Serve Robotics is an American technology company that designs, develops, and operates autonomous sidewalk delivery robots for last mile food and goods delivery. The company was founded in 2017 as the robotics division of Postmates and later became an independent company following the acquisition of Postmates by Uber Technologies. Serve Robotics operates autonomous delivery robots in multiple United States cities through partnerships with food delivery platforms including Uber Eats and DoorDash.3 It is headquartered in San Carlos, California.1Wikipedia text CC BY-SA 4.0
Serve Robotics is an American technology company that designs, develops, and operates autonomous sidewalk delivery robots for last mile food and goods delivery. The company was founded in 2017 as the robotics division of Postmates and later became an independent company following the acquisition of Postmates by Uber Technologies. Serve Robotics operates autonomous delivery robots in multiple United States cities through partnerships with food delivery platforms including Uber Eats and DoorDash.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Out of $2.7M in revenue.8 The company lost money this year.
Financial statements
Revenue9108$2.7M in 2025+2359% since 2022Gross profit9108-$15.4M in 2025+1378% since 2022Operating income119108-$112.8M in 2025+206335% since 2021Net income119108-$101.4M in 2025+185451% since 2021
Revenue1213$3.2M in Q2 FY2026+9% since Q1 FY2026Gross profit1213-$8.8M in Q2 FY2026−2% since Q1 FY2026Operating income1213-$66.1M in Q2 FY2026+28% since Q1 FY2026Net income1213-$64.1M in Q2 FY2026+31% since Q1 FY2026
Every line of the income statement as filed: the last 2 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
Revenues
$2.7M
$1.8M
Cost of revenues
$18.0M
$1.9M
Gross loss
-$15.4M
-$75.0K
Research and development
$45.3M
$24.3M
General and administrative
$37.1M
$10.1M
Operations
$12.1M
$3.3M
Sales and marketing
$2.9M
$577.0K
Total operating expenses
$97.4M
$38.2M
Loss from operations
-$112.8M
-$38.3M
Interest income
$7.3M
$1.3M
Interest expense
-$3.0K
-$2.0M
Realized gain on foreign currency translation
$2.0K
$0
Realized gain on investments
$391.0K
$0
Change in fair value of derivative liability
$0
-$222.0K
Other income
$91.0K
$0
Net loss before income taxes
-$105.0M
-$39.2M
Benefit from income taxes
$3.7M
$0
Net loss
-$101.4M
-$39.2M
Unrealized gain on investments
$189.0K
$0
Other comprehensive income, before tax
$189.0K
$0
Income tax expense related to items of other comprehensive income
-$51.0K
$0
Other comprehensive income, net of tax
$138.0K
$0
Comprehensive loss
-$101.2M
-$39.2M
Weighted average common shares outstanding - basic (in shares)
62.3M shares
36.7M shares
Weighted average common shares outstanding - diluted (in shares)
62.3M shares
36.7M shares
Net loss per common share - basic (in dollars per share)
-$1.63
-$1.07
Net loss per common share - diluted (in dollars per share)
-$1.63
-$1.07
No quarter-by-quarter statement was filed.
