Capybara short Serve Robotics as shares lock-up set to expire

Capybara Research said on X that it has initiated a short position on Serve Robotics (SERV), citing the 12-month lock-up expiring July 31 for millions of shares, the stock 500% outperformance on an old Nvidia (NVDA) stake, recent Pipe with warrant coverage at $6 per share, $52k in delivery revenue for Q1 vs $740M market cap, and each robot costing $60k-plus. Further, Capybara pointed out that the company has 100-plus robots, but “only 39 were active per day,” each robot costs “$64k to build” while CEO “claimed on CNBC they cost less than $50k to build and currently does not expect to build and deploy robots in 2024 based on… existing capital.” Amazon (AMZN) and FedEx (FDX) both “canceled robot delivery programs because the economics did not make sense,” Capybara added. Shares of Serve Robotics are down almost 10% to $17.52 in morning trading.