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| Statement |
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| But finally, we're I think, benefiting from all these efforts in speeding up the deployment and how many locations we can deploy on a weekly basis |
| The combination of the progress we've made in both sales and deployments has contributed to the fact that our Voice product is now live in over 400 locations across the United States, with a healthy pipeline of new deployments currently being executed on |
| The market opportunity for Presto Voice is enormous, and we have every intention of leveraging our market-leading products to take advantage of this opportunity |
| we're so excited about this opportunity for Presto Voice |
| I echo Krishna's view that this is an incredibly exciting time for Presto |
| What gives me great confidence in this growth strategy is the acute need of the QSR industry, the quality of our technology solutions and the continued support of our investors |
| The combination of these customer benefits and the sheer scale of the North American QSR market are the core reasons why the addressable market for Presto Voice is estimated to be in excess of $3 billion annually |
| The other important aspect of this is that we've made some pretty good improvements to our hardware |
| I've watched Xavier on the management team, the product, the business approach, to ensure that we are ideally positioned to capture the immediate opportunity in front of us that I alluded to earlier |
| The core of this is that it demonstrates both the success of our sales team to date but also the exceptional near-term defined revenue opportunity, which exists in this market for us to target |
| It's also clear to me that we are rapidly accelerating our commercial progress at Presto to extend our market leadership position |
| With these new franchisees that we signed over the quarter, the backlog is going to continue to improve, and that really helps with the pace of deployment |
| And so we think that we will be able to increase the accuracy over time up to the level you mentioned and also make the solution scalable to the other locations that we have deployed |
| And I am proud to say that we've already started delivering against all 3 of these |
| 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 |
| Presto Voice solved its challenges and drives ROI for our customers through labor optimization additional revenue through upsell and precision in accurate order taking |
| We have very high conviction in what we need to do, both at Voice and at Touch, and we are in the process of executing against that, and I'm sure you'll hear more from us soon |
| And that's an import due to better processes and better resources internally |
| I have directly witnessed the improvements that our REI and automation solutions make to our customers' businesses and their guests spending experiences |
| The market for automated solutions in the restaurant industry is shifting from a lead adopter to a fast follower one, which gives me incredible optimism and energy |
| With this in mind, over the past 2 months, we have executed on a clear and rigorous reduction in our operating expenses, while at the same time delivered accelerated growth as outlined above |
| I joined the team last month, and I look forward to building on the strong trajectory Presto is on and helping to scale the business |
| We have a great product in Flex |
| Capturing this opportunity will be made possible for our market-leading technology, which comprehensively addresses the key challenges of restaurant operators and seamlessly integrates into the restaurants' existing technology stack |
| But this is something that's improving, and we are targeting about a 60 -- actually a 50% automation rate autonomously, I think by the end of the second quarter, calendar quarter for 2024 |
| This progress indicates the size of the revenue opportunity within our existing customer base and the pace at which we will be able to add to our pipeline of future deployments |
| The key theme of the last quarter has been momentum |
| It's great to see the deployment acceleration there |
| We've delivered a game-changing shift in sales, deployments and technology advancements in a systematic manner, which sets us up to deliver on our ambitions of 2024 |
| So we're expecting margins to improve as the need for humans is less and less |
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| The decrease is primarily attributable to lack of upgrades to the Presto Flex by certain franchisee customers with the corresponding lack of hardware revenue that would be associated with those contracts |
| However, while robust and growing, the QSR industry faces a myriad of operating challenges, including increasing labor costs, which have historically accounted for 30% of sales in restaurants |
| Transaction revenue decreased to $2.8 million in Q1 as compared to $3 million for Q1 of fiscal '23 |
| The other major challenges the industry faces are the need to generate higher average order values through upsell |
| Platform revenue decreased to $2.1 million as compared to $4.8 million from -- for the prior year comparison |
| On an adjusted EBITDA basis, for the quarter, we had a loss of $8.8 million compared to a loss of $8.9 million in the same quarter last year |
| This decline was also expected and factored into the previous guidance |
| Q1 fiscal '24 operating expenses were $13.5 million compared to $14.7 million for Q1 in the prior year, down primarily from a decrease in salaries and employee benefits expenses as a result of a decrease in headcount |
| As a result, we've now reduced our global full-time employee base by approximately 17% |
| And we need to achieve higher efficiency in drive through to enhance the guest experience and increase revenues |
| It should be noted that this decline was expected and factored into the previous guidance |
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