Presto Automation Inc. (Nasdaq: PRST), an
enterprise-grade AI and automation solutions provider to some of
the nation’s largest restaurant brands, today announced:
- Full Year 2023 revenue of $26.1 million, in line with guidance,
with Fiscal Fourth Quarter 2023 revenue of $4.8 million
- Presto Voice™ gaining significant traction with annual revenue
opportunity1 reaching approximately $17 million (based on locations
of franchisee customers with whom we have master service or pilot
agreements in which Presto Voice has not been installed), as of
September 30, 2023
- Inclusion in the broad-market Russell 3000® Index and small-cap
Russell 2000® Index for 2023
- Increased ownership commitment by major existing shareholder
Cleveland Avenue
- Lock-up agreement from certain existing shareholders extended
to December 23, 2024
- Revised credit agreement with Metropolitan Partners Group
- New Interim CFO, Nathan Cook, joining effective today
"I am delighted to report, with our first full
fiscal year as a public company, that our Presto Voice™ AI
solution is gaining significant traction in the market,” said
Xavier Casanova, CEO of Presto.
“We have developed strong relationships with new
customers and are making great strides in developing our AI
technology. We’re still in the early stages of capitalizing on the
significant opportunity ahead of us and are implementing a focused
plan for success in this growing and dynamic market. We are pleased
that one of our major existing shareholders and existing lender
have offered their continued support to us on this journey,” Mr.
Casanova added.
“In addition, I am pleased to welcome Nathan
Cook as our new CFO. Nathan brings a depth of experience to the
role and will be a valuable partner to the rest of the management
team in guiding our company toward financial success and delivering
accelerated strategic and profitable growth."
_______________1 Revenue opportunity is based on
the number of locations for each restaurant brand or franchisee
group with whom Presto has a master service or pilot agreement and
at which Presto’s technology is not currently installed; based on
the pricing contained in the master service or pilot agreement for
such customers. Revenue opportunity does not represent
contractually committed revenue or backlog.
Release of Full Year 2023 and Fiscal
Fourth Quarter Financial Results
Presto today announced the financial results for
its Full Year ended June 30, 2023, which were in line with
guidance, and financial results for its Fiscal Fourth Quarter
2023.
Full Year 2023 Financial
Summary
For the Full Year of 2023, compared to the Full
Year of 2022:
- Revenue was $26.1
million, down 13.9 % compared to $30.4 million for 2022
- Net loss was $34.5
million, compared to a net loss of $56.3 million for 2022
- Adjusted
EBITDA2 was a loss of $39.1 million,
compared to a loss of $27.9 million for 2022
Fiscal Fourth Quarter 2023 Financial
Summary
For the Fiscal Fourth Quarter of 2023, compared
to the Fiscal Fourth Quarter of 2022:
- Revenue was $4.8
million, down 38.9% compared to $7.9 million for 2022
- Net loss was $36.6
million, compared to a net loss of $22.3 million for 2022
- Adjusted
EBITDA2 was a loss of $9.1 million,
compared to a loss of $10.8 million for 2022
_______________2 Adjusted EBITDA is a non-GAAP financial measure
defined under “Non-GAAP Financial Measures” and is reconciled to
net income, the closest comparable GAAP measure at the end of this
release.
Presto Voice™ Annual Revenue Opportunity
Reaches $17 Million, with over $100 Million Opportunity if Fully
Expanded Across Currently Engaged Restaurant Groups
Presto announced that as of September 30, 2023,
those locations of customers with which it has master service or
pilot agreements and in which Presto Voice has not been installed
represent an estimated annual revenue opportunity1 of approximately
$17 million.
Presto also announced that as of September 30,
2023, the total locations of restaurant groups with whom they have
master service or pilot agreements and in which Presto Voice has
not been installed represent an estimated annual revenue
opportunity1 of over $100 million.
“We are excited by the market’s receptivity to
Presto Voice™. We are committed to growing our partnerships with
some of the largest and most successful QSR brands and their
franchisees as we continue working together to create delightful
AI-powered guest experiences,” said Dan Mosher, President of
Presto.
Inclusion in the broad-market Russell
3000® Index and small-cap Russell
2000® Index for 2023
Presto has joined the broad-market Russell 3000®
Index and the small-cap Russell 2000® at the conclusion of the 2023
Russell Indexes annual reconstitution.
