Zapata Computing Holdings Inc. (NASDAQ: ZPTA) shares faltered Wednesday, as the provider of industrial-grade software for enterprise AI, today announced its financial results for the second quarter of 2024.
Revenue of $2.00 million in Q2 2024 versus $1.43 million in Q2 2023. Gross margin of 36.0% in Q2 2024 versus 19.7% in Q2 2023
Operating loss of $7.37 million in Q2 2024 versus $4.14 million in Q2 2023
Net cash used by operating activities of $6.11 million in Q2 2024 versus $3.61 million in Q2 2023. Zapata Cash and cash equivalents of $7.16 million, excluding $0.14 million of restricted cash, as of June 30, 2024 versus $7.25 million, excluding $0.14 million, at March 31, 2024. $6.06 million in net cash provided from financing activities during Q2 2024, and also boasted qualified pipeline of more than $30 million.
Significantly expanded partnership with D-Wave Quantum Inc. to accelerate the development and delivery of integrated quantum and generative AI solutions in D Wave’s Leap cloud platform.
Successfully collaborated with KPMG on a project to streamline the compliance models of a leading global insurance firm.
The company also announced a strategic collaboration with Tech Mahindra that leverages Zapata AI's quantum-based generative AI to improve network operations and customer service for Tech Mahindra's global telecom customers.
ZPTA shares lost four cents, or 7.8%, to begin Wednesday at 49 cents.
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