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Presto Technologies, Inc. (NASDAQ: PRST) is a leading provider of AI and automation solutions tailored for the restaurant industry. Known for its enterprise-grade software, Presto aims to revolutionize restaurant operations by decreasing labor costs, improving staff productivity, increasing revenue, and enhancing the guest experience.
Presto's flagship product, Presto Voice™, is designed for quick-service restaurants (QSR). Utilizing cutting-edge artificial intelligence, this product automates speech recognition for drive-thru orders, offering an efficient and seamless experience for customers. This innovation is already in use by some of the most recognized names in the industry, such as Carl’s Jr., Hardee’s, and Checkers.
Another significant product offered by Presto is Presto Touch, a pay-at-table tablet solution designed for casual dining chains. This product enhances the dining experience by allowing guests to settle their bills conveniently at the table. Major casual dining brands like Applebee's, Chili's, and Red Lobster utilize Presto Touch to streamline their operations and improve customer satisfaction.
Recently, Presto announced an expansion of Presto Voice to include a Spanish-language ordering feature. This new capability aims to serve a broader demographic and provide a more inclusive customer experience. The feature is being piloted in Southern California and is expected to roll out more broadly upon successful testing.
Financially, Presto has been active in securing capital to support its growth. The company recently completed a financing round, raising approximately $2.1 million. This funding will be used for working capital and general corporate purposes. The offering was made pursuant to a shelf registration statement filed with the SEC.
As Presto focuses on its Voice AI solution, it has decided to wind down its Touch pay-at-table product, with plans to exit this business line by June 2024. This strategic shift allows the company to concentrate its resources on enhancing the Presto Voice solution, which shows significant potential for growth in North American drive-thru operations.
Presto's technological advancements, coupled with its focus on improving operational efficiencies for restaurants, position it as a key player in the evolving landscape of the restaurant industry. The company continues to innovate, aiming to meet the diverse needs of its customers through cutting-edge technology and strategic partnerships.
Presto Automation (PRST) has completed its Article 9 sale process, with assets being acquired by a consortium led by Remus Capital, including Link Ventures and Metropolitan Partners Group. The new private entity, renamed Presto Phoenix, will retain the Presto Voice™ platform, technology, and team.
The consortium has injected $18M in new capital to focus on expanding the company's Voice AI business for drive-thru restaurant chains across America. The company's AI technology automates drive-thru order-taking, improving efficiency, accuracy, and upsell frequency while enhancing customer experience.
Under new CEO Gee Lefevre, Presto Phoenix aims to dominate the QSR Voice AI market with its combination of leading product technology and restaurant industry expertise. The company has also unveiled a refreshed brand identity, including a new logo and website, reflecting its renewed focus on Voice AI technology leadership in drive-thru operations.
Presto Automation, a leading AI and automation technology provider for the restaurant industry, has announced a significant capital injection from its senior secured lenders, led by Metropolitan Partners Group. This funding will support the company during a sales process for its business and assets under Article 9 of the Uniform Commercial Code. The process aims to achieve the highest value and is expected to result in a streamlined capital structure and improved financial flexibility.
Key points:
- Current shareholders are not expected to receive any payment for their shares
- Presto Automation Inc. will be wound up after the sale
- The company plans to maintain current service levels with no changes to employees or operations
- Presto's Voice AI efficiency has shown significant improvement
- Expansion agreements with QSR chains will bring AI technology to approximately 750 additional restaurants
The sale process begins on September 24, 2024, and is expected to conclude in November 2024.
Presto Automation (NASDAQ: PRST), a leading AI and automation technology provider, has teamed up with Taco John’s and Qu to enhance drive-thru operations via Presto Voice™ AI. The initiative aims to improve staff productivity, increase revenue through upsells, and enhance the customer experience. Presto Voice has been integrated with Qu’s commerce platform to streamline order processing and improve service speed and accuracy. The first pilot in Minnesota started in April 2024 and, due to positive results, will expand to Wyoming by August. Taco John’s plans to roll out the technology across its nearly 400 restaurants in 23 states.
Presto Automation (NASDAQ: PRST) has partnered with Taco John’s and Qu to pilot its Presto Voice AI in drive-thru operations at select Taco John’s restaurants. This AI technology enhances staff productivity, reduces labor costs, and improves guest experience by automating order-taking and offering customizable upsells. Initial deployment in Minnesota has shown positive results, leading to expansion to a second location in Wyoming by August. The integration with Qu's point-of-sale system ensures seamless data management and real-time order processing. If successful, Taco John’s plans to roll out Presto Voice to its franchised locations across 23 states.
Presto Automation (NASDAQ: PRST) announced its fiscal Q3 2024 financial results, highlighting significant developments in its Voice AI solution for drive-thrus. The company reported total revenue of $4.5 million but faced a net loss of $18.1 million and an adjusted EBITDA loss of $12.2 million. As part of its strategic pivot, Presto is winding down its Touch pay-at-table product to focus exclusively on the Presto Voice AI solution.
Recent business highlights include successful pilots of Presto Voice with Pure AI and a Spanish language feature in Southern California. Financially, the company secured $3 million in new financing and received a forbearance extension from its senior secured lender, Metropolitan Partners Group, until June 15, 2024, with potential extension until July 15, 2024, pending further capital raising. Presto projects Q4 2024 revenue to be between $1.6 million and $1.9 million.
Presto Automation has announced a pilot program for its Spanish Voice AI ordering feature, aimed at enhancing the drive-thru experience for Spanish-speaking customers. The new feature allows seamless switching between English and Spanish, making it more inclusive for diverse demographics. Currently, the feature is being piloted in Southern California with plans for further testing and broader rollout. Interim CEO Gee Lefevre highlighted that this development not only caters to more U.S. customers but also opens up international expansion possibilities. This update is part of Presto Voice, designed to streamline restaurant operations, improve customer satisfaction, and boost revenue.
Presto Automation (NASDAQ: PRST), a major provider of AI and automation technology for the restaurant industry, will release its fiscal third quarter 2024 financial results on May 20, 2024, after market close.
The company's management will discuss these results and other business highlights in a conference call scheduled for May 22, 2024, at 5:00 p.m. Eastern Time.
Interested parties can register for the call via the Presto Investor Relations website, where a live audio webcast and archived replay will be available.
Presto Automation Inc. introduces Presto Voice™ with Pure AI, an autonomous Voice AI ordering feature for drive-thru operators. The new technology aims to streamline operations, enhance the customer experience, and reduce delays by providing a direct escalation path to restaurant staff when needed.
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