ZAPATA COMPUTING HOLDINGS - ZPTA STOCK NEWS

Zapata AI has appointed Derron Blakely as its new General Counsel. Blakely brings extensive experience in licensing, contracting, compliance, and administration from his previous roles in the AI, government, and defense sectors. His legal expertise is expected to support Zapata AI's expansion as a newly public company. Blakely previously served as General Counsel at C3.ai and Deputy General Counsel for Elbit Systems of America. He will replace Nicole Fitchpatric, who leaves for personal reasons on June 14. CEO Christopher Savoie expressed confidence in Blakely's ability to build a robust legal infrastructure to support the company's growth.

Zapata AI (NASDAQ: ZPTA) reported its financial results for Q1 2024, revealing a revenue of $1.22 million, down from $1.51 million in Q1 2023. The company posted an operating loss of $5.08 million, consistent with the previous year's $5.09 million. Cash used by operating activities dropped to $2.15 million from $5.32 million in Q1 2023. Cash and cash equivalents increased to $7.25 million from $3.33 million at the end of 2023. Notable business developments include a $1 million expansion agreement with Andretti Global, collaborations with Sumitomo Mitsui Trust Bank, D-Wave, and Tech Mahindra, and the successful application of a generative model on quantum hardware for cancer drug candidates. The company raised an additional $5.4 million post-Q1 2024.

Zapata AI announced a strategic partnership with Tech Mahindra to enhance network and customer operations for global telecom customers using quantum-based Industrial Generative AI. The collaboration aims to leverage Zapata AI's advanced generative AI solutions to boost Tech Mahindra's operational capabilities, focusing on network optimization, proactive maintenance, anomaly detection, and personalized customer interactions. The initiative targets significant operational efficiencies, cost savings, and improved customer satisfaction for Communication Service Providers (CSPs). This partnership will offer scalable AI-powered solutions for quicker deployment and better service quality, harnessing Tech Mahindra's telecommunications expertise and Zapata AI's cutting-edge technology.

Zapata Computing Holdings, trading as ZPTA on Nasdaq, announced an inducement grant of a nonstatutory stock option to Sumit Kapur, the new Chief Financial Officer and Vice President of Finance. Kapur's grant includes the option to purchase 600,000 shares at $1.23 per share, the closing price on May 13, 2024. The vesting schedule will see 25% of shares vest on the first anniversary, and the remaining 75% in equal monthly increments over three years, contingent on continued employment. The grant is a key component of Kapur's compensation and was approved by the Board's Compensation Committee under Nasdaq Rule 5635(c)(4). Kapur's role as CFO begins May 20, 2024.

Zapata Computing Holdings Inc. announced the appointment of Sumit Kapur as Chief Financial Officer. Sumit brings extensive experience in AI, investment banking, and scaling businesses. His track record includes scaling revenue by 50x at 3Degrees. He will support Zapata AI's growth across various industries. Sumit will succeed Mimi Flanagan and report to CEO Christopher Savoie.

Zapata AI, a leading Industrial Generative AI company, will release its first quarter 2024 financial results on May 15th, 2024. A conference call will follow to discuss the results and recent events.

D-Wave Quantum Inc. (NYSE: QBTS) introduces the fast-anneal feature, enhancing quantum computing performance. The feature, available on all quantum processing units in the Leap™ real-time quantum cloud service, enables users to perform quantum computations at unprecedented speeds, reducing external disturbances. The fast-anneal feature has been pivotal in D-Wave's research milestones, offering extended control for faster annealing times. Customers can now access the feature to drive innovation and achieve extraordinary results, with growing demand evident from the usage of the Advantage2 experimental prototypes. Commercial and academic researchers are anticipated to leverage the fast-anneal feature for building world-class applications and expanding benchmarking studies.

Zapata AI announces a significant commercial expansion with Andretti Global, securing a seven-figure booking and becoming Andretti's official AI Partner. The partnership aims to enhance technological innovation in support of Andretti's racing operations worldwide, leveraging Zapata's generative AI, machine learning, and optimization solutions. The expansion includes building an AI-ready database application to manage and update dynamic records for all previous Andretti racing configurations across various racing series, enabling real-time insights and operational efficiencies.

Zapata Computing Holdings Inc. announces research on Generator-Enhanced Optimization (GEO) published in Nature Communications, showcasing how generative AI can revolutionize optimization problems in industrial settings. GEO proves competitive in financial portfolio optimization, outperforming existing algorithms. Zapata AI's CEO highlights the potential of generative AI beyond language tasks, emphasizing its impact on business analytics and optimization solutions.