Presto’s Voice™ AI Solution Projected to Capitalize on Strong Momentum as Company Releases 2024 Projected Annualized Run Rate
14 Dezembro 2023 - 3:40PM
Presto Automation Inc. (Nasdaq: PRST) one of the largest drive-thru
automation technology providers in the hospitality industry, today
provided additional information to investors about its projected
financial results for calendar year 2024.
As a result of the strong momentum being
experienced in its Voice AI solution, Presto is estimating its
projected annualized run rate (PARR) to be $17.6M at the end of
calendar year 2024, which is directly correlated to the store count
projection the company has already released (1270 stores by the end
of 2024). We define PARR as the annualized revenue of contracts for
our Presto Voice AI solution that are projected to be in effect at
the end of the relevant period.
“These projections should convey the market-leading
momentum we are seeing in our Presto Voice business as our store
count continues to go up and we convert more of our signed and
immediate revenue opportunity into live revenue. We expect to be a
business of real scale over the course of 2024 and we expect to
remain the market leader,” said Krishna Gupta, Chairman of
Presto.
As of the date hereof, PARR reflects 404
currently contracted locations with 866 additional projected
contracted locations by the end of 2024. As a result, a significant
portion of the PARR is based on our expectation that we will roll
out additional locations. Our pricing assumes the continuation of
our pricing arrangements with Checkers and pricing assumptions
which reflect our experience with recent additions of new
locations.
We believe that our PARR is a useful measure of
our overall expected volume at a particular point in time and of
changes in the volume of business over time because it allows
investors to understand how we expect our business to scale and
eliminates the time impact associated with the signing of new
contracts during a quarterly or annual period.
Our Voice contracts are generally for 12-month
terms. Our two most significant Voice contracts can be terminated
upon 2 months’ notice or on a location-by-location basis,
respectively, if minimum service levels are not maintained. All of
our contracts have “evergreen” provisions that extend their term
automatically unless the customer provides notification of
non-renewal. Therefore, unless a notice of non-renewal has been
received, our PARR calculation assumes that each contract in place
currently will continue through the end of the relevant reporting
period.
About Presto Automation Inc.Presto
(NASDAQ: PRST) provides enterprise-grade AI and automation
solutions to the restaurant industry. Our solutions are designed to
decrease labor costs, improve staff productivity, increase revenue,
and enhance the guest experience. We offer our AI solution, Presto
Voice™, to quick service restaurants (QSR) and our pay-at-table
tablet solution, Presto Touch, to casual dining chains. Some of the
most recognized restaurant names in the United States are among our
customers, including Carl’s Jr., Hardee’s, and Checkers for Presto
Voice™ and Applebee’s, Chili’s, and Red Lobster for Presto
Touch.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”), and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). Statements
that refer to projections, forecasts or other characterizations of
future events or circumstances, including any underlying
assumptions, are forward-looking statements. Forward-looking
statements are typically identified by words such as “plan,”
“believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,”
“forecast,” “project,” “continue,” “could,” “may,” “might,”
“possible,” “potential,” “predict,” “should,” “would” and other
similar words and expressions, but the absence of these words does
not mean that a statement is not forward-looking.
The forward-looking statements are based on management’s current
expectations and assumptions about future events and are based on
currently available information as to the outcome and timing of
future events. The forward-looking statements speak only as of the
date of this press release or as of the date they are made. Except
as otherwise required by applicable law, Presto disclaims any duty
to update any forward-looking statements, all of which are
expressly qualified by the statements in this section, to reflect
events or circumstances after the date of this press release.
Presto cautions you that these forward-looking statements are
subject to numerous risks and uncertainties, most of which are
difficult to predict and many of which are beyond the control of
Presto. In addition, Presto cautions you that the forward-looking
statements contained in this press release are subject to the
following risks and uncertainties: our ability to manage our growth
effectively, to sustain our recent revenue growth or attract new
customers; the limited operating history with our new Voice
products in a new and developing market; our ability to roll out
new locations within a specified amount of time; our ability to
achieve revenue growth while our expenses increase; continued
adverse impacts from COVID-19 (including as a result of global
supply chain shortages); the loss of any of our three largest
customers or a reduction in their business with us; our ability to
improve and enhance the functionality, performance, reliability,
design, security, or scalability of our platform to respond to
customers’ evolving needs; our ability to protect the security of
our customers’ information; changing privacy laws, regulations and
standards, and our ability to comply with contractual obligations
and laws related to data privacy and security; unfavorable
conditions in the restaurant industry or the global economy,
including with respect to food, labor, and occupancy costs; the
availability of capital or financing on acceptable terms, if at
all; financial covenants and other restrictions on our actions
contained in our financing agreements that may limit our
operational flexibility; the length and unpredictability of our
sales cycles and the amount of investments required in sales
efforts; material weaknesses in our internal control over financial
reporting and, our ability to remediate these deficiencies; our
ability to continue as a going concern; our ability to receive
additional financing in a timely manner; shortages, price
increases, changes, delays or discontinuations of hardware; our
ability to maintain relationships with our payment processors; our
relies on computer hardware, licensed software and services
rendered by third parties; U.S. laws and regulations (including
with respect to payment transaction processing), many of which are
unsettled and still developing, and our or our customers’ ability
to comply with such laws and regulations; significant changes in
U.S. and international trade policies that restrict imports or
increase tariffs; any requirements to collect additional sales
taxes or be subject to other tax liabilities that may increase the
costs to our customers; our ability to adequately protect our
intellectual property rights; claims by third parties of
intellectual property infringement; our use of open-source software
in our platform; and other economic, business, competitive and/or
regulatory factors affecting Presto’s business generally as set
forth in our filings with the Securities and Exchange
Commission.
ContactInvestors:Krishna Guptainvestor@presto.com
Media:Brian Rubymedia@presto.com
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