Presto Automation Inc. (NASDAQ:PRST) Q1 2024 Results Conference Call November 20, 2023 5:00 PM ET

Company Participants

Krishna Gupta - Chairman

Xavier Casanova - CEO

Nathan Cook - Interim CFO

Conference Call Participants

Mike Latimore - Northland Capital Markets

Brian Dobson - Chardan Capital Markets

Operator

Hello, and welcome to Presto Automation’s First Quarter 2024 Earnings Call. [Operator Instructions] I would now like to hand the conference over to [Gi Luvere] you may begin.

Unidentified Company Representative

Thank you. Good afternoon, everyone. I would like to welcome all of you to the Presto Automation Fiscal First Quarter 2024 Earnings Conference Call. Today's call will include recorded comments from our Chairman, Krishna Gupta; our Chief Executive Officer, Xavier Casanova; and our Interim Chief Financial Officer, Nathan Cook. After the recorded comments, we will open the call for questions.

A replay of this call will be made available and information to access the replay is listed in today's press release. Before we begin, I would like to remind everyone that during today's call, we will be making forward-looking statements regarding future events and financial performance, including our guidance for fiscal second quarter 2024.

These forward-looking statements are subject to known and unknown risks and uncertainties. Presto cautions that these statements are not guarantees of future performance. We encourage you to review our most recent reports or any applicable filings for a complete discussion of these factors and other risks that may affect our future results or the market price of our stock.

Finally, we are not obligating ourselves to revise our results or these forward-looking statements in light of our new information or events. Also, during today's call, we will refer to certain non-GAAP financial measures. Reconciliations of non-GAAP to GAAP measures and certain additional information are included in today's press release. This press release can be viewed and downloaded from our website. And with that, we'll begin by turning the call over to our Chairman, Krishna Gupta.

Krishna Gupta

I'm speaking to you today not only as the Chairman of Presto but also as its founding investor and, of course, its former CEO. I've seen this company go through many phases of change and growth. However, I have greater conviction in Presto today than I've ever had before. And the proof is in the pudding.

Last week, I led a Remus Capital-affiliated syndicate of investors to make a further $7 million investment in Presto, all in common stock. Why did I do that? It's clear to me that AI and automation technology is gaining significant traction among restaurant operators, and I speak to them all the time. It's also clear to me that we are rapidly accelerating our commercial progress at Presto to extend our market leadership position.