Total assets14119108$367.8M in 2025+3896393% since 2020Total liabilities14119108$17.0M in 2025+62889% since 2020Shareholders’ equity119108$350.7M in 2025Cash159108$106.2M in 2025+1125552% since 2020
Total assets1213$378.6M in Q2 FY2026+3% since Q1 FY2025Total liabilities1213$26.8M in Q2 FY2026+58% since Q1 FY2025Shareholders’ equity1213$351.8M in Q2 FY2026+0% since Q1 FY2025Cash1213$79.1M in Q2 FY2026−26% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.8
Period ending
2025-12-31
2025-09-30
2024-12-31
2023-12-31
Cash and cash equivalents
$106.2M
$123.3M
Short-term marketable securities
$127.2M
$0
Accounts receivable, net
$851.0K
$87.0K
Inventory
$0
$310.0K
Prepaid expenses
$6.0M
$1.4M
Other receivables
$696.0K
$192.0K
Other current assets
$77.0K
$0
Total current assets
$241.1M
$125.3M
Property and equipment, net
$47.0M
$12.0M
Long-term marketable securities
$26.3M
$0
Intangible assets, net
$31.3M
$0
Goodwill
$15.5M
$0
Operating lease right-of-use assets
$5.4M
$1.8M
Other non-current assets
$1.1M
$578.0K
Total assets
$367.8M
$139.6M
Accounts payable
$5.0M
$4.9M
Accrued liabilities
$6.5M
$655.0K
Deferred revenue
$1.8K
$20.1K
Operating lease liabilities, current
$1.8M
$666.0K
Financing lease liabilities, current
$0
$564.0K
Total current liabilities
$13.3M
$6.8M
Operating lease liabilities, non-current
$3.5M
$1.1M
Deferred tax liabilities
$255.0K
$0
Total liabilities
$17.0M
$7.9M
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of both December 31, 2025 and 2024
$0
$0
Common stock, $0.0001 par value; 300,000,000 shares authorized, 74,781,782 and 51,396,574 shares issued, and 74734949 and 51,288,566 shares outstanding as of December 31, 2025 and 2024, respectively
$7.0K
$5.0K
Additional paid-in capital
$559.5M
$239.2M
Accumulated other comprehensive income
$138.0K
$0
Accumulated deficit
-$208.9M
-$107.5M
Total stockholders equity
$350.7M
$131.7M
-$4.0M
Total liabilities and stockholders equity
$367.8M
$139.6M
Preferred stock, par value (in dollars per share)
$0.00
$0.00
$0.00
Preferred stock, authorized (in shares)
10.0M shares
10.0M shares
Preferred stock, issued (in shares)
0 shares
0 shares
Preferred stock, outstanding (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.00
$0.00
Common stock, authorized (in shares)
300.0M shares
300.0M shares
Common stock, issued (in shares)
74.8M shares
51.4M shares
Common stock, outstanding (in shares)
74.7M shares
51.3M shares
Period ending
2025-12-31
2025-09-30
2024-12-31
2023-12-31
Cash and cash equivalents
$106.2M
$123.3M
Short-term marketable securities
$127.2M
$0
Accounts receivable, net
$851.0K
$87.0K
Inventory
$0
$310.0K
Prepaid expenses
$6.0M
$1.4M
Other receivables
$696.0K
$192.0K
Other current assets
$77.0K
$0
Total current assets
$241.1M
$125.3M
Property and equipment, net
$47.0M
$12.0M
Long-term marketable securities
$26.3M
$0
Intangible assets, net
$31.3M
$0
Goodwill
$15.5M
$0
Operating lease right-of-use assets
$5.4M
$1.8M
Other non-current assets
$1.1M
$578.0K
Total assets
$367.8M
$139.6M
Accounts payable
$5.0M
$4.9M
Accrued liabilities
$6.5M
$655.0K
Deferred revenue
$1.8K
$20.1K
Operating lease liabilities, current
$1.8M
$666.0K
Financing lease liabilities, current
$0
$564.0K
Total current liabilities
$13.3M
$6.8M
Operating lease liabilities, non-current
$3.5M
$1.1M
Deferred tax liabilities
$255.0K
$0
Total liabilities
$17.0M
$7.9M
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of both December 31, 2025 and 2024
$0
$0
Common stock, $0.0001 par value; 300,000,000 shares authorized, 74,781,782 and 51,396,574 shares issued, and 74734949 and 51,288,566 shares outstanding as of December 31, 2025 and 2024, respectively
$7.0K
$5.0K
Additional paid-in capital
$559.5M
$239.2M
Accumulated other comprehensive income
$138.0K
$0
Accumulated deficit
-$208.9M
-$107.5M
Total stockholders equity
$350.7M
$131.7M
-$4.0M
Total liabilities and stockholders equity
$367.8M
$139.6M
Preferred stock, par value (in dollars per share)
$0.00
$0.00
$0.00