Annual Russell indexes reconstitution captures
the 4,000 largest US stocks, ranking them by total market
capitalization. Membership in the US all-cap Russell 3000® Index,
which remains in place for one year, means automatic inclusion in
the large-cap Russell 1000 Index or small-cap Russell 2000 Index as
well as the appropriate growth and value style indexes. FTSE
Russell determines membership for its Russell indexes primarily by
objective, market-capitalization rankings, and style
attributes.
Russell indexes are widely used by investment
managers and institutional investors for index funds and as
benchmarks for active investment strategies. Approximately $12.1
trillion in assets are benchmarked against Russell’s US indexes.
Russell indexes are part of FTSE Russell, a leading global index
provider.
Increased Ownership from a Major
Existing Shareholder and Lock-up Commitment from Certain Existing
Shareholders
Presto announced today that one of its existing
major shareholders, Cleveland Avenue, has agreed to increase its
ownership in the Company with a $3 million investment in Presto’s
Common Stock at a price of $2.00 per share. The financing for its
increased ownership is expected to close on or around October 16,
2023, subject to customary closing conditions.
In addition, today Presto announced that
shareholders holding a total of 31,772,520 shares of its Common
Stock, or approximately 53% of the shares issued, agreed not to
offer, sell, transfer, contract to sell, pledge, or otherwise
dispose of any shares until December 23, 2024.
Revised Credit Agreement with
Metropolitan Partners Group
Presto announced today that it has entered a
third amendment to its credit facility with Metropolitan Partners
Group. The conditions to effectiveness of the amendment, which is
expected on or around October 16, 2023, include the investment by
Cleveland Avenue described above and the Company’s engagement of
advisors approved by Metropolitan.
Upon satisfaction of the conditions to
effectiveness, Metropolitan has agreed (1) to waive certain events
of default currently existing under the credit facility, (2) to
increase the size of the facility by an additional $3 million, (3)
to exchange $6.0 million of accrued and previously capitalized
interest for warrants to purchase 3,000,000 shares of common stock
at an exercise price of $0.01 per share, and (4) to permit us to
capitalize as principal interest for the interest periods ending
September 30, 2023 through to January 31, 2024.
In addition, the third amendment removes the net
leverage ratio covenant but retains a minimum unrestricted cash
covenant and a covenant limiting the monthly decrease in operating
cash. Based on the Company’s current business plan and forecasts,
without the injection of further capital beyond the amounts
disclosed in this press release, Presto anticipates being unable to
comply with this minimum cash covenant in mid-December 2023.
“We are pleased that Metropolitan is continuing
to support us as we pursue our growth strategy to penetrate this
exciting market and path to profitability,” said Mr. Casanova.
In addition, Presto has undertaken to pursue
renewals of Presto Touch with its existing customers with a
transition to Presto’s next-generation technology and, if this is
not achieved by December 31, 2023, to provide and implement a
strategic wind-down plan that is reasonably acceptable to
Metropolitan with respect to Presto Touch.
“Our Touch business has helped drive the success
that we have achieved with Presto Voice™,” said Mr. Casanova. “In
the future, however, we expect an increasing portion of our
revenues to come from Presto Voice™ and want to orient our
business to focus on that opportunity. We have therefore agreed to
assess our strategy for the Touch business with our lender.”
The Company’s cash and cash equivalents were
$3.3 million as of September 30, 2023.
New Interim CFO, Nathan Cook, Joining
Effective Today
Presto announced that Nathan Cook has been
appointed as interim Chief Financial Officer effective today. After
leading the Company as interim Chief Financial Officer, Stanley
Mbugua will return to his role as Chief Accounting Officer. Mr.
Cook has been specifically chosen due to his significant experience
as an interim CFO making him well-suited to support the next phase
of growth for Presto.
Mr. Cook is a Senior Managing Director at Teneo
Capital LLC, a global advisory firm, a position that he has held
since January 2023, where he provides accounting and financial
consulting services. Prior to that, he held the position of Senior
Managing Director at EY-Parthenon and Managing Director at
AlixPartners and has also served as interim Chief Financial Officer
for numerous companies during his career. Mr. Cook holds an MBA
from the University of California, Los Angeles, and a Bachelor of
Business Administration from the University of Michigan.
"I am excited to join Presto at this pivotal
moment as the Company enters a pivotal moment targeting accelerated
growth and a path to profitability,” said Nathan Cook, interim CFO.
