- Delivered over 300% revenue growth in Q3 year over year and raised full year revenue guidance for 2026 to $12 million.
- Tripled daily average deliveries in Q3 with new delivery partners, and exclusively launched first international city in Australia in October.
- Improved gross margin sequentially, as the mix of higher-margin recurring revenue jumped to nearly 70% of all revenues.
- Ended Q3 with over $198 million in cash and marketable securities, reflecting strong balance sheet and operational flexibility.
SAN FRANCISCO, Nov. 05, 2026 (GLOBE NEWSWIRE) -- Serve Robotics Inc. (the “Company” or “Serve”) (Nasdaq: SERV), a leading autonomy and robotics company, today announced financial results for the third quarter ended September 30, 2026.
“Serve is getting stronger on every front: demand for our robots is growing, the fleet costs less to operate, and we are opening new ways to generate revenue from what we have built,” said Dr. Ali Kashani, Serve’s Co-founder and CEO. “We are raising our full-year revenue guidance to $12 million. And, as we announced today, with the launch of Serve Physical AI Services, the technology behind our fleets is now available to other robot makers, a significant new opportunity for us.”
“This quarter was about execution,” said Brian Read, Chief Financial Officer of Serve. “Q3 revenue exceeded our expectations, and we drove operating expenses down while delivering more than 100 percentage points of sequential improvement in fleet margin. We believe the gains we made this quarter are structural, and they form the foundation for a long-term trend of improving unit economics.”
Business and Financial Highlights
- Revenue Growth: Reported revenue of $2.8 million, an increase of 313% year-over-year.
- Revenue Mix: Recurring revenue accounted for 69% of total revenue in Q3 and continued to outpace non-recurring revenue, while branding revenue grew nearly 80% sequentially.
- Healthcare Progress: Generated strong Q3 revenue in consistent with our expectations, entered into 12 multi-year contract extensions with hospital customers, and added 4 new hospitals year-to-date through Q3, demonstrating continued demand for the Company's healthcare automation platform.
- Delivery Volume: Among new delivery platform partners, daily delivery volume tripled and the number of merchants grew 2.5x in Q3.
- Balance Sheet: Maintained a strong liquidity position of $198.0 million as of September 30, 2026.
- Outstanding Shares: Approximately 88 million shares of common stock outstanding as of September 30, 2026.
Outlook
- Full year 2026 revenue guidance increased to $12 million, from the previously provided range of $9 million to $10 million, reflecting strong robot demand and growth across a diversified portfolio of revenue streams.
- Full year 2026 non-GAAP operating expense guidance lowered to $150 million, compared with prior guidance of $160 to $170 million provided at the beginning of the year, reflecting strong cost discipline.
Supplemental Financial Information
The key metrics and financial tables outlined below are metrics that provide management with additional understanding of the drivers of business performance and the Company’s ability to deliver stockholder return. Investors should not place undue reliance on these metrics as indicators of future or expected results. The Company’s presentation of these metrics may differ from similarly titled metrics presented by other companies and therefore comparability may be limited.
Table 1
Key Metrics
(unaudited)
| Three Months Ended | Nine Months Ended | ||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||
| Daily Active Robots (1) (3) | 917 | 792 | 312 | 842 | 182 | ||||
| Daily Supply Hours (2) (3) | 11,214 | 9,809 | 3,781 | 10,462 | 2,062 | ||||
| (1) | Daily Active Robots: The Company defines daily active robots as the average number of robots performing deliveries during the period. |
| (2) | Daily Supply Hours: The Company defines daily supply hours as the average number of hours the Company’s robots are available to perform daily deliveries during the period. |
| (3) | The key metrics reported for the periods ended September 30, 2026 and June 30, 2026 are inclusive of the outdoor and indoor robot fleet. |
Table 2
Disaggregation of Revenue
(in thousands)
(unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||
| Fleet services | $ | 2,582 | $ | 2,305 | $ | 433 | $ | 6,845 | $ | 974 | ||||
| Software services | 253 | 933 | 254 | 2,212 | 795 | |||||||||
| Total revenue | $ | 2,835 | $ | 3,238 | $ | 687 | $ | 9,057 | $ | 1,769 | ||||
Quarterly Conference Call Information
Management will host a conference call and webcast today at 2:00 p.m. PT / 5:00 p.m. ET to discuss the financial results and provide a corporate update. A live webcast and replay can be accessed from the investor relations page of Serve’s website at investors.serverobotics.com.