Preferred stock, authorized (in shares)
10.0M shares
10.0M shares
Preferred stock, issued (in shares)
0 shares
0 shares
Preferred stock, outstanding (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.00
$0.00
Common stock, authorized (in shares)
300.0M shares
300.0M shares
Common stock, issued (in shares)
74.8M shares
51.4M shares
Common stock, outstanding (in shares)
74.7M shares
51.3M shares
Cash from operations119108-$80.2M in 2025+155324% since 2021Capital spending9108$37.3M in 2025+924% since 2022Free cash flow9108-$117.6M in 2025+369% since 2022
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
Net loss
-$101.4M
-$39.2M
Stock-based compensation
$21.3M
$14.6M
Depreciation & amortization
$8.2M
$310.0K
Deferred income taxes
-$4.7M
$0
Accretion of discount on available-for-sale securities
-$1.1M
$0
Amortization of debt discount
$0
$1.7M
Change in fair value of derivative liability
$0
$222.0K
Accounts receivable, net
-$697.0K
-$84.0K
Inventory
$0
$465.0K
Prepaid expenses
-$4.6M
-$720.0K
Other receivables
-$498.0K
-$192.0K
Accounts payable
-$2.0M
$872.0K
Accrued liabilities
$6.7M
$477.0K
Deferred revenue
-$18.0K
$20.0K
Operating lease liabilities
-$1.4M
$46.0K
Net cash used in operating activities
-$80.2M
-$21.5M
Purchases of marketable securities
-$203.8M
$0
Proceeds from maturities and sales of marketable securities
$51.5M
$0
Purchases of property and equipment
-$37.3M
-$10.3M
Acquisitions, net of cash acquired
-$7.5M
$0
Security deposits
-$506.0K
-$66.0K
Capitalized implementation costs
-$405.0K
$0
Net cash used in investing activities
-$198.0M
-$10.3M
Proceeds from issuance of common, net of offering costs
$170.8M
$35.8M
Proceeds from issuance of common stock under the 2025 Equity Distribution Agreement, net of offering costs
$78.7M
$77.6M
Proceeds from exercise of warrants
$11.4M
$22.4M
Proceeds from exercise of options
$423.0K
$367.0K
Repayments of financing lease liability
-$186.0K
-$1.8M
Proceeds from short-swing profit disgorgement
$48.0K
$0
Proceeds from issuance of pre-funded warrants to purchase common stock in connection with private placement, net of issuance costs
$0
$17.1M
Proceeds from convertible notes payable, net of offering costs
$0
$4.8M
Repayments of note payable
$0
-$1.2M
Repayment of note payable, related party
$0
-$70.0K
Net cash provided by financing activities
$261.2M
$155.1M
Effect of exchange rate changes on cash and cash equivalents
$1.0K
$0
Net change in cash and cash equivalents
-$17.0M
$123.3M
Cash paid for interest
$224.0K
$203.0K
Cash paid for income taxes
$0
$0
Operating lease right-of-use assets obtained for lease obligations
$4.8M
$1.6M
Purchases of property and equipment, accrued but not paid
$1.7M
$2.0M
Conversion of convertible notes and derivative into common stock
Serve Robotics sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Serve Robotics
BlackRockFiled SCHEDULE 13G/A on Serve Robotics, latest Jul 30, 2026 (2 filings since Oct 17, 2025)
NvidiaFiled SCHEDULE 13G/A on Serve Robotics, latest Feb 14, 2025 (2 filings since Jul 18, 2024)
Mark N. Tompkins Filed SC 13G/A on Serve Robotics, latest Aug 14, 2024 (3 filings since Feb 14, 2022)
Ian Seth Jacobs Filed SC 13G/A on Serve Robotics, latest Feb 14, 2024 (2 filings since Feb 14, 2022)
Ali KashaniFiled SC 13D on Serve Robotics, latest Aug 10, 2023
Serve RoboticsSan Carlos, California
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Serve Robotics reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our current headquarters are located in Redwood City, California, where we lease 4,200 square feet of office and industrial space. In 2026, we will be relocating our headquarters to 1360 and 1390 Bayport Avenue in San Carlos, California. Our headquarters contain research and development, operations and selling, general and administrative functions, as well as test tracks for our robots. We also lease fourteen other facilities throughout the United States, three of which are offices and eleven of which are depot locations.
