ZAPATA COMPUTING HOLDINGS - ZPTA STOCK NEWS

Zapata AI (ZPTA) reported Q2 2024 financial results and provided a business update. Key highlights include:

- Revenue increased to $2.00 million from $1.43 million in Q2 2023
- Gross margin improved to 36.0% from 19.7% in Q2 2023
- Operating loss widened to $7.37 million from $4.14 million in Q2 2023
- Cash and cash equivalents stood at $7.16 million as of June 30, 2024

The company expanded partnerships with D-Wave Quantum, KPMG, and Tech Mahindra, and announced a collaboration with the U.S. Department of Defense. Zapata AI's qualified pipeline exceeds $30 million, spanning several focus industries. The company is optimistic about accelerating business growth in the second half of 2024 and beyond.

Zapata Computing Holdings Inc. (Nasdaq: ZPTA), a leading provider of industrial-grade AI software, has entered a Cooperative Research and Development Agreement (CRADA) with the U.S. Special Operations Command (USSOCOM). The collaboration aims to enhance real-time intelligence and decision support for USSOCOM's Hyper-Enabled Operator and Force programs using advanced AI on the edge.

Key aspects of the CRADA include:

• Empowering USSOCOM with AI tools for improved situational awareness and decision-making
• Accelerating AI-driven advantage aligned with mission objectives
• Leveraging Zapata AI's Orquestra® platform for rapid model development
• Deploying AI applications on ruggedized high-performance computing hardware in low connectivity environments

This partnership builds on Zapata AI's success with Andretti Global and its involvement in DARPA's Quantum Benchmarking program, further solidifying its position in the defense innovation ecosystem.

Zapata Computing Holdings Inc. (Nasdaq: ZPTA), a leading provider of industrial-grade software for enterprise AI, has announced the timing of its second quarter 2024 financial results release and conference call. The company will release its financial results before market open on Wednesday, August 14th, 2024. A conference call will be held the same day at 8:30am ET to review the results, provide a corporate update, and conduct a Q&A session.

Investors can access the conference call live via a webcast on Zapata AI's investor relations site at ir.zapata.ai. A replay of the webcast will be available shortly after the event and will be archived for one year.

Zapata AI and D-Wave Quantum have expanded their partnership to advance the development and delivery of integrated quantum and generative AI solutions on D-Wave's Leap cloud platform.

Leveraging Zapata's Universal Generative AI software and D-Wave's quantum computing capabilities, the collaboration aims to enhance model training efficiency, performance, and energy efficiency.

This agreement includes a one-year Enterprise subscription license to Zapata's Orquestra platform and support for use case research and application piloting.

Zapata AI and KPMG UK have successfully collaborated on enhancing a risk compliance model for a leading global insurance firm. The project, utilizing Zapata's generative AI and KPMG's actuarial expertise, optimized the client's risk, operations, and compliance modeling, reducing compute time by over 1,000 times while maintaining accuracy. This innovation allowed the client to transition from submitting approximations to actual finished calculations, ensuring compliance with regulatory requirements. Both companies are enthusiastic about the broad applicability of these transformative solutions across various industries facing similar computational challenges.

Zapata AI has announced its membership in the KT Consortium, a collaborative group of global chemical and biochemical manufacturers. This partnership allows Zapata AI to work with industry leaders such as Henkel, Mitsubishi Chemical, and Total Energy to advance chemical compound development using generative AI and quantum techniques. The consortium, which includes companies generating over USD $100 billion annually, aims to leverage Zapata AI's optimization, predictive modeling, and virtual sensor capabilities to enhance manufacturing processes. CEO Christopher Savoie highlighted the potential for transformative technology applications in the industry. Zapata AI's membership follows its history of successful collaborations with top-tier manufacturers and research in quantum algorithms. The KT Consortium focuses on state-of-the-art chemical and biochemical engineering methods, aiming to reduce costs and accelerate development timelines.

Zapata AI, listed on Nasdaq under the symbol ZPTA, published key findings from Phase II of DARPA's Quantum Benchmarking program.

The research, involving partners such as Rigetti Computing, USC, HRL Laboratories, and L3Harris, highlights the economic value and resource requirements for select transformative quantum computing use cases.

These applications include homogenous catalyst design, incompressible computational fluid dynamics, and correlated material simulation, each representing potential multi-million to billion-dollar value.

Zapata AI's involvement across all program tracks underscores its leadership in quantum computing.

Pre-prints of the research were released on June 10 and are available on arxiv.org.

The program, initiated in 2021, aims to apply scientific rigor in measuring quantum computing progress.

Phase II, continuing until March 2025, focuses on optimizing quantum algorithms and refining utility estimates.

Zapata AI has published a groundbreaking paper titled 'Early Fault-Tolerant Quantum Computing' in the esteemed journal PRX Quantum, offering a framework for utilizing today's imperfect quantum computers to solve future complex problems. The research, led by CTO Yudong Cao, bridges the gap between current noisy quantum devices and future fault-tolerant systems, introducing the concept of Early Fault Tolerant Quantum Computing (EFTQC). This publication marks a significant milestone, as it is the second time this year that Zapata AI's research has been featured in a prestigious journal, with a previous paper published in Nature Communications. The company also highlighted its leadership in quantum computing at the Qubits conference, discussing the integration of generative AI with quantum computing for industrial applications like drug discovery and financial services.

Zapata AI announced that Chief Revenue Officer Jon Zorio and Chief Technology Officer Yudong Cao will participate in panel discussions at the D-Wave Qubits Conference on June 17, 2024. Zorio will join the opening keynote at 8:30am EDT, hosted by Dr. Alan Baratz, CEO of D-Wave. Later, at 3:50pm EDT, Zorio and Cao will host a fireside chat moderated by Aaron Pressman of The Boston Globe. The sessions will cover Zapata AI's quantum and AI capabilities, industrial applications, and the company's partnership with D-Wave. The Qubits Conference is a leading event in quantum computing, featuring industry experts and real-world applications across various sectors.