Individuals interested in listening to the conference call may do so by dialing 800-715-9871 and referencing conference ID 6872100.
About Serve
Serve (Nasdaq: SERV) designs and operates autonomous robots that navigate complex, human-centric environments. Since spinning off from Uber in 2021, Serve has deployed more than 2,000 robots across the U.S., reaching a population of approximately 3 million and supporting delivery for more than 4,000 restaurants. In 2026, Serve acquired Diligent Robotics, Inc., expanding its operations beyond sidewalk delivery into indoor service robots used in hospitals. Serve designs both the hardware and software behind its robots, enabling them to work safely in public and private environments at scale.
For further information about Serve (Nasdaq: SERV), please visit www.serverobotics.com or follow us on social media via X (Twitter), Instagram, or LinkedIn @serverobotics.
Forward Looking Statements
This press release contains “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when we or our management are discussing our beliefs, estimates or expectations. Such statements generally include the words “believes,” “plans,” “intends,” “targets,” “may,” “could,” “should,” “will,” “expects,” “estimates,” “suggests,” “anticipates,” “outlook,” “continues,” or similar expressions. These statements are not historical facts or guarantees of future performance, but represent management’s belief at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside of our control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. Forward-looking statements include statements regarding the Company’s financial outlook, future revenue generation, expected operating expense and capital expenditures, liquidity and capital resources, growth and diversification, business and investment strategy, timing of robot manufacturing and deployment, ability to expand to additional markets, capabilities of the Company’s robots, outcomes of planned and completed acquisitions, partnerships with multiple delivery platforms, including the transition of the Company’s Uber Eats partnership and expected delivery volumes through its delivery platform partnerships, and timing and ability to scale to commercial production and achieve sustainable long-term growth.
The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission (“SEC”), including in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025, as supplemented by those described in the Company’s subsequent SEC filings. The Company can give no assurance that the plans, intentions, expectations or strategies as reflected in or suggested by those forward-looking statements will be attained or achieved. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements, except as required by law. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.
Non-GAAP Measures of Financial Performance
To supplement the Company’s financial statements, which are presented on the basis of U.S. generally accepted accounting principles (“GAAP”), the following non-GAAP measures of financial performance are included in this release: adjusted EBITDA, non-GAAP cost of sales, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP operations expense, non-GAAP sales and marketing expense, non-GAAP operating expense, non-GAAP net loss before income taxes, non-GAAP net loss and non-GAAP earnings per share.
The Company believes that providing this non-GAAP information in addition to the GAAP financial information allows investors to view the financial results in the way the Company views its operating results. The Company also believes that providing this information allows investors to not only better understand the Company’s financial performance, but also, better evaluate the information used by management to evaluate and measure such performance.
As such, the Company believes that disclosing non-GAAP financial measures to the readers of its financial statements provides the reader with useful supplemental information that allows for greater transparency in the review of the Company’s financial and operational performance. The Company defines its non-GAAP measures by excluding stock-based compensation, amortization of intangible assets, acquisition related costs, and activity from finance lease purchase options.
In addition, the Company provides a reconciliation of forecasted non-GAAP operating expenses to the most directly comparable GAAP financial measure. The Company defines its forecasted non-GAAP operating expenses by making adjustments for stock-based compensation expense and amortization of intangible assets, as the Company is able to reasonably estimate the impact of these adjustments. No other adjustments are reflected in this measure because the Company cannot, without unreasonable efforts, reasonably estimate their amount or probable significance. The Company does not currently present any other forward-looking non-GAAP financial measures.