We believe our facilities are adequate and suitable for our current needs, and additional or alternative space is expected to be available should it be required to accommodate our operations.
Serve Robotics was established in 2017 as an internal robotics initiative within Postmates, a United States based food delivery company. The division focused on developing autonomous sidewalk delivery robots designed to transport food and retail items in dense urban environments.
In 2020, Postmates was acquired by Uber Technologies. Following the acquisition, Serve Robotics continued development under Uber before spinning out as an independent company in 2021 with seed funding from venture capital firm Neo and participation from Uber.
In August 2023, Serve Robotics announced a reverse merger transaction allowing the company to become publicly traded. The company began trading on the Nasdaq stock exchange under the ticker symbol SERV in 2024.
People the company listed in its private-offering notices.
DirectorDavid Buckly Goldberg named Aug 6, 2024 to Sep 3, 202430
DirectorSarfaz Buckly Maredia named Aug 15, 202331
Products and brands
Serve Robotics develops electric autonomous delivery robots designed to operate on sidewalks and pedestrian pathways. The robots use a combination of cameras, lidar sensors, and artificial intelligence software to navigate environments, detect obstacles, and comply with pedestrian traffic rules.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
577 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 46 major events, 190 insider forms, 17 large holders, 6 private raises, 297 other. The latest 20:
162 open-market trades by officers, directors and large owners since October 2021: 2 buys and 160 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
Where the company's money came from, by calendar year: private offerings filed with the SEC,
federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA.
Each bar links to the records below.
Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.
Aug 28, 2024Raised $5 million in a private offering of equity30Form D: 1 investor so farForm D
Jul 24, 2024Raised $15 million in a private offering of equity59Form D: 1 investor so farForm D
Jan 2, 2024Raised $3 million in a private offering of debt60Form D: $5 million offered in allForm D
Jul 31, 2023Raised $11.1 million in a private offering of equity31Form D: $37 million offered in allForm D
Apr 21, 2023Raised $3 million in a private offering of debt61Form D: 39 investors so farForm D
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Mar 12, 2026 (Section 12(b) of the Exchange Act).16
Risk factors and legal proceedings
The risks Serve Robotics names in Item 1A of its 10-K filed Mar 12, 2026: 63 risks under these headings, as written.16
Investment in our stock involves a high degree of risk. You should consider carefully the risks described below, together with other information in this Annual Report on Form 10-K and our other filings with the SEC, before making investment decisions regarding our stock. If any of the following risks and uncertainties, or if any other risks and uncertainties, actually occurs, our business, financial condition, or operating results could differ materially from the plans, projections, and other forward-looking statements included in Part II, Item 7.
Risks Related to Our Business and Operations
Risks Related to Our Products and Technology
Risks Related to Our Industry and External Environment
Risks Related to Intellectual Property
Risks Related to Cybersecurity and Privacy
Risks Related to Our Regulatory Environment
Risks Related to Ownership of Our Common Stock
We are an early-stage company with minimal revenue, a history of losses, and a limited operating history, which may make it difficult to evaluate the future of our business and prospects, and we cannot assure you that we will be able to operate profitably.
If we fail to execute our business strategy to expand our addressable market and effectively manage our growth, we may not be able to design, develop, manufacture, market and launch new generations of our robotic systems successfully, which could negatively impact our long-term growth prospects.
We have acquired, and may in the future acquire, other companies, employee teams, or technologies, which could divert our management’s attention, result in additional indebtedness or dilution to our stockholders, or otherwise disrupt our operations and adversely affect our operating results.
Our use of AI and machine learning technologies introduces new risks and uncertainties.
The other 58 risks
If we fail to develop AI solutions and services that meet our customers’ and our own internal needs, we may fail to realize the anticipated benefits of our investments in AI or lose our competitive advantage, which could adversely affect our business, financial condition and results of operations.
