What is an income statement waterfall?

An income statement waterfall is a bar chart that walks from total revenue down to net income, with each step showing how much a cost or tax line removes (or adds). Subtotals — gross profit, operating income, pre-tax income — are anchored to zero so the cascade reconciles exactly to the bottom line.

How much of Serve Robotics (SERV) revenue becomes net income?

For TTM through Q1 2026, Serve Robotics turned $5.19M of revenue into −$137.15M of net income — a net margin of -2640.2%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Serve Robotics (SERV) gross, operating, and net margins?

For TTM through Q1 2026, Serve Robotics reported a gross margin of -441.1%, an operating margin of -2878.9%, and a net margin of -2640.2%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Serve Robotics (SERV) have such a high (or low) gross margin?

Gross margin (gross profit ÷ revenue) reflects how much of each revenue dollar remains after direct production costs. Capital-light software and platform businesses often show gross margins above 60–80% because their cost of revenue is mainly hosting and support. Hardware, retail, and commodity businesses show lower gross margins because raw materials and manufacturing costs are significant. The waterfall makes this visible at a glance — the size of the "Cost of Revenue" bar relative to Revenue is the gross margin complement.

What is the difference between gross, operating, and net margin?

Gross margin = (Revenue − Cost of Revenue) ÷ Revenue. It measures production efficiency. Operating margin = Operating Income ÷ Revenue. It adds operating expenses (R&D, S&M, G&A) and measures the profitability of core operations. Net margin = Net Income ÷ Revenue. It also includes interest, other income/expense, and taxes, and represents the shareholder take after everything.

Serve Robotics (SERV) Income Statement Waterfall

Revenue

$5.19M

Gross Margin

-441.1%

Operating Margin

-2878.9%

Net Margin

-2640.2%

Income statement waterfall for Serve Robotics (SERV) — TTM through Q1 2026

Net income: −$137.15M

Margin breakdown for Serve Robotics (SERV) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$5.19M	$5.19M
Cost of Revenue	−$28.11M	−$22.91M
Gross Profit	−$22.91M	−$22.91M
Operating Expenses	−$126.63M	−$149.55M
Operating Income	−$149.55M	−$149.55M
Other Income / Expense	$8.09M	−$141.45M
Pre-tax Income	−$141.45M	−$141.45M
Tax Benefit	$4.30M	−$137.15M
Net Loss	−$137.15M	−$137.15M

Revenue$5.19M
Cost of Revenue−$28.11M
Gross Profit−$22.91M
Operating Expenses−$126.63M
Operating Income−$149.55M
Other Income / Expense$8.09M
Pre-tax Income−$141.45M
Tax Benefit$4.30M
Net Loss−$137.15M

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