Presto Automation falls on reporting loss in Q3

Presto Automation

19/05/2023 14:28

** Shares of restaurant technology firm Presto Automation
Inc  PRST.O  down about 3% at $2.92, premarket
    ** Co reports Q3 net loss of $15.7 mln against net income of
$9 mln a year earlier
    ** Q3 total rev of $6.6 mln down 12% from a year earlier
    ** Co says rev decline in Q3 due to amortization of legacy
contracts, looking to upgrade customers to new product, and
expects to see benefits from new partnerships in future
    ** Co had earlier cut FY23 total rev forecast range to $26
mln - $28 mln from $28 mln - $30 mln
    ** PRST up about 31.4% this year, as of last close

 (Reporting by Vaibhav  Sadhamta)
 ((Vaibhav.Sadhamta@thomsonreuters.com;))