If we choose to expand into international markets, we may be exposed to new and heightened risks.
Litigation or legal proceedings could expose us to significant liabilities, occupy a considerable amount of our management’s time and attention, and damage our reputation.
Our management team has broad discretion in making strategic decisions to execute our growth plans, and there can be no assurance that our management’s decisions will result in successful achievement of our business objectives or will not have unintended consequences that negatively impact our growth prospects.
Our management as a group has limited experience operating a publicly traded company.
Our directors may be engaged in a range of business activities that could result in conflicts of interest.
Our failure to attract and retain highly qualified personnel in the future could harm our business.
A significant portion of our revenue is concentrated with a small number of customers.
Failure to retain existing or attract future partnerships with merchants and consumers could have an effect on our revenue, revenue growth and margins, and our business, financial condition and results of operations could be adversely affected.
We have limited experience commercializing our products at a large scale and may not be able to do so efficiently or effectively.
Our ability to deploy, operate and scale our Moxi robots depends on hospital access, operational practices and financial health, which can change and may be outside our control.
We will require significant capital to fund our operations and growth, and financing may not be available when needed or on acceptable terms. Additionally, any equity or equity‑linked financing could dilute our stockholders, and any debt financing could impose restrictive covenants and increase our financial obligations.
Earnout or other contingent consideration from acquisitions may not be attained and could adversely affect our business, financial condition, results of operations and cash flows.
We may be unable to adequately control the costs associated with our operations.
Our robots rely on sophisticated software technology that may incorporate third-party components and networks to operate.
The benefits to customers of our products could be supplanted by other technologies or solutions or competitors’ products that utilize similar technology to ours in a more effective way.
The benefits of our products to customers and projected return on investment have not been substantiated through long-term trials or use.
Defects, glitches, or malfunctions in our products could compromise the performance of our products, lead to injury or property damage, and result in product recalls or lower than expected return on investment for customers, each of which could adversely affect our results of operations, financial condition and our reputation.
Because our robots operate in public spaces, safety incidents arising from human supervision, connectivity issues, third-party software or automation could cause injury, trigger recalls or result in uninsured product liability and warranty claims that adversely affect our business.
Accessibility concerns or failure to comply with disability access laws may result in claims, operational restrictions, or reputational harm.
Even if we successfully market our robotic systems, the purchase or subscription, adoption and use of these systems may be materially and negatively impacted if our customers resist their use and adoption.
We are substantially reliant on our relationships with suppliers and service providers for the parts and components in our robots, as well as for the manufacture of our robots, and disruptions or loss of these partners could delay production and harm our business.
Severe weather conditions and climate change could have a material adverse impact on our business by negatively impacting the operations of our robots.
The inability of our supply chain to deliver certain key electrical components, such as semiconductors, could materially adversely affect our business, financial condition and results of operations.
We, any manufacturing partners and suppliers may rely on complex machinery for production, which involves a significant degree of risk and uncertainty in terms of operational performance and costs.
Consolidation in the healthcare industry could have an adverse effect on our business, financial condition or results of operations.
If we cannot protect, maintain and enforce our intellectual property rights, our competitive position and business could be adversely affected.
We may be subject to claims of infringement of third-party intellectual property rights.
Because our video and LiDAR licensing model is new and operates within an evolving legal and commercial framework, we may be unable to generate recurring revenue at expected levels, which could impair our planned data licensing revenue stream.
Security breaches and other disruptions could compromise our proprietary information and expose us to liability, including class action litigation and regulatory penalties, which would cause our business and reputation to suffer.
We are subject to cybersecurity risks to our robot fleet, operational systems, security systems, infrastructure, integrated software in our products and data processed by us or third-party vendors.
Unauthorized access to or misuse of the data we sell or license could expose us to liability and harm our business.
We are subject to evolving laws, regulations, standards, policies and contractual obligations related to privacy and security laws and regulations, and our actual or perceived failure to comply with such obligations could result in litigation, harm our reputation, subject us to significant fines and liability, or otherwise adversely affect our business, prospects, financial condition and operating results.
