Presto Automation, Inc.

Hello, thank you for standing by, and welcome to Presto Automation Q3 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask the question during this time, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. I would now like to hand the conference over to your speaker for today, Adam Rogers. Sir, you may begin.

Good afternoon, everyone. At this time, I'd like to welcome you all to the Presto Automation Fiscal Third Quarter 2023 Earnings Conference Call. I am Adam Rogers, Head of Investor Relations here at Presto. I'm pleased to be joined on today's call by Presto's Interim Chief Executive Officer, Krishna Gupta, and by our Principal Financial Officer, Ashish Gupta. So after our prepared remarks, We will open the call for questions. A replay of this call will be available on our website. Information to access the replay is listed in today's press release, which is available at Presto.com in the investor relations section. Before we begin, I'd like to remind everyone that during today's call, we will be making forward-looking statements regarding future events and financial performance, including guidance for full fiscal year 2023. 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, including our 10-Q 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. And finally, we are not obligating ourselves to revise our results or these forward-looking statements in light of new information or future events. Also, during today's call, we will refer to certain on-gap financial measures. reconciliations of non-GAAP to GAAP measures, and certain additional information are included in today's earnings press release, which can be viewed and downloaded from our investor relations website. And with that, we'll begin by turning the call over to our CEO, Krishna Gupta.

Thank you, Adam, and thanks to everyone for joining our fiscal third quarter earnings call. It's a pleasure speaking to you today as CEO of Presto. I'm a longtime Prestonian. I was a first investor and I'm now the largest shareholder in the company. It's a magical time for us at Presto. I'm even more excited now than I was on day one, sitting in a little pub next to MIT called the Asgard. I'm actually sitting in a conference room called the Asgard, writing trivia questions for our first product. The reason is simple. We are a market leader for automating drive-thrus for voice AI using our product, Presto Voice, which is one of the most immediately actionable applications of generative AI in the enterprises. I want to start off by thanking Raj Suri, our founder, whose vision and dedication over the last decade has helped build Presto into the company it is today. He's been my friend and partner in this business for all that time, and neither changes 15 years is a long time, and I appreciate his desire to pursue personal projects and be with his family. He remains an advisor to Presto. I next want to thank our talented and hardworking employees here at Presto for welcoming me. I've been even more impressed by our great leadership team since taking over as CEO. As you may have seen, we promoted Dan and Xavier recently. Both have been key leaders and are instrumental in the successful development and implementation of Presto Voice. The board has commenced a search, both internal and external, for a permanent CEO who will be able to steer the company for the long term as it grows. We will run a proper process in order to find the most suitable candidate. In the meantime, however, I'm in no rush and I'm having a great time in the role. Presto has had an exciting 2023 and we are at an inflection point. It's rare to see such convergence of technology revolution and immediate market opportunity and be at a place where we are squarely at that intersection. To that point, earlier this month, we signed an MSA with CKE, the parent company of the iconic Carl's Jr. Apologies. So let me just start over with why did CKE decide it wanted AI across its drive-thrus? And this is an important point for us. because it is the largest customer to have announced automation of its drive-thrus in the country. It's not just about labor savings. During our pilot with CKE, they mentioned they saw a healthy increase in revenue at the deployed stores as a result of the upside.