Reconciliations of GAAP to these adjusted non-GAAP financial measures are included in the tables presented. When analyzing the Company’s operating results, investors should not consider non-GAAP measures as substitutes for the comparable financial measures prepared in accordance with GAAP.
Contacts
Investor Relations
investor.relations@serverobotics.com
| Table 3 Serve Robotics Inc. Condensed Consolidated Balance Sheets (in thousands) (unaudited) | |||||||
| September 30, 2026 | December 31, 2025 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 50,765 | $ | 106,239 | |||
| Short-term marketable securities | 147,234 | 127,170 | |||||
| Accounts receivable, net | 2,170 | 851 | |||||
| Prepaid expenses | 6,026 | 6,042 | |||||
| Other receivables | 1,451 | 696 | |||||
| Other current assets | 307 | 77 | |||||
| Total current assets | 207,953 | 241,075 | |||||
| Long-term marketable securities | - | 26,344 | |||||
| Property and equipment, net | 48,711 | 47,013 | |||||
| Intangible assets, net | 32,553 | 31,313 | |||||
| Goodwill | 29,732 | 15,530 | |||||
| Operating lease right-of-use assets | 9,591 | 5,369 | |||||
| Other non-current assets | 2,961 | 1,107 | |||||
| Total assets | $ | 331,501 | $ | 367,751 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 3,023 | $ | 5,014 | |||
| Accrued liabilities | 11,497 | 6,482 | |||||
| Deferred revenue | 1,916 | 2 | |||||
| Operating lease liabilities, current | 2,727 | 1,800 | |||||
| Total current liabilities | 19,163 | 13,298 | |||||
| Operating lease liabilities, non-current | 6,744 | 3,454 | |||||
| Deferred tax liabilities | 353 | 255 | |||||
| Total liabilities | 26,260 | 17,007 | |||||
| Stockholders’ equity: | |||||||
| Preferred stock, $0.0001 par value, 10,000,000 shares authorized, 0 shares issued or outstanding as of both September 30, 2026 and December 31, 2025 | — | — | |||||
| Common stock, $0.0001 par value; 300,000,000 shares authorized, 87,599,157 and 74,781,782 shares issued and 87,562,360 and 74,734,949 shares outstanding as of September 30, 2026 and December 31, 2025, respectively | 9 | 7 | |||||
| Additional paid-in capital | 686,509 | 559,485 | |||||
| Accumulated other comprehensive income (loss) | (30 | ) | 138 | ||||
| Accumulated deficit | (381,247 | ) | (208,886 | ) | |||
| Total stockholders’ equity | 305,241 | 350,744 | |||||
| Total liabilities and stockholders’ equity | $ | 331,501 | $ | 367,751 | |||
| Table 4 Serve Robotics Inc. Condensed Consolidated Statements of Operations (in thousands, except share and per share data) (unaudited) | |||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||||
| Revenues | $ | 2,835 | $ | 3,238 | $ | 687 | $ | 9,057 | $ | 1,769 | |||||||||
| Cost of revenues | 10,390 | 12,017 | 5,066 | 34,392 | 10,476 | ||||||||||||||
| Gross loss | (7,555 | ) | (8,779 | ) | (4,379 | ) | (25,335 | ) | (8,707 | ) | |||||||||
| Operating expenses: | |||||||||||||||||||
| Research and development | 22,636 | 20,279 | 13,414 | 61,952 | 29,414 | ||||||||||||||
| General and administrative | 20,227 | 24,844 | 13,153 | 59,987 | 25,981 | ||||||||||||||
