Serve Robotics seems like one of the few “real” robotics use cases out there, so why does the stock still feel dead?

I’ve been looking at **Serve Robotics (SERV)** for quite some time now and this one actually feels like it has a product that makes sense in the real world. Robot delivery for short-distance urban routes doesn’t sound crazy at all, especially when labor is expensive and companies like Uber are clearly interested in making the model work. They’ve got the Uber Eats partnership, DoorDash, White Castle, the fleet has been expanding, and revenue growth has at least started to show up, and yet the stock still trades like the market doesn’t really believe in it.

My guess is the issue is that investors are looking past the “this is cool and clearly useful” part and going straight to the economics. Revenue is growing, but it’s still small in absolute terms, losses are still big, and the market probably wants to see that this becomes an actual scalable business rather than just a company with a good product and a lot of operating spend. It almost feels like SERV is stuck in that awkward middle ground where it’s already proven it’s more than a concept, but it hasn’t proven enough for the market to give it a real premium either.

So I’m not really questioning the use case at this point. I’m more wondering if the stock is basically being held back by the same thought everyone has 'cool robotics work, but now show me the money'.

That’s how I’m reading it at least. Curious if others think the market is just waiting for margins/scale to improve, or if there’s something more bearish here.