“Presto is a forerunner in introducing enterprise-grade AI and
automation solutions to restaurants, and I am committed to
contributing to its financial success and growth in the
future."
Presto Automation, Inc. Full Year and
Fiscal Fourth Quarter 2023 Conference Call Details
Date: |
Tuesday, 10 October 2023 |
Time: |
5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) |
Telco Registration: |
You can register for the conference call at
https://investor.presto.com/news-events/events |
A live audio webcast of the event will be
available on the Presto Investor Relations website,
https://investor.presto.com/. An archived replay of the webcast
will also be available shortly after the live event on the Presto
Investor Relations website.
About Presto
Presto (NASDAQ: PRST) provides enterprise-grade
AI and automation solutions to some of the nation’s largest
restaurant brands. Presto’s solutions are designed to decrease
labor costs, improve staff productivity, increase revenue, and
enhance the guest experience. Presto offers its AI solution, Presto
Voice™, to QSRs and its pay-at-table solution, Presto Touch, to
casual dining chains. Some of the most recognized restaurants in
the United States are among Presto’s customers including
Applebee’s, Carl’s Jr., Checkers, Chili’s, Del Taco, Hardee’s, and
Red Lobster. Founded in 2008, Presto is headquartered in Silicon
Valley.
About FTSE Russell
FTSE Russell is a global index leader that
provides innovative benchmarking, analytics, and data solutions for
investors worldwide. FTSE Russell calculates thousands of indexes
that measure and benchmark markets and asset classes in more than
70 countries, covering 98% of the investable market globally.
FTSE Russell index expertise and products are
used extensively by institutional and retail investors globally.
Approximately $20.1 trillion is currently benchmarked to FTSE
Russell indexes. For over 30 years, leading asset owners, asset
managers, ETF providers and investment banks have chosen FTSE
Russell indexes to benchmark their investment performance and
create ETFs, structured products, and index-based derivatives.
A core set of universal principles guides FTSE
Russell index design and management: a transparent rules-based
methodology is informed by independent committees of leading market
participants. FTSE Russell is focused on applying the highest
industry standards in index design and governance and embraces the
IOSCO Principles. FTSE Russell is also focused on index innovation
and customer partnerships as it seeks to enhance the breadth, depth
and reach of its offering.
FTSE Russell is wholly owned by London Stock
Exchange Group.
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 limited
operating history in a new and developing market makes it difficult
to accurately forecast our future results and may make it difficult
to evaluate our current business and future financial results; our
success depends on increasing the number of franchisees of our
existing restaurant customers that use our solutions and, in
particular, Presto Voice, and the timing of the deployments of
contracted locations; we currently generate the substantial
majority of our revenue from three Presto touch customers, and the
loss or decline in revenue from any of these customers, or the
failure of such customers to renew their existing agreements, would
harm our business, results of operations, and financial condition;
our sales cycles are long and unpredictable, and attracting new
customers requires considerable investment of time and expense; our
business may be adversely affected if we are unable to optimize the
number of human agents required to operate our Presto Voice
solution with our unit cost structure; changes in our senior
management team have impacted our organization’s focus and we are
dependent on the continued services and performance of our current
senior management team; our ability to recruit, retain, and develop