| Operations | 7,260 | 7,856 | 2,987 | 22,071 | 6,780 | ||||||||||||||
| Sales and marketing | 3,510 | 4,307 | 883 | 9,690 | 1,585 | ||||||||||||||
| Total operating expenses | 53,633 | 57,286 | 30,437 | 153,700 | 63,760 | ||||||||||||||
| Loss from operations | (61,188 | ) | (66,065 | ) | (34,816 | ) | (179,035 | ) | (72,467 | ) | |||||||||
| Other income (expense), net | 1,879 | 1,902 | 1,796 | 5,911 | 5,379 | ||||||||||||||
| Net loss before income taxes | (59,309 | ) | (64,163 | ) | (33,020 | ) | (173,124 | ) | (67,088 | ) | |||||||||
| Benefit from income taxes | (79 | ) | (36 | ) | — | (763 | ) | — | |||||||||||
| Net loss | $ | (59,230 | ) | $ | (64,127 | ) | $ | (33,020 | ) | $ | (172,361 | ) | $ | (67,088 | ) | ||||
| Weighted average common shares outstanding - basic and diluted | 86,934,371 | 80,310,583 | 61,343,218 | 80,891,917 | 58,472,679 | ||||||||||||||
| Net loss per common share - basic and diluted | $ | (0.68 | ) | $ | (0.80 | ) | $ | (0.54 | ) | $ | (2.13 | ) | $ | (1.15 | ) | ||||
| Table 5 Serve Robotics Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) | |||||||
| Nine Months Ended September 30, | |||||||
| 2026 | 2025 | ||||||
| Cash flows from operating activities: | |||||||
| Net loss | $ | (172,361 | ) | $ | (67,088 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Stock-based compensation | 34,574 | 14,919 | |||||
| Depreciation | 10,511 | 2,413 | |||||
| Amortization | 8,765 | 974 | |||||
| Deferred income taxes | (1,462 | ) | — | ||||
| Accretion of discount on available-for-sale securities | (1,381 | ) | (548 | ) | |||
| Changes in operating assets and liabilities, net of effects of businesses acquired: | |||||||
| Accounts receivable, net | (445 | ) | (718 | ) | |||
| Prepaid expenses | 1,356 | (6,229 | ) | ||||
| Other receivables | (755 | ) | (496 | ) | |||
| Other current assets | 39 | (133 | ) | ||||
| Accounts payable | (3,490 | ) | 3,479 | ||||
| Accrued liabilities | 3,080 | 2,688 | |||||
| Deferred revenue | (10 | ) | (17 | ) | |||
| Operating lease liabilities | (1,952 | ) | 155 | ||||
| Net cash used in operating activities | (123,531 | ) | (50,601 | ) | |||
| Cash flows from investing activities: | |||||||
| Proceeds from maturities and sales of marketable securities | 157,000 | 14,200 | |||||
| Purchases of marketable securities | (149,679 | ) | (107,485 | ) | |||
| Acquisitions, net of cash acquired | (21,447 | ) | (7,504 | ) | |||
| Purchases of property and equipment | (7,723 | ) | (20,831 | ) | |||
| Proceeds from tariff refunds | 4,547 | — | |||||
| Security deposits | (107 | ) | (119 | ) | |||
| Capitalized software implementation costs | — | (405 | ) | ||||
| Net cash used in investing activities | (17,409 | ) | (122,144 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from issuance of common stock pursuant to at-the-market public offerings, net of offering costs | 84,922 | 78,767 | |||||
| Proceeds from exercise of options | 545 | 405 | |||||
| Proceeds from issuance of common stock in registered direct offering, net of offering costs | — | 75,847 | |||||