Because we operate our Moxi robots in hospitals, we may face evolving and uncertain regulatory and compliance requirements that could restrict or delay deployments, increase costs and materially harm our business, financial condition and results of operations.
Our internal use of AI, generative AI, and machine learning tools may expose us to heightened cybersecurity risks.
Risks Related to our Industry and External Environment
Unfavorable changes in interest rates and foreign currency exchange rates may adversely affect our financial condition, liquidity and results of operations.
Our business depends on discretionary spending patterns in the areas in which the restaurants on our partners’ platforms operate and in the economy at large. Economic downturns or other events (like widespread health/pandemic outbreaks) impacting the United States and global economy could materially adversely affect our results of operations.
Inflationary pressures may increase our operating costs and adversely affect our business, financial condition and results of operations.
We operate in a competitive industry that is subject to rapid technological change, and competitors may have or attain more resources and/or greater market recognition than we do.
If use of the internet via websites, mobile devices and other platforms, particularly with respect to online food ordering, does not continue, our business and growth prospects will be harmed.
Our products and services are disruptive, and important assumptions about the market demand, pricing, adoption rates and sales cycle, for our current and future products and services may be inaccurate.
Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults, or non-performance by domestic and international financial institutions or transactional counterparties, could adversely affect our business, financial condition and results of operations.
We are dependent on general economic conditions.
We face risks related to natural disasters, health epidemics and other outbreaks, which could significantly disrupt our operations.
Risks Related to our Regulatory Environment
Tariffs imposed by the United States and other countries, as well as changing trade relations, regional and international conflicts, and political conditions could have a material adverse effect on our business and results of operations.
Use of emerging technologies like AI, machine learning and generative AI, will require us to navigate an uncertain legal and regulatory landscape, and failure to comply with these rapidly evolving laws and regulations may negatively impact our ability to grow our business.
Evolving privacy, data protection, and AI regulation may restrict our ability to collect, process, and license video and LiDAR datasets, increase our compliance costs or expose us to investigations, fines or litigation.
We may become subject to new or changing governmental regulations relating to the design, manufacturing, marketing, distribution, servicing or use of our products, including as a result of climate change, and a failure to comply with such regulations could have an adverse effect on our business operations.
Foreign and domestic antitrust laws could significantly affect our ability to expand our business through acquisitions, joint ventures or other strategic transactions.
We are subject to domestic and foreign anti-corruption and anti-money laundering laws and regulations. We can face criminal liability and other serious consequences for violations, which can harm our business, prospects, financial condition and operating results.
The evolving regulations around personal delivery devices (or public mobile robots), could materially impact our business and growth prospects in new markets.
Expanding our products, services, and geographic footprint may subject us to additional and evolving regulatory, licensing, and compliance obligations.
Changes to tax laws or exposure to additional tax liabilities may have a negative impact on our operating results.
The market price and trading volume of our common stock may be volatile and could decline significantly.
We are obligated to develop and maintain proper and effective internal control over financial reporting. If we fail to develop and maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired. In addition, the presence of a material weakness increases the risk of material misstatement of the consolidated financial statements.
We are an emerging growth company and a smaller reporting company, and any decision on our part to comply only with certain reduced reporting and disclosure requirements applicable to emerging growth companies and smaller reporting companies could make our common stock less attractive to investors.
Anti-takeover provisions in our charter documents and under Delaware law could make an acquisition of us, which may be beneficial to our stockholders, more difficult and may prevent attempts by our stockholders to replace or remove our current management.
We do not intend to pay dividends for the foreseeable future and, as a result, your ability to achieve a return on your investment will depend on appreciation in the price of our common stock.
Legal proceedings
We are from time to time subject to various claims, lawsuits and other legal and administrative proceedings arising in the ordinary course of business. However, we do not consider any such claims, lawsuits or proceedings that are currently pending, individually or in the aggregate, to be material to our business or likely to result in a material adverse effect on our future operating results, financial condition or cash flows.
