Presto Announces Signed Agreements with 13 QSR Franchise Groups Representing More than 500 Locations Combined

Rhea-AI Summary

Presto Automation Inc. has signed agreements with 13 franchise groups that collectively own and operate over 500 locations nationwide to deploy its drive-thru automation solution. This represents the largest rollout potential in the drive-thru automation segment. The estimated serviceable addressable market for this space is $2.25B in the United States alone. Presto Voice customers have experienced positive results, including increased check sizes, labor redeployment, and higher upselling rates.

Positive

• Presto Automation Inc. has achieved notable traction with franchise operators, signing agreements with 13 franchise groups that collectively own and operate over 500 locations nationwide.
• The collective rollout potential of this group of franchisees is the largest ever reported in the drive-thru automation segment.
• The estimated serviceable addressable market for drive-thru automation in the United States alone is $2.25B.
• Presto Voice customers have experienced incremental check size increases of up to 6%.
• Labor redeployment has been demonstrated, resulting in accelerated speed of service.
• Upselling rates have been as much as 4X higher than human order-takers.

Negative

• None.

SAN CARLOS, Calif., Aug. 17, 2023 (GLOBE NEWSWIRE) -- Presto Automation Inc. (NASDAQ: PRST), one of the largest drive-thru automation technology providers in the hospitality industry, today shared that following its entering into various Master Services Agreements with top QSR brands, that it has now signed agreements with 13 franchise groups that collectively own and operate more than 500 locations nationwide.

All signed franchisees have committed to begin deploying Presto Voice™, Presto’s in-house, proprietary drive-thru automation solution. Presto believes the collective rollout potential of this group of franchisees is the largest ever reported in the fast-developing drive-thru automation segment, representing a significant milestone both for the firm and for the space in general. Presto estimates the serviceable addressable market for this space to be $2.25B in the United States alone.

“We’ve achieved notable traction with franchise operators over the past several months and we look forward to generating widespread adoption of our Voice AI solution at these drive-thru locations,” said Dan Mosher, President of Presto. “The results are encouraging for franchisees, restaurant staff, and guests. We look forward to growing our partnership 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.”

Presto Voice customers have experienced strong results to date. With drive-thru operators seeing incremental check size increases of up to 6%, demonstrable labor redeployment to accelerate speed of service, and upselling as much as 4X higher than human order-takers, Presto is helping fast-food operators achieve more without the need to add headcount in an already-challenging labor market.

About Presto Automation Inc.

Presto (NASDAQ: PRST) provides enterprise-grade AI solutions to some of the nation’s largest hospitality brands. Presto Voice™, its industry-leading automation and voice AI technology, improves order accuracy, reduces labor costs, and increases revenue for superior drive-thru and dine-in experiences. With over $18 billion in payments processed, Presto is one of the largest labor automation technology providers in the industry. Presto is headquartered in Silicon Valley and counts among its customers several of the top 20 restaurant chains in the United States.

Contact
Investors:
Adam Rogers
VP Investor Relations
investor@presto.com

Media:
Justin Foster & Brian Ruby
media@presto.com 

 

FAQ

What is the company that shared the press release?

The company is Presto Automation Inc.

What industry does Presto Automation Inc. operate in?

Presto Automation Inc. is a drive-thru automation technology provider in the hospitality industry.

How many franchise groups have signed agreements with Presto Automation Inc.?

Presto Automation Inc. has signed agreements with 13 franchise groups.

How many locations do the franchise groups collectively own and operate?

The franchise groups collectively own and operate over 500 locations nationwide.

What is Presto Voice?

Presto Voice is Presto's in-house, proprietary drive-thru automation solution.

What is the estimated serviceable addressable market for drive-thru automation in the United States?

The estimated serviceable addressable market for drive-thru automation in the United States is $2.25B.

What benefits have Presto Voice customers experienced?

Presto Voice customers have experienced increased check sizes, labor redeployment for faster service, and higher upselling rates.