| Proceeds from exercise of warrants | — | 11,381 | |||||
| Repayments of financing lease liability | — | (186 | ) | ||||
| Proceeds from short-swing profit disgorgement | — | 48 | |||||
| Net cash provided by financing activities | 85,467 | 166,262 | |||||
| Effect of exchange rate changes on cash and cash equivalents | (1 | ) | 56 | ||||
| Net change in cash and cash equivalents | (55,474 | ) | (6,427 | ) | |||
| Cash and cash equivalents at beginning of period | 106,239 | 123,266 | |||||
| Cash and cash equivalents at end of period | $ | 50,765 | $ | 116,839 | |||
| Table 6 Reconciliation of GAAP Net Losses to Adjusted EBITDA (In thousands) (Unaudited) | |||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||||
| Net loss on GAAP basis | $ | (59,230 | ) | $ | (64,127 | ) | $ | (33,020 | ) | $ | (172,361 | ) | $ | (67,088 | ) | ||||
| Interest income | (1,974 | ) | (1,927 | ) | (1,707 | ) | (6,007 | ) | (5,293 | ) | |||||||||
| Interest expense | 1 | — | — | 1 | 3 | ||||||||||||||
| Acquisition related expenses | 120 | 360 | 1,040 | 2,302 | 1,279 | ||||||||||||||
| Finance lease purchase option | — | — | — | — | 2,246 | ||||||||||||||
| Depreciation | 3,404 | 3,699 | 1,144 | 10,511 | 2,413 | ||||||||||||||
| Amortization | 3,040 | 2,875 | 951 | 8,765 | 974 | ||||||||||||||
| Stock-based compensation | 12,536 | 14,685 | 6,642 | 34,574 | 14,919 | ||||||||||||||
| Benefit from income taxes | (79 | ) | (36 | ) | — | (763 | ) | — | |||||||||||
| Adjusted EBITDA | $ | (42,182 | ) | $ | (44,471 | ) | $ | (24,950 | ) | $ | (122,978 | ) | $ | (50,547 | ) | ||||
| Table 7 Reconciliation of GAAP Measures to Non-GAAP Measures (in thousands, except share and per share data) (unaudited) | |||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||||
| GAAP cost of revenues | $ | 10,390 | $ | 12,017 | $ | 5,066 | $ | 34,392 | $ | 10,476 | |||||||||
| Amortization of intangible assets | 137 | 147 | — | 368 | — | ||||||||||||||
| Non-GAAP cost of revenues | $ | 10,253 | $ | 11,870 | $ | 5,066 | $ | 34,024 | $ | 10,476 | |||||||||
| GAAP research and development expense | $ | 22,636 | $ | 20,279 | $ | 13,414 | $ | 61,952 | $ | 29,414 | |||||||||
| Stock-based compensation | 5,959 | 5,421 | 2,680 | 14,902 | 6,767 | ||||||||||||||
| Non-GAAP research and development expense | $ | 16,677 | $ | 14,858 | $ | 10,734 | $ | 47,050 | $ | 22,647 | |||||||||
| GAAP general and administrative expense | $ | 20,227 | $ | 24,844 | $ | 13,153 | $ | 59,987 | $ | 25,981 | |||||||||
| Stock-based compensation | 5,973 | 8,543 | 3,712 | 17,963 | 7,597 | ||||||||||||||
| Amortization of intangible assets | 1,728 | 1,743 | 913 | 5,156 | 913 | ||||||||||||||
| Acquisition related expenses | 120 | 360 | 1,040 | 2,302 | 1,279 | ||||||||||||||
| Finance lease purchase option | — | — | — | — | 2,246 | ||||||||||||||
| Non-GAAP general and administrative expense | $ | 12,406 | $ | 14,198 | $ | 7,488 | $ | 34,566 | $ | 13,946 | |||||||||
| GAAP operations expense | $ | 7,260 | $ | 7,856 | $ | 2,987 | $ | 22,071 | $ | 6,780 | |||||||||