qualified personnel is critical to our success and growth; defects,
errors or vulnerabilities in third party technology that is used in
our solutions could harm our reputation and brand and adversely
impact our business, financial condition, and results of
operations; our pricing decisions and pricing models may adversely
affect our ability to attract new customers and retain existing
customers; changes to elements of our AI solutions could cause us
to incur additional expenses and impact our product development
program; we are subject to legal proceedings and government
investigations which are costly and time-consuming to defend and
may adversely affect our business, financial position, and results
of operations; security breaches, denial of service attacks, or
other hacking and phishing attacks on our systems or the systems
with which our solutions integrate could harm our reputation or
subject us to significant liability, and adversely affect our
business and financial results; current liquidity resources raise
substantial doubt about our ability to continue as a going concern
and to comply with our debt covenants unless we raise additional
capital to meet our obligations in the near term; our efforts to
generate revenues and/or reduce our expenditures may not be
sufficient and may make it difficult for us to implement our
business strategy; we have faced challenges complying with the
covenants contained in our credit facility and, unless we can raise
additional capital, may need additional waivers which may not be
forthcoming; we require additional capital, which additional
financing may result in restrictions on our operations or
substantial dilution to our stockholders, to support the growth of
our business, and this capital might not be available on acceptable
terms, if at all; unfavorable conditions in the restaurant industry
or the global economy could limit our ability to grow our business
and materially impact our financial performance; our results of
operations may fluctuate from quarter to quarter and if we fail to
meet the expectations of securities analysts or investors with
respect to our results of operations, our stock price and the value
of your investment could decline; our ability to use our net
operating loss carryforwards and certain other tax attributes may
be limited; recent turmoil in the banking industry may negatively
impact our ability to acquire financing on acceptable terms if at
all, and worsening conditions or additional bank failures could
result in a loss of deposits over federally insured levels; the
restaurant technology industry is highly competitive and we may not
be able to compete successfully against current and future
competitors; mergers of or other strategic transactions by our
competitors, our customers, or our partners could weaken our
competitive position or reduce our revenue; payment transactions
processed on our solutions may subject us to regulatory
requirements and the rules of payment card networks, and other
risks that could be costly and difficult to comply with or that
could harm our business; if we fail to adequately protect our
intellectual property rights, our competitive position could be
impaired and we may lose valuable assets, generate reduced revenue
and become subject to costly litigation to protect our rights; we
are, and may in the future be, subject to claims by third parties
of intellectual property infringement, which, if successful could
negatively impact operations and significantly increase costs; we
use open-source software in our platform, which could negatively
affect our ability to sell our services or subject us to litigation
or other actions; our senior management team has limited experience
managing a public company, and regulatory compliance obligations
may divert our attention from the day-to-day management of our
business; we have identified material weaknesses in our internal
