Presto CFO resigns; Mbugua appointed interim; Voice AI at 85% NIR, $100M+ approachable revenue

Presto Automation Inc.

Nathan Cook resigns as interim CFO; Stanley Mbugua appointed as interim CFO effective Dec 14, 2023.
Presto Voice AI achieves average Non-Intervention Rate of 85%, with select locations at 95%+; 30% of orders at pilot locations require no human agent entry.
Targeting 80% of AI-enabled stores with enhanced AI capability (no human agent entry) by March 31, 2024; site margins targeted to become highly positive by Q4'25.
Expandable annual revenue opportunity of $17M from locations under MSA/pilot; approachable opportunity exceeds $100M total.
Presto expects to sell, partially sell, or wind down Presto Touch business, reducing monthly expenditures by $0.3-0.7M.

item 5.02 item 7.01 item 9.01

Executive movements

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Departed (interim)

Nathan Cook

Interim Chief Financial Officer

Presto Automation Inc.

Effective: 2023-12-13
Successor: Stanley Mbugua
Filed: December 14, 2023, 6:59 PM ET

On December 13, 2023, Nathan Cook submitted his resignation as Interim Chief Financial Officer of Presto Automation Inc. Company (“Presto” or the “Company”) , effective immediately.

Appointed (interim)

Stanley Mbugua

Interim Chief Financial Officer

Presto Automation Inc.

Effective: 2023-12-14
Filed: December 14, 2023, 6:59 PM ET

On December 14, 2023, the Board of Directors (the “Board”) of Presto appointed Stanley Mbugua to serve as Interim Chief Financial Officer , effective immediately.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Nathan Cook resigned as Interim Chief Financial Officer at Presto Automation Inc..

Action: resigned
Role: Interim Chief Financial Officer

Exact text from the filing

On December 13, 2023, Nathan Cook submitted his resignation as Interim Chief Financial Officer of Presto Automation Inc. Company (“Presto” or the “Company”) , effective immediately.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Stanley Mbugua was appointed as Interim Chief Financial Officer at Presto Automation Inc..

Action: appointed
Role: Interim Chief Financial Officer

Exact text from the filing

On December 14, 2023, the Board of Directors (the “Board”) of Presto appointed Stanley Mbugua to serve as Interim Chief Financial Officer , effective immediately.

View on SEC.gov

Source: SEC EDGAR

accession 0001213900-23-095635

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