| Stock-based compensation | 348 | 309 | 147 | 907 | 323 | ||||||||||||||
| Amortization of intangible assets | 84 | 111 | — | 258 | — | ||||||||||||||
| Non-GAAP operations expense | $ | 6,828 | $ | 7,436 | $ | 2,840 | $ | 20,906 | $ | 6,457 | |||||||||
| GAAP sales and marketing expense | $ | 3,510 | $ | 4,307 | $ | 883 | $ | 9,690 | $ | 1,585 | |||||||||
| Stock-based compensation | 256 | 412 | 103 | 802 | 232 | ||||||||||||||
| Amortization of intangible assets | 3 | 2 | 2 | 8 | 2 | ||||||||||||||
| Non-GAAP sales and marketing expense | $ | 3,251 | $ | 3,893 | $ | 778 | $ | 8,880 | $ | 1,351 | |||||||||
| GAAP operating expense | $ | 53,633 | $ | 57,286 | $ | 30,437 | $ | 153,700 | $ | 63,760 | |||||||||
| Stock-based compensation | 12,536 | 14,685 | 6,642 | 34,574 | 14,919 | ||||||||||||||
| Amortization of intangible assets | 1,815 | 1,856 | 915 | 5,422 | 915 | ||||||||||||||
| Acquisition related expenses | 120 | 360 | 1,040 | 2,302 | 1,279 | ||||||||||||||
| Finance lease purchase option | — | — | — | — | 2,246 | ||||||||||||||
| Non-GAAP operating expenses | $ | 39,162 | $ | 40,385 | $ | 21,840 | $ | 111,402 | $ | 44,401 | |||||||||
| GAAP net loss before income taxes | $ | (59,309 | ) | $ | (64,163 | ) | $ | (33,020 | ) | $ | (173,124 | ) | $ | (67,088 | ) | ||||
| Stock-based compensation | 12,536 | 14,685 | 6,642 | 34,574 | 14,919 | ||||||||||||||
| Amortization of intangible assets | 1,952 | 2,003 | 915 | 5,790 | 915 | ||||||||||||||
| Acquisition related expenses | 120 | 360 | 1,040 | 2,302 | 1,279 | ||||||||||||||
| Finance lease purchase option | — | — | — | — | 2,246 | ||||||||||||||
| Non-GAAP net loss before income taxes | $ | (44,701 | ) | $ | (47,115 | ) | $ | (24,423 | ) | $ | (130,458 | ) | $ | (47,729 | ) | ||||
| GAAP net loss | $ | (59,230 | ) | $ | (64,127 | ) | $ | (33,020 | ) | $ | (172,361 | ) | $ | (67,088 | ) | ||||
| Stock-based compensation | 12,536 | 14,685 | 6,642 | 34,574 | 14,919 | ||||||||||||||
| Amortization of intangible assets | 1,952 | 2,003 | 915 | 5,790 | 915 | ||||||||||||||
| Acquisition related expenses | 120 | 360 | 1,040 | 2,302 | 1,279 | ||||||||||||||
| Finance lease purchase option | — | — | — | — | 2,246 | ||||||||||||||
| Non-GAAP net loss | $ | (44,622 | ) | $ | (47,079 | ) | $ | (24,423 | ) | $ | (129,695 | ) | $ | (47,729 | ) | ||||
| Weighted average common shares outstanding - basic and diluted | 86,934,371 | 80,310,583 | 61,343,218 | 80,891,917 | 58,472,679 | ||||||||||||||
| GAAP basic and diluted net loss per Common share | $ | (0.68 | ) | $ | (0.80 | ) | $ | (0.54 | ) | $ | (2.13 | ) | $ | (1.15 | ) | ||||
| Non-GAAP basic and diluted net loss per Common share | $ | (0.51 | ) | $ | (0.59 | ) | $ | (0.40 | ) | $ | (1.60 | ) | $ | (0.82 | ) | ||||
| Table 8 Reconciliation of Forecasted GAAP Operating Expenses to Non-GAAP Operating Expenses (in millions) (unaudited) | ||
| Projected 2026 Operating Expenses | ||
| GAAP operating expenses | $ | 208 |
| Stock-based compensation | 50 | |
| Amortization of intangible assets | 8 | |
| Non-GAAP operating expenses | $ | 150 |