control over financial reporting and, if we fail to remediate these
material weaknesses, we may not be able to accurately or timely
report our financial condition or results of operations, which may
adversely affect investor confidence and the price of our common
stock; 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.
ContactsInvestors:Adam RogersVP
Investor Relationsinvestor@presto.com
Media:Brian Rubymedia@presto.com
PRESTO AUTOMATION
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE
LOSS(unaudited)(in thousands,
except per share and per share amounts)
|
Three Months EndedJune 30, |
|
Year Ended June 30, |
|
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
Revenue |
|
|
|
|
|
Platform |
$ |
1,618 |
|
|
5,299 |
|
|
$ |
13,235 |
|
|
20,053 |
|
Transaction |
|
3,201 |
|
|
2,593 |
|
|
|
12,900 |
|
|
10,298 |
|
Total
revenue |
|
4,819 |
|
|
7,892 |
|
|
|
26,135 |
|
|
30,351 |
|
Cost of
revenue: |
|
|
|
|
|
Platform |
|
2,117 |
|
|
6,815 |
|
|
|
13,068 |
|
|
18,687 |
|
Transaction |
|
2,821 |
|
|
2,249 |
|
|
|
11,382 |
|
|
8,998 |
|
Depreciation and impairment |
|
291 |
|
|
827 |
|
|
|
1,164 |
|
|
2,033 |
|
Total
cost of revenue |
|
5,229 |
|
|
9,891 |
|
|
|
25,614 |
|
|
29,718 |
|
Gross profit |
|
(410 |
) |
|
(1,999 |
) |
|
|
521 |
|
|
633 |
|
Operating expenses: |
|
|
|
|
|
Research and development (1) |
|
4,433 |
|
|
5,045 |
|
|
|
21,310 |
|
|
16,778 |
|
Sales and marketing (1) |
|
2,094 |
|
|
1,849 |
|
|
|
8,847 |
|
|
6,640 |
|
General and administrative (1) |
|
7,163 |
|
|
2,737 |
|
|
|
26,771 |
|
|
9,847 |
|
Loss on infrequent product repairs |
|
- |
|
|
— |
|
|
|
- |
|
|
582 |
|
Total operating expenses |
|
13,690 |
|
|
9,631 |
|
|
|
56,928 |
|
|
33,847 |
|
Loss
from operations |
|
(14,100 |
) |
|
(11,630 |
) |
|
|
(56,407 |
) |
|
(33,214 |
) |
Change in fair value of warrants and convertible promissory
notes |
|
(18,232 |
) |
|
(8,860 |
) |
|
|
42,811 |
|
|
(20,528 |
) |
Interest expense |
|
(3,358 |
) |
|
(2,016 |
) |
|
|
(12,755 |
) |
|
(5,434 |
) |
Loss on early extinguishment of debt |
|
(84 |
) |
|
— |
|
|
|
(8,179 |
) |
|
- |
|
Other financing and financial instrument expenses, net |
|
(985 |
) |
|
— |
|
|
|
(2,753 |
) |
|
- |
|
Other income, net |
|
200 |
|
|
3 |
|
|
|
2,812 |
|
|
2,632 |
|
Total
other income (expense), net |
|
(22,459 |
) |
|
(10,873 |
) |
|
|
21,936 |
|
|
(23,330 |
) |
Loss
before provision for income taxes |
|
(36,559 |
) |
|
(22,503 |
) |
|
|
(34,471 |
) |
|
(56,544 |
) |
Provision (benefit) for income taxes |
|
1 |
|
|
(251 |
) |
|
|
9 |
|
|
(230 |
) |
Net loss
and comprehensive loss |
$ |
(36,560 |
) |
$ |
(22,252 |
) |
|
$ |
(34,480 |
) |
$ |
(56,314 |
) |
|
|
|
|
|
|
Net loss
per share attributable to common stockholders: |
$ |
(0.68 |
) |
$ |
(0.82 |
) |
|
$ |
(0.74 |
) |
$ |
(2.07 |
) |
|
|
|
|
|
|
Basic and
Diluted Weighted-average shares used in computing net loss per
share attributable to common stockholders, basic and
diluted |
|
53,659,645 |
|
|
27,127,292 |
|
|
|
46,499,850 |
|
|
27,268,887 |
|
|
|
|
|
|
|
(1) Includes stock-based compensation expense as follows
(in thousands) |
|
|
|
|
|
|
Three Months EndedJune 30, |
|
Year Ended June 30, |
|
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
Research and development |
$ |
1,693 |
|
$ |
170 |
|
|
$ |
3,579 |
|
$ |
519 |
|
Sales and marketing |
|
294 |
|
|
101 |
|
|
|
875 |
|
|
424 |
|
General and administrative |
|
2,351 |
|
|
260 |
|
|
|
9,156 |
|
|
966 |
|
Total* |
$ |
4,338 |
|
$ |
531 |
|
|
$ |
13,610 |
|
$ |
1,909 |
|
|
|
|
|
|
|
*For the three and twelve months ended June 30, 2023, such amount
reflects $1,432 and $4,910, respectively, of stock-based
compensation expense related to earn out shares attributable to
option and RSU holders. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRESTO AUTOMATION INC.CONDENSED
CONSOLIDATED BALANCE SHEETS(unaudited)(in thousands, except share
and par value)
|
June 30, |
|
