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Zapata AI (NASDAQ: ZPTA) reported its financial results for Q1 2024, revealing a revenue of $1.22 million, down from $1.51 million in Q1 2023. The company posted an operating loss of $5.08 million, consistent with the previous year's $5.09 million. Cash used by operating activities dropped to $2.15 million from $5.32 million in Q1 2023. Cash and cash equivalents increased to $7.25 million from $3.33 million at the end of 2023. Notable business developments include a $1 million expansion agreement with Andretti Global, collaborations with Sumitomo Mitsui Trust Bank, D-Wave, and Tech Mahindra, and the successful application of a generative model on quantum hardware for cancer drug candidates. The company raised an additional $5.4 million post-Q1 2024.
Zapata AI announced a strategic partnership with Tech Mahindra to enhance network and customer operations for global telecom customers using quantum-based Industrial Generative AI. The collaboration aims to leverage Zapata AI's advanced generative AI solutions to boost Tech Mahindra's operational capabilities, focusing on network optimization, proactive maintenance, anomaly detection, and personalized customer interactions. The initiative targets significant operational efficiencies, cost savings, and improved customer satisfaction for Communication Service Providers (CSPs). This partnership will offer scalable AI-powered solutions for quicker deployment and better service quality, harnessing Tech Mahindra's telecommunications expertise and Zapata AI's cutting-edge technology.
Zapata Computing Holdings, trading as ZPTA on Nasdaq, announced an inducement grant of a nonstatutory stock option to Sumit Kapur, the new Chief Financial Officer and Vice President of Finance. Kapur's grant includes the option to purchase 600,000 shares at $1.23 per share, the closing price on May 13, 2024. The vesting schedule will see 25% of shares vest on the first anniversary, and the remaining 75% in equal monthly increments over three years, contingent on continued employment. The grant is a key component of Kapur's compensation and was approved by the Board's Compensation Committee under Nasdaq Rule 5635(c)(4). Kapur's role as CFO begins May 20, 2024.
Zapata Computing Holdings Inc. announced the appointment of Sumit Kapur as Chief Financial Officer. Sumit brings extensive experience in AI, investment banking, and scaling businesses. His track record includes scaling revenue by 50x at 3Degrees. He will support Zapata AI's growth across various industries. Sumit will succeed Mimi Flanagan and report to CEO Christopher Savoie.
Zapata AI, a leading Industrial Generative AI company, will release its first quarter 2024 financial results on May 15th, 2024. A conference call will follow to discuss the results and recent events.
