Presto Automation Inc. (NASDAQ: PRST) experienced a noteworthy decline on Thursday, with a substantial decrease of 7.35%, ultimately concluding the trading session at $1.26. This downturn in the Presto Automation stock price was a direct result of an insider trade reported on that very day.
Specifically, Cleveland Avenue Food & Bevera, a 10% stakeholder in Presto Automation, chose to divest 1.5 million shares of PRST on October 16. This transaction was executed at a per-share price of $2.00, resulting in total proceeds of $3.00 million. Following this transaction, the aforementioned 10% ownership entity now exercises control over a total of 10 million PRST shares.
Presto Automation (PRST) has recently entered into novel pilot agreements with two prominent quick-service restaurant brands of substantial repute. One of PRST’s recent pilot drive-thru clients is a prominent member of the Top 10 QSR chains, as determined by the annual revenues generated by restaurants featuring a drive-thru concept.
The other pilot drive-thru client is a part of a globally recognized restaurant franchising company, overseeing a network of over 2,000 locations worldwide. In both instances, Presto Automation has emerged as the exclusive Voice AI provider actively engaged in the pilot phase, following the underperformance of two prior Voice AI vendors during their respective pilot trials.
In one of these cases, PRST displaced the incumbent service provider due to their inability to deliver a high order accuracy rate. Presto Automation’s robust Voice system consistently achieves an impressive 85% non-intervention rate on average and has reached an exceptional 95% non-intervention rate in certain locations, signifying a critical competitive advantage.
Positioning itself as an enterprise-grade solution, Presto Voice has firmly established itself as the preferred choice for major QSR chains. Its unmatched prowess in technological advancement and its ability to seamlessly deploy large-scale implementations within the restaurant industry set Presto Automation apart from its competitors.
The recent customer contracts and the expanding footprint of installed locations unequivocally underscore PRST’s leadership in the industry. These new pilot agreements coincide with Presto Automation’s partnership with CKE Franchise Group StarCorp, encompassing all 58 Carl’s Jr. locations, where it will serve as the exclusive Voice AI provider.
Following a successful pilot period that resulted in incremental upsell revenue for StarCorp, both companies are now gearing up to introduce this technology at select additional locations in the months to come.