June 30, |
|
|
2023 |
|
|
|
2022 |
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
15,143 |
|
|
$ |
3,017 |
|
Restricted cash |
|
10,000 |
|
|
|
- |
|
Accounts receivable, net |
|
1,831 |
|
|
|
1,518 |
|
Inventories |
|
629 |
|
|
|
869 |
|
Deferred costs, current |
|
2,301 |
|
|
|
8,443 |
|
Prepaid expenses and other current assets |
|
1,162 |
|
|
|
707 |
|
Total current assets |
|
31,066 |
|
|
|
14,554 |
|
|
|
|
|
Deferred costs, net of current portion |
|
92 |
|
|
|
2,842 |
|
Investment in non-affiliate |
|
2,000 |
|
|
|
- |
|
Deferred transaction costs |
|
- |
|
|
|
5,765 |
|
Property and equipment, net |
|
909 |
|
|
|
1,975 |
|
Intangible assets, net |
|
10,528 |
|
|
|
4,226 |
|
Goodwill |
|
1,156 |
|
|
|
1,156 |
|
Other long-term assets |
|
936 |
|
|
|
18 |
|
Total assets |
$ |
46,687 |
|
|
$ |
30,536 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' DEFICIT |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
3,295 |
|
|
$ |
5,916 |
|
Accrued liabilities |
|
4,319 |
|
|
|
6,215 |
|
Financing obligations, current |
|
1,676 |
|
|
|
8,840 |
|
Term loans, current |
|
50,639 |
|
|
|
25,443 |
|
Convertible promissory notes and embedded warrants, current |
|
- |
|
|
|
89,663 |
|
Deferred revenue, current |
|
1,284 |
|
|
|
10,532 |
|
Total current liabilities |
|
61,213 |
|
|
|
146,609 |
|
|
|
|
|
Financing obligations, net of current portion |
|
3,000 |
|
|
|
- |
|
PPP loans |
|
- |
|
|
|
2,000 |
|
Warrant liabilities |
|
25,867 |
|
|
|
4,149 |
|
Deferred revenue, net of current portion |
|
299 |
|
|
|
237 |
|
Other long-term liabilities |
|
1,535 |
|
|
|
- |
|
Total liabilities |
|
91,914 |
|
|
$ |
152,995 |
|
Stockholders' deficit: |
|
|
|
Common stock, $0.0001 par value–180,000,000 shares authorized as of
June 30, 2023 and June 30, 2022, respectively; 57,180,531 and
27,974,439 shares issued and outstanding as of June 30, 2023 and
June 30, 2022, respectively |
|
5 |
|
|
|
3 |
|
Additional paid-in capital |
|
190,031 |
|
|
|
78,321 |
|
Accumulated deficit |
|
(235,263 |
) |
|
|
(200,783 |
) |
Total stockholders' deficit |
|
(45,227 |
) |
|
|
(122,459 |
) |
Total liabilities and stockholders' deficit |
$ |
46,687 |
|
|
$ |
30,536 |
|
|
|
|
|
|
|
|
|
PRESTO AUTOMATION
INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(unaudited)(in
thousands)
|
Twelve Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
Cash Flows from
Operating Activities |
|
|
Net loss |
$ |
(34,480 |
) |
|
$ |
(56,314 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
Depreciation, amortization and impairment |
|
1,681 |
|
|
|
2,397 |
|
Stock-based compensation |
|
8,699 |
|
|
|
1,947 |
|
Earnout share stock-based compensation expense to option and RSU
holders |
|
4,910 |
|
|
|
- |
|
Contra-revenue associated with warrant agreement |
|
1,242 |
|
|
|
- |
|
Noncash expense attributable to fairvalue liabilities assumed in
Merger |
|
34 |
|
|
|
- |
|
Change in fair value of liability classified warrants |
|
5,459 |
|
|
|
1,597 |
|
Change in fair value of warrants and convertible promissory
notes |
|
(48,271 |
) |
|
|
18,932 |
|
Amortization of debt discount and debt issuance costs |
|
3,426 |
|
|
|
1,215 |
|
Deferred taxes |
|
- |
|
|
|
(247 |
) |
Loss on extinguishment of debt and financing obligations |
|
8,179 |
|
|
|
- |
|
Paid-in-kind interest expense |
|
5,500 |
|
|
|
79 |
|
Share and warrant cost on termination of convertible note
agreement |
|
2,412 |
|
|
|
- |
|
Forgiveness of PPP Loan |
|
(2,000 |
) |
|
|
(2,599 |
) |
Change in fair value of unvested founder shares liability |
|
(189 |
) |
|
|
- |
|
Noncash lease expense |
|
343 |
|
|
|
- |
|
Loss on disposal of property and equipment |
|
16 |
|
|
|
- |
|
Other |
|
- |
|
|
|
19 |
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable, net |
|
(314 |
) |
|
|
(335 |
) |
Inventories |
|
240 |
|
|
|
2,451 |
|
Deferred costs |
|
9,060 |
|
|
|
11,361 |
|
Prepaid expenses and other current assets |
|
(490 |
) |
|
|
1,073 |
|
