Presto Automation Inc.
presto.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q3 FY2024 10-Q, filed May 21, 2024. Its latest SEC filing is a 15-12G from Sep 19, 2024.
10-Q for Q3 FY2024, filed May 21, 2024
The sections below describe the company as of the FY2023 annual report.
What Did They Do?
Provides AI voice-ordering systems and pay-at-table tablets to quick-service restaurants and casual dining chains.
10-K for FY2023, filed Oct 11, 2023We provide enterprise grade AI and automation solutions to the restaurant enterprise technology industry. Our solutions are designed to…View ↗
Our Voice AI solution, Presto Voice, completes complex orders, including large orders with multiple menu modifications and add-ons, with…View ↗
Our Presto Touch pay-at-table tablet solution enables self-serve ordering, payment processing, personalization and gaming experiences for…View ↗
How Did They Make Money?
Restaurant customers pay for access to Presto Touch and Presto Voice: part is due when the contract is signed and the remainder monthly over the contract term. Guests can also pay for premium games through the restaurant, which collects the fee and sends Presto its share.
10-K for FY2023, filed Oct 11, 2023
$26.1M
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10-K for FY2023, filed Oct 10, 2023
$26.1M ↗
Who Were Their Customers?
Restaurant brand owners and franchisees buy the systems; Presto starts with brand owners and then sells to franchisees, which make independent adoption decisions.
10-K for FY2023, filed Oct 11, 2023Presto’s customers include some of the most familiar restaurant names in the United States, including Carl’s Jr., Hardee’s, Del Taco and…View ↗
In general, our sales process starts with the corporate owner of the restaurant brand followed by our marketing efforts to its franchisees…View ↗
Following the pilot period, we enter into MSAs with our customers of typically 12 to-36 months in duration. We execute these MSAs first…View ↗
Did Revenues Turn Into Profits?
No. It lost $34.5M in FY2023.
10-K for FY2023, filed Oct 10, 2023
−$56.4MView ↗
10-K for FY2023, filed Oct 10, 2023
−$34.5MView ↗
10-K for FY2023, filed Oct 10, 2023
−$44.8MView ↗
How Were They Changing?
- Net income
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Sources
10-Q for Q3 FY2024, filed May 20, 2024
−$18.1MView ↗
- ▲ +15% (Loss)
- vs −$15.7M in Q3 FY2023
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Aug 12, 2024
The CFO stepped down and a successor accepted the role
Sources
8-K, filed Aug 12, 2024
On August 9, 2024, the Company and Stanley Mbugua, the Company’s Chief Financial Officer, agreed that Mr. Mbugua would step down from his…View ↗
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Aug 7, 2024
Nasdaq delisted the company’s shares and warrants
The company withdrew its appeal after failing to regain listing requirements.
Sources
8-K, filed Aug 7, 2024
On August 6, 2024, the Company received a Staff determination letter from Nasdaq informing the Company that the Company had not regained…View ↗
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