Presto Automation Inc. Reports Net Loss of $34.48 Million for Fiscal Year 2023
Annual Revenue of $26.14 Million
Presto Automation Inc. [PRST], a leading automation solutions provider, has released its consolidated financial results for the fiscal year ended June 30, 2023. The company reported a net loss of $34.48 million on an annual revenue of $26.14 million during the period.
Financial Performance
Despite a slight decrease in revenue compared to the previous year, Presto Automation Inc. experienced significant growth in its Gross Profit margin, which stood at $521 thousand, representing an improvement in operational efficiency. Operating expenses increased due to higher investments in research and development, sales and marketing, and general and administrative activities. As a result, the company reported a loss from operations of $56.41 million, reflecting ongoing efforts to expand its product offerings and market presence.