Other long-term assets |
|
- |
|
|
|
(144 |
) |
Accounts payable |
|
1,508 |
|
|
|
(3,322 |
) |
Vendor financing facility |
|
- |
|
|
|
(6,792 |
) |
Accrued liabilities |
|
(1,970 |
) |
|
|
(3,562 |
) |
Deferred revenue |
|
(9,186 |
) |
|
|
(14,854 |
) |
Other long-term liabilities |
|
(341 |
) |
|
|
(201 |
) |
Net cash used in operating activities |
|
(44,532 |
) |
|
|
(47,299 |
) |
|
|
|
Cash Flows from
Investing Activities |
|
|
Purchase of property and equipment |
|
(254 |
) |
|
|
(260 |
) |
Payments relating to capitalized software |
|
(5,638 |
) |
|
|
(1,798 |
) |
Investment in non-affiliate |
|
(2,000 |
) |
|
|
- |
|
Acquisition of CyborgOps |
|
- |
|
|
|
(155 |
) |
Net cash used in investing activities |
|
(7,892 |
) |
|
|
(2,213 |
) |
|
|
|
Cash Flows from
Financing Activities |
|
|
Proceeds from the exercise of common stock options |
|
579 |
|
|
|
110 |
|
Proceeds from the issuance of term loans |
|
60,250 |
|
|
|
12,600 |
|
Payment of debt issuance costs |
|
(294 |
) |
|
|
(1,287 |
) |
Repayment of term loans |
|
(32,980 |
) |
|
|
- |
|
Payment of penalties and other costs on extinguishment of debt |
|
(6,228 |
) |
|
|
- |
|
Proceeds from issuance of convertible promissory notes and embedded
warrants |
|
- |
|
|
|
8,150 |
|
Principal payments of financing obligations |
|
(4,573 |
) |
|
|
(2,376 |
) |
Proceeds from issuance of common stock |
|
9,846 |
|
|
|
- |
|
Contributions from Merger and PIPE financing, net of transaction
costs and other payments |
|
49,840 |
|
|
|
- |
|
Payment of deferred transaction costs |
|
(1,890 |
) |
|
|
(1,577 |
) |
Net cash provided by financing activities |
|
74,550 |
|
|
|
15,620 |
|
|
|
|
Net increase (decrease) in cash, cash equivalents and restricted
cash |
|
22,126 |
|
|
|
(33,892 |
) |
Cash and cash equivalents at beginning of year |
|
3,017 |
|
|
|
36,909 |
|
Cash, cash equivalents and restricted cash at end of year |
$ |
25,143 |
|
|
$ |
3,017 |
|
|
|
|
Reconciliation of cash, cash equivalents and restricted cash: |
|
|
Cash and cash equivalents |
|
15,143 |
|
|
|
3,017 |
|
Restricted cash |
|
10,000 |
|
|
|
- |
|
Total cash, cash equivalents and restricted cash |
$ |
25,143 |
|
|
$ |
3,017 |
|
|
|
|
|
|
|
|
|
PRESTO AUTOMATION INC.Reconciliation from
GAAP to Non-GAAP Results(In thousands, except per share data,
unaudited)
|
Three Months Ended |
|
Year Ended |
|
June 30, |
|
June 30, |
|
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
Adjusted
EBITDA |
|
|
|
|
|
Net loss |
|
(36,560 |
) |
|
(22,252 |
) |
|
|
(34,480 |
) |
|
(56,314 |
) |
Interest expense |
|
3,358 |
|
|
2,016 |
|
|
|
12,755 |
|
|
5,434 |
|
Provision (benefit) for income taxes |
|
1 |
|
|
(251 |
) |
|
|
9 |
|
|
(230 |
) |
Other income, net |
|
(200 |
) |
|
(3 |
) |
|
|
(2,812 |
) |
|
(2,632 |
) |
Depreciation and amortization |
|
419 |
|
|
294 |
|
|
|
1,681 |
|
|
1,685 |
|
Stock-based compensation expense |
|
2,906 |
|
|
531 |
|
|
|
8,700 |
|
|
1,909 |
|
Earnout stock-based compensation expense |
|
1,432 |
|
|
- |
|
|
|
4,910 |
|
|
- |
|
Change in fair value of warrants and convertible promissory
notes |
|
18,232 |
|
|
8,860 |
|
|
|
(42,811 |
) |
|
20,528 |
|
Loss on extinguishment of debt and financial obligations |
|
84 |
|
|
- |
|
|
|
8,179 |
|
|
- |
|
Other financing and financial instrument expenses, net |
|
985 |
|
|
- |
|
|
|
2,753 |
|
|
- |
|
Deferred compensation and bonuses earned upon closing of the
Merger |
|
- |
|
|
- |
|
|
|
1,593 |
|
|
- |
|
Public relations fee due upon closing of the Merger |
|
- |
|
|
- |
|
|
|
250 |
|
|
- |
|
Loss on infrequent product repairs |
|
- |
|
|
- |
|
|
|
- |
|
|
582 |
|
Reduction in force |
|
217 |
|
|
- |
|
|
|
217 |
|
|
- |
|
Hardware repair expense related to COVID |
|
- |
|
|
- |
|
|
|
- |
|
|
1,110 |
|
Adjusted
EBITDA |
$ |
(9,126 |
) |
$ |
(10,805 |
) |
|
$ |
(39,056 |
) |
$ |
(27,928 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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