics and artificial intelligence (AI) can help reduce our reliance on cars ● U.S. drivers killed 20 pedestrians each day in 2021 1 ● Private cars & vans caused ~10% of global energy-related CO2 emissions in 2022 2 ● Tailwinds accelerating robot adoption include: advances in AI,
Slide 4: Video: Serve robots in operation
https://youtu.be/n9MJorTjpxU 4
Slide 5: $450B by 2030: The untapped market for robotic & drone delivery
$450B by 2030: The untapped market for robotic & drone delivery 1 1. TAM calculation sourced from ARK (Big Ideas 2025) and Company estimates 2. Internal historical delivery data 3. Internal financial projections model AI-powered robots are on a mission to make last mile delivery profitable: ● 2.5 mi
Slide 6: Veterans in AI, robotics, last mile
6 Veterans in AI, robotics, last mile ● VP at Postmates. Co-founder & CTO at Neurio (acq. Generac) ● Ph.D. in Robotics (UBC) ● 15 patents Ali Kashani, Ph.D. Co-founder & CEO ● Director at Postmates ● Staff engineer at Postmates ● Founding engineer at Postmates X Dmitry Demeshchuk Co-founder & Softwa
Slide 7: Partners & Investors
Partners & Investors 7 Technical partner since 2018Largest shareholder & commercial partner German food delivery platform in EU & Asia First convenience store partner (13,000 stores in US/Canada)
Slide 8: Track record of growth
Track record of growth: 4 metros 2,500+ restaurants 8 Serve’s delivery volume 1 >40% QoQ growth in deliveries average since Q1 2022 Up to 99.8% reliability delivery completion Over 100,000 deliveries completed since Q1 2022 400+ robots fleet for deliveries & R&D as of June 1. All figures based on in
Slide 9: 2,000 robots under contract with Uber Eats
2,000 robots under contract with 9 We have signed one of the largest contracts in the AV industry with Uber Eats. 2,000-robot deployment expected by the end of 2025. Our fleet is integrated into Uber, helping grow to new markets efficiently & achieve high utilization. ● Launched markets that continu
Slide 10: Executing 2,000-robot rollout
First robots rolled off manufacturing assembly line in October 2024. Materials procured from global supply chain network and full scale manufacturing underway. Design Design phase is complete for third generation robot. Engineering, validation, and test (“EVT”) units have completed validation and te
Slide 11: We know delivery
We know delivery With unique insights from inception inside a delivery platform, we believe we have: ● Unique AI-powered robots ● Unique fleet operations ● Unique go-to-market strategy All-terrain 11 mph top speed Redundant connectivity All day battery Touch-screen interface Full-stack AV sensors Le
Slide 12: Gen3: Faster and smarter at 65% reduced cost
GEN2 5x more brain power with Nvidia Jetson Orin and Ouster REV7 Lidar for ultra-fast decisions. Advanced collision avoidance and enhanced emergency braking for next-level safety. 40% faster stops for quick reaction times, even in busy environments. Extended 14-hour operations with 67% more battery
Slide 13: We believe we are market leaders in urban robotic delivery
High Safety & Reliability Low rate of failure thanks to advanced hardware & software, and redundant sensing & AI Superior Economics Lower delivery cost due to underlying forces High Autonomy Level 4-capable fleet High Utilization Scaling on a major delivery platform High Efficiency Purpose-built for
Slide 14: Delivery robots target a large market segment with clear path to scale
Autonomous Urban Robots Autonomous Vehicles Drones Range Short Distance Medium Distance Long Distance Safety Risk Low High High Regulations Permitted Restricted Restricted Commercialization Launched R&D R&D Delivery robots target a large market segment with clear path to scale Delivery is multi-moda
Slide 15: Serve and Wing Aviation Partnering to Expand Reach
Proprietary and confidential. All rights reserved. Serve and Wing Aviation Partnering to Expand Reach ● Serve robots enable pick-up in dense urban areas, as Wing drones expand Serve delivery radius ● We expect robot-to-drone solution will enable fast, affordable restaurant delivery over 6 mile radiu
Slide 16: Robots have more revenue opportunities than couriers
Robots have more revenue opportunities than couriers Out-of-home (“OOH”) ads have supplemented our delivery revenue. Monetizing unique robot capabilities such as ads & data, as well as licensing the underlying technology, make robots more profitable than couriers. 161
Slide 17: Software & Data Platform
Software & Data Platform Magna International has licensed our technology to accelerate development of its new robotic products As a leading urban robotic delivery company, we believe we are well-positioned to become a platform of choice for companies building new non-competing robots and services fo
Slide 18: We are among the first AV companies to bring Level 4 delivery robots to market
We are among the first AV companies to bring Level 4 delivery robots to market Level 2 & 3 — R.C. Robots ● Humans always in the loop to maintain safe operation ● Safety risk due to reliance on data networks and human drivers ● Poor economics, hard to scale, and low barrier to entry Level 4 — Serve R
Slide 19: The unbundling of cars
The unbundling of cars After the invention of automobiles, the U.S. went from 25 million horses (1920s) to 283 million cars (2020s), or >11 vehicles replacing each horse, according to some reports 1. We believe the development of specialized, efficient robots in the future has the potential to lead
Slide 20: Robots could reduce global emissions by ~2% annually
2.5% 100% Gas Vehicle 20% Electric Vehicle Relative Energy Consumption Per Km 2: With global adoption, we believe delivery robots could reduce CO2 emissions by approximately 762 Mt annually, while also providing more convenience to consumers. 20 Robots could reduce global emissions by ~2% Annually 1
Slide 21: Q2 Financial Update
Q2 Financial Update: ● 2Q Revenue of $642 thousand; up 46% quarter over quarter ● Strong liquidity position increases financial flexibility and lowers cost of capital ○ Strong cash and marketing securities balance of $183 million as of June 30, 2025 ○ Provides ability to self-fund equipment investme
Slide 22: Appendix: Key Metrics & Revenue
Appendix: Key Metrics & Revenue 22 Three Months Ended Jun 30 2025 Mar 31, 2025 Jun 30, 2024 Daily Active Robots 160 73 48 Daily Supply Hours 1,723 648 385 Software Services $312 $229 $296 Fleet Services $330 $211 $172 Total Revenue (000s) $642 $440 $468
Slide 23: Reconciliation of GAAP Net Loss to Adjusted EBITDA
Reconciliation of GAAP Net Loss to Adjusted EBITDA 23 Three Months Ended Jun 30 2025 Mar 31 2025 Dec 31 2024 Sep 30 2024 Jun 30 2024 Mar 31 2024 Net loss on GAAP basis (20,850) (13,216) (13,119) (7,996) (9,037) (9,038) Interest income (1,794) (1,792) (490) (483) (296) (10) Interest expense - 3 33 34
Slide 24: Reconciliation of GAAP Net Income to Non-GAAP Net Income
Reconciliation of GAAP Net Income to Non-GAAP Net Income 24 Three Months Ended Jun 30 2025 Mar 31 2025 Dec 31 2024 Sep 30 2024 Jun 30 2024 Mar 31 2024 Net loss on GAAP basis (20,850) (13,216) (13,119) (7,996) (9,037) (9,038) Stock-based compensation 4,398 3,879 4,624 2,195 3,480 4,255 Finance Lease
Slide 25: Appendix: Capitalization
Appendix: Capitalization As of June 30, 2025 (millions) Common Stock 59.3 Common Stock Warrants 1.1 Stock Options 0.9 RSAs & RSUs 6.5 Diluted Share Count 67.8 25
Slide 26: Thank you!
Thank you!