Presto Automation (PRST) has released an update.
Following an amendment to their Cooperation Agreement, the company and Hi Auto have agreed to compete for the Checkers franchise locations starting May 1, 2024. Despite this change and potential loss of Checkers locations, the company remains optimistic about its financial prospects. The projected annualized run rate (PARR) has been adjusted slightly from $17.6 million to $16.7 million, accounting for a probable reduction in store count by the end of 2024. The company’s PARR is a critical metric, reflecting the anticipated revenue from their AI solution contracts and is primarily based on future rollouts at new locations. Forward-looking statements in the report indicate plans for growth and management’s confidence in scaling operations, while also acknowledging risks such as securing capital and maintaining customer relationships.
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For a comprehensive understanding of the announcement, you can read the full document here.
