Presto Signs Voice AI Pilot with Top 10 QSR Drive-Thru Brand

Rhea-AI Summary

Presto Automation Inc. signs new pilot agreements with two major quick-service restaurant brands, becoming the only Voice AI vendor after previous vendors failed. Presto's robust Voice system achieves an 85% non-intervention rate on average and has reached up to 95% in certain locations.

Positive

• Presto becomes the exclusive Voice AI vendor for two major quick-service restaurant brands.
• Presto's Voice system achieves an 85% non-intervention rate on average and up to 95% in certain locations.

Negative

• None.

SAN CARLOS, Calif., Oct. 23, 2023 (GLOBE NEWSWIRE) -- Presto Automation Inc. (Nasdaq: PRST), one of the largest drive-thru automation technology providers in the hospitality industry, has signed new pilot agreements with two top major quick-service restaurant brands.

One of Presto’s new pilot drive-thru customers is a Top 10 QSR chain, ranked by annual revenues of restaurants that include a drive-thru concept, while the other is part of a leading global restaurant franchising company that manages over 2,000 locations in total. In both cases, Presto is now the only Voice AI vendor in an active pilot after two prior voice AI vendors failed to perform adequately beyond a pilot stage.

In one case, Presto displaced an incumbent who was unable to deliver high order accuracy. Presto's robust Voice system achieves an 85% non-intervention rate on average and has reached up to a 95% non-intervention rate in certain locations¹ which is a key competitive advantage.

"As an enterprise-grade solution, Presto Voice™ has demonstrated it is the best choice for large QSR chains,” said Xavier Casanova, CEO of Presto. “Our unparalleled strength in technology development and our ability to roll out large-scale implementations in the restaurant industry sets Presto apart, and recent customer contracts and growth of installed locations tangibly illustrates Presto’s leadership in the industry.”

These new pilot agreements come alongside Presto signing CKE Franchise Group StarCorp and all of its 58 Carl’s Jr. locations, where it will be the only Voice AI vendor. After achieving incremental upsell revenue for StarCorp during its pilot period, the companies are now rolling out the technology at select additional locations over the coming months.

About Presto
Presto (Nasdaq: PRST) provides enterprise-grade AI and automation solutions to the restaurant enterprise technology 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, Del Taco, and Checkers for Presto Voice and Applebee’s, Chili’s, and Red Lobster for Presto Touch.

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

Media:
Brian Ruby
media@presto.com

¹ Non-intervention rate refers to intervention by on-site restaurant staff (not including interactions that do not result in an order such as pick-ups from third party delivery services).

FAQ

Who is Presto Automation Inc.?

Presto Automation Inc. is one of the largest drive-thru automation technology providers in the hospitality industry.

What are the new pilot agreements that Presto signed?

Presto signed new pilot agreements with two major quick-service restaurant brands.

Why did previous voice AI vendors fail?

Previous voice AI vendors failed to perform adequately beyond the pilot stage.

What is the non-intervention rate of Presto's Voice system?

Presto's Voice system achieves an 85% non-intervention rate on average and up to 95% in certain locations.

What sets Presto apart from its competitors?

Presto's unparalleled strength in technology development and ability to roll out large-scale implementations in the restaurant industry sets it apart.

Which restaurant brands are included in the pilot agreements?

The pilot agreements include a Top 10 QSR chain and a leading global restaurant franchising company with over 2,000 locations in total.

What is Presto's role in the pilot agreements?

Presto is now the only Voice AI vendor in an active pilot after displacing an incumbent vendor and delivering high order accuracy.

Which franchise group did Presto sign with?

Presto signed with CKE Franchise Group StarCorp and all of its 58 Carl's Jr. locations.

What will happen after the pilot period with StarCorp?

After achieving incremental upsell revenue during the pilot period, the technology will be rolled out at select additional locations over the coming months.