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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 Inc. (NASDAQ: PRST) has announced the promotion of Dan Mosher to president and Xavier Casanova to chief operating officer, effective immediately. Mosher, previously chief revenue officer, has led significant drive-thru voice AI technology rollouts. He aims to drive revenue growth amid changes in the restaurant industry. Casanova will oversee operations and continue to innovate, particularly with the collaboration with OpenAI. Presto's AI solutions, including Presto Voice, have shown a 6% sales increase and save labor costs. The company is poised to support evolving consumer expectations in the hospitality sector.
Presto Automation Inc. (NASDAQ: PRST) announces the resignation of its founder, Rajat Suri, as CEO, effective immediately, to pursue other interests. He will remain as a Strategic Advisor. Krishna Gupta, the current Chairman, has been appointed Interim CEO. Gupta has been with the company since its inception and has significant experience in technology investments. The board expresses confidence in Gupta's leadership during this transition, as a search committee has been formed to find a permanent successor. Presto is a leader in hospitality technology, processing over 380 million transactions, and aims to enhance customer experiences with its innovative solutions.
Presto Automation Inc. (NASDAQ: PRST), a leader in drive-thru automation technology for the hospitality sector, will present at the BofA Securities 2023 Consumer & Retail Conference on March 15, 2023, at 11:20 a.m. Eastern Time. Chief Revenue Officer Dan Mosher will deliver the presentation, which will be available via live webcast and archived on the company’s investor relations website.
Presto, headquartered in San Carlos, California, is renowned for its innovative Voice, Vision, and Touch technologies, having processed over 300 million transactions and serving major U.S. restaurant chains since its founding in 2008.
Presto Automation (Nasdaq: PRST) announced a collaboration with OpenAI to enhance its Presto Voice AI assistant used in drive-thru services. Utilizing ChatGPT technology, the partnership aims to create a more natural interaction experience for restaurant guests. Key improvements include enhanced menu management, robust testing features, and more conversational responses. Currently, Presto Voice operates in numerous restaurants, achieving a 95% success rate in order handling without staff intervention, leading to a reported 6% sales increase and significant labor savings.
Presto Automation (NASDAQ: PRST) announced its Q2 2023 financial results, reporting total revenue of $7.4 million, a 4% decline from $7.7 million in Q2 2022. The company signed Del Taco as its second drive-thru enterprise customer, creating a $10 million Annual Recurring Revenue (ARR) opportunity. However, ARR decreased 4% year-over-year to $29 million, impacted by specific customer contract accounting. Despite a net loss improvement from $(24) million to $(17) million, Adjusted EBITDA loss increased to $(10) million from $(5) million in 2022. Presto expects ARR for the fiscal year ending June 30, 2023, to be between $28 - $30 million.
Presto Automation Inc. (NASDAQ: PRST) will release its second quarter 2023 financial results on February 14, 2023, after market close. A conference call will be held at 4:30 p.m. ET to discuss the results and future business outlook. The call can be accessed via telephone or through a live webcast on the Company’s website. A replay will be available shortly after the call and can be accessed until February 28, 2023.
Founded in 2008 at M.I.T., Presto is a leading provider of labor automation technology in the hospitality sector, processing over 300 million transactions and serving many of the top 20 restaurant chains in the U.S.
Presto Automation Inc. (NASDAQ: PRST) has been awarded the Supplier of the Year Innovation Award for 2022 by Checkers & Rally's for its Presto Voice A.I. drive-thru automation solution. Implemented at hundreds of locations, this technology significantly reduces labor costs and enhances revenue. Minh Le, CIO of Checkers & Rally's, noted the positive impact on business operations, allowing for labor redeployment to critical areas. This recognition affirms Presto's innovative contributions to drive-thru automation in the hospitality industry.
Presto Automation Inc. (NASDAQ: PRST) has expanded its partnership with Del Taco, the second largest Mexican quick service restaurant, to implement Presto Voice A.I. at multiple drive-thru locations nationwide. This technology enhances labor productivity, customer experiences, and revenue growth. The AI solution has shown remarkable efficiency, with over 95% of orders processed without staff intervention. Del Taco, operating over 600 locations, is keen on enhancing operational efficiency and customer satisfaction through this innovation.
Presto Automation Inc. (NASDAQ: PRST), a leader in drive-thru automation technology for the hospitality sector, will present at the 25th Annual ICR Conference on January 10, 2023, at 11:00 AM Eastern Time in Florida. The conference will be webcast live, allowing investors to join via the corporate website. With over 300 million processed transactions, Presto leverages cutting-edge voice, vision, and touch technologies to enhance guest experiences and streamline operations. Founded in 2008 at M.I.T., Presto serves many top U.S. restaurant chains.
Presto Automation Inc. (NASDAQ: PRST) has launched an innovative custom voice feature in its Presto Voice™ drive-thru automation solution, enabling restaurants to offer a unique ordering experience with celebrity voices and custom accents. This industry-first feature aims to enhance customer engagement, increase sales by approximately
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